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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Lennox International (LII). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.2B, roughly 1.3× Lennox International). Lennox International runs the higher net margin — 13.6% vs 1.2%, a 12.3% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs -11.2%). Over the past eight quarters, Lennox International's revenue compounded faster (6.8% 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.
Lennox International Inc. is an American provider of climate control products for the heating, ventilation, and air conditioning (HVAC) and refrigeration markets. Based in Richardson, Texas, the company is 9.8% owned by John W. Norris, III, a descendant of DW Norris, who acquired the company in 1904. The company's largest production facilities are in Saltillo, Mexico, Marshalltown, Iowa, and Orangeburg, South Carolina.
DAR vs LII — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.2B |
| Net Profit | $19.4M | $162.1M |
| Gross Margin | 24.7% | 34.7% |
| Operating Margin | 4.6% | 18.6% |
| Net Margin | 1.2% | 13.6% |
| Revenue YoY | 10.0% | -11.2% |
| Net Profit YoY | 14.2% | -18.0% |
| EPS (diluted) | $0.12 | $4.62 |
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 | — | $1.2B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.4B | $1.0B |
| Q4 25 | — | $162.1M | ||
| Q3 25 | $19.4M | $245.8M | ||
| Q2 25 | $12.7M | $277.6M | ||
| Q1 25 | $-26.2M | $120.3M | ||
| Q4 24 | $101.9M | $197.7M | ||
| Q3 24 | $16.9M | $239.0M | ||
| Q2 24 | $78.9M | $245.9M | ||
| Q1 24 | $81.2M | $124.3M |
| Q4 25 | — | 34.7% | ||
| Q3 25 | 24.7% | 32.8% | ||
| Q2 25 | 23.3% | 34.8% | ||
| Q1 25 | 22.6% | 30.6% | ||
| Q4 24 | 23.5% | 33.9% | ||
| Q3 24 | 22.1% | 32.6% | ||
| Q2 24 | 22.5% | 33.6% | ||
| Q1 24 | 21.4% | 32.5% |
| Q4 25 | — | 18.6% | ||
| Q3 25 | 4.6% | 21.7% | ||
| Q2 25 | 5.1% | 23.6% | ||
| Q1 25 | 2.1% | 14.5% | ||
| Q4 24 | 8.6% | 18.2% | ||
| Q3 24 | 4.2% | 20.2% | ||
| Q2 24 | 10.2% | 22.1% | ||
| Q1 24 | 9.7% | 15.9% |
| Q4 25 | — | 13.6% | ||
| Q3 25 | 1.2% | 17.2% | ||
| Q2 25 | 0.9% | 18.5% | ||
| Q1 25 | -1.9% | 11.2% | ||
| Q4 24 | 7.2% | 14.7% | ||
| Q3 24 | 1.2% | 16.0% | ||
| Q2 24 | 5.4% | 16.9% | ||
| Q1 24 | 5.7% | 11.9% |
| Q4 25 | — | $4.62 | ||
| Q3 25 | $0.12 | $6.98 | ||
| Q2 25 | $0.08 | $7.82 | ||
| Q1 25 | $-0.16 | $3.37 | ||
| Q4 24 | $0.63 | $5.52 | ||
| Q3 24 | $0.11 | $6.68 | ||
| Q2 24 | $0.49 | $6.87 | ||
| Q1 24 | $0.50 | $3.47 |
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 | $34.7M |
| Total DebtLower is stronger | $4.0B | $1.1B |
| Stockholders' EquityBook value | $4.7B | $1.2B |
| Total Assets | $10.5B | $4.1B |
| Debt / EquityLower = less leverage | 0.86× | 0.98× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $34.7M | ||
| Q3 25 | $91.5M | $59.2M | ||
| Q2 25 | $94.6M | $55.1M | ||
| Q1 25 | $81.5M | $222.9M | ||
| Q4 24 | $76.0M | $422.3M | ||
| Q3 24 | $114.8M | $255.7M | ||
| Q2 24 | $121.6M | $57.8M | ||
| Q1 24 | $145.5M | $57.6M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $4.0B | $838.2M | ||
| Q2 25 | $3.9B | $835.7M | ||
| Q1 25 | $3.8B | $834.2M | ||
| Q4 24 | $3.9B | $833.1M | ||
| Q3 24 | $4.1B | $827.6M | ||
| Q2 24 | $4.3B | $1.1B | ||
| Q1 24 | $4.4B | $1.2B |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $4.7B | $1.1B | ||
| Q2 25 | $4.6B | $900.5M | ||
| Q1 25 | $4.4B | $852.5M | ||
| Q4 24 | $4.4B | $850.2M | ||
| Q3 24 | $4.6B | $754.0M | ||
| Q2 24 | $4.5B | $577.4M | ||
| Q1 24 | $4.6B | $368.8M |
| Q4 25 | — | $4.1B | ||
| Q3 25 | $10.5B | $3.5B | ||
| Q2 25 | $10.3B | $3.7B | ||
| Q1 25 | $10.0B | $3.5B | ||
| Q4 24 | $10.1B | $3.5B | ||
| Q3 24 | $10.6B | $3.3B | ||
| Q2 24 | $10.6B | $3.2B | ||
| Q1 24 | $10.9B | $3.0B |
| Q4 25 | — | 0.98× | ||
| Q3 25 | 0.86× | 0.78× | ||
| Q2 25 | 0.85× | 0.93× | ||
| Q1 25 | 0.86× | 0.98× | ||
| Q4 24 | 0.89× | 0.98× | ||
| Q3 24 | 0.91× | 1.10× | ||
| Q2 24 | 0.97× | 1.95× | ||
| Q1 24 | 0.95× | 3.13× |
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 | $405.9M |
| Free Cash FlowOCF − Capex | — | $376.7M |
| FCF MarginFCF / Revenue | — | 31.5% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 11.59× | 2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $638.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $405.9M | ||
| Q3 25 | $224.3M | $300.7M | ||
| Q2 25 | $145.8M | $86.8M | ||
| Q1 25 | $249.0M | $-35.8M | ||
| Q4 24 | $154.4M | $332.4M | ||
| Q3 24 | $274.5M | $452.1M | ||
| Q2 24 | $146.5M | $184.0M | ||
| Q1 24 | $263.9M | $-22.8M |
| Q4 25 | — | $376.7M | ||
| Q3 25 | — | $265.1M | ||
| Q2 25 | — | $58.3M | ||
| Q1 25 | — | $-61.3M | ||
| Q4 24 | — | $272.2M | ||
| Q3 24 | — | $410.9M | ||
| Q2 24 | — | $151.3M | ||
| Q1 24 | — | $-52.3M |
| Q4 25 | — | 31.5% | ||
| Q3 25 | — | 18.6% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -5.7% | ||
| Q4 24 | — | 20.2% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | -5.0% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 2.8% |
| Q4 25 | — | 2.50× | ||
| Q3 25 | 11.59× | 1.22× | ||
| Q2 25 | 11.52× | 0.31× | ||
| Q1 25 | — | -0.30× | ||
| Q4 24 | 1.52× | 1.68× | ||
| Q3 24 | 16.19× | 1.89× | ||
| Q2 24 | 1.86× | 0.75× | ||
| Q1 24 | 3.25× | -0.18× |
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% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
