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Just For You dLocal Keeps Winning, but the Stock Still Has Something to ProveSubmitted by Ryan Hasson. First Published: 3/19/2026. 
Key Points - dLocal has beaten earnings and revenue estimates for the fourth consecutive quarter, with Q4 TPV surging 70% year over year to a record $13.1 billion and full-year revenue surpassing $1 billion for the first time.
- Analysts have a consensus price target of $17, implying nearly 50% upside, yet DLO continues to trade at a forward P/E below 11 despite its consistent execution.
- The fundamental case is compelling, but the stock remains in a downward channel, and a break above $14 would be the key technical signal that sentiment is beginning to shift.
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Uruguayan-based fintech company dLocal (NASDAQ: DLO) delivered another impressive quarter, easily topping both earnings and sales estimates. For the fourth consecutive quarter the company has beaten expectations, reinforcing a trend of operational excellence and management's consistent execution. Yet despite that track record, the stock still trades at what appears to be a significant discount, with a forward P/E below 11 as of the March 18 close. With key metrics pointing to strong growth and the stock well off its 52-week high, the question is whether this represents a compelling long-term buying opportunity. Let's unpack the results and see what Wall Street thinks. DLO Posts an Impressive Q4 Beat dLocal finished 2025 strong, with fourth-quarter results showing accelerating growth across key metrics. Total Payment Volume (TPV) reached a record $13.1 billion, up 70% year over year — the fifth consecutive quarter with growth above 50%. Revenue surged 65% to $338 million, while gross profit rose 38% to $116 million. Profitability improved meaningfully: adjusted EBITDA increased 38% year over year and net income jumped 87%. Adjusted free cash flow doubled and exceeded net income, underscoring the strength of its asset-light, high-conversion business model. The full-year picture is equally compelling. TPV climbed 60% to a record $41 billion, while revenue topped $1 billion for the first time in company history. Gross profit rose 37%, adjusted EBITDA increased 47% with margin expansion, and net income grew 63% to $197 million. Free cash flow stood out, rising 110% year over year, and that cash generation enabled management to announce an expected dividend payment. Demand remains robust across e-commerce, streaming and financial services, supported by ongoing geographic expansion in Latin America, Africa and Asia. Despite some margin pressure from rapid scaling and expansion, the overall picture is one of strong execution and disciplined cost control, reinforcing DLO's position as a leading payments infrastructure platform in emerging markets. Sentiment Is Strong, But the Chart Has Work to Do Sentiment on dLocal is broadly bullish. Of nine analysts covering the stock, seven rate it a Buy and two rate it a Hold, producing a consensus Moderate Buy. The consensus price target of $17 implies nearly 50% upside from the March 18 close. Following the strength of the recent results, that target — and analyst sentiment more broadly — could adjust upward in the coming weeks. That said, the technical picture needs improvement. Despite the strong fundamentals, DLO has been stuck in a downward channel for several months and has failed to build meaningful upside momentum. The stock is down about 19% year to date and roughly 18% over the prior three years, a reminder that strong fundamentals don't always translate into near-term price action. For sentiment to shift materially, the stock would likely need to break above and hold the $14 level — a move that could signal a breakout from its downward-channel resistance and the start of a higher-timeframe uptrend. Until then, DLO remains a fundamentally compelling but technically unconfirmed opportunity — one that patient, long-term investors may find increasingly attractive at current levels. |
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