COMPARE · Data as of August 28, 2026
DLO vs PGY
Verdict: Side-by-side breakdown using the Bull Rankings model. DLO scored 87.8, PGY scored 86.1 — DLO leads.
Compare another set
Different reporting periods. PGY'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
87.8
$15.03 · $4.4B
fundamentals as of
Score gap
1.7
DLO leads
PGY
Pagaya Technologies Ltd.
86.1
$21.98 · $1.8B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
- CheapestPGY15.6x
- Fastest growthDLO+46.6%
- Strongest balance sheetDLO0.12
- Highest qualityDLO85 / 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
PGY
85
Qualityreturns · margins · balance sheet
70
98
Growthrevenue & earnings expansion
92
81
Valuevaluation vs sector peers
99
DLO is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
DLO
PGY
$413mC
FCF
$252mC
+46.6%A
Rev
+25.6%A-
0.12B+
D/E
1.34C
22.1xB+
P/E
15.6xA-
0.70A-
PEG
0.04A
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
PGY
59% below
Price vs fair valuelower is cheaper
57% below
~-7%/yr
Growth the price implies10-yr FCF · lower = less priced in
~-14%/yr
+85%
1-yr DCF upside
+115%
+144%
5-yr DCF upside
+133%
+268%
10-yr DCF upside
+162%
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
PGY
Why this score
- Durable high returns
- Diluting shareholders
The companies
DLODLocal Limited
Why now
Software - Infrastructure · market cap $4.4b. 10% off the 52-week high of $16.78. Revenue growing +47% — in hypergrowth territory. PEG 0.70 — paying under fair value for the growth rate. 10 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $18.40 (implying +22% 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 — non-cash charges (depreciation, intangible amortization) are holding down GAAP earnings while cash generation stays strong.
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.
PGYPagaya Technologies Ltd.
Why now
Software - Infrastructure · market cap $1.8b. Down 51% from 52-week high of $44.99 — deep drawdown territory. Revenue growing +26% — in hypergrowth territory. PEG 0.04 — paying under fair value for the growth rate. 10 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $29.20 (implying +33% upside).
Moat
ROE 19% sits above Buffett's preferred 15% threshold — the equity base is compounding at a rate the market struggles to discount accurately. Free cash flow runs well ahead of reported net income — non-cash charges (depreciation, intangible amortization) are holding down GAAP earnings while cash generation stays strong. Software economics — recurring revenue, embedded customer workflows, and high gross margin all compound the moat once a base account is won. Switching costs are the lever.
Risk
Down 51% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Beta 5.37 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return. 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
While both DLO and PGY score an identical 88.5 in our model, DLO shows stronger Quality at 84 versus PGY's 70, alongside superior revenue growth of +46.6%. Conversely, PGY presents a compelling value case with a pillar score of 99 and a lower implied growth of -13%. Both stocks also carry the model signal of "Diluting shareholders".
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 PGY diverge
On the headline score the gap is 1.7 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 81.3 · PGY 99.0PGY +17.7
- QualityDLO 84.7 · PGY 70.1DLO +14.6
- GrowthDLO 98.4 · PGY 91.9DLO +6.5
Pillars run 0–100 against sector peers, so a 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.