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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Fabrinet (FN). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.1B, roughly 1.4× Fabrinet). Fabrinet runs the higher net margin — 9.9% vs 1.2%, a 8.7% gap on every dollar of revenue. On growth, Fabrinet posted the faster year-over-year revenue change (35.9% vs 10.0%). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% 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.
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
DAR vs FN — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.1B |
| Net Profit | $19.4M | $112.6M |
| Gross Margin | 24.7% | 12.2% |
| Operating Margin | 4.6% | 10.1% |
| Net Margin | 1.2% | 9.9% |
| Revenue YoY | 10.0% | 35.9% |
| Net Profit YoY | 14.2% | 30.0% |
| EPS (diluted) | $0.12 | $3.11 |
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 | — | $1.1B | ||
| Q3 25 | $1.6B | $978.1M | ||
| Q2 25 | $1.5B | $909.7M | ||
| Q1 25 | $1.4B | $871.8M | ||
| Q4 24 | $1.4B | $833.6M | ||
| Q3 24 | $1.4B | $804.2M | ||
| Q2 24 | $1.5B | $753.3M | ||
| Q1 24 | $1.4B | $731.5M |
| Q4 25 | — | $112.6M | ||
| Q3 25 | $19.4M | $95.9M | ||
| Q2 25 | $12.7M | $87.2M | ||
| Q1 25 | $-26.2M | $81.3M | ||
| Q4 24 | $101.9M | $86.6M | ||
| Q3 24 | $16.9M | $77.4M | ||
| Q2 24 | $78.9M | $81.1M | ||
| Q1 24 | $81.2M | $80.9M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 24.7% | 11.9% | ||
| Q2 25 | 23.3% | 12.2% | ||
| Q1 25 | 22.6% | 11.7% | ||
| Q4 24 | 23.5% | 12.1% | ||
| Q3 24 | 22.1% | 12.3% | ||
| Q2 24 | 22.5% | 12.3% | ||
| Q1 24 | 21.4% | 12.4% |
| Q4 25 | — | 10.1% | ||
| Q3 25 | 4.6% | 9.6% | ||
| Q2 25 | 5.1% | 9.8% | ||
| Q1 25 | 2.1% | 9.0% | ||
| Q4 24 | 8.6% | 9.5% | ||
| Q3 24 | 4.2% | 9.6% | ||
| Q2 24 | 10.2% | 9.7% | ||
| Q1 24 | 9.7% | 9.7% |
| Q4 25 | — | 9.9% | ||
| Q3 25 | 1.2% | 9.8% | ||
| Q2 25 | 0.9% | 9.6% | ||
| Q1 25 | -1.9% | 9.3% | ||
| Q4 24 | 7.2% | 10.4% | ||
| Q3 24 | 1.2% | 9.6% | ||
| Q2 24 | 5.4% | 10.8% | ||
| Q1 24 | 5.7% | 11.1% |
| Q4 25 | — | $3.11 | ||
| Q3 25 | $0.12 | $2.66 | ||
| Q2 25 | $0.08 | $2.41 | ||
| Q1 25 | $-0.16 | $2.25 | ||
| Q4 24 | $0.63 | $2.38 | ||
| Q3 24 | $0.11 | $2.13 | ||
| Q2 24 | $0.49 | $2.22 | ||
| Q1 24 | $0.50 | $2.21 |
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 | $960.8M |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $2.2B |
| Total Assets | $10.5B | $3.3B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $960.8M | ||
| Q3 25 | $91.5M | $968.8M | ||
| Q2 25 | $94.6M | $934.2M | ||
| Q1 25 | $81.5M | $950.7M | ||
| Q4 24 | $76.0M | $934.6M | ||
| Q3 24 | $114.8M | $908.9M | ||
| Q2 24 | $121.6M | $858.6M | ||
| Q1 24 | $145.5M | $794.0M |
| 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 | — | $2.2B | ||
| Q3 25 | $4.7B | $2.1B | ||
| Q2 25 | $4.6B | $2.0B | ||
| Q1 25 | $4.4B | $1.9B | ||
| Q4 24 | $4.4B | $1.8B | ||
| Q3 24 | $4.6B | $1.8B | ||
| Q2 24 | $4.5B | $1.7B | ||
| Q1 24 | $4.6B | $1.7B |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $10.5B | $3.0B | ||
| Q2 25 | $10.3B | $2.8B | ||
| Q1 25 | $10.0B | $2.6B | ||
| Q4 24 | $10.1B | $2.5B | ||
| Q3 24 | $10.6B | $2.4B | ||
| Q2 24 | $10.6B | $2.3B | ||
| Q1 24 | $10.9B | $2.2B |
| 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 | $46.3M |
| Free Cash FlowOCF − Capex | — | $-5.3M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 11.59× | 0.41× |
| TTM Free Cash FlowTrailing 4 quarters | — | $102.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $46.3M | ||
| Q3 25 | $224.3M | $102.6M | ||
| Q2 25 | $145.8M | $55.1M | ||
| Q1 25 | $249.0M | $74.2M | ||
| Q4 24 | $154.4M | $115.9M | ||
| Q3 24 | $274.5M | $83.2M | ||
| Q2 24 | $146.5M | $83.1M | ||
| Q1 24 | $263.9M | $100.9M |
| Q4 25 | — | $-5.3M | ||
| Q3 25 | — | $57.3M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $45.7M | ||
| Q4 24 | — | $94.0M | ||
| Q3 24 | — | $62.9M | ||
| Q2 24 | — | $70.4M | ||
| Q1 24 | — | $87.3M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | 11.9% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | — | 0.41× | ||
| Q3 25 | 11.59× | 1.07× | ||
| Q2 25 | 11.52× | 0.63× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | 1.52× | 1.34× | ||
| Q3 24 | 16.19× | 1.07× | ||
| Q2 24 | 1.86× | 1.02× | ||
| Q1 24 | 3.25× | 1.25× |
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% |
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
