vs
Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and ICON PLC (ICLR). Click either name above to swap in a different company.
ICON PLC is the larger business by last-quarter revenue ($2.0B vs $1.6B, roughly 1.3× DARLING INGREDIENTS INC.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs 0.1%, a 1.1% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 0.6%). Over the past eight quarters, ICON PLC's revenue compounded faster (0.6% 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.
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
DAR vs ICLR — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.0B |
| Net Profit | $19.4M | $2.4M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 4.2% |
| Net Margin | 1.2% | 0.1% |
| Revenue YoY | 10.0% | 0.6% |
| Net Profit YoY | 14.2% | -98.8% |
| EPS (diluted) | $0.12 | $0.03 |
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.
| Q3 25 | $1.6B | $2.0B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.4B | $2.0B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $2.0B | ||
| Q2 24 | $1.5B | $2.1B | ||
| Q1 24 | $1.4B | $2.1B | ||
| Q4 23 | $1.6B | — |
| Q3 25 | $19.4M | $2.4M | ||
| Q2 25 | $12.7M | $183.0M | ||
| Q1 25 | $-26.2M | $154.2M | ||
| Q4 24 | $101.9M | — | ||
| Q3 24 | $16.9M | $197.1M | ||
| Q2 24 | $78.9M | $146.9M | ||
| Q1 24 | $81.2M | $187.4M | ||
| Q4 23 | $84.5M | — |
| 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 23 | 27.0% | — |
| Q3 25 | 4.6% | 4.2% | ||
| Q2 25 | 5.1% | 10.4% | ||
| Q1 25 | 2.1% | 11.0% | ||
| Q4 24 | 8.6% | — | ||
| Q3 24 | 4.2% | 14.1% | ||
| Q2 24 | 10.2% | 10.8% | ||
| Q1 24 | 9.7% | 13.7% | ||
| Q4 23 | 9.8% | — |
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 0.9% | 9.1% | ||
| Q1 25 | -1.9% | 7.7% | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 1.2% | 9.7% | ||
| Q2 24 | 5.4% | 6.9% | ||
| Q1 24 | 5.7% | 9.0% | ||
| Q4 23 | 5.2% | — |
| Q3 25 | $0.12 | $0.03 | ||
| Q2 25 | $0.08 | $2.30 | ||
| Q1 25 | $-0.16 | $1.90 | ||
| Q4 24 | $0.63 | — | ||
| Q3 24 | $0.11 | $2.36 | ||
| Q2 24 | $0.49 | $1.76 | ||
| Q1 24 | $0.50 | $2.25 | ||
| Q4 23 | $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 | $468.9M |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $9.3B |
| Total Assets | $10.5B | $16.5B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $91.5M | $468.9M | ||
| Q2 25 | $94.6M | $390.4M | ||
| Q1 25 | $81.5M | $526.7M | ||
| Q4 24 | $76.0M | — | ||
| Q3 24 | $114.8M | $695.5M | ||
| Q2 24 | $121.6M | $506.6M | ||
| Q1 24 | $145.5M | $396.1M | ||
| Q4 23 | $126.5M | — |
| 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 23 | $4.4B | — |
| Q3 25 | $4.7B | $9.3B | ||
| Q2 25 | $4.6B | $9.6B | ||
| Q1 25 | $4.4B | $9.5B | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.6B | $9.8B | ||
| Q2 24 | $4.5B | $9.6B | ||
| Q1 24 | $4.6B | $9.4B | ||
| Q4 23 | $4.6B | — |
| Q3 25 | $10.5B | $16.5B | ||
| Q2 25 | $10.3B | $16.6B | ||
| Q1 25 | $10.0B | $16.7B | ||
| Q4 24 | $10.1B | — | ||
| Q3 24 | $10.6B | $17.2B | ||
| Q2 24 | $10.6B | $17.0B | ||
| Q1 24 | $10.9B | $17.0B | ||
| Q4 23 | $11.1B | — |
| 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× | — | ||
| Q4 23 | 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 | $387.6M |
| Free Cash FlowOCF − Capex | — | $333.9M |
| FCF MarginFCF / Revenue | — | 16.3% |
| Capex IntensityCapex / Revenue | — | 2.6% |
| Cash ConversionOCF / Net Profit | 11.59× | 164.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $224.3M | $387.6M | ||
| Q2 25 | $145.8M | $146.2M | ||
| Q1 25 | $249.0M | $268.2M | ||
| Q4 24 | $154.4M | — | ||
| Q3 24 | $274.5M | $402.7M | ||
| Q2 24 | $146.5M | $218.6M | ||
| Q1 24 | $263.9M | $327.1M | ||
| Q4 23 | $217.0M | — |
| Q3 25 | — | $333.9M | ||
| Q2 25 | — | $113.9M | ||
| Q1 25 | — | $239.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $359.3M | ||
| Q2 24 | — | $182.3M | ||
| Q1 24 | — | $299.9M | ||
| Q4 23 | — | — |
| Q3 25 | — | 16.3% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 12.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.7% | ||
| Q2 24 | — | 8.6% | ||
| Q1 24 | — | 14.3% | ||
| Q4 23 | — | — |
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 1.3% | ||
| Q4 23 | — | — |
| Q3 25 | 11.59× | 164.59× | ||
| Q2 25 | 11.52× | 0.80× | ||
| Q1 25 | — | 1.74× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | 2.04× | ||
| Q2 24 | 1.86× | 1.49× | ||
| Q1 24 | 3.25× | 1.74× | ||
| Q4 23 | 2.57× | — |
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% |
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
