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Side-by-side financial comparison of dLocal Ltd (DLO) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $199.5M, roughly 1.7× VIRTUS INVESTMENT PARTNERS, INC.). dLocal Ltd runs the higher net margin — 16.5% vs 3.6%, a 12.9% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs -4.1%).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
DLO vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $199.5M |
| Net Profit | $55.6M | $7.1M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | 7.7% |
| Net Margin | 16.5% | 3.6% |
| Revenue YoY | 65.2% | -4.1% |
| Net Profit YoY | 87.3% | -78.1% |
| EPS (diluted) | $0.18 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $337.9M | $208.0M | ||
| Q3 25 | $282.5M | $216.4M | ||
| Q2 25 | — | $210.5M | ||
| Q1 25 | — | $217.9M | ||
| Q4 24 | $204.5M | $233.5M | ||
| Q3 24 | $185.8M | $227.0M | ||
| Q2 24 | — | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $55.6M | $33.9M | ||
| Q3 25 | $141.3M | $31.3M | ||
| Q2 25 | — | $42.7M | ||
| Q1 25 | — | $28.1M | ||
| Q4 24 | $29.7M | $39.5M | ||
| Q3 24 | $90.8M | $49.1M | ||
| Q2 24 | — | $26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 34.3% | — | ||
| Q3 25 | 36.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 18.6% | 19.1% | ||
| Q3 25 | 19.7% | 21.7% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | 20.7% | 21.7% | ||
| Q3 24 | 22.1% | 24.3% | ||
| Q2 24 | — | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 16.5% | 16.3% | ||
| Q3 25 | 50.0% | 14.5% | ||
| Q2 25 | — | 20.3% | ||
| Q1 25 | — | 12.9% | ||
| Q4 24 | 14.5% | 16.9% | ||
| Q3 24 | 48.9% | 21.6% | ||
| Q2 24 | — | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.18 | $5.15 | ||
| Q3 25 | $0.17 | $4.65 | ||
| Q2 25 | — | $6.12 | ||
| Q1 25 | — | $4.05 | ||
| Q4 24 | $0.09 | $4.65 | ||
| Q3 24 | $0.09 | $5.71 | ||
| Q2 24 | — | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $93.6B |
| Total Assets | $1.5B | — |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $719.9M | — | ||
| Q3 25 | $604.5M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $86.7M | $390.0M | ||
| Q3 25 | $63.1M | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | $39.8M | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $569.4M | $934.0M | ||
| Q3 25 | $504.7M | $918.7M | ||
| Q2 25 | — | $896.4M | ||
| Q1 25 | — | $893.7M | ||
| Q4 24 | $489.0M | $897.5M | ||
| Q3 24 | $457.0M | $889.0M | ||
| Q2 24 | — | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $4.3B | ||
| Q3 25 | $1.4B | $3.9B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $1.2B | $4.0B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | 0.42× | ||
| Q3 25 | 0.12× | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 0.08× | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| Free Cash FlowOCF − Capex | $99.8M | — |
| FCF MarginFCF / Revenue | 29.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $100.4M | $-67.2M | ||
| Q3 25 | $315.0M | $108.3M | ||
| Q2 25 | — | $75.8M | ||
| Q1 25 | — | $-3.8M | ||
| Q4 24 | $-141.1M | $1.8M | ||
| Q3 24 | $108.3M | $69.1M | ||
| Q2 24 | — | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $99.8M | $-74.1M | ||
| Q3 25 | $313.4M | $106.9M | ||
| Q2 25 | — | $74.2M | ||
| Q1 25 | — | $-6.8M | ||
| Q4 24 | $-141.6M | $-3.8M | ||
| Q3 24 | $107.1M | $68.7M | ||
| Q2 24 | — | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 29.5% | -35.6% | ||
| Q3 25 | 110.9% | 49.4% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | — | -3.1% | ||
| Q4 24 | -69.2% | -1.6% | ||
| Q3 24 | 57.6% | 30.3% | ||
| Q2 24 | — | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 3.3% | ||
| Q3 25 | 0.6% | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | 0.2% | 2.4% | ||
| Q3 24 | 0.7% | 0.2% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | -1.99× | ||
| Q3 25 | 2.23× | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | -4.75× | 0.04× | ||
| Q3 24 | 1.19× | 1.41× | ||
| Q2 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
