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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and EnerSys (ENS). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $919.1M, roughly 1.7× EnerSys). EnerSys runs the higher net margin — 9.8% vs 1.2%, a 8.6% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 1.4%). Over the past eight quarters, EnerSys's revenue compounded faster (0.5% 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.
EnerSys is a stored energy systems and technology provider for industrial applications. The company manufactures reserve-power and motive-power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosures.
DAR vs ENS — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $919.1M |
| Net Profit | $19.4M | $90.4M |
| Gross Margin | 24.7% | 30.1% |
| Operating Margin | 4.6% | 13.5% |
| Net Margin | 1.2% | 9.8% |
| Revenue YoY | 10.0% | 1.4% |
| Net Profit YoY | 14.2% | -21.3% |
| EPS (diluted) | $0.12 | $2.40 |
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 | — | $919.1M | ||
| Q3 25 | $1.6B | $951.3M | ||
| Q2 25 | $1.5B | $893.0M | ||
| Q1 25 | $1.4B | $974.8M | ||
| Q4 24 | $1.4B | $906.2M | ||
| Q3 24 | $1.4B | $883.7M | ||
| Q2 24 | $1.5B | $852.9M | ||
| Q1 24 | $1.4B | $910.7M |
| Q4 25 | — | $90.4M | ||
| Q3 25 | $19.4M | $68.4M | ||
| Q2 25 | $12.7M | $57.5M | ||
| Q1 25 | $-26.2M | $96.5M | ||
| Q4 24 | $101.9M | $114.8M | ||
| Q3 24 | $16.9M | $82.3M | ||
| Q2 24 | $78.9M | $70.1M | ||
| Q1 24 | $81.2M | $60.9M |
| Q4 25 | — | 30.1% | ||
| Q3 25 | 24.7% | 29.1% | ||
| Q2 25 | 23.3% | 28.4% | ||
| Q1 25 | 22.6% | 31.2% | ||
| Q4 24 | 23.5% | 32.9% | ||
| Q3 24 | 22.1% | 28.5% | ||
| Q2 24 | 22.5% | 27.9% | ||
| Q1 24 | 21.4% | 27.9% |
| Q4 25 | — | 13.5% | ||
| Q3 25 | 4.6% | 9.7% | ||
| Q2 25 | 5.1% | 9.7% | ||
| Q1 25 | 2.1% | 13.5% | ||
| Q4 24 | 8.6% | 15.7% | ||
| Q3 24 | 4.2% | 11.2% | ||
| Q2 24 | 10.2% | 10.7% | ||
| Q1 24 | 9.7% | 8.9% |
| Q4 25 | — | 9.8% | ||
| Q3 25 | 1.2% | 7.2% | ||
| Q2 25 | 0.9% | 6.4% | ||
| Q1 25 | -1.9% | 9.9% | ||
| Q4 24 | 7.2% | 12.7% | ||
| Q3 24 | 1.2% | 9.3% | ||
| Q2 24 | 5.4% | 8.2% | ||
| Q1 24 | 5.7% | 6.7% |
| Q4 25 | — | $2.40 | ||
| Q3 25 | $0.12 | $1.80 | ||
| Q2 25 | $0.08 | $1.46 | ||
| Q1 25 | $-0.16 | $2.39 | ||
| Q4 24 | $0.63 | $2.88 | ||
| Q3 24 | $0.11 | $2.01 | ||
| Q2 24 | $0.49 | $1.71 | ||
| Q1 24 | $0.50 | $1.48 |
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 | $450.1M |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $1.9B |
| Total Assets | $10.5B | $4.0B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $450.1M | ||
| Q3 25 | $91.5M | $388.6M | ||
| Q2 25 | $94.6M | $346.7M | ||
| Q1 25 | $81.5M | $343.1M | ||
| Q4 24 | $76.0M | $463.2M | ||
| Q3 24 | $114.8M | $407.9M | ||
| Q2 24 | $121.6M | $344.1M | ||
| Q1 24 | $145.5M | $333.3M |
| Q4 25 | — | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.8B | $1.1B | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.4B | $802.0M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | $4.7B | $1.9B | ||
| Q2 25 | $4.6B | $1.9B | ||
| Q1 25 | $4.4B | $1.9B | ||
| Q4 24 | $4.4B | $1.8B | ||
| Q3 24 | $4.6B | $1.8B | ||
| Q2 24 | $4.5B | $1.8B | ||
| Q1 24 | $4.6B | $1.8B |
| Q4 25 | — | $4.0B | ||
| Q3 25 | $10.5B | $4.1B | ||
| Q2 25 | $10.3B | $4.1B | ||
| Q1 25 | $10.0B | $4.0B | ||
| Q4 24 | $10.1B | $4.0B | ||
| Q3 24 | $10.6B | $4.0B | ||
| Q2 24 | $10.6B | $3.6B | ||
| Q1 24 | $10.9B | $3.5B |
| Q4 25 | — | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.85× | — | ||
| Q1 25 | 0.86× | 0.57× | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 0.97× | — | ||
| Q1 24 | 0.95× | 0.46× |
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 | $184.6M |
| Free Cash FlowOCF − Capex | — | $171.3M |
| FCF MarginFCF / Revenue | — | 18.6% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 11.59× | 2.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $441.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $184.6M | ||
| Q3 25 | $224.3M | $218.0M | ||
| Q2 25 | $145.8M | $968.0K | ||
| Q1 25 | $249.0M | $135.2M | ||
| Q4 24 | $154.4M | $81.1M | ||
| Q3 24 | $274.5M | $33.6M | ||
| Q2 24 | $146.5M | $10.4M | ||
| Q1 24 | $263.9M | — |
| Q4 25 | — | $171.3M | ||
| Q3 25 | — | $197.1M | ||
| Q2 25 | — | $-32.1M | ||
| Q1 25 | — | $104.9M | ||
| Q4 24 | — | $56.8M | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | — | $-25.7M | ||
| Q1 24 | — | — |
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | -3.6% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 6.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | -3.0% | ||
| Q1 24 | — | — |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | — |
| Q4 25 | — | 2.04× | ||
| Q3 25 | 11.59× | 3.19× | ||
| Q2 25 | 11.52× | 0.02× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | 1.52× | 0.71× | ||
| Q3 24 | 16.19× | 0.41× | ||
| Q2 24 | 1.86× | 0.15× | ||
| Q1 24 | 3.25× | — |
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% |
ENS
| Energy Systems | $399.5M | 43% |
| Motive Power | $352.0M | 38% |
| Services | $92.6M | 10% |
| Transferred Over Time | $38.2M | 4% |
| Other | $36.8M | 4% |
