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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Lineage, Inc. (LINE). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.4B, roughly 1.1× Lineage, Inc.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs -7.3%, a 8.5% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 3.1%).
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.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
DAR vs LINE — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.4B |
| Net Profit | $19.4M | $-100.0M |
| Gross Margin | 24.7% | 32.3% |
| Operating Margin | 4.6% | 2.5% |
| Net Margin | 1.2% | -7.3% |
| Revenue YoY | 10.0% | 3.1% |
| Net Profit YoY | 14.2% | 79.4% |
| EPS (diluted) | $0.12 | $-0.44 |
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 | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.4B | $1.3B | ||
| Q4 23 | $1.6B | — |
| Q3 25 | $19.4M | $-100.0M | ||
| Q2 25 | $12.7M | $-6.0M | ||
| Q1 25 | $-26.2M | $0 | ||
| Q4 24 | $101.9M | $-71.0M | ||
| Q3 24 | $16.9M | $-485.0M | ||
| Q2 24 | $78.9M | $-68.0M | ||
| Q1 24 | $81.2M | $-40.0M | ||
| Q4 23 | $84.5M | — |
| Q3 25 | 24.7% | 32.3% | ||
| Q2 25 | 23.3% | 31.9% | ||
| Q1 25 | 22.6% | 32.2% | ||
| Q4 24 | 23.5% | 32.3% | ||
| Q3 24 | 22.1% | 32.8% | ||
| Q2 24 | 22.5% | 33.4% | ||
| Q1 24 | 21.4% | 33.4% | ||
| Q4 23 | 27.0% | — |
| Q3 25 | 4.6% | 2.5% | ||
| Q2 25 | 5.1% | 1.7% | ||
| Q1 25 | 2.1% | 4.3% | ||
| Q4 24 | 8.6% | -1.6% | ||
| Q3 24 | 4.2% | -38.6% | ||
| Q2 24 | 10.2% | 5.5% | ||
| Q1 24 | 9.7% | 7.6% | ||
| Q4 23 | 9.8% | — |
| Q3 25 | 1.2% | -7.3% | ||
| Q2 25 | 0.9% | -0.4% | ||
| Q1 25 | -1.9% | — | ||
| Q4 24 | 7.2% | -5.3% | ||
| Q3 24 | 1.2% | -36.3% | ||
| Q2 24 | 5.4% | -5.1% | ||
| Q1 24 | 5.7% | -3.0% | ||
| Q4 23 | 5.2% | — |
| Q3 25 | $0.12 | $-0.44 | ||
| Q2 25 | $0.08 | $-0.03 | ||
| Q1 25 | $-0.16 | $0.01 | ||
| Q4 24 | $0.63 | $-0.52 | ||
| Q3 24 | $0.11 | $-2.44 | ||
| Q2 24 | $0.49 | $-0.46 | ||
| Q1 24 | $0.50 | $-0.28 | ||
| 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 | — |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $8.4B |
| Total Assets | $10.5B | $19.2B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $91.5M | — | ||
| Q2 25 | $94.6M | — | ||
| Q1 25 | $81.5M | — | ||
| Q4 24 | $76.0M | $173.0M | ||
| Q3 24 | $114.8M | $409.0M | ||
| Q2 24 | $121.6M | $73.0M | ||
| Q1 24 | $145.5M | — | ||
| 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 | $8.4B | ||
| Q2 25 | $4.6B | $8.6B | ||
| Q1 25 | $4.4B | $8.6B | ||
| Q4 24 | $4.4B | $8.6B | ||
| Q3 24 | $4.6B | $9.0B | ||
| Q2 24 | $4.5B | $4.9B | ||
| Q1 24 | $4.6B | $5.6B | ||
| Q4 23 | $4.6B | — |
| Q3 25 | $10.5B | $19.2B | ||
| Q2 25 | $10.3B | $19.4B | ||
| Q1 25 | $10.0B | $18.8B | ||
| Q4 24 | $10.1B | $18.7B | ||
| Q3 24 | $10.6B | $19.3B | ||
| Q2 24 | $10.6B | $18.8B | ||
| Q1 24 | $10.9B | — | ||
| 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 | $230.0M |
| Free Cash FlowOCF − Capex | — | $35.0M |
| FCF MarginFCF / Revenue | — | 2.5% |
| Capex IntensityCapex / Revenue | — | 14.2% |
| Cash ConversionOCF / Net Profit | 11.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $224.3M | $230.0M | ||
| Q2 25 | $145.8M | $258.0M | ||
| Q1 25 | $249.0M | $139.0M | ||
| Q4 24 | $154.4M | — | ||
| Q3 24 | $274.5M | $186.0M | ||
| Q2 24 | $146.5M | $155.0M | ||
| Q1 24 | $263.9M | $105.0M | ||
| Q4 23 | $217.0M | — |
| Q3 25 | — | $35.0M | ||
| Q2 25 | — | $95.0M | ||
| Q1 25 | — | $-12.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $-31.0M | ||
| Q1 24 | — | $-42.0M | ||
| Q4 23 | — | — |
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | -2.3% | ||
| Q1 24 | — | -3.2% | ||
| Q4 23 | — | — |
| Q3 25 | — | 14.2% | ||
| Q2 25 | — | 12.1% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 13.9% | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | — |
| Q3 25 | 11.59× | — | ||
| Q2 25 | 11.52× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | — | ||
| Q2 24 | 1.86× | — | ||
| Q1 24 | 3.25× | — | ||
| 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% |
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
