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Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.2B, roughly 1.3× Alignment Healthcare, Inc.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs 0.9%, a 0.3% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs -74.7%). Over the past eight quarters, Alignment Healthcare, Inc.'s revenue compounded faster (34.6% CAGR vs -1.6%).
Alignment Healthcare, Inc. is a U.S.-based healthcare provider offering Medicare Advantage plans for seniors. It adopts a value-based care model, partnering with local providers to deliver personalized coordinated medical services, prescription drug coverage and supplemental benefits to members across multiple U.S. states.
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
ALHC vs DAR — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.6B |
| Net Profit | $11.4M | $19.4M |
| Gross Margin | — | 24.7% |
| Operating Margin | — | 4.6% |
| Net Margin | 0.9% | 1.2% |
| Revenue YoY | -74.7% | 10.0% |
| Net Profit YoY | — | 14.2% |
| EPS (diluted) | — | $0.12 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $993.7M | $1.6B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $926.9M | $1.4B | ||
| Q4 24 | $701.2M | $1.4B | ||
| Q3 24 | $692.4M | $1.4B | ||
| Q2 24 | $681.3M | $1.5B |
| Q1 26 | $11.4M | — | ||
| Q4 25 | $-11.0M | — | ||
| Q3 25 | $3.7M | $19.4M | ||
| Q2 25 | $15.7M | $12.7M | ||
| Q1 25 | $-9.1M | $-26.2M | ||
| Q4 24 | $-31.1M | $101.9M | ||
| Q3 24 | $-26.4M | $16.9M | ||
| Q2 24 | $-24.0M | $78.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 24.7% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 22.5% |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | — | ||
| Q3 25 | 0.8% | 4.6% | ||
| Q2 25 | 2.2% | 5.1% | ||
| Q1 25 | -0.6% | 2.1% | ||
| Q4 24 | -3.2% | 8.6% | ||
| Q3 24 | -2.8% | 4.2% | ||
| Q2 24 | -2.7% | 10.2% |
| Q1 26 | 0.9% | — | ||
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.4% | 1.2% | ||
| Q2 25 | 1.5% | 0.9% | ||
| Q1 25 | -1.0% | -1.9% | ||
| Q4 24 | -4.4% | 7.2% | ||
| Q3 24 | -3.8% | 1.2% | ||
| Q2 24 | -3.5% | 5.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.04 | — | ||
| Q3 25 | $0.02 | $0.12 | ||
| Q2 25 | $0.07 | $0.08 | ||
| Q1 25 | $-0.05 | $-0.16 | ||
| Q4 24 | $-0.15 | $0.63 | ||
| Q3 24 | $-0.14 | $0.11 | ||
| Q2 24 | $-0.13 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $705.6M | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $206.9M | $4.7B |
| Total Assets | $1.3B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $705.6M | — | ||
| Q4 25 | $604.2M | — | ||
| Q3 25 | $644.1M | $91.5M | ||
| Q2 25 | $503.8M | $94.6M | ||
| Q1 25 | $479.5M | $81.5M | ||
| Q4 24 | $470.6M | $76.0M | ||
| Q3 24 | $381.0M | $114.8M | ||
| Q2 24 | $363.7M | $121.6M |
| Q1 26 | — | — | ||
| Q4 25 | $323.2M | — | ||
| Q3 25 | $322.7M | $4.0B | ||
| Q2 25 | $322.3M | $3.9B | ||
| Q1 25 | $321.9M | $3.8B | ||
| Q4 24 | $321.4M | $3.9B | ||
| Q3 24 | $212.0M | $4.1B | ||
| Q2 24 | $211.7M | $4.3B |
| Q1 26 | $206.9M | — | ||
| Q4 25 | $179.3M | — | ||
| Q3 25 | $161.9M | $4.7B | ||
| Q2 25 | $141.0M | $4.6B | ||
| Q1 25 | $108.1M | $4.4B | ||
| Q4 24 | $99.9M | $4.4B | ||
| Q3 24 | $114.5M | $4.6B | ||
| Q2 24 | $123.7M | $4.5B |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $10.5B | ||
| Q2 25 | $1.0B | $10.3B | ||
| Q1 25 | $895.6M | $10.0B | ||
| Q4 24 | $782.1M | $10.1B | ||
| Q3 24 | $692.3M | $10.6B | ||
| Q2 24 | $716.3M | $10.6B |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | — | ||
| Q3 25 | 1.99× | 0.86× | ||
| Q2 25 | 2.29× | 0.85× | ||
| Q1 25 | 2.98× | 0.86× | ||
| Q4 24 | 3.22× | 0.89× | ||
| Q3 24 | 1.85× | 0.91× | ||
| Q2 24 | 1.71× | 0.97× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $128.7M | $224.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 11.27× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $128.7M | — | ||
| Q4 25 | $-50.4M | — | ||
| Q3 25 | $144.6M | $224.3M | ||
| Q2 25 | $29.1M | $145.8M | ||
| Q1 25 | $16.6M | $249.0M | ||
| Q4 24 | $-8.7M | $154.4M | ||
| Q3 24 | $26.2M | $274.5M | ||
| Q2 24 | $23.5M | $146.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-55.4M | — | ||
| Q3 25 | $139.1M | — | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $8.4M | — | ||
| Q4 24 | $-18.0M | — | ||
| Q3 24 | $16.9M | — | ||
| Q2 24 | $11.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.5% | — | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | -2.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.7% | — |
| Q1 26 | 11.27× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 38.77× | 11.59× | ||
| Q2 25 | 1.86× | 11.52× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | — | 16.19× | ||
| Q2 24 | — | 1.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALHC
Segment breakdown not available.
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
