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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.6B, roughly 1.0× DARLING INGREDIENTS INC.). Toast, Inc. runs the higher net margin — 6.2% vs 1.2%, a 4.9% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 10.0%). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
DAR vs TOST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.6B |
| Net Profit | $19.4M | $101.0M |
| Gross Margin | 24.7% | 25.9% |
| Operating Margin | 4.6% | 5.2% |
| Net Margin | 1.2% | 6.2% |
| Revenue YoY | 10.0% | 22.0% |
| Net Profit YoY | 14.2% | 215.6% |
| EPS (diluted) | $0.12 | $0.18 |
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 | — | $1.6B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.4B | $1.1B |
| Q4 25 | — | $101.0M | ||
| Q3 25 | $19.4M | $105.0M | ||
| Q2 25 | $12.7M | $80.0M | ||
| Q1 25 | $-26.2M | $56.0M | ||
| Q4 24 | $101.9M | $32.0M | ||
| Q3 24 | $16.9M | $56.0M | ||
| Q2 24 | $78.9M | $14.0M | ||
| Q1 24 | $81.2M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | 24.7% | 26.5% | ||
| Q2 25 | 23.3% | 25.3% | ||
| Q1 25 | 22.6% | 25.9% | ||
| Q4 24 | 23.5% | 24.9% | ||
| Q3 24 | 22.1% | 24.7% | ||
| Q2 24 | 22.5% | 23.0% | ||
| Q1 24 | 21.4% | 23.2% |
| Q4 25 | — | 5.2% | ||
| Q3 25 | 4.6% | 5.1% | ||
| Q2 25 | 5.1% | 5.2% | ||
| Q1 25 | 2.1% | 3.2% | ||
| Q4 24 | 8.6% | 2.5% | ||
| Q3 24 | 4.2% | 2.6% | ||
| Q2 24 | 10.2% | 0.4% | ||
| Q1 24 | 9.7% | -5.2% |
| Q4 25 | — | 6.2% | ||
| Q3 25 | 1.2% | 6.4% | ||
| Q2 25 | 0.9% | 5.2% | ||
| Q1 25 | -1.9% | 4.2% | ||
| Q4 24 | 7.2% | 2.4% | ||
| Q3 24 | 1.2% | 4.3% | ||
| Q2 24 | 5.4% | 1.1% | ||
| Q1 24 | 5.7% | -7.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $0.12 | $0.16 | ||
| Q2 25 | $0.08 | $0.13 | ||
| Q1 25 | $-0.16 | $0.09 | ||
| Q4 24 | $0.63 | $0.09 | ||
| Q3 24 | $0.11 | $0.07 | ||
| Q2 24 | $0.49 | $0.02 | ||
| Q1 24 | $0.50 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $2.1B |
| Total Assets | $10.5B | $3.1B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $91.5M | $1.4B | ||
| Q2 25 | $94.6M | $1.2B | ||
| Q1 25 | $81.5M | $1.0B | ||
| Q4 24 | $76.0M | $903.0M | ||
| Q3 24 | $114.8M | $761.0M | ||
| Q2 24 | $121.6M | $691.0M | ||
| Q1 24 | $145.5M | $578.0M |
| Q4 25 | — | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.4B | — |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $4.7B | $2.0B | ||
| Q2 25 | $4.6B | $1.8B | ||
| Q1 25 | $4.4B | $1.7B | ||
| Q4 24 | $4.4B | $1.5B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $4.5B | $1.3B | ||
| Q1 24 | $4.6B | $1.2B |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $10.5B | $3.0B | ||
| Q2 25 | $10.3B | $2.8B | ||
| Q1 25 | $10.0B | $2.6B | ||
| Q4 24 | $10.1B | $2.4B | ||
| Q3 24 | $10.6B | $2.2B | ||
| Q2 24 | $10.6B | $2.2B | ||
| Q1 24 | $10.9B | $2.1B |
| Q4 25 | — | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.85× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 0.97× | — | ||
| Q1 24 | 0.95× | — |
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 | $194.0M |
| Free Cash FlowOCF − Capex | — | $178.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 11.59× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $194.0M | ||
| Q3 25 | $224.3M | $165.0M | ||
| Q2 25 | $145.8M | $223.0M | ||
| Q1 25 | $249.0M | $79.0M | ||
| Q4 24 | $154.4M | $147.0M | ||
| Q3 24 | $274.5M | $109.0M | ||
| Q2 24 | $146.5M | $124.0M | ||
| Q1 24 | $263.9M | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | 11.59× | 1.57× | ||
| Q2 25 | 11.52× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | 1.52× | 4.59× | ||
| Q3 24 | 16.19× | 1.95× | ||
| Q2 24 | 1.86× | 8.86× | ||
| Q1 24 | 3.25× | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
