Comprehensive Stock Comparison
Compare DLocal Limited (DLO) vs Joint Stock Company Kaspi.kz (KSPI) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | KSPI | 33.4% revenue growth vs DLO's 14.7% |
| Value | KSPI | Lower P/E (0.0x vs 14.0x), PEG 0.00 vs 0.29 |
| Quality / Margins | KSPI | 30.3% net margin vs DLO's 17.8% |
| Stability / Safety | KSPI | Beta 0.97 vs DLO's 1.29 |
| Dividends | KSPI | 9.6% yield; 2-year raise streak; DLO pays no meaningful dividend |
| Momentum (1Y) | DLO | +33.5% vs KSPI's -32.6% |
| Efficiency (ROA) | DLO | 12.1% ROA vs KSPI's 10.6%, ROIC 59.4% vs 113.5% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
DLocal operates a cross-border payments platform that enables global merchants to accept payments and make payouts in emerging markets. It generates revenue primarily from transaction fees — taking a percentage of each payment processed through its platform — with additional income from foreign exchange spreads and other financial services. The company's key advantage is its deep local infrastructure in high-growth emerging markets, allowing it to navigate complex regulatory environments and payment methods that global competitors struggle to penetrate.
Kaspi.kz is a Kazakh fintech super-app that combines payments, e-commerce, and financial services in a single mobile platform. It generates revenue primarily from transaction fees on its payments platform (~60%), marketplace commissions (~25%), and interest income from its fintech lending products (~15%). Its key advantage is network effects from its dominant payments ecosystem—which drives user engagement across its marketplace and financial services—creating a powerful digital ecosystem moat in Kazakhstan.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
KSPI leads in 4 of 6 categories — strongest in Financial Metrics and Valuation Metrics. 1 category is tied.
Financial Metrics (TTM)
KSPI is the larger business by revenue, generating $3.63T annually — 3776.3x DLO's $960M. KSPI is the more profitable business, keeping 30.3% of every revenue dollar as net income compared to DLO's 17.8%. On growth, KSPI holds the edge at +70.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | DLODLocal Limited | KSPIJoint Stock Compa… |
|---|---|---|
| RevenueTrailing 12 months | $960M | $3.63T |
| EBITDAEarnings before interest/tax | $223M | $1.89T |
| Net IncomeAfter-tax profit | $171M | $1.10T |
| Free Cash FlowCash after capex | $152M | $502.0B |
| Gross MarginGross profit ÷ Revenue | +38.6% | +64.3% |
| Operating MarginEBIT ÷ Revenue | +20.8% | +51.3% |
| Net MarginNet income ÷ Revenue | +17.8% | +30.3% |
| FCF MarginFCF ÷ Revenue | +15.8% | +13.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +52.1% | +70.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +88.1% | +3.4% |
Valuation Metrics
At 6.5x trailing earnings, KSPI trades at a 79% valuation discount to DLO's 31.4x P/E. Adjusting for growth (PEG ratio), KSPI offers better value at 0.16x vs DLO's 0.64x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | DLODLocal Limited | KSPIJoint Stock Compa… |
|---|---|---|
| Market CapShares × price | $2.0B | $13.5B |
| Enterprise ValueMkt cap + debt − cash | $1.7B | $12.7B |
| Trailing P/EPrice ÷ TTM EPS | 31.38x | 6.46x |
| Forward P/EPrice ÷ next-FY EPS est. | 13.96x | 0.01x |
| PEG RatioP/E ÷ EPS growth rate | 0.64x | 0.16x |
| EV / EBITDAEnterprise value multiple | 10.50x | 4.96x |
| Price / SalesMarket cap ÷ Revenue | 2.72x | 2.66x |
| Price / BookPrice ÷ Book value/share | 7.64x | 4.27x |
| Price / FCFMarket cap ÷ FCF | — | 13.78x |
Profitability & Efficiency
KSPI delivers a 46.9% return on equity — every $100 of shareholder capital generates $47 in annual profit, vs $34 for DLO. DLO carries lower financial leverage with a 0.11x debt-to-equity ratio, signaling a more conservative balance sheet compared to KSPI's 0.14x. On the Piotroski fundamental quality scale (0–9), KSPI scores 5/9 vs DLO's 2/9, reflecting solid financial health.
