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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and LANDSTAR SYSTEM INC (LSTR). 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× LANDSTAR SYSTEM INC). LANDSTAR SYSTEM INC runs the higher net margin — 3.4% vs 1.2%, a 2.1% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 1.6%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% CAGR vs -2.2%).
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.
Landstar System, Inc. is an American transportation services company specializing in logistics and, more specifically, third-party logistics. Landstar utilizes an extensive network of over 8,800 independent owner-operators, referred to internally as business capacity owners (BCOs), over 1,000 independent freight agents, and over 70,000 vetted carriers. Landstar provides services principally throughout the United States and to a lesser extent in Canada and between the U.S. and Canada, Mexico, ...
DAR vs LSTR — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.2B |
| Net Profit | $19.4M | $39.4M |
| Gross Margin | 24.7% | 9.6% |
| Operating Margin | 4.6% | 4.5% |
| Net Margin | 1.2% | 3.4% |
| Revenue YoY | 10.0% | 1.6% |
| Net Profit YoY | 14.2% | 32.3% |
| EPS (diluted) | $0.12 | $1.16 |
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 | — | $1.2B | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B |
| Q1 26 | — | $39.4M | ||
| Q4 25 | — | $23.9M | ||
| Q3 25 | $19.4M | $19.4M | ||
| Q2 25 | $12.7M | $41.9M | ||
| Q1 25 | $-26.2M | $29.8M | ||
| Q4 24 | $101.9M | $46.2M | ||
| Q3 24 | $16.9M | $50.0M | ||
| Q2 24 | $78.9M | $52.6M |
| Q1 26 | — | 9.6% | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.7% | — | ||
| Q2 25 | 23.3% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 22.5% | — |
| Q1 26 | — | 4.5% | ||
| Q4 25 | — | 2.5% | ||
| Q3 25 | 4.6% | 2.2% | ||
| Q2 25 | 5.1% | 4.6% | ||
| Q1 25 | 2.1% | 3.4% | ||
| Q4 24 | 8.6% | 4.8% | ||
| Q3 24 | 4.2% | 5.2% | ||
| Q2 24 | 10.2% | 5.6% |
| Q1 26 | — | 3.4% | ||
| Q4 25 | — | 2.0% | ||
| Q3 25 | 1.2% | 1.6% | ||
| Q2 25 | 0.9% | 3.5% | ||
| Q1 25 | -1.9% | 2.6% | ||
| Q4 24 | 7.2% | 3.8% | ||
| Q3 24 | 1.2% | 4.1% | ||
| Q2 24 | 5.4% | 4.3% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | — | $0.70 | ||
| Q3 25 | $0.12 | $0.56 | ||
| Q2 25 | $0.08 | $1.20 | ||
| Q1 25 | $-0.16 | $0.85 | ||
| Q4 24 | $0.63 | $1.30 | ||
| Q3 24 | $0.11 | $1.41 | ||
| Q2 24 | $0.49 | $1.48 |
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 | $411.0M |
| Total DebtLower is stronger | $4.0B | $26.1M |
| Stockholders' EquityBook value | $4.7B | $799.0M |
| Total Assets | $10.5B | $1.6B |
| Debt / EquityLower = less leverage | 0.86× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $411.0M | ||
| Q4 25 | — | $452.2M | ||
| Q3 25 | $91.5M | $434.4M | ||
| Q2 25 | $94.6M | $426.2M | ||
| Q1 25 | $81.5M | $473.4M | ||
| Q4 24 | $76.0M | $566.6M | ||
| Q3 24 | $114.8M | $531.3M | ||
| Q2 24 | $121.6M | $504.0M |
| Q1 26 | — | $26.1M | ||
| Q4 25 | — | $0 | ||
| Q3 25 | $4.0B | $0 | ||
| Q2 25 | $3.9B | $0 | ||
| Q1 25 | $3.8B | $0 | ||
| Q4 24 | $3.9B | $0 | ||
| Q3 24 | $4.1B | $0 | ||
| Q2 24 | $4.3B | $0 |
| Q1 26 | — | $799.0M | ||
| Q4 25 | — | $795.7M | ||
| Q3 25 | $4.7B | $888.7M | ||
| Q2 25 | $4.6B | $921.8M | ||
| Q1 25 | $4.4B | $930.8M | ||
| Q4 24 | $4.4B | $972.4M | ||
| Q3 24 | $4.6B | $1.0B | ||
| Q2 24 | $4.5B | $1.0B |
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $10.5B | $1.7B | ||
| Q2 25 | $10.3B | $1.7B | ||
| Q1 25 | $10.0B | $1.7B | ||
| Q4 24 | $10.1B | $1.8B | ||
| Q3 24 | $10.6B | $1.8B | ||
| Q2 24 | $10.6B | $1.8B |
| Q1 26 | — | 0.03× | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | 0.86× | 0.00× | ||
| Q2 25 | 0.85× | 0.00× | ||
| Q1 25 | 0.86× | 0.00× | ||
| Q4 24 | 0.89× | 0.00× | ||
| Q3 24 | 0.91× | 0.00× | ||
| Q2 24 | 0.97× | 0.00× |
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 | — | — |
| Cash ConversionOCF / Net Profit | 11.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $72.7M | ||
| Q3 25 | $224.3M | $89.3M | ||
| Q2 25 | $145.8M | $7.1M | ||
| Q1 25 | $249.0M | $55.7M | ||
| Q4 24 | $154.4M | $61.1M | ||
| Q3 24 | $274.5M | $83.1M | ||
| Q2 24 | $146.5M | $48.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.5M | ||
| Q3 25 | — | $86.0M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $53.8M | ||
| Q4 24 | — | $54.4M | ||
| Q3 24 | — | $75.6M | ||
| Q2 24 | — | $40.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.0% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.04× | ||
| Q3 25 | 11.59× | 4.61× | ||
| Q2 25 | 11.52× | 0.17× | ||
| Q1 25 | — | 1.87× | ||
| Q4 24 | 1.52× | 1.32× | ||
| Q3 24 | 16.19× | 1.66× | ||
| Q2 24 | 1.86× | 0.91× |
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% |
LSTR
Segment breakdown not available.
