vs
Side-by-side financial comparison of AXIS CAPITAL HOLDINGS LTD (AXS) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
AXIS CAPITAL HOLDINGS LTD is the larger business by last-quarter revenue ($1.6B vs $1.6B, roughly 1.1× DARLING INGREDIENTS INC.). AXIS CAPITAL HOLDINGS LTD runs the higher net margin — 15.5% vs 1.2%, a 14.3% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 8.0%). Over the past eight quarters, AXIS CAPITAL HOLDINGS LTD's revenue compounded faster (6.4% CAGR vs -1.6%).
AXIS Capital Holdings Limited is the holding company for AXIS group of companies. It offers various risk transfer products and services through subsidiaries and branch networks in Bermuda, the United States, Canada, Europe and Singapore. The company offers insurance services including property, professional lines, terrorism, marine, energy, environmental and other insurance. The reinsurance services include property, professional lines, credit and bond, and others.
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.
AXS vs DAR — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.6B |
| Net Profit | $254.8M | $19.4M |
| Gross Margin | — | 24.7% |
| Operating Margin | 15.6% | 4.6% |
| Net Margin | 15.5% | 1.2% |
| Revenue YoY | 8.0% | 10.0% |
| Net Profit YoY | 31.3% | 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 | $1.6B | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.5B | $1.5B |
| Q1 26 | $254.8M | — | ||
| Q4 25 | $289.6M | — | ||
| Q3 25 | $301.9M | $19.4M | ||
| Q2 25 | $223.4M | $12.7M | ||
| Q1 25 | $194.1M | $-26.2M | ||
| Q4 24 | $293.6M | $101.9M | ||
| Q3 24 | $180.7M | $16.9M | ||
| Q2 24 | $212.0M | $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 | 15.6% | — | ||
| Q4 25 | 19.0% | — | ||
| Q3 25 | 22.1% | 4.6% | ||
| Q2 25 | 17.2% | 5.1% | ||
| Q1 25 | 15.5% | 2.1% | ||
| Q4 24 | 18.6% | 8.6% | ||
| Q3 24 | 14.2% | 4.2% | ||
| Q2 24 | 17.4% | 10.2% |
| Q1 26 | 15.5% | — | ||
| Q4 25 | 16.7% | — | ||
| Q3 25 | 18.0% | 1.2% | ||
| Q2 25 | 13.7% | 0.9% | ||
| Q1 25 | 12.8% | -1.9% | ||
| Q4 24 | 20.0% | 7.2% | ||
| Q3 24 | 11.2% | 1.2% | ||
| Q2 24 | 14.6% | 5.4% |
| Q1 26 | — | — | ||
| Q4 25 | $3.63 | — | ||
| Q3 25 | $3.74 | $0.12 | ||
| Q2 25 | $2.72 | $0.08 | ||
| Q1 25 | $2.26 | $-0.16 | ||
| Q4 24 | $3.38 | $0.63 | ||
| Q3 24 | $2.04 | $0.11 | ||
| Q2 24 | $2.40 | $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 | $862.5M | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $6.4B | $4.7B |
| Total Assets | $35.6B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $862.5M | — | ||
| Q4 25 | $820.3M | — | ||
| Q3 25 | $825.9M | $91.5M | ||
| Q2 25 | $852.1M | $94.6M | ||
| Q1 25 | $2.8B | $81.5M | ||
| Q4 24 | $2.1B | $76.0M | ||
| Q3 24 | $981.0M | $114.8M | ||
| Q2 24 | $1.1B | $121.6M |
| Q1 26 | — | — | ||
| 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 26 | $6.4B | — | ||
| Q4 25 | $6.4B | — | ||
| Q3 25 | $6.4B | $4.7B | ||
| Q2 25 | $6.2B | $4.6B | ||
| Q1 25 | $5.9B | $4.4B | ||
| Q4 24 | $6.1B | $4.4B | ||
| Q3 24 | $6.1B | $4.6B | ||
| Q2 24 | $5.7B | $4.5B |
| Q1 26 | $35.6B | — | ||
| Q4 25 | $34.5B | — | ||
| Q3 25 | $34.3B | $10.5B | ||
| Q2 25 | $34.2B | $10.3B | ||
| Q1 25 | $33.2B | $10.0B | ||
| Q4 24 | $32.5B | $10.1B | ||
| Q3 24 | $32.7B | $10.6B | ||
| Q2 24 | $32.1B | $10.6B |
| Q1 26 | — | — | ||
| 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× |
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 | — | $224.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $630.4M | — | ||
| Q3 25 | $673.8M | $224.3M | ||
| Q2 25 | $-1.7B | $145.8M | ||
| Q1 25 | $309.1M | $249.0M | ||
| Q4 24 | $355.5M | $154.4M | ||
| Q3 24 | $587.0M | $274.5M | ||
| Q2 24 | $518.1M | $146.5M |
| Q1 26 | — | — | ||
| Q4 25 | 2.18× | — | ||
| Q3 25 | 2.23× | 11.59× | ||
| Q2 25 | -7.41× | 11.52× | ||
| Q1 25 | 1.59× | — | ||
| Q4 24 | 1.21× | 1.52× | ||
| Q3 24 | 3.25× | 16.19× | ||
| Q2 24 | 2.44× | 1.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXS
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% |
