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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and DONALDSON Co INC (DCI). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $935.4M, roughly 1.7× DONALDSON Co INC). DONALDSON Co INC runs the higher net margin — 12.2% vs 1.2%, a 10.9% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 3.9%). Over the past eight quarters, DONALDSON Co INC's revenue compounded faster (3.3% CAGR vs -1.6%).
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.
Donaldson Company, Inc. is a filtration company engaged in the production and marketing of filtration products used in a variety of industry sectors, including commercial/industrial, aerospace, chemical, alternative energy (windmills), food & beverage, and pharmaceuticals. Also the company's research division, located in Minneapolis, Minn., participated in defense-related projects for various military applications.
DAR vs DCI — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $935.4M |
| Net Profit | $19.4M | $113.9M |
| Gross Margin | 24.7% | 35.2% |
| Operating Margin | 4.6% | 16.0% |
| Net Margin | 1.2% | 12.2% |
| Revenue YoY | 10.0% | 3.9% |
| Net Profit YoY | 14.2% | 15.1% |
| EPS (diluted) | $0.12 | $0.97 |
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 | — | $935.4M | ||
| Q3 25 | $1.6B | $980.7M | ||
| Q2 25 | $1.5B | $940.1M | ||
| Q1 25 | $1.4B | $870.0M | ||
| Q4 24 | $1.4B | $900.1M | ||
| Q3 24 | $1.4B | $935.4M | ||
| Q2 24 | $1.5B | $927.9M | ||
| Q1 24 | $1.4B | $876.7M |
| Q4 25 | — | $113.9M | ||
| Q3 25 | $19.4M | $114.3M | ||
| Q2 25 | $12.7M | $57.8M | ||
| Q1 25 | $-26.2M | $95.9M | ||
| Q4 24 | $101.9M | $99.0M | ||
| Q3 24 | $16.9M | $109.7M | ||
| Q2 24 | $78.9M | $113.5M | ||
| Q1 24 | $81.2M | $98.7M |
| Q4 25 | — | 35.2% | ||
| Q3 25 | 24.7% | 34.5% | ||
| Q2 25 | 23.3% | 34.2% | ||
| Q1 25 | 22.6% | 35.2% | ||
| Q4 24 | 23.5% | 35.5% | ||
| Q3 24 | 22.1% | 35.8% | ||
| Q2 24 | 22.5% | 35.6% | ||
| Q1 24 | 21.4% | 35.2% |
| Q4 25 | — | 16.0% | ||
| Q3 25 | 4.6% | 15.5% | ||
| Q2 25 | 5.1% | 9.3% | ||
| Q1 25 | 2.1% | 14.4% | ||
| Q4 24 | 8.6% | 14.5% | ||
| Q3 24 | 4.2% | 15.6% | ||
| Q2 24 | 10.2% | 15.5% | ||
| Q1 24 | 9.7% | 14.8% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 1.2% | 11.7% | ||
| Q2 25 | 0.9% | 6.1% | ||
| Q1 25 | -1.9% | 11.0% | ||
| Q4 24 | 7.2% | 11.0% | ||
| Q3 24 | 1.2% | 11.7% | ||
| Q2 24 | 5.4% | 12.2% | ||
| Q1 24 | 5.7% | 11.3% |
| Q4 25 | — | $0.97 | ||
| Q3 25 | $0.12 | $0.97 | ||
| Q2 25 | $0.08 | $0.48 | ||
| Q1 25 | $-0.16 | $0.79 | ||
| Q4 24 | $0.63 | $0.81 | ||
| Q3 24 | $0.11 | $0.90 | ||
| Q2 24 | $0.49 | $0.92 | ||
| Q1 24 | $0.50 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $91.5M | $210.7M |
| Total DebtLower is stronger | $4.0B | $671.5M |
| Stockholders' EquityBook value | $4.7B | $1.5B |
