Verdict: Side-by-side breakdown using the Bull Rankings model. DLO scored 87.2, CPAY scored 78.2 — DLO leads.
Compare another set
Different reporting periods. CPAY's fundamentals are as of June 2026, but DLO's are as of December 2025 — a 6-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
DLO
DLocal Limited
Software - Infrastructure · Quality-Growth
87.2
$15.23 · $4.5B
fundamentals as of
Score gap
9.0
DLO leads
CPAY
Corpay, Inc.
Software - Infrastructure · Quality-Growth
78.2
$397.92 · $26.1B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
CheapestDLO22.4x
Fastest growthDLO+46.6%
Strongest balance sheetDLO0.12
Highest qualityCPAY88 / 100
Largest discount to fair valueDLO-59%
Side by side · every name on one set of axes
Growth against the P/E multiple. Up and to the right is cheaper and faster — the quality-growth idea in one picture. Points beyond the axis are pinned to the edge and marked off-scale rather than allowed to compress everything else.
The model, pillar by pillar (0–100 each)
DLO
stronger →← stronger
CPAY
84
Qualityreturns · margins · balance sheet
88
96
Growthrevenue & earnings expansion
87
82
Valuevaluation vs sector peers
62
DLO is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
DLO
CPAY
$413mC
FCF
$1.6bC+
+46.6%A
Rev
+13.9%B+
0.12B+
D/E
2.75D
22.4xB+
P/E
24.2xB+
0.65A-
PEG
0.77A-
Winner per row is the stronger grade; where grades tie, the better figure breaks it. A true tie or a missing value shows no highlight.
Valuation · DCF cross-check
DLO
CPAY
59% below
Price vs fair valuelower is cheaper
21% below
~-7%/yr
Growth the price impliesyr-1 FCF growth, fading to 4% · lower = less priced in
~3%/yr
+89%
1-yr DCF upside
+11%
+147%
5-yr DCF upside
+27%
+267%
10-yr DCF upside
+53%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
DLO
Why this score
Durable high returns
Diluting shareholders
CPAY
Why this score
Buying back stock
Durable high returns
The companies
DLODLocal Limited
Software - Infrastructure · $15.23 · beta 0.84
Why now
Software - Infrastructure · market cap $4.5b. 9% off the 52-week high of $16.78. Revenue growing +47% — in hypergrowth territory. PEG 0.65 — paying under fair value for the growth rate. 10 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $18.80 (implying +23% upside).
Moat
Net margin 18% beats the market median by a meaningful margin — the company is keeping more of every revenue dollar than the average S&P constituent. ROE 35% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. Free cash flow runs well ahead of reported net income, mostly because of cash released from working capital ($165m) — a release that doesn't repeat every year the way earnings can.
Risk
Software — competitive moat is durable until it isn't; watch net revenue retention, gross margin trends, and any new market entrant with a fundamentally lower price point.
CPAYCorpay, Inc.
Software - Infrastructure · $397.92 · beta 0.89
Why now
Software - Infrastructure · market cap $26.1b. 7% off the 52-week high of $427.46. Revenue growing +14%, comfortably above the S&P median. PEG 0.77 — paying under fair value for the growth rate. 15 sell-side analysts rate this a Buy with a mean 1-yr target of $461.00 (implying +16% upside).
Moat
Net margin 23% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 29% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. FCF converts 145% of net income — earnings translate cleanly into cash.
Risk
D/E 2.75 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer. Software — competitive moat is durable until it isn't; watch net revenue retention, gross margin trends, and any new market entrant with a fundamentally lower price point.
Verdict — model-derived comparison
DLO leads CPAY with an 89.1 score, primarily due to its superior Value pillar of 85 versus CPAY's 66. A contrarian, however, might prefer CPAY due to its positive "Buying back stock" signal and an implied growth rate of 3%, suggesting less market optimism than DLO's -9%. DLO also carries a "Diluting shareholders" signal, a key caution.
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.
Where DLO and CPAY diverge
On the headline score the gap is 9.0 points in favor of DLO. They get there differently, though — each leads on a different pillar, so the better pick depends on which you weight.
ValueDLO 81.6 · CPAY 62.4DLO +19.2
GrowthDLO 96.3 · CPAY 87.3DLO +9.0
QualityDLO 84.5 · CPAY 87.9CPAY +3.4
Pillars run 0–100. Value is judged against each company's own sector, so a Value score is a statement about a company relative to its own industry rather than to the other name here. A wide Value gap usually means the market already prices the difference in quality or growth — which is the trade-off this comparison comes down to.
Common questions
Is DLO or CPAY the better stock?
DLO scores higher: DLO 87.2, CPAY 78.2 out of 100 on the Bull Rankings quality-growth score, which blends business quality, growth and valuation into one number. A higher score means a stronger business at a more reasonable price — it is not a price target or a recommendation.
Where do DLO and CPAY differ most?
The widest gap is value, where DLO leads by 19 points on the 0–100 pillar scale. Neither name sweeps: they trade the lead across the three pillars, so the comparison is a trade-off rather than one being better on every measure.
How are DLO and CPAY scored?
Each carries the same 0–100 quality-growth score used everywhere on the site, built from three pillars — quality (profitability and returns on capital), growth (revenue and earnings), and value (what you pay for them) — combined as a geometric mean, so a weak pillar cannot be papered over by a strong one.
How current is this comparison?
The whole universe is re-scored every trading day after the US market close, so the scores and fundamentals here reflect the latest published edition.