dLocal Ltd
DLOdata completeness 100%7 fiscal years on fileData notes: no data for concept 'interestExpense'
dLocal Ltd earns about 29% on equity, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $4.23 and $61.29 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $244.1M1 | $418.9M2 | $650.4M3 | $746M3 | $1.09B3 |
| Net income | $77.9M4 | $108.7M5 | $149M6 | $120.4M6 | $196.8M6 |
| Operating cash flow | $108.5M7 | $154.5M8 | $293.5M9 | −$32.8M9 | $415.5M9 |
| Capital expenditure | $1.95M10 | $987,00011 | $965,00012 | $1.71M12 | $2.28M12 |
| Free cash flow (derived) | $106.5M7 | $153.5M8 | $292.5M9 | −$34.5M9 | $413.2M9 |
| Total debt | $5M13 | — | $013 | $39.8M14 | $86.7M14 |
| Cash & equivalents | $336.2M15 | $468.1M16 | $536.2M16 | $425.2M16 | $719.9M16 |
| Diluted shares | 295.0M | 296.2M | 296.0M | 285.5M | 294.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $19.3 of net worth that earned you $6.67 and generated $14.01 of cash last year, against $2.94 of debt.
It earned about 29% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 1634% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $4.23 and $61.29 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$292.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$292.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$120.4M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $16.32 |
| Base | 20.0% | $34.48 |
| Bull | 20.0% | $34.48 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0000950170-24-033510 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-058197 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0002070979-26-000113 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0000950170-24-033510 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-058197 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0002070979-26-000113 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0000950170-24-033510 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-058197 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0002070979-26-000113 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0000950170-24-033510 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-058197 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0002070979-26-000113 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0000950170-24-033510 (Borrowings)
- 20-F · period ending 2024-12-31 · accession 0002070979-26-000113 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0000950170-25-058197 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0002070979-26-000113 (CashAndCashEquivalents)