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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $1.6B, roughly 1.8× DARLING INGREDIENTS INC.). Ulta Beauty runs the higher net margin — 8.1% vs 1.2%, a 6.8% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs 10.0%). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
DAR vs ULTA — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.9B |
| Net Profit | $19.4M | $230.9M |
| Gross Margin | 24.7% | 40.4% |
| Operating Margin | 4.6% | 10.8% |
| Net Margin | 1.2% | 8.1% |
| Revenue YoY | 10.0% | 12.9% |
| Net Profit YoY | 14.2% | -4.7% |
| EPS (diluted) | $0.12 | $5.14 |
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 | — | $2.9B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | $1.5B | $2.8B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $2.5B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.5B | $2.7B | ||
| Q1 24 | $1.4B | $3.6B |
| Q4 25 | — | $230.9M | ||
| Q3 25 | $19.4M | $260.9M | ||
| Q2 25 | $12.7M | $305.1M | ||
| Q1 25 | $-26.2M | — | ||
| Q4 24 | $101.9M | $242.2M | ||
| Q3 24 | $16.9M | $252.6M | ||
| Q2 24 | $78.9M | $313.1M | ||
| Q1 24 | $81.2M | $394.4M |
| Q4 25 | — | 40.4% | ||
| Q3 25 | 24.7% | 39.2% | ||
| Q2 25 | 23.3% | 39.1% | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 23.5% | 39.7% | ||
| Q3 24 | 22.1% | 38.3% | ||
| Q2 24 | 22.5% | 39.2% | ||
| Q1 24 | 21.4% | 37.7% |
| Q4 25 | — | 10.8% | ||
| Q3 25 | 4.6% | 12.4% | ||
| Q2 25 | 5.1% | 14.1% | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 8.6% | 12.6% | ||
| Q3 24 | 4.2% | 12.9% | ||
| Q2 24 | 10.2% | 14.7% | ||
| Q1 24 | 9.7% | 14.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | 1.2% | 9.4% | ||
| Q2 25 | 0.9% | 10.7% | ||
| Q1 25 | -1.9% | — | ||
| Q4 24 | 7.2% | 9.6% | ||
| Q3 24 | 1.2% | 9.9% | ||
| Q2 24 | 5.4% | 11.5% | ||
| Q1 24 | 5.7% | 11.1% |
| Q4 25 | — | $5.14 | ||
| Q3 25 | $0.12 | $5.78 | ||
| Q2 25 | $0.08 | $6.70 | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.63 | $5.14 | ||
| Q3 24 | $0.11 | $5.30 | ||
| Q2 24 | $0.49 | $6.47 | ||
| Q1 24 | $0.50 | $8.06 |
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 | $204.9M |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $2.6B |
| Total Assets | $10.5B | $7.0B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $204.9M | ||
| Q3 25 | $91.5M | $242.7M | ||
| Q2 25 | $94.6M | $454.6M | ||
| Q1 25 | $81.5M | — | ||
| Q4 24 | $76.0M | $177.8M | ||
| Q3 24 | $114.8M | $414.0M | ||
| Q2 24 | $121.6M | $524.6M | ||
| Q1 24 | $145.5M | $766.6M |
| 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 | — | $2.6B | ||
| Q3 25 | $4.7B | $2.6B | ||
| Q2 25 | $4.6B | $2.4B | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.4B | $2.3B | ||
| Q3 24 | $4.6B | $2.3B | ||
| Q2 24 | $4.5B | $2.3B | ||
| Q1 24 | $4.6B | $2.3B |
| Q4 25 | — | $7.0B | ||
| Q3 25 | $10.5B | $6.6B | ||
| Q2 25 | $10.3B | $6.0B | ||
| Q1 25 | $10.0B | — | ||
| Q4 24 | $10.1B | $6.0B | ||
| Q3 24 | $10.6B | $5.7B | ||
| Q2 24 | $10.6B | $5.6B | ||
| Q1 24 | $10.9B | $5.7B |
| 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 | $5.6M |
| Free Cash FlowOCF − Capex | — | $-81.6M |
| FCF MarginFCF / Revenue | — | -2.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | 11.59× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.6M | ||
| Q3 25 | $224.3M | $96.5M | ||
| Q2 25 | $145.8M | $220.0M | ||
| Q1 25 | $249.0M | — | ||
| Q4 24 | $154.4M | $-56.8M | ||
| Q3 24 | $274.5M | $199.5M | ||
| Q2 24 | $146.5M | $159.3M | ||
| Q1 24 | $263.9M | $1.1B |
| Q4 25 | — | $-81.6M | ||
| Q3 25 | — | $19.6M | ||
| Q2 25 | — | $141.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-171.1M | ||
| Q3 24 | — | $104.3M | ||
| Q2 24 | — | $68.3M | ||
| Q1 24 | — | $994.0M |
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 28.0% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 3.5% |
| Q4 25 | — | 0.02× | ||
| Q3 25 | 11.59× | 0.37× | ||
| Q2 25 | 11.52× | 0.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | -0.23× | ||
| Q3 24 | 16.19× | 0.79× | ||
| Q2 24 | 1.86× | 0.51× | ||
| Q1 24 | 3.25× | 2.84× |
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% |
ULTA
Segment breakdown not available.
