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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $1.6B, roughly 1.3× DARLING INGREDIENTS INC.). GRAPHIC PACKAGING HOLDING CO runs the higher net margin — 3.4% vs 1.2%, a 2.2% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 0.2%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% CAGR vs -3.5%).
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.
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
DAR vs GPK — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.1B |
| Net Profit | $19.4M | $71.0M |
| Gross Margin | 24.7% | 14.1% |
| Operating Margin | 4.6% | 7.4% |
| Net Margin | 1.2% | 3.4% |
| Revenue YoY | 10.0% | 0.2% |
| Net Profit YoY | 14.2% | -48.6% |
| EPS (diluted) | $0.12 | $0.24 |
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 | — | $2.1B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.5B | $2.2B | ||
| Q1 24 | $1.4B | $2.3B |
| Q4 25 | — | $71.0M | ||
| Q3 25 | $19.4M | $142.0M | ||
| Q2 25 | $12.7M | $104.0M | ||
| Q1 25 | $-26.2M | $127.0M | ||
| Q4 24 | $101.9M | $138.0M | ||
| Q3 24 | $16.9M | $165.0M | ||
| Q2 24 | $78.9M | $190.0M | ||
| Q1 24 | $81.2M | $165.0M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | 24.7% | 19.6% | ||
| Q2 25 | 23.3% | 18.7% | ||
| Q1 25 | 22.6% | 20.6% | ||
| Q4 24 | 23.5% | 21.4% | ||
| Q3 24 | 22.1% | 22.3% | ||
| Q2 24 | 22.5% | 21.2% | ||
| Q1 24 | 21.4% | 23.0% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | 4.6% | 10.7% | ||
| Q2 25 | 5.1% | 8.8% | ||
| Q1 25 | 2.1% | 10.5% | ||
| Q4 24 | 8.6% | 11.4% | ||
| Q3 24 | 4.2% | 12.6% | ||
| Q2 24 | 10.2% | 14.5% | ||
| Q1 24 | 9.7% | 12.4% |
| Q4 25 | — | 3.4% | ||
| Q3 25 | 1.2% | 6.5% | ||
| Q2 25 | 0.9% | 4.7% | ||
| Q1 25 | -1.9% | 6.0% | ||
| Q4 24 | 7.2% | 6.6% | ||
| Q3 24 | 1.2% | 7.5% | ||
| Q2 24 | 5.4% | 8.5% | ||
| Q1 24 | 5.7% | 7.3% |
| Q4 25 | — | $0.24 | ||
| Q3 25 | $0.12 | $0.48 | ||
| Q2 25 | $0.08 | $0.34 | ||
| Q1 25 | $-0.16 | $0.42 | ||
| Q4 24 | $0.63 | $0.46 | ||
| Q3 24 | $0.11 | $0.55 | ||
| Q2 24 | $0.49 | $0.62 | ||
| Q1 24 | $0.50 | $0.53 |
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 | $261.0M |
| Total DebtLower is stronger | $4.0B | $5.0B |
| Stockholders' EquityBook value | $4.7B | $3.3B |
| Total Assets | $10.5B | $11.8B |
| Debt / EquityLower = less leverage | 0.86× | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $261.0M | ||
| Q3 25 | $91.5M | $120.0M | ||
| Q2 25 | $94.6M | $120.0M | ||
| Q1 25 | $81.5M | $129.0M | ||
| Q4 24 | $76.0M | $157.0M | ||
| Q3 24 | $114.8M | $126.0M | ||
| Q2 24 | $121.6M | $125.0M | ||
| Q1 24 | $145.5M | $136.0M |
| Q4 25 | — | $5.0B | ||
| Q3 25 | $4.0B | $5.5B | ||
| Q2 25 | $3.9B | $5.4B | ||
| Q1 25 | $3.8B | $5.7B | ||
| Q4 24 | $3.9B | $5.1B | ||
| Q3 24 | $4.1B | $5.4B | ||
| Q2 24 | $4.3B | $4.9B | ||
| Q1 24 | $4.4B | $4.9B |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $4.7B | $3.3B | ||
| Q2 25 | $4.6B | $3.2B | ||
| Q1 25 | $4.4B | $3.2B | ||
| Q4 24 | $4.4B | $3.0B | ||
| Q3 24 | $4.6B | $3.0B | ||
| Q2 24 | $4.5B | $2.8B | ||
| Q1 24 | $4.6B | $2.9B |
| Q4 25 | — | $11.8B | ||
| Q3 25 | $10.5B | $11.9B | ||
| Q2 25 | $10.3B | $11.8B | ||
| Q1 25 | $10.0B | $11.5B | ||
| Q4 24 | $10.1B | $11.1B | ||
| Q3 24 | $10.6B | $11.2B | ||
| Q2 24 | $10.6B | $10.8B | ||
| Q1 24 | $10.9B | $11.3B |
| Q4 25 | — | 1.51× | ||
| Q3 25 | 0.86× | 1.67× | ||
| Q2 25 | 0.85× | 1.68× | ||
| Q1 25 | 0.86× | 1.80× | ||
| Q4 24 | 0.89× | 1.71× | ||
| Q3 24 | 0.91× | 1.79× | ||
| Q2 24 | 0.97× | 1.75× | ||
| Q1 24 | 0.95× | 1.73× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 11.59× | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $521.0M | ||
| Q3 25 | $224.3M | $227.0M | ||
| Q2 25 | $145.8M | $267.0M | ||
| Q1 25 | $249.0M | $-174.0M | ||
| Q4 24 | $154.4M | $489.0M | ||
| Q3 24 | $274.5M | $187.0M | ||
| Q2 24 | $146.5M | $161.0M | ||
| Q1 24 | $263.9M | $3.0M |
| Q4 25 | — | 7.34× | ||
| Q3 25 | 11.59× | 1.60× | ||
| Q2 25 | 11.52× | 2.57× | ||
| Q1 25 | — | -1.37× | ||
| Q4 24 | 1.52× | 3.54× | ||
| Q3 24 | 16.19× | 1.13× | ||
| Q2 24 | 1.86× | 0.85× | ||
| Q1 24 | 3.25× | 0.02× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
