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Side-by-side financial comparison of Academy Sports & Outdoors, Inc. (ASO) 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 $1.4B, roughly 1.1× Academy Sports & Outdoors, Inc.). Academy Sports & Outdoors, Inc. runs the higher net margin — 5.2% vs 1.2%, a 3.9% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 3.0%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% CAGR vs -12.2%).
Academy Sports + Outdoors is an American sporting-goods store chain with corporate offices in the Katy Distribution Center in unincorporated western Harris County, Texas, United States, near Katy and west of Houston. For 74 years, it was a privately held company owned by the Gochman family, until its May 2011 acquisition by Kohlberg Kravis Roberts. In October 2020, it was listed on NASDAQ.
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.
ASO vs DAR — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.6B |
| Net Profit | $71.6M | $19.4M |
| Gross Margin | 35.7% | 24.7% |
| Operating Margin | 7.3% | 4.6% |
| Net Margin | 5.2% | 1.2% |
| Revenue YoY | 3.0% | 10.0% |
| Net Profit YoY | 8.8% | 14.2% |
| EPS (diluted) | $1.05 | $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.
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.8B | $1.4B |
| Q4 25 | $71.6M | — | ||
| Q3 25 | $125.4M | $19.4M | ||
| Q2 25 | $46.1M | $12.7M | ||
| Q1 25 | $133.6M | $-26.2M | ||
| Q4 24 | $65.8M | $101.9M | ||
| Q3 24 | $142.6M | $16.9M | ||
| Q2 24 | $76.5M | $78.9M | ||
| Q1 24 | $168.2M | $81.2M |
| Q4 25 | 35.7% | — | ||
| Q3 25 | 36.0% | 24.7% | ||
| Q2 25 | 34.0% | 23.3% | ||
| Q1 25 | 32.2% | 22.6% | ||
| Q4 24 | 34.0% | 23.5% | ||
| Q3 24 | 36.1% | 22.1% | ||
| Q2 24 | 33.4% | 22.5% | ||
| Q1 24 | 33.3% | 21.4% |
| Q4 25 | 7.3% | — | ||
| Q3 25 | 10.8% | 4.6% | ||
| Q2 25 | 5.1% | 5.1% | ||
| Q1 25 | 9.2% | 2.1% | ||
| Q4 24 | 6.8% | 8.6% | ||
| Q3 24 | 12.3% | 4.2% | ||
| Q2 24 | 7.5% | 10.2% | ||
| Q1 24 | 11.4% | 9.7% |
| Q4 25 | 5.2% | — | ||
| Q3 25 | 7.8% | 1.2% | ||
| Q2 25 | 3.4% | 0.9% | ||
| Q1 25 | 8.0% | -1.9% | ||
| Q4 24 | 4.9% | 7.2% | ||
| Q3 24 | 9.2% | 1.2% | ||
| Q2 24 | 5.6% | 5.4% | ||
| Q1 24 | 9.4% | 5.7% |
| Q4 25 | $1.05 | — | ||
| Q3 25 | $1.85 | $0.12 | ||
| Q2 25 | $0.68 | $0.08 | ||
| Q1 25 | $1.85 | $-0.16 | ||
| Q4 24 | $0.92 | $0.63 | ||
| Q3 24 | $1.95 | $0.11 | ||
| Q2 24 | $1.01 | $0.49 | ||
| Q1 24 | $2.19 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $289.5M | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $2.1B | $4.7B |
| Total Assets | $5.4B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $289.5M | — | ||
| Q3 25 | $300.9M | $91.5M | ||
| Q2 25 | $285.1M | $94.6M | ||
| Q1 25 | $288.9M | $81.5M | ||
| Q4 24 | $296.0M | $76.0M | ||
| Q3 24 | $324.6M | $114.8M | ||
| Q2 24 | $378.1M | $121.6M | ||
| Q1 24 | $347.9M | $145.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $4.7B | ||
| Q2 25 | $1.9B | $4.6B | ||
| Q1 25 | $2.0B | $4.4B | ||
| Q4 24 | $2.0B | $4.4B | ||
| Q3 24 | $2.0B | $4.6B | ||
| Q2 24 | $1.9B | $4.5B | ||
| Q1 24 | $2.0B | $4.6B |
| Q4 25 | $5.4B | — | ||
| Q3 25 | $5.3B | $10.5B | ||
| Q2 25 | $5.2B | $10.3B | ||
| Q1 25 | $4.9B | $10.0B | ||
| Q4 24 | $5.1B | $10.1B | ||
| Q3 24 | $4.9B | $10.6B | ||
| Q2 24 | $4.9B | $10.6B | ||
| Q1 24 | $4.7B | $10.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.95× |
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 | $49.0M | $224.3M |
| Free Cash FlowOCF − Capex | $-13.6M | — |
| FCF MarginFCF / Revenue | -1.0% | — |
| Capex IntensityCapex / Revenue | 4.5% | — |
| Cash ConversionOCF / Net Profit | 0.68× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | $191.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.0M | — | ||
| Q3 25 | $78.6M | $224.3M | ||
| Q2 25 | $157.5M | $145.8M | ||
| Q1 25 | $140.2M | $249.0M | ||
| Q4 24 | $96.9M | $154.4M | ||
| Q3 24 | $91.3M | $274.5M | ||
| Q2 24 | $199.7M | $146.5M | ||
| Q1 24 | $234.7M | $263.9M |
| Q4 25 | $-13.6M | — | ||
| Q3 25 | $21.8M | — | ||
| Q2 25 | $106.6M | — | ||
| Q1 25 | $76.4M | — | ||
| Q4 24 | $34.4M | — | ||
| Q3 24 | $50.1M | — | ||
| Q2 24 | $167.4M | — | ||
| Q1 24 | $178.9M | — |
| Q4 25 | -1.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 7.9% | — | ||
| Q1 25 | 4.6% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 12.3% | — | ||
| Q1 24 | 10.0% | — |
| Q4 25 | 4.5% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | 0.68× | — | ||
| Q3 25 | 0.63× | 11.59× | ||
| Q2 25 | 3.42× | 11.52× | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.47× | 1.52× | ||
| Q3 24 | 0.64× | 16.19× | ||
| Q2 24 | 2.61× | 1.86× | ||
| Q1 24 | 1.40× | 3.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
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% |
