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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $822.5M, roughly 1.9× MSCI Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 1.2%, a 33.4% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs 10.0%). Over the past eight quarters, MSCI Inc.'s revenue compounded faster (10.0% 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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
DAR vs MSCI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $822.5M |
| Net Profit | $19.4M | $284.7M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 56.4% |
| Net Margin | 1.2% | 34.6% |
| Revenue YoY | 10.0% | 10.6% |
| Net Profit YoY | 14.2% | -6.8% |
| EPS (diluted) | $0.12 | $3.81 |
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 | — | $822.5M | ||
| Q3 25 | $1.6B | $793.4M | ||
| Q2 25 | $1.5B | $772.7M | ||
| Q1 25 | $1.4B | $745.8M | ||
| Q4 24 | $1.4B | $743.5M | ||
| Q3 24 | $1.4B | $724.7M | ||
| Q2 24 | $1.5B | $707.9M | ||
| Q1 24 | $1.4B | $680.0M |
| Q4 25 | — | $284.7M | ||
| Q3 25 | $19.4M | $325.4M | ||
| Q2 25 | $12.7M | $303.6M | ||
| Q1 25 | $-26.2M | $288.6M | ||
| Q4 24 | $101.9M | $305.5M | ||
| Q3 24 | $16.9M | $280.9M | ||
| Q2 24 | $78.9M | $266.8M | ||
| Q1 24 | $81.2M | $256.0M |
| 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 24 | 21.4% | — |
| Q4 25 | — | 56.4% | ||
| Q3 25 | 4.6% | 56.4% | ||
| Q2 25 | 5.1% | 55.0% | ||
| Q1 25 | 2.1% | 50.6% | ||
| Q4 24 | 8.6% | 54.5% | ||
| Q3 24 | 4.2% | 55.4% | ||
| Q2 24 | 10.2% | 54.0% | ||
| Q1 24 | 9.7% | 49.9% |
| Q4 25 | — | 34.6% | ||
| Q3 25 | 1.2% | 41.0% | ||
| Q2 25 | 0.9% | 39.3% | ||
| Q1 25 | -1.9% | 38.7% | ||
| Q4 24 | 7.2% | 41.1% | ||
| Q3 24 | 1.2% | 38.8% | ||
| Q2 24 | 5.4% | 37.7% | ||
| Q1 24 | 5.7% | 37.6% |
| Q4 25 | — | $3.81 | ||
| Q3 25 | $0.12 | $4.25 | ||
| Q2 25 | $0.08 | $3.92 | ||
| Q1 25 | $-0.16 | $3.71 | ||
| Q4 24 | $0.63 | $3.89 | ||
| Q3 24 | $0.11 | $3.57 | ||
| Q2 24 | $0.49 | $3.37 | ||
| Q1 24 | $0.50 | $3.22 |
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 | $515.3M |
| Total DebtLower is stronger | $4.0B | $6.2B |
| Stockholders' EquityBook value | $4.7B | $-2.7B |
| Total Assets | $10.5B | $5.7B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $515.3M | ||
| Q3 25 | $91.5M | $400.1M | ||
| Q2 25 | $94.6M | $347.3M | ||
| Q1 25 | $81.5M | $360.7M | ||
| Q4 24 | $76.0M | $409.4M | ||
| Q3 24 | $114.8M | $501.0M | ||
| Q2 24 | $121.6M | $451.4M | ||
| Q1 24 | $145.5M | $519.3M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | $4.0B | $5.5B | ||
| Q2 25 | $3.9B | $4.5B | ||
| Q1 25 | $3.8B | $4.5B | ||
| Q4 24 | $3.9B | $4.5B | ||
| Q3 24 | $4.1B | $4.5B | ||
| Q2 24 | $4.3B | $4.5B | ||
| Q1 24 | $4.4B | $4.5B |
| Q4 25 | — | $-2.7B | ||
| Q3 25 | $4.7B | $-1.9B | ||
| Q2 25 | $4.6B | $-886.2M | ||
| Q1 25 | $4.4B | $-958.6M | ||
| Q4 24 | $4.4B | $-940.0M | ||
| Q3 24 | $4.6B | $-751.0M | ||
| Q2 24 | $4.5B | $-734.5M | ||
| Q1 24 | $4.6B | $-650.5M |
| Q4 25 | — | $5.7B | ||
| Q3 25 | $10.5B | $5.4B | ||
| Q2 25 | $10.3B | $5.4B | ||
| Q1 25 | $10.0B | $5.3B | ||
| Q4 24 | $10.1B | $5.4B | ||
| Q3 24 | $10.6B | $5.4B | ||
| Q2 24 | $10.6B | $5.5B | ||
| Q1 24 | $10.9B | $5.5B |
| Q4 25 | — | — | ||
| 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× | — |
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 | $501.1M |
| Free Cash FlowOCF − Capex | — | $488.7M |
| FCF MarginFCF / Revenue | — | 59.4% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 11.59× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $501.1M | ||
| Q3 25 | $224.3M | $449.4M | ||
| Q2 25 | $145.8M | $336.1M | ||
| Q1 25 | $249.0M | $301.7M | ||
| Q4 24 | $154.4M | $430.6M | ||
| Q3 24 | $274.5M | $421.6M | ||
| Q2 24 | $146.5M | $349.2M | ||
| Q1 24 | $263.9M | $300.1M |
| Q4 25 | — | $488.7M | ||
| Q3 25 | — | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | — | 1.76× | ||
| Q3 25 | 11.59× | 1.38× | ||
| Q2 25 | 11.52× | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 1.52× | 1.41× | ||
| Q3 24 | 16.19× | 1.50× | ||
| Q2 24 | 1.86× | 1.31× | ||
| Q1 24 | 3.25× | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
