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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.4B, roughly 1.1× SEALED AIR CORP). SEALED AIR CORP runs the higher net margin — 3.1% vs 1.2%, a 1.9% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 2.6%). Over the past eight quarters, SEALED AIR CORP's revenue compounded faster (2.7% 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.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
DAR vs SEE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.4B |
| Net Profit | $19.4M | $43.8M |
| Gross Margin | 24.7% | 28.6% |
| Operating Margin | 4.6% | 11.4% |
| Net Margin | 1.2% | 3.1% |
| Revenue YoY | 10.0% | 2.6% |
| Net Profit YoY | 14.2% | 700.0% |
| EPS (diluted) | $0.12 | $0.30 |
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 | — | $1.4B | ||
| Q3 25 | $1.6B | $1.3B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.4B | $1.3B |
| Q4 25 | — | $43.8M | ||
| Q3 25 | $19.4M | $255.1M | ||
| Q2 25 | $12.7M | $93.1M | ||
| Q1 25 | $-26.2M | $113.5M | ||
| Q4 24 | $101.9M | $-7.3M | ||
| Q3 24 | $16.9M | $91.7M | ||
| Q2 24 | $78.9M | $98.3M | ||
| Q1 24 | $81.2M | $82.0M |
| Q4 25 | — | 28.6% | ||
| Q3 25 | 24.7% | 29.8% | ||
| Q2 25 | 23.3% | 30.7% | ||
| Q1 25 | 22.6% | 30.9% | ||
| Q4 24 | 23.5% | 30.0% | ||
| Q3 24 | 22.1% | 30.1% | ||
| Q2 24 | 22.5% | 31.2% | ||
| Q1 24 | 21.4% | 30.3% |
| Q4 25 | — | 11.4% | ||
| Q3 25 | 4.6% | 13.8% | ||
| Q2 25 | 5.1% | 15.0% | ||
| Q1 25 | 2.1% | 14.5% | ||
| Q4 24 | 8.6% | 11.7% | ||
| Q3 24 | 4.2% | 13.9% | ||
| Q2 24 | 10.2% | 15.4% | ||
| Q1 24 | 9.7% | 14.0% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | 1.2% | 19.0% | ||
| Q2 25 | 0.9% | 7.0% | ||
| Q1 25 | -1.9% | 9.0% | ||
| Q4 24 | 7.2% | -0.5% | ||
| Q3 24 | 1.2% | 6.9% | ||
| Q2 24 | 5.4% | 7.4% | ||
| Q1 24 | 5.7% | 6.2% |
| Q4 25 | — | $0.30 | ||
| Q3 25 | $0.12 | $1.73 | ||
| Q2 25 | $0.08 | $0.63 | ||
| Q1 25 | $-0.16 | $0.77 | ||
| Q4 24 | $0.63 | $-0.05 | ||
| Q3 24 | $0.11 | $0.63 | ||
| Q2 24 | $0.49 | $0.67 | ||
| Q1 24 | $0.50 | $0.56 |
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 | $344.0M |
| Total DebtLower is stronger | $4.0B | $3.3B |
| Stockholders' EquityBook value | $4.7B | $1.2B |
| Total Assets | $10.5B | $7.0B |
| Debt / EquityLower = less leverage | 0.86× | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $344.0M | ||
| Q3 25 | $91.5M | $282.5M | ||
| Q2 25 | $94.6M | $354.4M | ||
| Q1 25 | $81.5M | $335.2M | ||
| Q4 24 | $76.0M | $371.8M | ||
| Q3 24 | $114.8M | $386.0M | ||
| Q2 24 | $121.6M | $388.6M | ||
| Q1 24 | $145.5M | $352.8M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $4.0B | $4.0B | ||
| Q2 25 | $3.9B | $4.0B | ||
| Q1 25 | $3.8B | $4.2B | ||
| Q4 24 | $3.9B | $4.2B | ||
| Q3 24 | $4.1B | $4.3B | ||
| Q2 24 | $4.3B | $4.4B | ||
| Q1 24 | $4.4B | $4.5B |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $4.7B | $1.2B | ||
| Q2 25 | $4.6B | $953.1M | ||
| Q1 25 | $4.4B | $797.9M | ||
| Q4 24 | $4.4B | $624.5M | ||
| Q3 24 | $4.6B | $771.2M | ||
| Q2 24 | $4.5B | $650.1M | ||
| Q1 24 | $4.6B | $598.3M |
| Q4 25 | — | $7.0B | ||
| Q3 25 | $10.5B | $7.1B | ||
| Q2 25 | $10.3B | $7.2B | ||
| Q1 25 | $10.0B | $7.0B | ||
| Q4 24 | $10.1B | $7.0B | ||
| Q3 24 | $10.6B | $7.3B | ||
| Q2 24 | $10.6B | $7.3B | ||
| Q1 24 | $10.9B | $7.2B |
| Q4 25 | — | 2.65× | ||
| Q3 25 | 0.86× | 3.34× | ||
| Q2 25 | 0.85× | 4.18× | ||
| Q1 25 | 0.86× | 5.26× | ||
| Q4 24 | 0.89× | 6.72× | ||
| Q3 24 | 0.91× | 5.62× | ||
| Q2 24 | 0.97× | 6.81× | ||
| Q1 24 | 0.95× | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | — | $257.7M |
| FCF MarginFCF / Revenue | — | 18.5% |
| Capex IntensityCapex / Revenue | — | 2.6% |
| Cash ConversionOCF / Net Profit | 11.59× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $293.6M | ||
| Q3 25 | $224.3M | $165.9M | ||
| Q2 25 | $145.8M | $136.6M | ||
| Q1 25 | $249.0M | $31.9M | ||
| Q4 24 | $154.4M | $244.2M | ||
| Q3 24 | $274.5M | $170.5M | ||
| Q2 24 | $146.5M | $188.2M | ||
| Q1 24 | $263.9M | $125.1M |
| Q4 25 | — | $257.7M | ||
| Q3 25 | — | $119.6M | ||
| Q2 25 | — | $93.2M | ||
| Q1 25 | — | $-12.0M | ||
| Q4 24 | — | $185.1M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | — | $78.0M |
| Q4 25 | — | 18.5% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 5.9% |
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 6.70× | ||
| Q3 25 | 11.59× | 0.65× | ||
| Q2 25 | 11.52× | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | 1.86× | ||
| Q2 24 | 1.86× | 1.91× | ||
| Q1 24 | 3.25× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
