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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Norwegian Cruise Line Holdings is the larger business by last-quarter revenue ($2.2B vs $1.6B, roughly 1.4× DARLING INGREDIENTS INC.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs 0.6%, a 0.6% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 6.4%). Over the past eight quarters, Norwegian Cruise Line Holdings's revenue compounded faster (1.2% 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.
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
DAR vs NCLH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.2B |
| Net Profit | $19.4M | $14.3M |
| Gross Margin | 24.7% | 41.0% |
| Operating Margin | 4.6% | 8.3% |
| Net Margin | 1.2% | 0.6% |
| Revenue YoY | 10.0% | 6.4% |
| Net Profit YoY | 14.2% | -94.4% |
| EPS (diluted) | $0.12 | $0.08 |
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 | — | $2.2B | ||
| Q3 25 | $1.6B | $2.9B | ||
| Q2 25 | $1.5B | $2.5B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.4B | $2.8B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.4B | $2.2B |
| Q4 25 | — | $14.3M | ||
| Q3 25 | $19.4M | $419.3M | ||
| Q2 25 | $12.7M | $30.0M | ||
| Q1 25 | $-26.2M | $-40.3M | ||
| Q4 24 | $101.9M | $254.5M | ||
| Q3 24 | $16.9M | $474.9M | ||
| Q2 24 | $78.9M | $163.4M | ||
| Q1 24 | $81.2M | $17.4M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | 24.7% | 47.1% | ||
| Q2 25 | 23.3% | 42.1% | ||
| Q1 25 | 22.6% | 38.7% | ||
| Q4 24 | 23.5% | 38.0% | ||
| Q3 24 | 22.1% | 45.2% | ||
| Q2 24 | 22.5% | 38.7% | ||
| Q1 24 | 21.4% | 36.7% |
| Q4 25 | — | 8.3% | ||
| Q3 25 | 4.6% | 25.5% | ||
| Q2 25 | 5.1% | 16.8% | ||
| Q1 25 | 2.1% | 9.4% | ||
| Q4 24 | 8.6% | 10.2% | ||
| Q3 24 | 4.2% | 24.6% | ||
| Q2 24 | 10.2% | 14.4% | ||
| Q1 24 | 9.7% | 10.0% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | 1.2% | 14.3% | ||
| Q2 25 | 0.9% | 1.2% | ||
| Q1 25 | -1.9% | -1.9% | ||
| Q4 24 | 7.2% | 12.1% | ||
| Q3 24 | 1.2% | 16.9% | ||
| Q2 24 | 5.4% | 6.9% | ||
| Q1 24 | 5.7% | 0.8% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $0.12 | $0.86 | ||
| Q2 25 | $0.08 | $0.07 | ||
| Q1 25 | $-0.16 | $-0.09 | ||
| Q4 24 | $0.63 | $0.55 | ||
| Q3 24 | $0.11 | $0.95 | ||
| Q2 24 | $0.49 | $0.35 | ||
| Q1 24 | $0.50 | $0.04 |
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 | $209.9M |
| Total DebtLower is stronger | $4.0B | $13.7B |
| Stockholders' EquityBook value | $4.7B | $2.2B |
| Total Assets | $10.5B | $22.5B |
| Debt / EquityLower = less leverage | 0.86× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $209.9M | ||
| Q3 25 | $91.5M | $166.8M | ||
| Q2 25 | $94.6M | $184.0M | ||
| Q1 25 | $81.5M | $184.4M | ||
| Q4 24 | $76.0M | $190.8M | ||
| Q3 24 | $114.8M | $332.5M | ||
| Q2 24 | $121.6M | $594.1M | ||
| Q1 24 | $145.5M | $559.8M |
| Q4 25 | — | $13.7B | ||
| Q3 25 | $4.0B | $13.6B | ||
| Q2 25 | $3.9B | $12.6B | ||
| Q1 25 | $3.8B | $12.9B | ||
| Q4 24 | $3.9B | $11.8B | ||
| Q3 24 | $4.1B | $11.8B | ||
| Q2 24 | $4.3B | $11.9B | ||
| Q1 24 | $4.4B | $12.0B |
| Q4 25 | — | $2.2B | ||
| Q3 25 | $4.7B | $2.2B | ||
| Q2 25 | $4.6B | $1.6B | ||
| Q1 25 | $4.4B | $1.4B | ||
| Q4 24 | $4.4B | $1.4B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $4.5B | $693.1M | ||
| Q1 24 | $4.6B | $362.1M |
| Q4 25 | — | $22.5B | ||
| Q3 25 | $10.5B | $22.2B | ||
| Q2 25 | $10.3B | $21.6B | ||
| Q1 25 | $10.0B | $21.4B | ||
| Q4 24 | $10.1B | $20.0B | ||
| Q3 24 | $10.6B | $19.8B | ||
| Q2 24 | $10.6B | $20.1B | ||
| Q1 24 | $10.9B | $19.8B |
| Q4 25 | — | 6.21× | ||
| Q3 25 | 0.86× | 6.22× | ||
| Q2 25 | 0.85× | 8.05× | ||
| Q1 25 | 0.86× | 9.09× | ||
| Q4 24 | 0.89× | 8.26× | ||
| Q3 24 | 0.91× | 10.35× | ||
| Q2 24 | 0.97× | 17.19× | ||
| Q1 24 | 0.95× | 33.16× |
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 | $459.1M |
| Free Cash FlowOCF − Capex | — | $21.5M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | — | 19.5% |
| Cash ConversionOCF / Net Profit | 11.59× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $459.1M | ||
| Q3 25 | $224.3M | $236.6M | ||
| Q2 25 | $145.8M | $714.9M | ||
| Q1 25 | $249.0M | $679.2M | ||
| Q4 24 | $154.4M | $399.3M | ||
| Q3 24 | $274.5M | $172.5M | ||
| Q2 24 | $146.5M | $670.9M | ||
| Q1 24 | $263.9M | $807.2M |
| Q4 25 | — | $21.5M | ||
| Q3 25 | — | $-726.5M | ||
| Q2 25 | — | $381.2M | ||
| Q1 25 | — | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | — | $-195.5M | ||
| Q2 24 | — | $330.2M | ||
| Q1 24 | — | $548.3M |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | -24.7% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | -7.0% | ||
| Q2 24 | — | 13.9% | ||
| Q1 24 | — | 25.0% |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 11.8% |
| Q4 25 | — | 32.21× | ||
| Q3 25 | 11.59× | 0.56× | ||
| Q2 25 | 11.52× | 23.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | 1.57× | ||
| Q3 24 | 16.19× | 0.36× | ||
| Q2 24 | 1.86× | 4.10× | ||
| Q1 24 | 3.25× | 46.51× |
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% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
