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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Organon & Co. (OGN). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.5B, roughly 1.0× Organon & Co.). DARLING INGREDIENTS INC. runs the higher net margin — 1.2% vs -13.6%, a 14.8% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs -5.3%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% CAGR vs -3.6%).
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.
Organon & Co. is an American pharmaceutical company headquartered in Jersey City, New Jersey. Organon specializes in the following core therapeutic fields: reproductive medicine, contraception, psychiatry, hormone replacement therapy (HRT), and anesthesia. Organon produces all its products outside of the United States but receives a third of its revenue from the United States.
DAR vs OGN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.5B |
| Net Profit | $19.4M | $-205.0M |
| Gross Margin | 24.7% | 49.2% |
| Operating Margin | 4.6% | -9.8% |
| Net Margin | 1.2% | -13.6% |
| Revenue YoY | 10.0% | -5.3% |
| Net Profit YoY | 14.2% | -288.1% |
| EPS (diluted) | $0.12 | $-0.78 |
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 | — | $1.5B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.4B | $1.6B |
| Q4 25 | — | $-205.0M | ||
| Q3 25 | $19.4M | $160.0M | ||
| Q2 25 | $12.7M | $145.0M | ||
| Q1 25 | $-26.2M | $87.0M | ||
| Q4 24 | $101.9M | $109.0M | ||
| Q3 24 | $16.9M | $359.0M | ||
| Q2 24 | $78.9M | $195.0M | ||
| Q1 24 | $81.2M | $201.0M |
| Q4 25 | — | 49.2% | ||
| Q3 25 | 24.7% | 53.5% | ||
| Q2 25 | 23.3% | 54.8% | ||
| Q1 25 | 22.6% | 55.6% | ||
| Q4 24 | 23.5% | 56.3% | ||
| Q3 24 | 22.1% | 58.3% | ||
| Q2 24 | 22.5% | 58.4% | ||
| Q1 24 | 21.4% | 59.0% |
| Q4 25 | — | -9.8% | ||
| Q3 25 | 4.6% | 15.2% | ||
| Q2 25 | 5.1% | 14.4% | ||
| Q1 25 | 2.1% | 6.7% | ||
| Q4 24 | 8.6% | 8.1% | ||
| Q3 24 | 4.2% | 13.1% | ||
| Q2 24 | 10.2% | 14.6% | ||
| Q1 24 | 9.7% | 14.5% |
| Q4 25 | — | -13.6% | ||
| Q3 25 | 1.2% | 10.0% | ||
| Q2 25 | 0.9% | 9.1% | ||
| Q1 25 | -1.9% | 5.8% | ||
| Q4 24 | 7.2% | 6.8% | ||
| Q3 24 | 1.2% | 22.7% | ||
| Q2 24 | 5.4% | 12.1% | ||
| Q1 24 | 5.7% | 12.4% |
| Q4 25 | — | $-0.78 | ||
| Q3 25 | $0.12 | $0.61 | ||
| Q2 25 | $0.08 | $0.56 | ||
| Q1 25 | $-0.16 | $0.33 | ||
| Q4 24 | $0.63 | $0.42 | ||
| Q3 24 | $0.11 | $1.38 | ||
| Q2 24 | $0.49 | $0.75 | ||
| Q1 24 | $0.50 | $0.78 |
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 | $574.0M |
| Total DebtLower is stronger | $4.0B | $8.6B |
| Stockholders' EquityBook value | $4.7B | $752.0M |
| Total Assets | $10.5B | $12.9B |
| Debt / EquityLower = less leverage | 0.86× | 11.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $574.0M | ||
| Q3 25 | $91.5M | $672.0M | ||
| Q2 25 | $94.6M | $599.0M | ||
| Q1 25 | $81.5M | $547.0M | ||
| Q4 24 | $76.0M | $675.0M | ||
| Q3 24 | $114.8M | $763.0M | ||
| Q2 24 | $121.6M | $704.0M | ||
| Q1 24 | $145.5M | $575.0M |
| Q4 25 | — | $8.6B | ||
| Q3 25 | $4.0B | $8.8B | ||
| Q2 25 | $3.9B | $8.9B | ||
| Q1 25 | $3.8B | $9.0B | ||
| Q4 24 | $3.9B | $8.9B | ||
| Q3 24 | $4.1B | $8.7B | ||
| Q2 24 | $4.3B | $8.7B | ||
| Q1 24 | $4.4B | $8.7B |
| Q4 25 | — | $752.0M | ||
| Q3 25 | $4.7B | $906.0M | ||
| Q2 25 | $4.6B | $733.0M | ||
| Q1 25 | $4.4B | $542.0M | ||
| Q4 24 | $4.4B | $472.0M | ||
| Q3 24 | $4.6B | $493.0M | ||
| Q2 24 | $4.5B | $144.0M | ||
| Q1 24 | $4.6B | $48.0M |
| Q4 25 | — | $12.9B | ||
| Q3 25 | $10.5B | $13.6B | ||
| Q2 25 | $10.3B | $13.5B | ||
| Q1 25 | $10.0B | $13.2B | ||
| Q4 24 | $10.1B | $13.1B | ||
| Q3 24 | $10.6B | $12.8B | ||
| Q2 24 | $10.6B | $12.2B | ||
| Q1 24 | $10.9B | $11.9B |
| Q4 25 | — | 11.49× | ||
| Q3 25 | 0.86× | 9.74× | ||
| Q2 25 | 0.85× | 12.14× | ||
| Q1 25 | 0.86× | 16.52× | ||
| Q4 24 | 0.89× | 18.81× | ||
| Q3 24 | 0.91× | 17.75× | ||
| Q2 24 | 0.97× | 60.11× | ||
| Q1 24 | 0.95× | 181.54× |
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 | $141.0M |
| Free Cash FlowOCF − Capex | — | $96.0M |
| FCF MarginFCF / Revenue | — | 6.4% |
| Capex IntensityCapex / Revenue | — | 3.0% |
| Cash ConversionOCF / Net Profit | 11.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $538.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $141.0M | ||
| Q3 25 | $224.3M | $264.0M | ||
| Q2 25 | $145.8M | $220.0M | ||
| Q1 25 | $249.0M | $75.0M | ||
| Q4 24 | $154.4M | $390.0M | ||
| Q3 24 | $274.5M | $141.0M | ||
| Q2 24 | $146.5M | $332.0M | ||
| Q1 24 | $263.9M | $76.0M |
| Q4 25 | — | $96.0M | ||
| Q3 25 | — | $218.0M | ||
| Q2 25 | — | $181.0M | ||
| Q1 25 | — | $43.0M | ||
| Q4 24 | — | $335.0M | ||
| Q3 24 | — | $99.0M | ||
| Q2 24 | — | $300.0M | ||
| Q1 24 | — | $30.0M |
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | — | 11.4% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 21.0% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | 18.7% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.8% |
| Q4 25 | — | — | ||
| Q3 25 | 11.59× | 1.65× | ||
| Q2 25 | 11.52× | 1.52× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 1.52× | 3.58× | ||
| Q3 24 | 16.19× | 0.39× | ||
| Q2 24 | 1.86× | 1.70× | ||
| Q1 24 | 3.25× | 0.38× |
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% |
OGN
Segment breakdown not available.
