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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and SELECT MEDICAL HOLDINGS CORP (SEM). 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× SELECT MEDICAL HOLDINGS CORP). SELECT MEDICAL HOLDINGS CORP runs the higher net margin — 1.4% vs 1.2%, a 0.2% 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, SELECT MEDICAL HOLDINGS CORP's revenue compounded faster (2.8% 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.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
DAR vs SEM — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.4B |
| Net Profit | $19.4M | $20.2M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 4.6% |
| Net Margin | 1.2% | 1.4% |
| Revenue YoY | 10.0% | 6.4% |
| Net Profit YoY | 14.2% | 225.7% |
| EPS (diluted) | $0.12 | $0.17 |
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 | $1.4B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.4B | $1.3B |
| Q4 25 | — | $20.2M | ||
| Q3 25 | $19.4M | $28.8M | ||
| Q2 25 | $12.7M | $40.6M | ||
| Q1 25 | $-26.2M | $56.7M | ||
| Q4 24 | $101.9M | $-16.1M | ||
| Q3 24 | $16.9M | $55.6M | ||
| Q2 24 | $78.9M | $77.6M | ||
| Q1 24 | $81.2M | $96.9M |
| Q4 25 | — | — | ||
| Q3 25 | 24.7% | — | ||
| Q2 25 | 23.3% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 21.4% | — |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 4.6% | 5.4% | ||
| Q2 25 | 5.1% | 6.5% | ||
| Q1 25 | 2.1% | 8.3% | ||
| Q4 24 | 8.6% | 1.6% | ||
| Q3 24 | 4.2% | 4.3% | ||
| Q2 24 | 10.2% | 5.8% | ||
| Q1 24 | 9.7% | 9.0% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 1.2% | 2.1% | ||
| Q2 25 | 0.9% | 3.0% | ||
| Q1 25 | -1.9% | 4.2% | ||
| Q4 24 | 7.2% | -1.2% | ||
| Q3 24 | 1.2% | 4.4% | ||
| Q2 24 | 5.4% | 6.1% | ||
| Q1 24 | 5.7% | 7.3% |
| Q4 25 | — | $0.17 | ||
| Q3 25 | $0.12 | $0.23 | ||
| Q2 25 | $0.08 | $0.32 | ||
| Q1 25 | $-0.16 | $0.44 | ||
| Q4 24 | $0.63 | $-0.12 | ||
| Q3 24 | $0.11 | $0.43 | ||
| Q2 24 | $0.49 | $0.60 | ||
| Q1 24 | $0.50 | $0.75 |
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 | $26.5M |
| Total DebtLower is stronger | $4.0B | $1.8B |
| Stockholders' EquityBook value | $4.7B | $1.7B |
| Total Assets | $10.5B | $5.9B |
| Debt / EquityLower = less leverage | 0.86× | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.5M | ||
| Q3 25 | $91.5M | $60.1M | ||
| Q2 25 | $94.6M | $52.3M | ||
| Q1 25 | $81.5M | $53.2M | ||
| Q4 24 | $76.0M | $59.7M | ||
| Q3 24 | $114.8M | $191.5M | ||
| Q2 24 | $121.6M | $111.2M | ||
| Q1 24 | $145.5M | $92.6M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | $4.0B | $1.7B | ||
| Q2 25 | $3.9B | $1.8B | ||
| Q1 25 | $3.8B | $1.8B | ||
| Q4 24 | $3.9B | $1.7B | ||
| Q3 24 | $4.1B | $3.1B | ||
| Q2 24 | $4.3B | $3.6B | ||
| Q1 24 | $4.4B | $3.8B |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $4.7B | $1.7B | ||
| Q2 25 | $4.6B | $1.7B | ||
| Q1 25 | $4.4B | $1.7B | ||
| Q4 24 | $4.4B | $1.7B | ||
| Q3 24 | $4.6B | $1.9B | ||
| Q2 24 | $4.5B | $1.4B | ||
| Q1 24 | $4.6B | $1.4B |
| Q4 25 | — | $5.9B | ||
| Q3 25 | $10.5B | $5.7B | ||
| Q2 25 | $10.3B | $5.7B | ||
| Q1 25 | $10.0B | $5.7B | ||
| Q4 24 | $10.1B | $5.6B | ||
| Q3 24 | $10.6B | $8.0B | ||
| Q2 24 | $10.6B | $7.9B | ||
| Q1 24 | $10.9B | $7.9B |
| Q4 25 | — | 1.06× | ||
| Q3 25 | 0.86× | 1.03× | ||
| Q2 25 | 0.85× | 1.10× | ||
| Q1 25 | 0.86× | 1.03× | ||
| Q4 24 | 0.89× | 1.01× | ||
| Q3 24 | 0.91× | 1.62× | ||
| Q2 24 | 0.97× | 2.54× | ||
| Q1 24 | 0.95× | 2.75× |
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 | $64.3M |
| Free Cash FlowOCF − Capex | — | $5.2M |
| FCF MarginFCF / Revenue | — | 0.4% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | 11.59× | 3.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | $117.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $64.3M | ||
| Q3 25 | $224.3M | $175.3M | ||
| Q2 25 | $145.8M | $110.3M | ||
| Q1 25 | $249.0M | $-3.5M | ||
| Q4 24 | $154.4M | $125.4M | ||
| Q3 24 | $274.5M | $181.0M | ||
| Q2 24 | $146.5M | $278.2M | ||
| Q1 24 | $263.9M | $-66.7M |
| Q4 25 | — | $5.2M | ||
| Q3 25 | — | $122.2M | ||
| Q2 25 | — | $45.6M | ||
| Q1 25 | — | $-55.8M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | — | $130.3M | ||
| Q2 24 | — | $222.6M | ||
| Q1 24 | — | $-119.2M |
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | -4.1% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | -9.0% |
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | — | 3.19× | ||
| Q3 25 | 11.59× | 6.09× | ||
| Q2 25 | 11.52× | 2.72× | ||
| Q1 25 | — | -0.06× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | 3.25× | ||
| Q2 24 | 1.86× | 3.59× | ||
| Q1 24 | 3.25× | -0.69× |
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% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
