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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and F5, Inc. (FFIV). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $822.5M, roughly 1.9× F5, Inc.). F5, Inc. runs the higher net margin — 21.9% vs 1.2%, a 20.7% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 7.3%). Over the past eight quarters, F5, Inc.'s revenue compounded faster (9.9% 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.
F5, Inc. is an American technology company specializing in application security, multi-cloud management, online fraud prevention, application delivery networking (ADN), application availability and performance, and network security, access, and authorization.
DAR vs FFIV — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $822.5M |
| Net Profit | $19.4M | $180.1M |
| Gross Margin | 24.7% | 81.5% |
| Operating Margin | 4.6% | 26.0% |
| Net Margin | 1.2% | 21.9% |
| Revenue YoY | 10.0% | 7.3% |
| Net Profit YoY | 14.2% | 8.2% |
| EPS (diluted) | $0.12 | $3.10 |
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 | — | $822.5M | ||
| Q3 25 | $1.6B | $810.1M | ||
| Q2 25 | $1.5B | $780.4M | ||
| Q1 25 | $1.4B | $731.1M | ||
| Q4 24 | $1.4B | $766.5M | ||
| Q3 24 | $1.4B | $746.7M | ||
| Q2 24 | $1.5B | $695.5M | ||
| Q1 24 | $1.4B | $681.4M |
| Q4 25 | — | $180.1M | ||
| Q3 25 | $19.4M | $190.5M | ||
| Q2 25 | $12.7M | $189.9M | ||
| Q1 25 | $-26.2M | $145.5M | ||
| Q4 24 | $101.9M | $166.4M | ||
| Q3 24 | $16.9M | $165.3M | ||
| Q2 24 | $78.9M | $144.1M | ||
| Q1 24 | $81.2M | $119.0M |
| Q4 25 | — | 81.5% | ||
| Q3 25 | 24.7% | 82.2% | ||
| Q2 25 | 23.3% | 81.0% | ||
| Q1 25 | 22.6% | 80.7% | ||
| Q4 24 | 23.5% | 81.7% | ||
| Q3 24 | 22.1% | 80.8% | ||
| Q2 24 | 22.5% | 80.4% | ||
| Q1 24 | 21.4% | 79.3% |
| Q4 25 | — | 26.0% | ||
| Q3 25 | 4.6% | 25.4% | ||
| Q2 25 | 5.1% | 25.2% | ||
| Q1 25 | 2.1% | 21.7% | ||
| Q4 24 | 8.6% | 26.8% | ||
| Q3 24 | 4.2% | 25.6% | ||
| Q2 24 | 10.2% | 23.4% | ||
| Q1 24 | 9.7% | 20.5% |
| Q4 25 | — | 21.9% | ||
| Q3 25 | 1.2% | 23.5% | ||
| Q2 25 | 0.9% | 24.3% | ||
| Q1 25 | -1.9% | 19.9% | ||
| Q4 24 | 7.2% | 21.7% | ||
| Q3 24 | 1.2% | 22.1% | ||
| Q2 24 | 5.4% | 20.7% | ||
| Q1 24 | 5.7% | 17.5% |
| Q4 25 | — | $3.10 | ||
| Q3 25 | $0.12 | $3.25 | ||
| Q2 25 | $0.08 | $3.25 | ||
| Q1 25 | $-0.16 | $2.48 | ||
| Q4 24 | $0.63 | $2.82 | ||
| Q3 24 | $0.11 | $2.79 | ||
| Q2 24 | $0.49 | $2.44 | ||
| Q1 24 | $0.50 | $2.00 |
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 | $1.2B |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $3.5B |
| Total Assets | $10.5B | $6.3B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.2B | ||
| Q3 25 | $91.5M | $1.3B | ||
| Q2 25 | $94.6M | $1.4B | ||
| Q1 25 | $81.5M | $1.3B | ||
| Q4 24 | $76.0M | $1.2B | ||
| Q3 24 | $114.8M | $1.1B | ||
| Q2 24 | $121.6M | $935.6M | ||
| Q1 24 | $145.5M | $903.5M |
| 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 | — | $3.5B | ||
| Q3 25 | $4.7B | $3.6B | ||
| Q2 25 | $4.6B | $3.5B | ||
| Q1 25 | $4.4B | $3.3B | ||
| Q4 24 | $4.4B | $3.2B | ||
| Q3 24 | $4.6B | $3.1B | ||
| Q2 24 | $4.5B | $3.0B | ||
| Q1 24 | $4.6B | $2.9B |
| Q4 25 | — | $6.3B | ||
| Q3 25 | $10.5B | $6.3B | ||
| Q2 25 | $10.3B | $6.1B | ||
| Q1 25 | $10.0B | $5.9B | ||
| Q4 24 | $10.1B | $5.9B | ||
| Q3 24 | $10.6B | $5.6B | ||
| Q2 24 | $10.6B | $5.4B | ||
| Q1 24 | $10.9B | $5.4B |
| 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 | $224.3M | $159.2M |
| Free Cash FlowOCF − Capex | — | $149.5M |
| FCF MarginFCF / Revenue | — | 18.2% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | 11.59× | 0.88× |
| TTM Free Cash FlowTrailing 4 quarters | — | $861.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $159.2M | ||
| Q3 25 | $224.3M | $208.1M | ||
| Q2 25 | $145.8M | $282.2M | ||
| Q1 25 | $249.0M | $256.6M | ||
| Q4 24 | $154.4M | $202.8M | ||
| Q3 24 | $274.5M | $246.5M | ||
| Q2 24 | $146.5M | $159.0M | ||
| Q1 24 | $263.9M | $221.6M |
| Q4 25 | — | $149.5M | ||
| Q3 25 | — | $191.9M | ||
| Q2 25 | — | $273.7M | ||
| Q1 25 | — | $246.1M | ||
| Q4 24 | — | $194.7M | ||
| Q3 24 | — | $240.4M | ||
| Q2 24 | — | $153.1M | ||
| Q1 24 | — | $212.2M |
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 23.7% | ||
| Q2 25 | — | 35.1% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | — | 32.2% | ||
| Q2 24 | — | 22.0% | ||
| Q1 24 | — | 31.1% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | — | 0.88× | ||
| Q3 25 | 11.59× | 1.09× | ||
| Q2 25 | 11.52× | 1.49× | ||
| Q1 25 | — | 1.76× | ||
| Q4 24 | 1.52× | 1.22× | ||
| Q3 24 | 16.19× | 1.49× | ||
| Q2 24 | 1.86× | 1.10× | ||
| Q1 24 | 3.25× | 1.86× |
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% |
FFIV
| Services | $412.2M | 50% |
| Products | $410.3M | 50% |
