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Side-by-side financial comparison of Bausch Health Companies Inc. (BHC) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
Bausch Health Companies Inc. is the larger business by last-quarter revenue ($2.8B vs $1.6B, roughly 1.8× DARLING INGREDIENTS INC.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs -3.7%, a 4.9% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 9.3%). Over the past eight quarters, Bausch Health Companies Inc.'s revenue compounded faster (14.0% CAGR vs -1.6%).
Bausch Health Companies Inc. is a global, diversified American-Canadian pharmaceutical company. Its global corporate headquarters are located in Laval, Quebec, Canada, and its U.S. headquarters are in Bridgewater, New Jersey. It develops, manufactures and markets a range of pharmaceutical products in gastroenterology, hepatology, neurology, dermatology, dentistry, medical aesthetics, and international pharmaceuticals. Bausch Health manufactures and markets branded pharmaceuticals, generic ph...
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.
BHC vs DAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8B | $1.6B |
| Net Profit | $-103.0M | $19.4M |
| Gross Margin | — | 24.7% |
| Operating Margin | 17.0% | 4.6% |
| Net Margin | -3.7% | 1.2% |
| Revenue YoY | 9.3% | 10.0% |
| Net Profit YoY | -205.1% | 14.2% |
| EPS (diluted) | $-0.30 | $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 | $2.8B | — | ||
| Q3 25 | $2.7B | $1.6B | ||
| Q2 25 | $2.5B | $1.5B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.6B | $1.4B | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.4B | $1.5B | ||
| Q1 24 | $2.2B | $1.4B |
| Q4 25 | $-103.0M | — | ||
| Q3 25 | $179.0M | $19.4M | ||
| Q2 25 | $148.0M | $12.7M | ||
| Q1 25 | $-58.0M | $-26.2M | ||
| Q4 24 | $98.0M | $101.9M | ||
| Q3 24 | $-85.0M | $16.9M | ||
| Q2 24 | $10.0M | $78.9M | ||
| Q1 24 | $-64.0M | $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 | 17.0% | — | ||
| Q3 25 | 23.1% | 4.6% | ||
| Q2 25 | 17.5% | 5.1% | ||
| Q1 25 | 12.2% | 2.1% | ||
| Q4 24 | 21.8% | 8.6% | ||
| Q3 24 | 12.7% | 4.2% | ||
| Q2 24 | 16.2% | 10.2% | ||
| Q1 24 | 13.1% | 9.7% |
| Q4 25 | -3.7% | — | ||
| Q3 25 | 6.7% | 1.2% | ||
| Q2 25 | 5.8% | 0.9% | ||
| Q1 25 | -2.6% | -1.9% | ||
| Q4 24 | 3.8% | 7.2% | ||
| Q3 24 | -3.4% | 1.2% | ||
| Q2 24 | 0.4% | 5.4% | ||
| Q1 24 | -3.0% | 5.7% |
| Q4 25 | $-0.30 | — | ||
| Q3 25 | $0.48 | $0.12 | ||
| Q2 25 | $0.40 | $0.08 | ||
| Q1 25 | $-0.16 | $-0.16 | ||
| Q4 24 | $0.24 | $0.63 | ||
| Q3 24 | $-0.23 | $0.11 | ||
| Q2 24 | $0.03 | $0.49 | ||
| Q1 24 | $-0.17 | $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 | $1.3B | $91.5M |
| Total DebtLower is stronger | $20.8B | $4.0B |
| Stockholders' EquityBook value | $-554.0M | $4.7B |
| Total Assets | $26.4B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $91.5M | ||
| Q2 25 | $1.7B | $94.6M | ||
| Q1 25 | $1.1B | $81.5M | ||
| Q4 24 | $1.2B | $76.0M | ||
| Q3 24 | $719.0M | $114.8M | ||
| Q2 24 | $595.0M | $121.6M | ||
| Q1 24 | $733.0M | $145.5M |
| Q4 25 | $20.8B | — | ||
| Q3 25 | $21.0B | $4.0B | ||
| Q2 25 | $21.7B | $3.9B | ||
| Q1 25 | $21.5B | $3.8B | ||
| Q4 24 | $21.6B | $3.9B | ||
| Q3 24 | $21.5B | $4.1B | ||
| Q2 24 | $21.7B | $4.3B | ||
| Q1 24 | $22.1B | $4.4B |
| Q4 25 | $-554.0M | — | ||
| Q3 25 | $-565.0M | $4.7B | ||
| Q2 25 | $-764.0M | $4.6B | ||
| Q1 25 | $-1.2B | $4.4B | ||
| Q4 24 | $-1.3B | $4.4B | ||
| Q3 24 | $-1.2B | $4.6B | ||
| Q2 24 | $-1.2B | $4.5B | ||
| Q1 24 | $-1.1B | $4.6B |
| Q4 25 | $26.4B | — | ||
| Q3 25 | $26.8B | $10.5B | ||
| Q2 25 | $27.3B | $10.3B | ||
| Q1 25 | $26.4B | $10.0B | ||
| Q4 24 | $26.5B | $10.1B | ||
| Q3 24 | $26.5B | $10.6B | ||
| Q2 24 | $26.5B | $10.6B | ||
| Q1 24 | $26.9B | $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 | $495.0M | $224.3M |
| Free Cash FlowOCF − Capex | $403.0M | — |
| FCF MarginFCF / Revenue | 14.4% | — |
| Capex IntensityCapex / Revenue | 3.3% | — |
| Cash ConversionOCF / Net Profit | — | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $495.0M | — | ||
| Q3 25 | $405.0M | $224.3M | ||
| Q2 25 | $289.0M | $145.8M | ||
| Q1 25 | $211.0M | $249.0M | ||
| Q4 24 | $601.0M | $154.4M | ||
| Q3 24 | $405.0M | $274.5M | ||
| Q2 24 | $380.0M | $146.5M | ||
| Q1 24 | $211.0M | $263.9M |
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | — | ||
| Q2 25 | $190.0M | — | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $302.0M | — | ||
| Q1 24 | $129.0M | — |
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 12.6% | — | ||
| Q1 24 | 6.0% | — |
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 3.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | 11.59× | ||
| Q2 25 | 1.95× | 11.52× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.13× | 1.52× | ||
| Q3 24 | — | 16.19× | ||
| Q2 24 | 38.00× | 1.86× | ||
| Q1 24 | — | 3.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
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% |
