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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and IDEX Corporation (IEX). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $899.1M, roughly 1.7× IDEX Corporation). IDEX Corporation runs the higher net margin — 14.3% vs 1.2%, a 13.0% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 4.2%). Over the past eight quarters, IDEX Corporation's revenue compounded faster (6.0% 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.
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
DAR vs IEX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $899.1M |
| Net Profit | $19.4M | $128.3M |
| Gross Margin | 24.7% | 43.1% |
| Operating Margin | 4.6% | 20.4% |
| Net Margin | 1.2% | 14.3% |
| Revenue YoY | 10.0% | 4.2% |
| Net Profit YoY | 14.2% | 4.1% |
| EPS (diluted) | $0.12 | $1.71 |
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 | — | $899.1M | ||
| Q3 25 | $1.6B | $878.7M | ||
| Q2 25 | $1.5B | $865.4M | ||
| Q1 25 | $1.4B | $814.3M | ||
| Q4 24 | $1.4B | $862.9M | ||
| Q3 24 | $1.4B | $798.2M | ||
| Q2 24 | $1.5B | $807.2M | ||
| Q1 24 | $1.4B | $800.5M |
| Q4 25 | — | $128.3M | ||
| Q3 25 | $19.4M | $127.8M | ||
| Q2 25 | $12.7M | $131.6M | ||
| Q1 25 | $-26.2M | $95.5M | ||
| Q4 24 | $101.9M | $123.2M | ||
| Q3 24 | $16.9M | $119.1M | ||
| Q2 24 | $78.9M | $141.3M | ||
| Q1 24 | $81.2M | $121.4M |
| Q4 25 | — | 43.1% | ||
| Q3 25 | 24.7% | 44.5% | ||
| Q2 25 | 23.3% | 45.3% | ||
| Q1 25 | 22.6% | 45.3% | ||
| Q4 24 | 23.5% | 42.5% | ||
| Q3 24 | 22.1% | 44.3% | ||
| Q2 24 | 22.5% | 45.4% | ||
| Q1 24 | 21.4% | 44.6% |
| Q4 25 | — | 20.4% | ||
| Q3 25 | 4.6% | 21.1% | ||
| Q2 25 | 5.1% | 21.7% | ||
| Q1 25 | 2.1% | 17.4% | ||
| Q4 24 | 8.6% | 19.2% | ||
| Q3 24 | 4.2% | 21.0% | ||
| Q2 24 | 10.2% | 22.6% | ||
| Q1 24 | 9.7% | 20.1% |
| Q4 25 | — | 14.3% | ||
| Q3 25 | 1.2% | 14.5% | ||
| Q2 25 | 0.9% | 15.2% | ||
| Q1 25 | -1.9% | 11.7% | ||
| Q4 24 | 7.2% | 14.3% | ||
| Q3 24 | 1.2% | 14.9% | ||
| Q2 24 | 5.4% | 17.5% | ||
| Q1 24 | 5.7% | 15.2% |
| Q4 25 | — | $1.71 | ||
| Q3 25 | $0.12 | $1.70 | ||
| Q2 25 | $0.08 | $1.74 | ||
| Q1 25 | $-0.16 | $1.26 | ||
| Q4 24 | $0.63 | $1.61 | ||
| Q3 24 | $0.11 | $1.57 | ||
| Q2 24 | $0.49 | $1.86 | ||
| Q1 24 | $0.50 | $1.60 |
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 | $580.0M |
| Total DebtLower is stronger | $4.0B | $1.8B |
| Stockholders' EquityBook value | $4.7B | $4.0B |
| Total Assets | $10.5B | $6.9B |
| Debt / EquityLower = less leverage | 0.86× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $580.0M | ||
| Q3 25 | $91.5M | $593.8M | ||
| Q2 25 | $94.6M | $568.2M | ||
| Q1 25 | $81.5M | $594.1M | ||
