Latest Ratios: P/E Ratio 20.7x · EV/EBITDA 15.1x · ROE 37.2%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.1B | $4.2B | $3.4B | $5.4B | $4.6B | $10.5B | — | — |
| Enterprise Value | $3.7B | $3.8B | $3.3B | $5.1B | $4.4B | $10.3B | — | — |
| P/E Ratio → | 20.72 | 21.10 | 28.87 | 36.10 | 42.08 | 137.27 | — | — |
| P/S Ratio | 3.73 | 3.81 | 4.61 | 8.24 | 11.00 | 43.13 | — | — |
| P/B Ratio | 7.19 | 7.32 | 7.03 | 11.78 | 11.53 | 37.57 | — | — |
| P/FCF | 9.66 | 9.89 | — | 19.47 | 27.56 | 174.13 | — | — |
| P/OCF | 9.60 | 9.83 | — | 18.26 | 27.40 | 97.06 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.51 | 4.43 | 7.90 | 10.42 | 42.24 | — | — |
| EV / EBITDA | 15.06 | 15.45 | 20.91 | 26.79 | 32.09 | 116.39 | — | — |
| EV / EBIT | 16.84 | 16.76 | 21.79 | 28.70 | 36.24 | 120.39 | — | — |
| EV / FCF | — | 9.09 | — | 18.68 | 26.10 | 170.51 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.8% | 36.8% | 39.5% | 42.6% | 48.3% | 53.4% | 57.7% | 64.9% |
| Operating Margin | 20.3% | 20.3% | 18.8% | 27.6% | 30.5% | 34.3% | 29.7% | 31.8% |
| Net Profit Margin | 18.0% | 18.0% | 16.1% | 22.9% | 25.9% | 31.9% | 27.1% | 28.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 37.2% | 37.2% | 25.5% | 34.9% | 32.0% | 47.9% | 81.0% | 63.6% |
| ROA | 14.5% | 14.5% | 10.7% | 15.6% | 15.4% | 19.9% | 20.1% | 19.6% |
| ROIC | 56.5% | 56.5% | 35.7% | 68.7% | 88.3% | 199.9% | 236.5% | 73.0% |
| ROCE | 41.6% | 41.6% | 29.5% | 41.6% | 37.1% | 50.8% | 88.3% | 71.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.11 | 0.01 | 0.01 | 0.03 | 0.00 | 0.02 |
| Debt / EBITDA | 0.36 | 0.36 | 0.34 | 0.02 | 0.03 | 0.10 | 0.01 | 0.02 |
| Net Debt / Equity | — | -0.59 | -0.28 | -0.48 | -0.61 | -0.78 | -0.96 | -0.26 |
| Net Debt / EBITDA | -1.35 | -1.35 | -0.85 | -1.14 | -1.79 | -2.47 | -1.36 | -0.36 |
| Debt / FCF | — | -0.79 | — | -0.80 | -1.46 | -3.62 | -0.51 | -0.22 |
| Interest Coverage | 10.94 | 10.94 | 3.05 | 2.02 | 680.56 | 157.43 | 469.22 | 595.10 |
Net cash position: cash ($424M) exceeds total debt ($90M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 1.58 | 1.63 | 1.82 | 1.77 | 1.26 | 1.41 |
| Quick Ratio | 1.47 | 1.47 | 1.58 | 1.63 | 1.82 | 1.77 | 1.26 | 1.41 |
| Cash Ratio | 0.57 | 0.57 | 0.49 | 0.52 | 0.59 | 0.77 | 0.34 | 0.41 |
| Asset Turnover | — | 0.71 | 0.64 | 0.60 | 0.51 | 0.42 | 0.52 | 0.69 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 173.85 | 223.69 | 179.29 | 190.50 | 267.45 | 235.56 | 161.36 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 3.6% | — | — | — | — | — | — |
| Payout Ratio | 76.2% | 76.2% | — | — | — | — | 53.2% | 64.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 4.7% | 3.5% | 2.8% | 2.4% | 0.7% | — | — |
| FCF Yield | 10.4% | 10.1% | — | 5.1% | 3.6% | 0.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 2.9% | 1.8% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.7% | 3.6% | 2.9% | 1.8% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $295M | $305M | $303M | $296M | $295M | $293M | $293M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying DLO stock.
Dlocal Limited's current P/E ratio is 20.7x. The historical average is 53.1x.
Dlocal Limited's current EV/EBITDA is 15.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.8x.
