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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Garmin (GRMN). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($2.1B vs $1.6B, roughly 1.4× DARLING INGREDIENTS INC.). Garmin runs the higher net margin — 24.9% vs 1.2%, a 23.6% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 10.0%). Over the past eight quarters, Garmin's revenue compounded faster (24.0% 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.
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
DAR vs GRMN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.1B |
| Net Profit | $19.4M | $528.7M |
| Gross Margin | 24.7% | 59.2% |
| Operating Margin | 4.6% | 28.9% |
| Net Margin | 1.2% | 24.9% |
| Revenue YoY | 10.0% | 16.6% |
| Net Profit YoY | 14.2% | 21.3% |
| EPS (diluted) | $0.12 | $2.72 |
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 | $1.8B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.4B | $1.4B |
| Q4 25 | — | $528.7M | ||
| Q3 25 | $19.4M | $401.6M | ||
| Q2 25 | $12.7M | $400.8M | ||
| Q1 25 | $-26.2M | $332.8M | ||
| Q4 24 | $101.9M | $435.7M | ||
| Q3 24 | $16.9M | $399.1M | ||
| Q2 24 | $78.9M | $300.6M | ||
| Q1 24 | $81.2M | $276.0M |
| Q4 25 | — | 59.2% | ||
| Q3 25 | 24.7% | 59.1% | ||
| Q2 25 | 23.3% | 58.8% | ||
| Q1 25 | 22.6% | 57.6% | ||
| Q4 24 | 23.5% | 59.3% | ||
| Q3 24 | 22.1% | 60.0% | ||
| Q2 24 | 22.5% | 57.3% | ||
| Q1 24 | 21.4% | 58.1% |
| Q4 25 | — | 28.9% | ||
| Q3 25 | 4.6% | 25.8% | ||
| Q2 25 | 5.1% | 26.0% | ||
| Q1 25 | 2.1% | 21.7% | ||
| Q4 24 | 8.6% | 28.3% | ||
| Q3 24 | 4.2% | 27.6% | ||
| Q2 24 | 10.2% | 22.7% | ||
| Q1 24 | 9.7% | 21.6% |
| Q4 25 | — | 24.9% | ||
| Q3 25 | 1.2% | 22.7% | ||
| Q2 25 | 0.9% | 22.1% | ||
| Q1 25 | -1.9% | 21.7% | ||
| Q4 24 | 7.2% | 23.9% | ||
| Q3 24 | 1.2% | 25.2% | ||
| Q2 24 | 5.4% | 20.0% | ||
| Q1 24 | 5.7% | 20.0% |
| Q4 25 | — | $2.72 | ||
| Q3 25 | $0.12 | $2.08 | ||
| Q2 25 | $0.08 | $2.07 | ||
| Q1 25 | $-0.16 | $1.72 | ||
| Q4 24 | $0.63 | $2.24 | ||
| Q3 24 | $0.11 | $2.07 | ||
| Q2 24 | $0.49 | $1.56 | ||
| Q1 24 | $0.50 | $1.43 |
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 | $2.3B |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $9.0B |
| Total Assets | $10.5B | $11.0B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.3B | ||
| Q3 25 | $91.5M | $2.1B | ||
| Q2 25 | $94.6M | $2.1B | ||
| Q1 25 | $81.5M | $2.2B | ||
| Q4 24 | $76.0M | $2.1B | ||
| Q3 24 | $114.8M | $2.0B | ||
| Q2 24 | $121.6M | $1.9B | ||
| Q1 24 | $145.5M | $1.9B |
| 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 | — | $9.0B | ||
| Q3 25 | $4.7B | $8.5B | ||
| Q2 25 | $4.6B | $8.1B | ||
| Q1 25 | $4.4B | $8.2B | ||
| Q4 24 | $4.4B | $7.8B | ||
| Q3 24 | $4.6B | $7.5B | ||
| Q2 24 | $4.5B | $7.0B | ||
| Q1 24 | $4.6B | $7.2B |
| Q4 25 | — | $11.0B | ||
| Q3 25 | $10.5B | $10.5B | ||
| Q2 25 | $10.3B | $10.3B | ||
| Q1 25 | $10.0B | $9.8B | ||
| Q4 24 | $10.1B | $9.6B | ||
| Q3 24 | $10.6B | $9.3B | ||
| Q2 24 | $10.6B | $8.9B | ||
| Q1 24 | $10.9B | $8.6B |
| 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 | $553.8M |
| Free Cash FlowOCF − Capex | — | $429.6M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | 11.59× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $553.8M | ||
| Q3 25 | $224.3M | $485.6M | ||
| Q2 25 | $145.8M | $173.2M | ||
| Q1 25 | $249.0M | $420.8M | ||
| Q4 24 | $154.4M | $483.9M | ||
| Q3 24 | $274.5M | $258.0M | ||
| Q2 24 | $146.5M | $255.3M | ||
| Q1 24 | $263.9M | $435.3M |
| Q4 25 | — | $429.6M | ||
| Q3 25 | — | $425.1M | ||
| Q2 25 | — | $127.5M | ||
| Q1 25 | — | $380.7M | ||
| Q4 24 | — | $399.2M | ||
| Q3 24 | — | $219.4M | ||
| Q2 24 | — | $218.2M | ||
| Q1 24 | — | $402.1M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 21.9% | ||
| Q3 24 | — | 13.8% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | 29.1% |
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | 11.59× | 1.21× | ||
| Q2 25 | 11.52× | 0.43× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | 1.52× | 1.11× | ||
| Q3 24 | 16.19× | 0.65× | ||
| Q2 24 | 1.86× | 0.85× | ||
| Q1 24 | 3.25× | 1.58× |
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% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
