VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

DLocal Limited vs Shopify 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)$3.9B
Gross margin (TTM)36.8%
Operating margin (TTM)20.1%
Net margin (TTM)18%
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

Shopify Inc.

SHOP · Nasdaq Global Select Market

Market cap (USD)$163.7B
Gross margin (TTM)48.1%
Operating margin (TTM)12.7%
Net margin (TTM)10.7%
SectorTechnology
IndustrySoftware - Application
CountryCA
Data as of2026-04-25
Moat score
73/ 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 Shopify Inc.'s moat claims, evidence, and risks.

View SHOP analysis

Comparison highlights

  • Moat score gap: Shopify Inc. leads (73 / 100 vs 53 / 100 for DLocal Limited).
  • Segment focus: DLocal Limited has 1 segment; Shopify Inc. has 2 segments (76.2% in Merchant Solutions).
  • Moat breadth: DLocal Limited has 4 moat types across 3 domains; Shopify Inc. has 7 across 3.

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

Shopify Inc.

Merchant Solutions

Market

Integrated merchant payments, checkout, lending, shipping, POS hardware, partner referrals, ads and buyer-acquisition services for Shopify merchants

Geography

Global, with Shopify Payments and related solutions available across selected countries

Customer

Shopify merchants, Shopify Plus merchants, retail operators and buyers using Shop Pay or Shop App

Role

Embedded payments, checkout, fintech, fulfillment-adjacent and commerce-services layer attached to Shopify storefronts

Revenue share

76.2%

Side-by-side metrics

DLocal Limited
Shopify Inc.
Ticker / Exchange
DLO - Nasdaq Global Select Market
SHOP - Nasdaq Global Select Market
Market cap (USD)
$3.9B
$163.7B
Gross margin (TTM)
36.8%
48.1%
Operating margin (TTM)
20.1%
12.7%
Net margin (TTM)
18%
10.7%
Sector
Technology
Technology
Industry
Software - Infrastructure
Software - Application
HQ country
UY
CA
Primary segment
Payment processing platform (Pay-ins & Pay-outs)
Merchant Solutions
Market structure
Competitive
Competitive
Market share
n/a
65.6% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
53 / 100
73 / 100
Moat domains
Supply, Legal, Demand
Network, Demand, Supply
Last update
2025-12-27
2026-04-25

Moat coverage

Shared moat types

No overlap yet.

DLocal Limited strengths

Capex Knowhow ScaleCompliance AdvantageSwitching Costs GeneralOperational Excellence

Shopify Inc. strengths

Ecosystem ComplementsData Workflow LockinBrand TrustSuite BundlingKeystone ComponentHabit DefaultScale Economies Unit Cost

Segment mix

DLocal Limited segments

Full profile >

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

Competitive

n/a

Shopify Inc. segments

Full profile >

Subscription Solutions

Competitive

23.8%

Merchant Solutions

Competitive

76.2%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

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.