| Metric | DLODLocal Limited | KSPIJoint Stock Compa… |
|---|---|---|
| ROE (TTM)Return on equity | +33.9% | +46.9% |
| ROA (TTM)Return on assets | +12.1% | +10.6% |
| ROICReturn on invested capital | +59.4% | +113.5% |
| ROCEReturn on capital employed | +29.5% | +92.5% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 5 |
| Debt / EquityFinancial leverage | 0.11x | 0.14x |
| Net DebtTotal debt minus cash | -$371M | -$398.0B |
| Cash & Equiv.Liquid assets | $425M | $619.5B |
| Total DebtShort + long-term debt | $54M | $221.5B |
| Interest CoverageEBIT ÷ Interest expense | 5.06x | 7.20x |
Total Returns (with DRIP)
A $10,000 investment in KSPI five years ago would be worth $9,455 today (with dividends reinvested), compared to $3,941 for DLO. Over the past 12 months, DLO leads with a +33.5% total return vs KSPI's -32.6%. The 3-year compound annual growth rate (CAGR) favors KSPI at -4.2% vs DLO's -5.1% — a key indicator of consistent wealth creation.
| Metric | DLODLocal Limited | KSPIJoint Stock Compa… |
|---|---|---|
| YTD ReturnYear-to-date | -13.0% | -9.0% |
| 1-Year ReturnPast 12 months | +33.5% | -32.6% |
| 3-Year ReturnCumulative with dividends | -14.6% | -12.1% |
| 5-Year ReturnCumulative with dividends | -60.6% | -5.5% |
| 10-Year ReturnCumulative with dividends | -60.6% | -3.2% |
| CAGR (3Y)Annualised 3-year return | -5.1% | -4.2% |
Risk & Volatility
KSPI is the less volatile stock with a 0.97 beta — it tends to amplify market swings less than DLO's 1.29 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. DLO currently trades 72.9% from its 52-week high vs KSPI's 66.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | DLODLocal Limited | KSPIJoint Stock Compa… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.29x | 0.97x |
| 52-Week HighHighest price in past year | $16.78 | $105.85 |
| 52-Week LowLowest price in past year | $7.61 | $70.05 |
| % of 52W HighCurrent price vs 52-week peak | +72.9% | +66.7% |
| RSI (14)Momentum oscillator 0–100 | 45.4 | 37.2 |
| Avg Volume (50D)Average daily shares traded | 1.0M | 362K |
Analyst Outlook
Wall Street rates DLO as "Buy" and KSPI as "Buy". Consensus price targets imply 38.9% upside for DLO (target: $17) vs 37.4% for KSPI (target: $97). KSPI is the only dividend payer here at 9.61% yield — a key consideration for income-focused portfolios.
| Metric | DLODLocal Limited | KSPIJoint Stock Compa… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $17.00 | $97.00 |
| # AnalystsCovering analysts | 13 | 2 |
| Dividend YieldAnnual dividend ÷ price | — | +9.6% |
| Dividend StreakConsecutive years of raises | 2 | 2 |
| Dividend / ShareAnnual DPS | — | $3374.49 |
| Buyback YieldShare repurchases ÷ mkt cap | +5.0% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 24 | Feb 26 | Change |
|---|---|---|---|
| DLocal Limited (DLO) | 100 | 84.11 | -15.9% |
| Joint Stock Company… (KSPI) | 95.75 | 79.5 | -17.0% |
Joint Stock Company… (KSPI) returned -5% over 5 years vs DLocal Limited (DLO)'s -61%.
Chart 2Revenue Growth — 10 Years
| Stock | 2019 | 2024 | Change |
|---|---|---|---|
| DLocal Limited (DLO) | $55M | $746M | +1249.2% |
| Joint Stock Company… (KSPI) | $524.6B | $2.5T | +380.6% |
DLocal Limited's revenue grew from $55M (2019) to $746M (2024) — a 68.3% CAGR. Joint Stock Company Kaspi.kz's revenue grew from $524.6B (2019) to $2.5T (2024) — a 36.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2019 | 2024 | Change |
|---|---|---|---|
| DLocal Limited (DLO) | 28.2% | 16.1% | -42.8% |
| Joint Stock Company… (KSPI) | 36.9% | 41.2% | +11.6% |
DLocal Limited's net margin went from 28% (2019) to 16% (2024). Joint Stock Company Kaspi.kz's net margin went from 37% (2019) to 41% (2024).
