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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $792.0M, roughly 2.0× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 1.2%, a 9.2% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 10.0%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% 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.
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
DAR vs GBTG — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $792.0M |
| Net Profit | $19.4M | $83.0M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 3.7% |
| Net Margin | 1.2% | 10.5% |
| Revenue YoY | 10.0% | 34.0% |
| Net Profit YoY | 14.2% | 692.9% |
| EPS (diluted) | $0.12 | $0.16 |
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 | — | $792.0M | ||
| Q3 25 | $1.6B | $674.0M | ||
| Q2 25 | $1.5B | $631.0M | ||
| Q1 25 | $1.4B | $621.0M | ||
| Q4 24 | $1.4B | $591.0M | ||
| Q3 24 | $1.4B | $597.0M | ||
| Q2 24 | $1.5B | $625.0M | ||
| Q1 24 | $1.4B | $610.0M |
| Q4 25 | — | $83.0M | ||
| Q3 25 | $19.4M | $-62.0M | ||
| Q2 25 | $12.7M | $15.0M | ||
| Q1 25 | $-26.2M | $75.0M | ||
| Q4 24 | $101.9M | $-14.0M | ||
| Q3 24 | $16.9M | $-128.0M | ||
| Q2 24 | $78.9M | $27.0M | ||
| Q1 24 | $81.2M | $-19.0M |
| 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 | — | 3.7% | ||
| Q3 25 | 4.6% | 1.8% | ||
| Q2 25 | 5.1% | 5.4% | ||
| Q1 25 | 2.1% | 8.9% | ||
| Q4 24 | 8.6% | 5.1% | ||
| Q3 24 | 4.2% | 4.5% | ||
| Q2 24 | 10.2% | 6.7% | ||
| Q1 24 | 9.7% | 2.6% |
| Q4 25 | — | 10.5% | ||
| Q3 25 | 1.2% | -9.2% | ||
| Q2 25 | 0.9% | 2.4% | ||
| Q1 25 | -1.9% | 12.1% | ||
| Q4 24 | 7.2% | -2.4% | ||
| Q3 24 | 1.2% | -21.4% | ||
| Q2 24 | 5.4% | 4.3% | ||
| Q1 24 | 5.7% | -3.1% |
| Q4 25 | — | $0.16 | ||
| Q3 25 | $0.12 | $-0.13 | ||
| Q2 25 | $0.08 | $0.03 | ||
| Q1 25 | $-0.16 | $0.16 | ||
| Q4 24 | $0.63 | $-0.04 | ||
| Q3 24 | $0.11 | $-0.28 | ||
| Q2 24 | $0.49 | $0.06 | ||
| Q1 24 | $0.50 | $-0.04 |
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 | $434.0M |
| Total DebtLower is stronger | $4.0B | $1.4B |
| Stockholders' EquityBook value | $4.7B | $1.6B |
| Total Assets | $10.5B | $4.9B |
| Debt / EquityLower = less leverage | 0.86× | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $434.0M | ||
| Q3 25 | $91.5M | $427.0M | ||
| Q2 25 | $94.6M | $601.0M | ||
| Q1 25 | $81.5M | $552.0M | ||
| Q4 24 | $76.0M | $536.0M | ||
| Q3 24 | $114.8M | $524.0M | ||
| Q2 24 | $121.6M | $515.0M | ||
| Q1 24 | $145.5M | $475.0M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $4.0B | $1.4B | ||
| Q2 25 | $3.9B | $1.4B | ||
| Q1 25 | $3.8B | $1.4B | ||
| Q4 24 | $3.9B | $1.4B | ||
| Q3 24 | $4.1B | $1.4B | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.4B | — |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $4.7B | $1.5B | ||
| Q2 25 | $4.6B | $1.2B | ||
| Q1 25 | $4.4B | $1.1B | ||
| Q4 24 | $4.4B | $1.1B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $4.5B | $1.2B | ||
| Q1 24 | $4.6B | $1.2B |
| Q4 25 | — | $4.9B | ||
| Q3 25 | $10.5B | $4.8B | ||
| Q2 25 | $10.3B | $3.9B | ||
| Q1 25 | $10.0B | $3.8B | ||
| Q4 24 | $10.1B | $3.6B | ||
| Q3 24 | $10.6B | $3.8B | ||
| Q2 24 | $10.6B | $3.8B | ||
| Q1 24 | $10.9B | $3.8B |
| Q4 25 | — | 0.88× | ||
| Q3 25 | 0.86× | 0.91× | ||
| Q2 25 | 0.85× | 1.15× | ||
| Q1 25 | 0.86× | 1.23× | ||
| Q4 24 | 0.89× | 1.32× | ||
| Q3 24 | 0.91× | 1.26× | ||
| 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 | $52.0M |
| Free Cash FlowOCF − Capex | — | $13.0M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | 11.59× | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $52.0M | ||
| Q3 25 | $224.3M | $71.0M | ||
| Q2 25 | $145.8M | $57.0M | ||
| Q1 25 | $249.0M | $53.0M | ||
| Q4 24 | $154.4M | $65.0M | ||
| Q3 24 | $274.5M | $85.0M | ||
| Q2 24 | $146.5M | $73.0M | ||
| Q1 24 | $263.9M | $49.0M |
| Q4 25 | — | $13.0M | ||
| Q3 25 | — | $38.0M | ||
| Q2 25 | — | $27.0M | ||
| Q1 25 | — | $26.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $49.0M | ||
| Q1 24 | — | $24.0M |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 4.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 4.1% |
| Q4 25 | — | 0.63× | ||
| Q3 25 | 11.59× | — | ||
| Q2 25 | 11.52× | 3.80× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | — | ||
| Q2 24 | 1.86× | 2.70× | ||
| 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% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
