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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and IES Holdings, Inc. (IESC). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $871.0M, roughly 1.8× IES Holdings, Inc.). IES Holdings, Inc. runs the higher net margin — 10.5% vs 1.2%, a 9.3% gap on every dollar of revenue. On growth, IES Holdings, Inc. posted the faster year-over-year revenue change (16.2% vs 10.0%). Over the past eight quarters, IES Holdings, Inc.'s revenue compounded faster (11.1% 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.
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
DAR vs IESC — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $871.0M |
| Net Profit | $19.4M | $91.8M |
| Gross Margin | 24.7% | 25.3% |
| Operating Margin | 4.6% | 11.2% |
| Net Margin | 1.2% | 10.5% |
| Revenue YoY | 10.0% | 16.2% |
| Net Profit YoY | 14.2% | 59.1% |
| EPS (diluted) | $0.12 | $4.51 |
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 | — | $871.0M | ||
| Q3 25 | $1.6B | $897.8M | ||
| Q2 25 | $1.5B | $890.2M | ||
| Q1 25 | $1.4B | $834.0M | ||
| Q4 24 | $1.4B | $749.5M | ||
| Q3 24 | $1.4B | $775.8M | ||
| Q2 24 | $1.5B | $768.4M | ||
| Q1 24 | $1.4B | $705.7M |
| Q4 25 | — | $91.8M | ||
| Q3 25 | $19.4M | $102.3M | ||
| Q2 25 | $12.7M | $79.3M | ||
| Q1 25 | $-26.2M | $72.6M | ||
| Q4 24 | $101.9M | $57.7M | ||
| Q3 24 | $16.9M | $65.5M | ||
| Q2 24 | $78.9M | $66.6M | ||
| Q1 24 | $81.2M | $56.8M |
| Q4 25 | — | 25.3% | ||
| Q3 25 | 24.7% | 26.0% | ||
| Q2 25 | 23.3% | 26.9% | ||
| Q1 25 | 22.6% | 25.0% | ||
| Q4 24 | 23.5% | 23.8% | ||
| Q3 24 | 22.1% | 24.0% | ||
| Q2 24 | 22.5% | 25.3% | ||
| Q1 24 | 21.4% | 24.3% |
| Q4 25 | — | 11.2% | ||
| Q3 25 | 4.6% | 11.6% | ||
| Q2 25 | 5.1% | 12.6% | ||
| Q1 25 | 2.1% | 11.1% | ||
| Q4 24 | 8.6% | 10.0% | ||
| Q3 24 | 4.2% | 9.7% | ||
| Q2 24 | 10.2% | 11.7% | ||
| Q1 24 | 9.7% | 11.0% |
| Q4 25 | — | 10.5% | ||
| Q3 25 | 1.2% | 11.4% | ||
| Q2 25 | 0.9% | 8.9% | ||
| Q1 25 | -1.9% | 8.7% | ||
| Q4 24 | 7.2% | 7.7% | ||
| Q3 24 | 1.2% | 8.4% | ||
| Q2 24 | 5.4% | 8.7% | ||
| Q1 24 | 5.7% | 8.0% |
| Q4 25 | — | $4.51 | ||
| Q3 25 | $0.12 | $4.99 | ||
| Q2 25 | $0.08 | $3.81 | ||
| Q1 25 | $-0.16 | $3.50 | ||
| Q4 24 | $0.63 | $2.72 | ||
| Q3 24 | $0.11 | $3.06 | ||
| Q2 24 | $0.49 | $2.67 | ||
| Q1 24 | $0.50 | $2.29 |
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 | $258.7M |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $961.1M |
| Total Assets | $10.5B | $1.7B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $258.7M | ||
| Q3 25 | $91.5M | $231.8M | ||
| Q2 25 | $94.6M | $168.3M | ||
| Q1 25 | $81.5M | $88.3M | ||
| Q4 24 | $76.0M | $112.0M | ||
| Q3 24 | $114.8M | $135.8M | ||
| Q2 24 | $121.6M | $44.9M | ||
| Q1 24 | $145.5M | $106.0M |
| 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 | — | $961.1M | ||
| Q3 25 | $4.7B | $884.0M | ||
| Q2 25 | $4.6B | $781.4M | ||
| Q1 25 | $4.4B | $705.8M | ||
| Q4 24 | $4.4B | $652.4M | ||
| Q3 24 | $4.6B | $611.1M | ||
| Q2 24 | $4.5B | $567.5M | ||
| Q1 24 | $4.6B | $534.8M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $10.5B | $1.6B | ||
| Q2 25 | $10.3B | $1.5B | ||
| Q1 25 | $10.0B | $1.4B | ||
| Q4 24 | $10.1B | $1.3B | ||
| Q3 24 | $10.6B | $1.2B | ||
| Q2 24 | $10.6B | $1.2B | ||
| Q1 24 | $10.9B | $1.1B |
| 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 | $27.7M |
| Free Cash FlowOCF − Capex | — | $-18.9M |
| FCF MarginFCF / Revenue | — | -2.2% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | 11.59× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | — | $175.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.7M | ||
| Q3 25 | $224.3M | $132.0M | ||
| Q2 25 | $145.8M | $92.0M | ||
| Q1 25 | $249.0M | $24.8M | ||
| Q4 24 | $154.4M | $37.3M | ||
| Q3 24 | $274.5M | $92.8M | ||
| Q2 24 | $146.5M | $82.9M | ||
| Q1 24 | $263.9M | $33.7M |
| Q4 25 | — | $-18.9M | ||
| Q3 25 | — | $112.0M | ||
| Q2 25 | — | $74.8M | ||
| Q1 25 | — | $7.9M | ||
| Q4 24 | — | $24.1M | ||
| Q3 24 | — | $78.5M | ||
| Q2 24 | — | $65.4M | ||
| Q1 24 | — | $26.9M |
| Q4 25 | — | -2.2% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 3.8% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | 0.30× | ||
| Q3 25 | 11.59× | 1.29× | ||
| Q2 25 | 11.52× | 1.16× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | 1.52× | 0.65× | ||
| Q3 24 | 16.19× | 1.42× | ||
| Q2 24 | 1.86× | 1.24× | ||
| Q1 24 | 3.25× | 0.59× |
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% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
