cust.co / Compare / DLocal vs Morningstar

DLocal vs Morningstar - NRR head-to-head

Side-by-side Net Revenue Retention comparison sourced from SEC filings and earnings releases. Both compete in Fintech SaaS. Both at Public stage.

DLocal leads by +39pp on latest NRR (140% vs 101%).

NRR over time

94%109%125%141%156% FY-2024FY2024-Q4FY2025-Q1FY2025-Q3FY2025-Q4FY-2025FY2026-Q1FY-2021 NRR DLocal Morningstar DLocal - FY-2024: 140% DLocal - FY2024-Q4: 140% DLocal - FY2025-Q1: 144% DLocal - FY2025-Q3: 149% DLocal - FY2025-Q4: 145% DLocal - FY-2025: 149% DLocal - FY2026-Q1: 140% Morningstar - FY-2025: 101% Morningstar - FY-2021: 127%

DLocal hit a higher all-time peak (149% in FY2025-Q3).

Stat-by-stat

Metric DLocal Morningstar
Latest NRR 140% 101%
All-time peak NRR 149% 127%
All-time low NRR 140% 101%
QoQ change -9pp -26pp
YoY change -4pp -
3-year change - -
Disclosures tracked 7 2

Customer cohorts

MetricDLocalMorningstar
Total customers 760 100,000
Over $100K ARR - -
Over $1M ARR - -
Top-10 concentration 60% -
Average ACV - -
US revenue mix - 71.8%

Commercial structure

MetricDLocalMorningstar
Total RPO - $1.5B
Current RPO (12mo) - $1.1B
Multi-year contracts - -
Avg contract length - -
Subscription rev mix - 70.3%
New customers added - 3,100

Post-sales motion

MetricDLocalMorningstar
CS team size - 900
Customers per CSM - -
Pricing model hybrid subscription
Renewal cadence consumption annual
CSM coverage model account-named hybrid
Top customer exec - Danny Dunn

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