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Side-by-side financial comparison of dLocal Ltd (DLO) and Zeta Global Holdings Corp. (ZETA). Click either name above to swap in a different company.
Zeta Global Holdings Corp. is the larger business by last-quarter revenue ($394.6M vs $337.9M, roughly 1.2× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs 1.7%, a 14.8% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 25.4%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $60.9M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
DLO vs ZETA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $394.6M |
| Net Profit | $55.6M | $6.5M |
| Gross Margin | 34.3% | 59.5% |
| Operating Margin | 18.6% | 4.5% |
| Net Margin | 16.5% | 1.7% |
| Revenue YoY | 65.2% | 25.4% |
| Net Profit YoY | 87.3% | -57.1% |
| EPS (diluted) | $0.18 | $0.04 |
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.
| Q4 25 | $337.9M | $394.6M | ||
| Q3 25 | $282.5M | $337.2M | ||
| Q2 25 | — | $308.4M | ||
| Q1 25 | — | $264.4M | ||
| Q4 24 | $204.5M | $314.7M | ||
| Q3 24 | $185.8M | $268.3M | ||
| Q2 24 | — | $227.8M | ||
| Q1 24 | — | $194.9M |
| Q4 25 | $55.6M | $6.5M | ||
| Q3 25 | $141.3M | $-3.6M | ||
| Q2 25 | — | $-12.8M | ||
| Q1 25 | — | $-21.6M | ||
| Q4 24 | $29.7M | $15.2M | ||
| Q3 24 | $90.8M | $-17.4M | ||
| Q2 24 | — | $-28.1M | ||
| Q1 24 | — | $-39.6M |
| Q4 25 | 34.3% | 59.5% | ||
| Q3 25 | 36.5% | 60.5% | ||
| Q2 25 | — | 62.1% | ||
| Q1 25 | — | 60.9% | ||
| Q4 24 | 40.9% | 60.0% | ||
| Q3 24 | 42.1% | 60.6% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 60.6% |
| Q4 25 | 18.6% | 4.5% | ||
| Q3 25 | 19.7% | 2.6% | ||
| Q2 25 | — | -1.7% | ||
| Q1 25 | — | -6.1% | ||
| Q4 24 | 20.7% | 2.2% | ||
| Q3 24 | 22.1% | -4.6% | ||
| Q2 24 | — | -11.7% | ||
| Q1 24 | — | -18.4% |
| Q4 25 | 16.5% | 1.7% | ||
| Q3 25 | 50.0% | -1.1% | ||
| Q2 25 | — | -4.2% | ||
| Q1 25 | — | -8.2% | ||
| Q4 24 | 14.5% | 4.8% | ||
| Q3 24 | 48.9% | -6.5% | ||
| Q2 24 | — | -12.3% | ||
| Q1 24 | — | -20.3% |
| Q4 25 | $0.18 | $0.04 | ||
| Q3 25 | $0.17 | $-0.02 | ||
| Q2 25 | — | $-0.06 | ||
| Q1 25 | — | $-0.10 | ||
| Q4 24 | $0.09 | $0.10 | ||
| Q3 24 | $0.09 | $-0.09 | ||
| Q2 24 | — | $-0.16 | ||
| Q1 24 | — | $-0.23 |
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 | $319.8M |
| Total DebtLower is stronger | $86.7M | $197.1M |
| Stockholders' EquityBook value | $569.4M | $804.6M |
| Total Assets | $1.5B | $1.5B |
| Debt / EquityLower = less leverage | 0.15× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $319.8M | ||
| Q3 25 | $604.5M | $385.2M | ||
| Q2 25 | — | $365.3M | ||
| Q1 25 | — | $364.4M | ||
| Q4 24 | $425.2M | $366.2M | ||
| Q3 24 | $560.5M | $418.5M | ||
| Q2 24 | — | $154.7M | ||
| Q1 24 | — | $141.6M |
| Q4 25 | $86.7M | $197.1M | ||
| Q3 25 | $63.1M | $196.9M | ||
| Q2 25 | — | $196.7M | ||
| Q1 25 | — | $196.5M | ||
| Q4 24 | $39.8M | $196.3M | ||
| Q3 24 | — | $196.1M | ||
| Q2 24 | — | $184.4M | ||
| Q1 24 | — | $184.2M |
| Q4 25 | $569.4M | $804.6M | ||
| Q3 25 | $504.7M | $689.2M | ||
| Q2 25 | — | $673.3M | ||
| Q1 25 | — | $676.6M | ||
| Q4 24 | $489.0M | $676.8M | ||
| Q3 24 | $457.0M | $474.9M | ||
| Q2 24 | — | $217.0M | ||
| Q1 24 | — | $191.6M |
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | — | $869.1M | ||
| Q2 24 | — | $583.9M | ||
| Q1 24 | — | $550.3M |
| Q4 25 | 0.15× | 0.24× | ||
| Q3 25 | 0.12× | 0.29× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | 0.08× | 0.29× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | — | 0.96× |
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 | $64.1M |
| Free Cash FlowOCF − Capex | $99.8M | $60.9M |
| FCF MarginFCF / Revenue | 29.5% | 15.4% |
| Capex IntensityCapex / Revenue | 0.2% | 0.8% |
| Cash ConversionOCF / Net Profit | 1.80× | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $64.1M | ||
| Q3 25 | $315.0M | $57.9M | ||
| Q2 25 | — | $42.0M | ||
| Q1 25 | — | $34.8M | ||
| Q4 24 | $-141.1M | $43.7M | ||
| Q3 24 | $108.3M | $34.4M | ||
| Q2 24 | — | $31.1M | ||
| Q1 24 | — | $24.7M |
| Q4 25 | $99.8M | $60.9M | ||
| Q3 25 | $313.4M | $52.4M | ||
| Q2 25 | — | $39.7M | ||
| Q1 25 | — | $32.1M | ||
| Q4 24 | $-141.6M | $35.4M | ||
| Q3 24 | $107.1M | $29.5M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $18.9M |
| Q4 25 | 29.5% | 15.4% | ||
| Q3 25 | 110.9% | 15.6% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | -69.2% | 11.3% | ||
| Q3 24 | 57.6% | 11.0% | ||
| Q2 24 | — | 10.7% | ||
| Q1 24 | — | 9.7% |
| Q4 25 | 0.2% | 0.8% | ||
| Q3 25 | 0.6% | 1.6% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | 0.2% | 2.6% | ||
| Q3 24 | 0.7% | 1.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 3.0% |
| Q4 25 | 1.80× | 9.81× | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | 2.87× | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
