VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

DLocal Limited vs Interactive Brokers Group, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

DLocal Limited

DLO · Nasdaq Global Select Market

Market cap (USD)$4.3B
Gross margin (TTM)38.6%
Operating margin (TTM)20.8%
Net margin (TTM)17.8%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUY
Data as of2025-12-27
Moat score
53/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into DLocal Limited's moat claims, evidence, and risks.

View DLO analysis

Interactive Brokers Group, Inc.

IBKR · NASDAQ

Market cap (USD)$123.6B
Gross margin (TTM)89%
Operating margin (TTM)82.7%
Net margin (TTM)9.2%
SectorFinancials
IndustryInvestment - Banking & Investment Services
CountryUS
Data as of2026-01-06
Moat score
60/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Interactive Brokers Group, Inc.'s moat claims, evidence, and risks.

View IBKR analysis

Comparison highlights

  • Moat score gap: Interactive Brokers Group, Inc. leads (60 / 100 vs 53 / 100 for DLocal Limited).
  • Segment focus: DLocal Limited has 1 segment; Interactive Brokers Group, Inc. has 1 segment (100% in Electronic brokerage).
  • Primary market structure: Competitive vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: DLocal Limited has 4 moat types across 3 domains; Interactive Brokers Group, Inc. has 4 across 4.

Primary market context

DLocal Limited

Payment processing platform (Pay-ins & Pay-outs)

Market

Cross-border payment processing for global merchants in emerging markets

Geography

Global; emerging markets focus (Africa, Asia, Latin America, Middle East)

Customer

Enterprise merchants and platforms

Role

Payment service provider / processor

Interactive Brokers Group, Inc.

Electronic brokerage

Market

Multi-asset electronic brokerage, clearing, custody, and financing (self-directed and institutional)

Geography

Global

Customer

Individual investors and institutional clients (e.g., hedge funds, advisors, proprietary trading firms, introducing brokers)

Role

Broker-dealer / clearing broker / platform operator

Revenue share

100%

Side-by-side metrics

DLocal Limited
Interactive Brokers Group, Inc.
Ticker / Exchange
DLO - Nasdaq Global Select Market
IBKR - NASDAQ
Market cap (USD)
$4.3B
$123.6B
Gross margin (TTM)
38.6%
89%
Operating margin (TTM)
20.8%
82.7%
Net margin (TTM)
17.8%
9.2%
Sector
Technology
Financials
Industry
Software - Infrastructure
Investment - Banking & Investment Services
HQ country
UY
US
Primary segment
Payment processing platform (Pay-ins & Pay-outs)
Electronic brokerage
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
53 / 100
60 / 100
Moat domains
Supply, Legal, Demand
Supply, Network, Legal, Demand
Last update
2025-12-27
2026-01-06

Moat coverage

Shared moat types

Compliance AdvantageOperational Excellence

DLocal Limited strengths

Capex Knowhow ScaleSwitching Costs General

Interactive Brokers Group, Inc. strengths

Interoperability HubData Workflow Lockin

Segment mix

DLocal Limited segments

Full profile >

Payment processing platform (Pay-ins & Pay-outs)

Competitive

n/a

Interactive Brokers Group, Inc. segments

Full profile >

Electronic brokerage

Competitive

100%

Want the full wide moat stocks list?

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Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.