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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and PHINIA INC. (PHIN). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $889.0M, roughly 1.8× PHINIA INC.). On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 6.7%). Over the past eight quarters, PHINIA INC.'s revenue compounded faster (1.5% 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.
PHINIA Inc. is a global automotive technology provider specializing in fuel injection systems, starters, alternators, and hybrid/electric vehicle components. It serves OEMs and aftermarket customers across North America, Europe, Asia Pacific and key markets, covering passenger car, commercial vehicle and industrial mobility segments.
DAR vs PHIN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $889.0M |
| Net Profit | $19.4M | — |
| Gross Margin | 24.7% | 21.7% |
| Operating Margin | 4.6% | 7.8% |
| Net Margin | 1.2% | — |
| Revenue YoY | 10.0% | 6.7% |
| Net Profit YoY | 14.2% | — |
| EPS (diluted) | $0.12 | $1.14 |
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 | — | $889.0M | ||
| Q3 25 | $1.6B | $908.0M | ||
| Q2 25 | $1.5B | $890.0M | ||
| Q1 25 | $1.4B | $796.0M | ||
| Q4 24 | $1.4B | $833.0M | ||
| Q3 24 | $1.4B | $839.0M | ||
| Q2 24 | $1.5B | $868.0M | ||
| Q1 24 | $1.4B | $863.0M |
| Q4 25 | — | — | ||
| Q3 25 | $19.4M | $13.0M | ||
| Q2 25 | $12.7M | $46.0M | ||
| Q1 25 | $-26.2M | $26.0M | ||
| Q4 24 | $101.9M | — | ||
| Q3 24 | $16.9M | $31.0M | ||
| Q2 24 | $78.9M | $14.0M | ||
| Q1 24 | $81.2M | $29.0M |
| Q4 25 | — | 21.7% | ||
| Q3 25 | 24.7% | 22.0% | ||
| Q2 25 | 23.3% | 22.1% | ||
| Q1 25 | 22.6% | 21.6% | ||
| Q4 24 | 23.5% | 22.7% | ||
| Q3 24 | 22.1% | 22.3% | ||
| Q2 24 | 22.5% | 21.7% | ||
| Q1 24 | 21.4% | 22.2% |
| Q4 25 | — | 7.8% | ||
| Q3 25 | 4.6% | 3.7% | ||
| Q2 25 | 5.1% | 10.0% | ||
| Q1 25 | 2.1% | 7.8% | ||
| Q4 24 | 8.6% | 6.1% | ||
| Q3 24 | 4.2% | 7.9% | ||
| Q2 24 | 10.2% | 8.2% | ||
| Q1 24 | 9.7% | 8.2% |
| Q4 25 | — | — | ||
| Q3 25 | 1.2% | 1.4% | ||
| Q2 25 | 0.9% | 5.2% | ||
| Q1 25 | -1.9% | 3.3% | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 1.2% | 3.7% | ||
| Q2 24 | 5.4% | 1.6% | ||
| Q1 24 | 5.7% | 3.4% |
| Q4 25 | — | $1.14 | ||
| Q3 25 | $0.12 | $0.33 | ||
| Q2 25 | $0.08 | $1.14 | ||
| Q1 25 | $-0.16 | $0.63 | ||
| Q4 24 | $0.63 | $0.13 | ||
| Q3 24 | $0.11 | $0.70 | ||
| Q2 24 | $0.49 | $0.31 | ||
| Q1 24 | $0.50 | $0.62 |
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 | $359.0M |
| Total DebtLower is stronger | $4.0B | $970.0M |
| Stockholders' EquityBook value | $4.7B | $1.6B |
| Total Assets | $10.5B | $3.8B |
| Debt / EquityLower = less leverage | 0.86× | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $359.0M | ||
| Q3 25 | $91.5M | $349.0M | ||
| Q2 25 | $94.6M | $347.0M | ||
| Q1 25 | $81.5M | $373.0M | ||
| Q4 24 | $76.0M | $484.0M | ||
| Q3 24 | $114.8M | $477.0M | ||
| Q2 24 | $121.6M | $339.0M | ||
| Q1 24 | $145.5M | $325.0M |
| Q4 25 | — | $970.0M | ||
| Q3 25 | $4.0B | $990.0M | ||
| Q2 25 | $3.9B | $990.0M | ||
| Q1 25 | $3.8B | $989.0M | ||
| Q4 24 | $3.9B | $988.0M | ||
| Q3 24 | $4.1B | $987.0M | ||
| Q2 24 | $4.3B | $821.0M | ||
| Q1 24 | $4.4B | $706.0M |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $4.7B | $1.6B | ||
| Q2 25 | $4.6B | $1.6B | ||
| Q1 25 | $4.4B | $1.5B | ||
| Q4 24 | $4.4B | $1.6B | ||
| Q3 24 | $4.6B | $1.7B | ||
| Q2 24 | $4.5B | $1.7B | ||
| Q1 24 | $4.6B | $1.9B |
| Q4 25 | — | $3.8B | ||
| Q3 25 | $10.5B | $4.0B | ||
| Q2 25 | $10.3B | $3.9B | ||
| Q1 25 | $10.0B | $3.7B | ||
| Q4 24 | $10.1B | $3.8B | ||
| Q3 24 | $10.6B | $4.0B | ||
| Q2 24 | $10.6B | $3.9B | ||
| Q1 24 | $10.9B | $4.0B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | 0.86× | 0.62× | ||
| Q2 25 | 0.85× | 0.61× | ||
| Q1 25 | 0.86× | 0.64× | ||
| Q4 24 | 0.89× | 0.63× | ||
| Q3 24 | 0.91× | 0.58× | ||
| Q2 24 | 0.97× | 0.47× | ||
| Q1 24 | 0.95× | 0.38× |
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 | $96.0M |
| Free Cash FlowOCF − Capex | — | $67.0M |
| FCF MarginFCF / Revenue | — | 7.5% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | 11.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $188.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $96.0M | ||
| Q3 25 | $224.3M | $119.0M | ||
| Q2 25 | $145.8M | $57.0M | ||
| Q1 25 | $249.0M | $40.0M | ||
| Q4 24 | $154.4M | $73.0M | ||
| Q3 24 | $274.5M | $95.0M | ||
| Q2 24 | $146.5M | $109.0M | ||
| Q1 24 | $263.9M | $31.0M |
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $93.0M | ||
| Q2 25 | — | $23.0M | ||
| Q1 25 | — | $5.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $70.0M | ||
| Q2 24 | — | $92.0M | ||
| Q1 24 | — | $-12.0M |
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 10.2% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | — | 8.3% | ||
| Q2 24 | — | 10.6% | ||
| Q1 24 | — | -1.4% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 5.0% |
| Q4 25 | — | — | ||
| Q3 25 | 11.59× | 9.15× | ||
| Q2 25 | 11.52× | 1.24× | ||
| Q1 25 | — | 1.54× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | 3.06× | ||
| Q2 24 | 1.86× | 7.79× | ||
| Q1 24 | 3.25× | 1.07× |
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% |
PHIN
| Customer | $618.0M | 70% |
| Fuel Systems | $194.0M | 22% |
| Other | $77.0M | 9% |
