VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

DLocal Limited vs Transurban Group

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

Transurban Group

TCL · Australian Securities Exchange

Market cap (USD)$42.6B
Gross margin (TTM)43.4%
Operating margin (TTM)39.4%
Net margin (TTM)5.8%
SectorIndustrials
IndustryIndustrial - Infrastructure Operations
CountryAU
Data as of2026-01-04
Moat score
91/ 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 Transurban Group's moat claims, evidence, and risks.

View TCL analysis

Comparison highlights

  • Moat score gap: Transurban Group leads (91 / 100 vs 53 / 100 for DLocal Limited).
  • Segment focus: DLocal Limited has 1 segment; Transurban Group has 4 segments (49.5% in Sydney toll roads).
  • Primary market structure: Competitive vs Quasi-Monopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: DLocal Limited has 4 moat types across 3 domains; Transurban Group has 3 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

Transurban Group

Sydney toll roads

Market

Urban toll-road concessions (Sydney)

Geography

Sydney, New South Wales, Australia

Customer

Motorists and commercial fleet operators

Role

Concessionaire / operator and developer

Revenue share

49.5%

Side-by-side metrics

DLocal Limited
Transurban Group
Ticker / Exchange
DLO - Nasdaq Global Select Market
TCL - Australian Securities Exchange
Market cap (USD)
$4.3B
$42.6B
Gross margin (TTM)
38.6%
43.4%
Operating margin (TTM)
20.8%
39.4%
Net margin (TTM)
17.8%
5.8%
Sector
Technology
Industrials
Industry
Software - Infrastructure
Industrial - Infrastructure Operations
HQ country
UY
AU
Primary segment
Payment processing platform (Pay-ins & Pay-outs)
Sydney toll roads
Market structure
Competitive
Quasi-Monopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
53 / 100
91 / 100
Moat domains
Supply, Legal, Demand
Legal, Financial, Demand
Last update
2025-12-27
2026-01-04

Moat coverage

Shared moat types

No overlap yet.

DLocal Limited strengths

Capex Knowhow ScaleCompliance AdvantageSwitching Costs GeneralOperational Excellence

Transurban Group strengths

Concession LicenseBenchmark Pricing PowerDynamic congestion pricing

Segment mix

DLocal Limited segments

Full profile >

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

Competitive

n/a

Transurban Group segments

Full profile >

Sydney toll roads

Quasi-Monopoly

49.5%

Melbourne toll roads

Quasi-Monopoly

26.5%

Brisbane toll roads

Quasi-Monopoly

16%

North America managed lanes and concessions

Quasi-Monopoly

8.1%

Want the full wide moat stocks list?

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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.