Chart 4P/E Ratio History — 4 Years
| Stock | 2021 | 2024 | Change |
|---|---|---|---|
| DLocal Limited (DLO) | 137.3 | 28.9 | -79.0% |
DLocal Limited has traded in a 29x–137x P/E range over 4 years; current trailing P/E is ~31x.
Chart 5EPS Growth — 10 Years
| Stock | 2019 | 2024 | Change |
|---|---|---|---|
| DLocal Limited (DLO) | 0.05 | 0.39 | +631.7% |
| Joint Stock Company… (KSPI) | 1,000.38 | 5,430.77 | +442.9% |
DLocal Limited's EPS grew from $0.05 (2019) to $0.39 (2024) — a 49% CAGR. Joint Stock Company Kaspi.kz's EPS grew from $1000.38 (2019) to $5430.77 (2024) — a 40% CAGR.
Chart 6Free Cash Flow — 5 Years
DLocal Limited generated $-55M FCF in 2024 (-192% vs 2021). Joint Stock Company Kaspi.kz generated $486B FCF in 2024 (+970% vs 2021).
DLO vs KSPI: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is DLO or KSPI a better buy right now?
Joint Stock Company Kaspi.kz (KSPI) offers the better valuation at 6.5x trailing P/E (0.0x forward), making it the more compelling value choice. Analysts rate DLocal Limited (DLO) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — DLO or KSPI?
On trailing P/E, Joint Stock Company Kaspi.kz (KSPI) is the cheapest at 6.5x versus DLocal Limited at 31.4x. On forward P/E, Joint Stock Company Kaspi.kz is actually cheaper at 0.0x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Joint Stock Company Kaspi.kz wins at 0.00x versus DLocal Limited's 0.29x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — DLO or KSPI?
Over the past 5 years, Joint Stock Company Kaspi.kz (KSPI) delivered a total return of -5.5%, compared to -60.6% for DLocal Limited (DLO). A $10,000 investment in KSPI five years ago would be worth approximately $9K today (assuming dividends reinvested). Over 10 years, the gap is even starker: KSPI returned -3.2% versus DLO's -60.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — DLO or KSPI?
By beta (market sensitivity over 5 years), Joint Stock Company Kaspi.kz (KSPI) is the lower-risk stock at 0.97β versus DLocal Limited's 1.29β — meaning DLO is approximately 33% more volatile than KSPI relative to the S&P 500. On balance sheet safety, DLocal Limited (DLO) carries a lower debt/equity ratio of 11% versus 14% for Joint Stock Company Kaspi.kz — giving it more financial flexibility in a downturn.
05Which has better profit margins — DLO or KSPI?
Joint Stock Company Kaspi.kz (KSPI) is the more profitable company, earning 41.2% net margin versus 16.1% for DLocal Limited — meaning it keeps 41.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: KSPI leads at 50.4% versus 18.8% for DLO. At the gross margin level — before operating expenses — KSPI leads at 62.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is DLO or KSPI more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Joint Stock Company Kaspi.kz (KSPI) is the more undervalued stock at a PEG of 0.00x versus DLocal Limited's 0.29x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Joint Stock Company Kaspi.kz (KSPI) trades at 0.0x forward P/E versus 14.0x for DLocal Limited — 14.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for DLO: 38.9% to $17.00.
07Which pays a better dividend — DLO or KSPI?
In this comparison, KSPI (9.6% yield) pays a dividend. DLO does not pay a meaningful dividend and should not be held primarily for income.
08Is DLO or KSPI better for a retirement portfolio?
For long-horizon retirement investors, Joint Stock Company Kaspi.kz (KSPI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.97), 9.6% yield). Both have compounded well over 10 years (KSPI: -3.2%, DLO: -60.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between DLO and KSPI?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: DLO is a small-cap quality compounder stock; KSPI is a mid-cap deep-value stock. KSPI pays a dividend while DLO does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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