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Side-by-side financial comparison of Brookfield Asset Management Ltd. (BAM) 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 $1.1B, roughly 1.4× Brookfield Asset Management Ltd.). Brookfield Asset Management Ltd. runs the higher net margin — 56.7% vs 1.2%, a 55.4% gap on every dollar of revenue.
Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation, and manages investments across real estate, infrastructure, renewable energy, private equity, and credit markets globally.
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.
BAM vs DAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $1.6B |
| Net Profit | $615.0M | $19.4M |
| Gross Margin | — | 24.7% |
| Operating Margin | 84.2% | 4.6% |
| Net Margin | 56.7% | 1.2% |
| Revenue YoY | — | 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.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $974.0M | $1.6B | ||
| Q2 25 | $931.0M | $1.5B | ||
| Q1 25 | $954.0M | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $873.0M | $1.4B | ||
| Q2 24 | $821.0M | $1.5B | ||
| Q1 24 | $786.0M | $1.4B |
| Q4 25 | $615.0M | — | ||
| Q3 25 | $692.0M | $19.4M | ||
| Q2 25 | $584.0M | $12.7M | ||
| Q1 25 | $507.0M | $-26.2M | ||
| Q4 24 | — | $101.9M | ||
| Q3 24 | $537.0M | $16.9M | ||
| Q2 24 | $124.0M | $78.9M | ||
| Q1 24 | $373.0M | $81.2M |
| 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 24 | — | 21.4% |
| Q4 25 | 84.2% | — | ||
| Q3 25 | 79.1% | 4.6% | ||
| Q2 25 | 70.8% | 5.1% | ||
| Q1 25 | 61.0% | 2.1% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | 72.5% | 4.2% | ||
| Q2 24 | 80.4% | 10.2% | ||
| Q1 24 | 56.5% | 9.7% |
| Q4 25 | 56.7% | — | ||
| Q3 25 | 71.0% | 1.2% | ||
| Q2 25 | 62.7% | 0.9% | ||
| Q1 25 | 53.1% | -1.9% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | 61.5% | 1.2% | ||
| Q2 24 | 15.1% | 5.4% | ||
| Q1 24 | 47.5% | 5.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | $0.12 | ||
| Q2 25 | — | $0.08 | ||
| Q1 25 | — | $-0.16 | ||
| Q4 24 | — | $0.63 | ||
| Q3 24 | — | $0.11 | ||
| Q2 24 | — | $0.49 | ||
| Q1 24 | — | $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 | $1.6B | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $8.9B | $4.7B |
| Total Assets | $17.0B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.1B | $91.5M | ||
| Q2 25 | $480.0M | $94.6M | ||
| Q1 25 | $332.0M | $81.5M | ||
| Q4 24 | — | $76.0M | ||
| Q3 24 | — | $114.8M | ||
| Q2 24 | $10.0M | $121.6M | ||
| Q1 24 | — | $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 | $8.9B | — | ||
| Q3 25 | $8.5B | $4.7B | ||
| Q2 25 | $8.5B | $4.6B | ||
| Q1 25 | $8.5B | $4.4B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | $9.0B | $4.6B | ||
| Q2 24 | $3.2B | $4.5B | ||
| Q1 24 | $2.2B | $4.6B |
| Q4 25 | $17.0B | — | ||
| Q3 25 | $16.5B | $10.5B | ||
| Q2 25 | $16.1B | $10.3B | ||
| Q1 25 | $15.0B | $10.0B | ||
| Q4 24 | — | $10.1B | ||
| Q3 24 | — | $10.6B | ||
| Q2 24 | $4.2B | $10.6B | ||
| Q1 24 | — | $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 | $562.0M | $224.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.91× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $562.0M | — | ||
| Q3 25 | $745.0M | $224.3M | ||
| Q2 25 | $529.0M | $145.8M | ||
| Q1 25 | $265.0M | $249.0M | ||
| Q4 24 | — | $154.4M | ||
| Q3 24 | $567.0M | $274.5M | ||
| Q2 24 | $159.0M | $146.5M | ||
| Q1 24 | $516.0M | $263.9M |
| Q4 25 | 0.91× | — | ||
| Q3 25 | 1.08× | 11.59× | ||
| Q2 25 | 0.91× | 11.52× | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | 1.06× | 16.19× | ||
| Q2 24 | 1.28× | 1.86× | ||
| Q1 24 | 1.38× | 3.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 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% |
