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Side-by-side financial comparison of dLocal Ltd (DLO) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $173.1M, roughly 2.0× VARONIS SYSTEMS INC). On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 26.9%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $49.0M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
DLO vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $173.1M |
| Net Profit | $55.6M | — |
| Gross Margin | 34.3% | 76.0% |
| Operating Margin | 18.6% | -1.7% |
| Net Margin | 16.5% | — |
| Revenue YoY | 65.2% | 26.9% |
| Net Profit YoY | 87.3% | — |
| EPS (diluted) | $0.18 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $337.9M | $173.4M | ||
| Q3 25 | $282.5M | $161.6M | ||
| Q2 25 | — | $152.2M | ||
| Q1 25 | — | $136.4M | ||
| Q4 24 | $204.5M | $158.5M | ||
| Q3 24 | $185.8M | $148.1M | ||
| Q2 24 | — | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $55.6M | $-27.8M | ||
| Q3 25 | $141.3M | $-29.9M | ||
| Q2 25 | — | $-35.8M | ||
| Q1 25 | — | $-35.8M | ||
| Q4 24 | $29.7M | $-13.0M | ||
| Q3 24 | $90.8M | $-18.3M | ||
| Q2 24 | — | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 34.3% | 78.9% | ||
| Q3 25 | 36.5% | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | 40.9% | 83.6% | ||
| Q3 24 | 42.1% | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 18.6% | -17.5% | ||
| Q3 25 | 19.7% | -22.2% | ||
| Q2 25 | — | -24.0% | ||
| Q1 25 | — | -32.1% | ||
| Q4 24 | 20.7% | -11.1% | ||
| Q3 24 | 22.1% | -16.0% | ||
| Q2 24 | — | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 16.5% | -16.0% | ||
| Q3 25 | 50.0% | -18.5% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | -26.2% | ||
| Q4 24 | 14.5% | -8.2% | ||
| Q3 24 | 48.9% | -12.4% | ||
| Q2 24 | — | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.18 | $-0.23 | ||
| Q3 25 | $0.17 | $-0.26 | ||
| Q2 25 | — | $-0.32 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | $0.09 | $-0.12 | ||
| Q3 24 | $0.09 | $-0.16 | ||
| Q2 24 | — | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $719.9M | $179.3M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $453.5M |
| Total Assets | $1.5B | $1.6B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $719.9M | $883.7M | ||
| Q3 25 | $604.5M | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | $425.2M | $529.0M | ||
| Q3 24 | $560.5M | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $569.4M | $598.7M | ||
| Q3 25 | $504.7M | $604.8M | ||
| Q2 25 | — | $341.5M | ||
| Q1 25 | — | $367.7M | ||
| Q4 24 | $489.0M | $455.7M | ||
| Q3 24 | $457.0M | $428.6M | ||
| Q2 24 | — | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $100.4M | $55.0M |
| Free Cash FlowOCF − Capex | $99.8M | $49.0M |
| FCF MarginFCF / Revenue | 29.5% | 28.3% |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $100.4M | $24.7M | ||
| Q3 25 | $315.0M | $33.4M | ||
| Q2 25 | — | $21.3M | ||
| Q1 25 | — | $68.0M | ||
| Q4 24 | $-141.1M | $24.3M | ||
| Q3 24 | $108.3M | $22.5M | ||
| Q2 24 | — | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $99.8M | $20.7M | ||
| Q3 25 | $313.4M | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | $-141.6M | $19.9M | ||
| Q3 24 | $107.1M | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 29.5% | 12.0% | ||
| Q3 25 | 110.9% | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | -69.2% | 12.6% | ||
| Q3 24 | 57.6% | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 2.3% | ||
| Q3 25 | 0.6% | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.7% | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
