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Side-by-side financial comparison of Baxter International (BAX) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $1.6B, roughly 1.9× DARLING INGREDIENTS INC.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs -37.9%, a 39.2% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 10.0%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
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.
BAX vs DAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $1.6B |
| Net Profit | $-1.1B | $19.4M |
| Gross Margin | 19.4% | 24.7% |
| Operating Margin | -24.5% | 4.6% |
| Net Margin | -37.9% | 1.2% |
| Revenue YoY | 458.0% | 10.0% |
| Net Profit YoY | -120.3% | 14.2% |
| EPS (diluted) | $-2.21 | $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 | $3.0B | — | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $533.0M | $1.4B | ||
| Q3 24 | $2.7B | $1.4B | ||
| Q2 24 | $3.8B | $1.5B | ||
| Q1 24 | $3.6B | $1.4B |
| Q4 25 | $-1.1B | — | ||
| Q3 25 | $-46.0M | $19.4M | ||
| Q2 25 | $91.0M | $12.7M | ||
| Q1 25 | $126.0M | $-26.2M | ||
| Q4 24 | $-512.0M | $101.9M | ||
| Q3 24 | $140.0M | $16.9M | ||
| Q2 24 | $-314.0M | $78.9M | ||
| Q1 24 | $37.0M | $81.2M |
| Q4 25 | 19.4% | — | ||
| Q3 25 | 33.5% | 24.7% | ||
| Q2 25 | 35.3% | 23.3% | ||
| Q1 25 | 32.8% | 22.6% | ||
| Q4 24 | 25.0% | 23.5% | ||
| Q3 24 | 38.3% | 22.1% | ||
| Q2 24 | 37.5% | 22.5% | ||
| Q1 24 | 38.6% | 21.4% |
| Q4 25 | -24.5% | — | ||
| Q3 25 | 6.1% | 4.6% | ||
| Q2 25 | 6.8% | 5.1% | ||
| Q1 25 | 2.2% | 2.1% | ||
| Q4 24 | -25.5% | 8.6% | ||
| Q3 24 | 5.7% | 4.2% | ||
| Q2 24 | -5.0% | 10.2% | ||
| Q1 24 | 5.2% | 9.7% |
| Q4 25 | -37.9% | — | ||
| Q3 25 | -1.6% | 1.2% | ||
| Q2 25 | 3.2% | 0.9% | ||
| Q1 25 | 4.8% | -1.9% | ||
| Q4 24 | -96.1% | 7.2% | ||
| Q3 24 | 5.2% | 1.2% | ||
| Q2 24 | -8.2% | 5.4% | ||
| Q1 24 | 1.0% | 5.7% |
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | $0.12 | ||
| Q2 25 | $0.18 | $0.08 | ||
| Q1 25 | $0.25 | $-0.16 | ||
| Q4 24 | $-0.99 | $0.63 | ||
| Q3 24 | $0.27 | $0.11 | ||
| Q2 24 | $-0.62 | $0.49 | ||
| Q1 24 | $0.07 | $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 | $2.0B | $91.5M |
| Total DebtLower is stronger | $9.5B | $4.0B |
| Stockholders' EquityBook value | $6.1B | $4.7B |
| Total Assets | $20.1B | $10.5B |
| Debt / EquityLower = less leverage | 1.55× | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.7B | $91.5M | ||
| Q2 25 | $1.7B | $94.6M | ||
| Q1 25 | $2.3B | $81.5M | ||
| Q4 24 | $1.8B | $76.0M | ||
| Q3 24 | $1.4B | $114.8M | ||
| Q2 24 | $2.1B | $121.6M | ||
| Q1 24 | $3.0B | $145.5M |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | $10.4B | $3.9B | ||
| Q3 24 | $10.4B | $4.1B | ||
| Q2 24 | $10.4B | $4.3B | ||
| Q1 24 | $11.1B | $4.4B |
| Q4 25 | $6.1B | — | ||
| Q3 25 | $7.2B | $4.7B | ||
| Q2 25 | $7.3B | $4.6B | ||
| Q1 25 | $7.1B | $4.4B | ||
| Q4 24 | $7.0B | $4.4B | ||
| Q3 24 | $7.9B | $4.6B | ||
| Q2 24 | $7.6B | $4.5B | ||
| Q1 24 | $8.2B | $4.6B |
| Q4 25 | $20.1B | — | ||
| Q3 25 | $21.1B | $10.5B | ||
| Q2 25 | $21.0B | $10.3B | ||
| Q1 25 | $21.3B | $10.0B | ||
| Q4 24 | $25.8B | $10.1B | ||
| Q3 24 | $26.7B | $10.6B | ||
| Q2 24 | $26.3B | $10.6B | ||
| Q1 24 | $27.8B | $10.9B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 1.49× | 0.89× | ||
| Q3 24 | 1.33× | 0.91× | ||
| Q2 24 | 1.37× | 0.97× | ||
| Q1 24 | 1.36× | 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 | $584.0M | $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.
| Q4 25 | $584.0M | — | ||
| Q3 25 | $237.0M | $224.3M | ||
| Q2 25 | $217.0M | $145.8M | ||
| Q1 25 | $-193.0M | $249.0M | ||
| Q4 24 | $488.0M | $154.4M | ||
| Q3 24 | $253.0M | $274.5M | ||
| Q2 24 | $115.0M | $146.5M | ||
| Q1 24 | $163.0M | $263.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | 11.59× | ||
| Q2 25 | 2.38× | 11.52× | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | 1.81× | 16.19× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | 4.41× | 3.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
| Other | $1.5B | 51% |
| Infusion Therapies And Technologies | $543.0M | 18% |
| Pharmaceutical Compounding | $316.0M | 11% |
| Front Line Care | $219.0M | 7% |
| Injectables And Anesthesia | $190.0M | 6% |
| Advanced Surgery | $177.0M | 6% |
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% |