Dlocal Limited's return on equity (ROE) is 37.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 46.0%.
Based on historical data, Dlocal Limited is trading at a P/E of 20.7x. Compare with industry peers and growth rates for a complete picture.
Dlocal Limited's current dividend yield is 3.66% with a payout ratio of 76.2%.
Dlocal Limited has 36.8% gross margin and 20.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Dlocal Limited's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression from merchant mix shift
Growth Premium vs. EM Risk Discount
Dlocal's forward P/E of 17.79 and PEG of 0.47 suggest the market is pricing in significant growth, yet this appears to be a discount relative to global peers like Adyen, reflecting the inherent volatility of its emerging market operating jurisdictions.
The valuation multiples indicate a bifurcated market view: the low PEG ratio implies the stock is attractively priced relative to its earnings growth trajectory, but the EV/EBITDA of 16.18 is well below global payment processors, suggesting a persistent risk discount. This discount likely reflects investor caution around currency volatility and regulatory risks in core markets like Brazil and Argentina, which can distort reported earnings. The current valuation appears to balance the company's strong growth momentum against the structural challenges of its operating environment.
Eroding Margins Amid Volume Growth
Gross margins have compressed significantly from 42.1% in 2024Q3 to 31.8% in 2026Q2, a trend that appears to be driven by a mix shift toward larger, lower-margin global merchants, as reported in recent financial statements.
The steady decline in gross margin is the most critical profitability trend, indicating that the company is sacrificing unit economics to win larger, Tier-1 merchant accounts. While operating margin has held relatively steady around 20%, this stability is increasingly reliant on operating leverage that may be difficult to maintain if cost growth continues to outpace revenue expansion. The net margin of 13.7% in the latest quarter, down from a peak of 27.0%, suggests that the benefits of scale are being offset by pricing pressure and higher processing costs.
High Returns on Minimal Equity Base
Dlocal's ROE of 10.0% in 2026Q2, while lower than its 2025 peak, remains robust and is driven by a highly efficient business model that generates substantial returns on a minimal equity base, as indicated by its low debt-to-equity ratio of 0.12.
The company's return on equity is structurally high due to its asset-light model and minimal use of financial leverage, which is a sign of efficient capital deployment. However, the volatility in ROE from quarter to quarter suggests that returns are sensitive to short-term fluctuations in net income, which can be impacted by foreign exchange movements and non-recurring items. The ROIC of 68.0% in 2025Q4, when available, indicates exceptional capital efficiency, but the lack of consistent data makes it difficult to assess the long-term trend.
Minimal Leverage with Tactical Debt
The company maintains a fortress balance sheet with a debt-to-equity ratio of just 0.12, though the recent increase in total debt to $67.4 million appears to be a tactical treasury management decision rather than a sign of financial strain.
Dlocal's leverage profile is exceptionally conservative, with interest coverage ratios that are often extremely high or not meaningful due to minimal interest expense. The recent uptick in debt, while still low in absolute terms, suggests the company may be using debt instruments for foreign exchange hedging or to optimize its cash management across multiple currencies. This low leverage provides significant financial flexibility and insulates the company from refinancing risk, which is a key advantage given the volatility of its operating markets.
Headline Cash Masks Operational Constraints
While the current ratio of 1.25 appears adequate, the significant portion of the $794.9 million cash balance that is operationally encumbered for merchant settlements means the true corporate liquidity buffer is materially thinner than the headline figure suggests.
The liquidity position requires careful interpretation because a large portion of the reported cash is likely owed to merchants for settlement, as indicated by the company's accounting practices. This means the quick ratio, which is identical to the current ratio due to the absence of inventory, overstates the liquidity available for corporate purposes. Investors should monitor the company's ability to manage its settlement cycles, as any disruption in its ability to repatriate funds from restrictive markets could strain its operational liquidity.
The Misapplied ROE Metric
Return on Equity is the ratio most commonly misapplied to Dlocal's business model, as its high value is primarily a function of a minimal equity base rather than exceptional profitability, obscuring the underlying margin compression trend.
Dlocal's ROE can appear misleadingly strong because the company operates with very little equity relative to its assets, a characteristic of its asset-light, transactional model. This financial structure inflates ROE even when net margins are declining, as seen in the drop from 27.0% to 13.7% over the past two years. A more appropriate metric for assessing true earning power is the net profit margin, which directly reflects the company's ability to convert revenue into profit after all costs, including the rising processing fees that are compressing its gross margin.