dLocal Ltd. (DLO) intrinsic value & 10-year financials
dLocal Ltd. (DLO) has a Graham intrinsic value of $21.59 per share. At $14.28 on Oct 27, 2026, the stock trades 34% below that value. Over the last 8 fiscal years revenue grew 64.5% a year to $1.1B, with an average return on invested capital of 220.3%.
- Graham intrinsic value
- $21.59
- Share price (Oct 27, 2026)
- $14.28
- Price vs Graham value
- 34% below
- Market cap
- $4.2B
- Revenue (FY2025)
- $1.1B
- Revenue growth (8-yr CAGR)
- 64.5%
- ROIC (10-yr avg)
- 220.3%
- Free cash flow (FY2025)
- $413.2M
DLO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | $196.9M | $0.65 | $413.2M | 20.1% | 951.0% |
| FY2024 | $746.0M | $120.5M | $0.39 | -$34.5M | 18.8% | 993.5% |
| FY2023 | $650.4M | $149.1M | $0.49 | $292.5M | 27.6% | -185.2% |
| FY2022 | $418.9M | $108.7M | $0.35 | $153.5M | 30.5% | -227.1% |
| FY2021 | $244.1M | $77.9M | $0.25 | $106.5M | 34.3% | -150.0% |
| FY2020 | $104.1M | $28.2M | $0.10 | $87.6M | 29.7% | 79.8% |
| FY2019 | $55.3M | $15.6M | $0.05 | $30.6M | 31.8% | 80.2% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
dLocal Ltd revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
dLocal Ltd has historically struggled to out-earn its cost of capital, averaging just -26.9% ROIC.
dLocal Ltd capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, dLocal Ltd is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $21.59 per share.