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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
HANOVER INSURANCE GROUP, INC. is the larger business by last-quarter revenue ($1.7B vs $1.6B, roughly 1.1× DARLING INGREDIENTS INC.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.0% vs 1.2%, a 9.7% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 6.1%). Over the past eight quarters, HANOVER INSURANCE GROUP, INC.'s revenue compounded faster (5.2% 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.
The Hanover Insurance Group, Inc. is an insurance company based in Worcester, Massachusetts. It was the original name of a property-liability insurance firm established in 1852, and it remained a publicly traded company under that name until the early 1990s, when it changed its name to Allmerica Property & Casualty Companies.
DAR vs THG — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.7B |
| Net Profit | $19.4M | $186.8M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 11.1% |
| Net Margin | 1.2% | 11.0% |
| Revenue YoY | 10.0% | 6.1% |
| Net Profit YoY | 14.2% | 45.7% |
| EPS (diluted) | $0.12 | — |
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.
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.5B | $1.5B |
| Q1 26 | — | $186.8M | ||
| Q4 25 | — | $198.5M | ||
| Q3 25 | $19.4M | $178.7M | ||
| Q2 25 | $12.7M | $157.1M | ||
| Q1 25 | $-26.2M | $128.2M | ||
| Q4 24 | $101.9M | $167.9M | ||
| Q3 24 | $16.9M | $102.1M | ||
| Q2 24 | $78.9M | $40.5M |
| Q1 26 | — | — | ||
| 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 26 | — | 11.1% | ||
| Q4 25 | — | 17.3% | ||
| Q3 25 | 4.6% | 14.9% | ||
| Q2 25 | 5.1% | 12.7% | ||
| Q1 25 | 2.1% | 11.6% | ||
| Q4 24 | 8.6% | 16.1% | ||
| Q3 24 | 4.2% | 9.6% | ||
| Q2 24 | 10.2% | 6.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | — | 11.9% | ||
| Q3 25 | 1.2% | 10.7% | ||
| Q2 25 | 0.9% | 9.5% | ||
| Q1 25 | -1.9% | 8.0% | ||
| Q4 24 | 7.2% | 10.6% | ||
| Q3 24 | 1.2% | 6.5% | ||
| Q2 24 | 5.4% | 2.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.46 | ||
| Q3 25 | $0.12 | $4.90 | ||
| Q2 25 | $0.08 | $4.30 | ||
| Q1 25 | $-0.16 | $3.50 | ||
| Q4 24 | $0.63 | $4.60 | ||
| Q3 24 | $0.11 | $2.80 | ||
| Q2 24 | $0.49 | $1.12 |
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 | $243.5M |
| Total DebtLower is stronger | $4.0B | $843.8M |
| Stockholders' EquityBook value | $4.7B | $3.0B |
| Total Assets | $10.5B | $16.5B |
| Debt / EquityLower = less leverage | 0.86× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $243.5M | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $91.5M | $915.7M | ||
| Q2 25 | $94.6M | $244.1M | ||
| Q1 25 | $81.5M | $315.1M | ||
| Q4 24 | $76.0M | $435.5M | ||
| Q3 24 | $114.8M | $427.1M | ||
| Q2 24 | $121.6M | $337.6M |
| Q1 26 | — | $843.8M | ||
| Q4 25 | — | $843.3M | ||
| Q3 25 | $4.0B | $843.0M | ||
| Q2 25 | $3.9B | $347.8M | ||
| Q1 25 | $3.8B | $722.5M | ||
| Q4 24 | $3.9B | $722.3M | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.3B | — |
| Q1 26 | — | $3.0B | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | $4.7B | $3.4B | ||
| Q2 25 | $4.6B | $3.2B | ||
| Q1 25 | $4.4B | $3.0B | ||
| Q4 24 | $4.4B | $2.8B | ||
| Q3 24 | $4.6B | $2.9B | ||
| Q2 24 | $4.5B | $2.6B |
| Q1 26 | — | $16.5B | ||
| Q4 25 | — | $16.9B | ||
| Q3 25 | $10.5B | $16.8B | ||
| Q2 25 | $10.3B | $15.7B | ||
| Q1 25 | $10.0B | $15.5B | ||
| Q4 24 | $10.1B | $15.3B | ||
| Q3 24 | $10.6B | $15.4B | ||
| Q2 24 | $10.6B | $14.9B |
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.24× | ||
| Q3 25 | 0.86× | 0.25× | ||
| Q2 25 | 0.85× | 0.11× | ||
| Q1 25 | 0.86× | 0.24× | ||
| Q4 24 | 0.89× | 0.25× | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 0.97× | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 11.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $378.2M | ||
| Q3 25 | $224.3M | $554.4M | ||
| Q2 25 | $145.8M | $206.6M | ||
| Q1 25 | $249.0M | $38.9M | ||
| Q4 24 | $154.4M | $213.5M | ||
| Q3 24 | $274.5M | $394.7M | ||
| Q2 24 | $146.5M | $139.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | — | $204.9M | ||
| Q1 25 | — | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | — | $137.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 8.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.91× | ||
| Q3 25 | 11.59× | 3.10× | ||
| Q2 25 | 11.52× | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 1.52× | 1.27× | ||
| Q3 24 | 16.19× | 3.87× | ||
| Q2 24 | 1.86× | 3.44× |
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% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
