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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.0B, roughly 1.5× Liberty Energy Inc.). Liberty Energy Inc. runs the higher net margin — 2.2% vs 1.2%, a 1.0% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 4.5%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% CAGR vs -6.2%).
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.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
DAR vs LBRT — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.0B |
| Net Profit | $19.4M | $22.6M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 2.2% |
| Net Margin | 1.2% | 2.2% |
| Revenue YoY | 10.0% | 4.5% |
| Net Profit YoY | 14.2% | 64.8% |
| EPS (diluted) | $0.12 | $0.14 |
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.
| Q1 26 | — | $1.0B | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | $1.6B | $947.4M | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.4B | $977.5M | ||
| Q4 24 | $1.4B | $943.6M | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.5B | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | — | $13.7M | ||
| Q3 25 | $19.4M | $43.1M | ||
| Q2 25 | $12.7M | $71.0M | ||
| Q1 25 | $-26.2M | $20.1M | ||
| Q4 24 | $101.9M | $51.9M | ||
| Q3 24 | $16.9M | $73.8M | ||
| Q2 24 | $78.9M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.6% | ||
| Q3 25 | 24.7% | 18.7% | ||
| Q2 25 | 23.3% | 22.1% | ||
| Q1 25 | 22.6% | 22.1% | ||
| Q4 24 | 23.5% | 21.4% | ||
| Q3 24 | 22.1% | 26.2% | ||
| Q2 24 | 22.5% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | 4.6% | -0.3% | ||
| Q2 25 | 5.1% | 3.6% | ||
| Q1 25 | 2.1% | 1.9% | ||
| Q4 24 | 8.6% | 2.6% | ||
| Q3 24 | 4.2% | 9.4% | ||
| Q2 24 | 10.2% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | — | 1.3% | ||
| Q3 25 | 1.2% | 4.5% | ||
| Q2 25 | 0.9% | 6.8% | ||
| Q1 25 | -1.9% | 2.1% | ||
| Q4 24 | 7.2% | 5.5% | ||
| Q3 24 | 1.2% | 6.5% | ||
| Q2 24 | 5.4% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | — | $0.08 | ||
| Q3 25 | $0.12 | $0.26 | ||
| Q2 25 | $0.08 | $0.43 | ||
| Q1 25 | $-0.16 | $0.12 | ||
| Q4 24 | $0.63 | $0.31 | ||
| Q3 24 | $0.11 | $0.44 | ||
| Q2 24 | $0.49 | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | $4.0B | $7.1M |
| Stockholders' EquityBook value | $4.7B | $1.9B |
| Total Assets | $10.5B | $4.4B |
| Debt / EquityLower = less leverage | 0.86× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | — | $27.6M | ||
| Q3 25 | $91.5M | $13.5M | ||
| Q2 25 | $94.6M | $19.6M | ||
| Q1 25 | $81.5M | $24.1M | ||
| Q4 24 | $76.0M | $20.0M | ||
| Q3 24 | $114.8M | $23.0M | ||
| Q2 24 | $121.6M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | — | $246.6M | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.9B | $190.5M | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.3B | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | $4.7B | $2.1B | ||
| Q2 25 | $4.6B | $2.0B | ||
| Q1 25 | $4.4B | $2.0B | ||
| Q4 24 | $4.4B | $2.0B | ||
| Q3 24 | $4.6B | $2.0B | ||
| Q2 24 | $4.5B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | $10.5B | $3.5B | ||
| Q2 25 | $10.3B | $3.4B | ||
| Q1 25 | $10.0B | $3.4B | ||
| Q4 24 | $10.1B | $3.3B | ||
| Q3 24 | $10.6B | $3.3B | ||
| Q2 24 | $10.6B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.85× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 0.89× | 0.10× | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 0.97× | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 13.1% |
| Cash ConversionOCF / Net Profit | 11.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $195.4M | ||
| Q3 25 | $224.3M | $51.5M | ||
| Q2 25 | $145.8M | $170.6M | ||
| Q1 25 | $249.0M | $192.1M | ||
| Q4 24 | $154.4M | $177.3M | ||
| Q3 24 | $274.5M | $244.5M | ||
| Q2 24 | $146.5M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-10.0M | ||
| Q3 25 | — | $-67.2M | ||
| Q2 25 | — | $33.1M | ||
| Q1 25 | — | $58.2M | ||
| Q4 24 | — | $-26.2M | ||
| Q3 24 | — | $77.9M | ||
| Q2 24 | — | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.0% | ||
| Q3 25 | — | -7.1% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 13.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 14.6% | ||
| Q2 24 | — | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.28× | ||
| Q3 25 | 11.59× | 1.20× | ||
| Q2 25 | 11.52× | 2.40× | ||
| Q1 25 | — | 9.55× | ||
| Q4 24 | 1.52× | 3.42× | ||
| Q3 24 | 16.19× | 3.31× | ||
| Q2 24 | 1.86× | 2.29× |
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% |
LBRT
Segment breakdown not available.
