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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Sally Beauty Holdings, Inc. (SBH). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $943.2M, roughly 1.7× Sally Beauty Holdings, Inc.). Sally Beauty Holdings, Inc. runs the higher net margin — 4.8% vs 1.2%, a 3.6% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 0.6%). Over the past eight quarters, Sally Beauty Holdings, Inc.'s revenue compounded faster (1.9% 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.
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
DAR vs SBH — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $943.2M |
| Net Profit | $19.4M | $45.6M |
| Gross Margin | 24.7% | 51.2% |
| Operating Margin | 4.6% | 8.1% |
| Net Margin | 1.2% | 4.8% |
| Revenue YoY | 10.0% | 0.6% |
| Net Profit YoY | 14.2% | -25.3% |
| EPS (diluted) | $0.12 | $0.45 |
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 | — | $943.2M | ||
| Q3 25 | $1.6B | $947.1M | ||
| Q2 25 | $1.5B | $933.3M | ||
| Q1 25 | $1.4B | $883.1M | ||
| Q4 24 | $1.4B | $937.9M | ||
| Q3 24 | $1.4B | $935.0M | ||
| Q2 24 | $1.5B | $942.3M | ||
| Q1 24 | $1.4B | $908.4M |
| Q4 25 | — | $45.6M | ||
| Q3 25 | $19.4M | $49.9M | ||
| Q2 25 | $12.7M | $45.7M | ||
| Q1 25 | $-26.2M | $39.2M | ||
| Q4 24 | $101.9M | $61.0M | ||
| Q3 24 | $16.9M | $48.1M | ||
| Q2 24 | $78.9M | $37.7M | ||
| Q1 24 | $81.2M | $29.2M |
| Q4 25 | — | 51.2% | ||
| Q3 25 | 24.7% | 52.2% | ||
| Q2 25 | 23.3% | 51.5% | ||
| Q1 25 | 22.6% | 52.0% | ||
| Q4 24 | 23.5% | 50.8% | ||
| Q3 24 | 22.1% | 51.2% | ||
| Q2 24 | 22.5% | 51.0% | ||
| Q1 24 | 21.4% | 51.0% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | 4.6% | 8.4% | ||
| Q2 25 | 5.1% | 8.4% | ||
| Q1 25 | 2.1% | 7.9% | ||
| Q4 24 | 8.6% | 10.7% | ||
| Q3 24 | 4.2% | 8.8% | ||
| Q2 24 | 10.2% | 7.6% | ||
| Q1 24 | 9.7% | 6.6% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 1.2% | 5.3% | ||
| Q2 25 | 0.9% | 4.9% | ||
| Q1 25 | -1.9% | 4.4% | ||
| Q4 24 | 7.2% | 6.5% | ||
| Q3 24 | 1.2% | 5.1% | ||
| Q2 24 | 5.4% | 4.0% | ||
| Q1 24 | 5.7% | 3.2% |
| Q4 25 | — | $0.45 | ||
| Q3 25 | $0.12 | $0.49 | ||
| Q2 25 | $0.08 | $0.44 | ||
| Q1 25 | $-0.16 | $0.38 | ||
| Q4 24 | $0.63 | $0.58 | ||
| Q3 24 | $0.11 | $0.45 | ||
| Q2 24 | $0.49 | $0.36 | ||
| Q1 24 | $0.50 | $0.27 |
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 | $157.2M |
| Total DebtLower is stronger | $4.0B | $842.5M |
| Stockholders' EquityBook value | $4.7B | $823.6M |
| Total Assets | $10.5B | $2.9B |
| Debt / EquityLower = less leverage | 0.86× | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $157.2M | ||
| Q3 25 | $91.5M | $149.2M | ||
| Q2 25 | $94.6M | $112.8M | ||
| Q1 25 | $81.5M | $92.2M | ||
| Q4 24 | $76.0M | $105.5M | ||
| Q3 24 | $114.8M | $108.0M | ||
| Q2 24 | $121.6M | $97.4M | ||
| Q1 24 | $145.5M | $97.2M |
| Q4 25 | — | $842.5M | ||
| Q3 25 | $4.0B | $862.0M | ||
| Q2 25 | $3.9B | $882.4M | ||
| Q1 25 | $3.8B | $902.8M | ||
| Q4 24 | $3.9B | $938.1M | ||
| Q3 24 | $4.1B | $978.3M | ||
| Q2 24 | $4.3B | $978.9M | ||
| Q1 24 | $4.4B | $978.4M |
| Q4 25 | — | $823.6M | ||
| Q3 25 | $4.7B | $794.2M | ||
| Q2 25 | $4.6B | $762.9M | ||
| Q1 25 | $4.4B | $699.8M | ||
| Q4 24 | $4.4B | $656.5M | ||
| Q3 24 | $4.6B | $628.5M | ||
| Q2 24 | $4.5B | $577.7M | ||
| Q1 24 | $4.6B | $550.9M |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $10.5B | $2.9B | ||
| Q2 25 | $10.3B | $2.7B | ||
| Q1 25 | $10.0B | $2.7B | ||
| Q4 24 | $10.1B | $2.7B | ||
| Q3 24 | $10.6B | $2.8B | ||
| Q2 24 | $10.6B | $2.7B | ||
| Q1 24 | $10.9B | $2.7B |
| Q4 25 | — | 1.02× | ||
| Q3 25 | 0.86× | 1.09× | ||
| Q2 25 | 0.85× | 1.16× | ||
| Q1 25 | 0.86× | 1.29× | ||
| Q4 24 | 0.89× | 1.43× | ||
| Q3 24 | 0.91× | 1.56× | ||
| Q2 24 | 0.97× | 1.69× | ||
| Q1 24 | 0.95× | 1.78× |
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 | $93.2M |
| Free Cash FlowOCF − Capex | — | $57.5M |
| FCF MarginFCF / Revenue | — | 6.1% |
| Capex IntensityCapex / Revenue | — | 3.8% |
| Cash ConversionOCF / Net Profit | 11.59× | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $216.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $93.2M | ||
| Q3 25 | $224.3M | $120.9M | ||
| Q2 25 | $145.8M | $69.4M | ||
| Q1 25 | $249.0M | $51.1M | ||
| Q4 24 | $154.4M | $33.5M | ||
| Q3 24 | $274.5M | $110.7M | ||
| Q2 24 | $146.5M | $47.9M | ||
| Q1 24 | $263.9M | $36.9M |
| Q4 25 | — | $57.5M | ||
| Q3 25 | — | $78.0M | ||
| Q2 25 | — | $49.1M | ||
| Q1 25 | — | $32.2M | ||
| Q4 24 | — | $13.4M | ||
| Q3 24 | — | $73.3M | ||
| Q2 24 | — | $28.7M | ||
| Q1 24 | — | $22.8M |
| Q4 25 | — | 6.1% | ||
| Q3 25 | — | 8.2% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | — | 2.05× | ||
| Q3 25 | 11.59× | 2.42× | ||
| Q2 25 | 11.52× | 1.52× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | 1.52× | 0.55× | ||
| Q3 24 | 16.19× | 2.30× | ||
| Q2 24 | 1.86× | 1.27× | ||
| Q1 24 | 3.25× | 1.26× |
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% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
