Dlocal Limited (DLO) Stock Analysis & Winston Score

DLocal Limited operates a payments platform in the United States, Europe, China, and internationally. Its payments platform enables merchants to get paid and to make payments online. The company serves commerce, streaming, ride-hailing, financial services, advertising, software as a service, travel, e-learning, on-demand delivery, gaming, and crypto industries. DLocal Limited was founded in 2016 and is headquartered in Montevideo, Uruguay.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+65.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+72.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$31M/ year

↑ Rising (+20% vs prior year)

2.8% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

61.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$725M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Dlocal Limited grew revenue 65% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 295.0M (2021) → 294.9M (2025)

Score breakdown

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Quality

Gross Margin

34.3%

Modest — 34.3% gross margin

Operating Margin

18.5%

Healthy — 18.5% operating margin

ROCE

9.5%

Below par — 9.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+46.6%

Fast-growing sales (46.6% YoY)

EPS YoY

+61.9%

Earnings growing fast (61.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

214%

Turns 214% of profit into real cash

FCF Margin

37.0%

Converts sales into free cash efficiently (37.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.15

Conservative — low debt load (0.15)

Interest Cover

7.89x

Adequate interest coverage (7.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

21.3x

Growth-priced — P/E 21.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+11.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.3 → 10.0)

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Dividends

Dividend Yield

1.52%

Small dividend — 1.52% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

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