dLocal
DLO on Nasdaq. Business services, nec. Market value $4.1bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$14.52 a share, 36% above its 1-year low
Over the past year the price has ranged from $10.64 to $16.78.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.30bn | 0.30bn | 0.30bn | 0.29bn | 0.29bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 163 funds in all.
- Polen CapitalDan Davidowitz
- Value
- $6m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $6m | <0.1% | |
| Dodge & CoxDodge & Cox investment committee | $799,193 | <0.1% | Added |
Largest holders overall
- General Atlantic, L.P.$606m
- Summit Trail Advisors$100m
- BlackRock$66mAdded
- Bank of America$64mAdded
- Cria$52m
- Atmos Capital Gestao de Recursos Ltda.$52mAdded
- Fourth Sail Capital LP$51mAdded
- Ribbit Management Company$51m
- Banque Cantonale Vaudoise$43m
- Paradice Investment Management$36mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Sergio Enrique Fogel KaplanPassive investorat least 25.4%(filed with 2 related holders)Since 31 December 2024
- GENERAL ATLANTIC, L.P.Passive investorat least 21.4%−6.9 pts(filed with 20 related holders)Since 17 August 2026
- Emiliano Sebastian Fernandez BalaguePassive investor10.8%Since 31 December 2024
- Azar Alberto EduardoPassive investorat least 10.3%(filed with 1 related holder)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Sergio Enrique Fogel Kaplan Passive investor | at least 25.4% (filed with 2 related holders) | 31 December 2024 | |
GENERAL ATLANTIC, L.P. Passive investor | at least 21.4%−6.9 pts (filed with 20 related holders) | 17 August 2026 | |
Emiliano Sebastian Fernandez Balague Passive investor | 10.8% | 31 December 2024 | |
Azar Alberto Eduardo Passive investor | at least 10.3% (filed with 1 related holder) | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $237,000 of shares on the open market. 1 sold $16m, $16m of it under preset trading plans.
- Kanovich SebastianDirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 72,753
- Price
- $15.54
- Value
- $1m
- Kanovich SebastianDirectorSoldunder a preset trading plan
- Date
- 4 August 2026
- Shares
- 4,700
- Price
- $15.50
- Value
- $72,850
- Kanovich SebastianDirectorSoldunder a preset trading plan
- Date
- 7 July 2026
- Shares
- 25,700
- Price
- $15.50
- Value
- $398,350
- Kanovich SebastianDirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 1,000,000
- Price
- $14.63
- Value
- $15m
- Pruett William RodneyDirectorBought
- Date
- 29 May 2026
- Shares
- 20,000
- Price
- $11.85
- Value
- $237,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 August 2026 | Kanovich Sebastian Director | Sold under a preset trading plan | 72,753 | $15.54 | $1m |
| 4 August 2026 | Kanovich Sebastian Director | Sold under a preset trading plan | 4,700 | $15.50 | $72,850 |
| 7 July 2026 | Kanovich Sebastian Director | Sold under a preset trading plan | 25,700 | $15.50 | $398,350 |
| 1 July 2026 | Kanovich Sebastian Director | Sold under a preset trading plan | 1,000,000 | $14.63 | $15m |
| 29 May 2026 | Pruett William Rodney Director | Bought | 20,000 | $11.85 | $237,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
dLocal doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.