| Q4 24 | $76.0M | $620.8M | ||
| Q3 24 | $114.8M | $633.2M | ||
| Q2 24 | $121.6M | $700.7M | ||
| Q1 24 | $145.5M | $616.3M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | $4.0B | $1.9B | ||
| Q2 25 | $3.9B | $1.9B | ||
| Q1 25 | $3.8B | $2.0B | ||
| Q4 24 | $3.9B | $2.0B | ||
| Q3 24 | $4.1B | $2.1B | ||
| Q2 24 | $4.3B | $1.3B | ||
| Q1 24 | $4.4B | $1.3B |
| Q4 25 | — | $4.0B | ||
| Q3 25 | $4.7B | $4.0B | ||
| Q2 25 | $4.6B | $4.0B | ||
| Q1 25 | $4.4B | $3.9B | ||
| Q4 24 | $4.4B | $3.8B | ||
| Q3 24 | $4.6B | $3.8B | ||
| Q2 24 | $4.5B | $3.7B | ||
| Q1 24 | $4.6B | $3.6B |
| Q4 25 | — | $6.9B | ||
| Q3 25 | $10.5B | $7.0B | ||
| Q2 25 | $10.3B | $6.9B | ||
| Q1 25 | $10.0B | $6.8B | ||
| Q4 24 | $10.1B | $6.7B | ||
| Q3 24 | $10.6B | $7.0B | ||
| Q2 24 | $10.6B | $5.9B | ||
| Q1 24 | $10.9B | $5.9B |
| Q4 25 | — | 0.45× | ||
| Q3 25 | 0.86× | 0.48× | ||
| Q2 25 | 0.85× | 0.46× | ||
| Q1 25 | 0.86× | 0.50× | ||
| Q4 24 | 0.89× | 0.52× | ||
| Q3 24 | 0.91× | 0.55× | ||
| Q2 24 | 0.97× | 0.36× | ||
| Q1 24 | 0.95× | 0.37× |
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 | $209.5M |
| Free Cash FlowOCF − Capex | — | $189.8M |
| FCF MarginFCF / Revenue | — | 21.1% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | 11.59× | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $616.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $209.5M | ||
| Q3 25 | $224.3M | $203.5M | ||
| Q2 25 | $145.8M | $161.7M | ||
| Q1 25 | $249.0M | $105.7M | ||
| Q4 24 | $154.4M | $172.6M | ||
| Q3 24 | $274.5M | $205.3M | ||
| Q2 24 | $146.5M | $133.6M | ||
| Q1 24 | $263.9M | $156.6M |
| Q4 25 | — | $189.8M | ||
| Q3 25 | — | $188.7M | ||
| Q2 25 | — | $146.9M | ||
| Q1 25 | — | $91.4M | ||
| Q4 24 | — | $157.1M | ||
| Q3 24 | — | $191.6M | ||
| Q2 24 | — | $117.7M | ||
| Q1 24 | — | $136.6M |
| Q4 25 | — | 21.1% | ||
| Q3 25 | — | 21.5% | ||
| Q2 25 | — | 17.0% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | — | 14.6% | ||
| Q1 24 | — | 17.1% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 1.63× | ||
| Q3 25 | 11.59× | 1.59× | ||
| Q2 25 | 11.52× | 1.23× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | 1.52× | 1.40× | ||
| Q3 24 | 16.19× | 1.72× | ||
| Q2 24 | 1.86× | 0.95× | ||
| Q1 24 | 3.25× | 1.29× |
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% |
IEX
| Fluid And Metering Technologies | $305.0M | 34% |
| Fireand Safety | $125.0M | 14% |
| Pumps | $105.7M | 12% |
| Water1 | $92.1M | 10% |
| Performance Pneumatic Technologies | $70.2M | 8% |
| Sealing Solutions | $64.0M | 7% |
| Energy | $47.9M | 5% |
| Material Processing Technologies | $37.2M | 4% |
| Dispensing | $33.5M | 4% |
| Valves | $22.7M | 3% |