| Total Assets | $10.5B | $3.0B |
| Debt / EquityLower = less leverage | 0.86× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $210.7M | ||
| Q3 25 | $91.5M | $180.4M | ||
| Q2 25 | $94.6M | $178.5M | ||
| Q1 25 | $81.5M | $189.1M | ||
| Q4 24 | $76.0M | $221.2M | ||
| Q3 24 | $114.8M | $232.7M | ||
| Q2 24 | $121.6M | $223.7M | ||
| Q1 24 | $145.5M | $193.8M |
| Q4 25 | — | $671.5M | ||
| Q3 25 | $4.0B | $630.4M | ||
| Q2 25 | $3.9B | $638.8M | ||
| Q1 25 | $3.8B | $514.7M | ||
| Q4 24 | $3.9B | $538.6M | ||
| Q3 24 | $4.1B | $483.4M | ||
| Q2 24 | $4.3B | $481.8M | ||
| Q1 24 | $4.4B | $352.0M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $4.7B | $1.5B | ||
| Q2 25 | $4.6B | $1.5B | ||
| Q1 25 | $4.4B | $1.5B | ||
| Q4 24 | $4.4B | $1.5B | ||
| Q3 24 | $4.6B | $1.5B | ||
| Q2 24 | $4.5B | $1.5B | ||
| Q1 24 | $4.6B | $1.4B |
| Q4 25 | — | $3.0B | ||
| Q3 25 | $10.5B | $3.0B | ||
| Q2 25 | $10.3B | $3.0B | ||
| Q1 25 | $10.0B | $3.0B | ||
| Q4 24 | $10.1B | $3.0B | ||
| Q3 24 | $10.6B | $2.9B | ||
| Q2 24 | $10.6B | $2.9B | ||
| Q1 24 | $10.9B | $2.8B |
| Q4 25 | — | 0.44× | ||
| Q3 25 | 0.86× | 0.43× | ||
| Q2 25 | 0.85× | 0.44× | ||
| Q1 25 | 0.86× | 0.33× | ||
| Q4 24 | 0.89× | 0.35× | ||
| Q3 24 | 0.91× | 0.32× | ||
| Q2 24 | 0.97× | 0.32× | ||
| Q1 24 | 0.95× | 0.26× |
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 | $125.4M |
| Free Cash FlowOCF − Capex | — | $111.2M |
| FCF MarginFCF / Revenue | — | 11.9% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 11.59× | 1.10× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $125.4M | ||
| Q3 25 | $224.3M | $167.8M | ||
| Q2 25 | $145.8M | $87.7M | ||
| Q1 25 | $249.0M | $90.4M | ||
| Q4 24 | $154.4M | $72.9M | ||
| Q3 24 | $274.5M | $126.0M | ||
| Q2 24 | $146.5M | $141.5M | ||
| Q1 24 | $263.9M | $87.0M |
| Q4 25 | — | $111.2M | ||
| Q3 25 | — | $147.5M | ||
| Q2 25 | — | $73.0M | ||
| Q1 25 | — | $71.5M | ||
| Q4 24 | — | $47.9M | ||
| Q3 24 | — | $106.2M | ||
| Q2 24 | — | $120.2M | ||
| Q1 24 | — | $65.7M |
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 15.0% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | — | 11.4% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 7.5% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | — | 1.10× | ||
| Q3 25 | 11.59× | 1.47× | ||
| Q2 25 | 11.52× | 1.52× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | 1.52× | 0.74× | ||
| Q3 24 | 16.19× | 1.15× | ||
| Q2 24 | 1.86× | 1.25× | ||
| Q1 24 | 3.25× | 0.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
DCI
| Aftermarket Products | $447.1M | 48% |
| Industrial Filtration Solutions Products | $222.6M | 24% |
| Off Road Products | $86.5M | 9% |
| Life Sciences Segment | $80.0M | 9% |
| Other | $39.1M | 4% |
| Aerospace And Defense Products | $37.1M | 4% |
| On Road Products | $23.0M | 2% |
