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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Veralto (VLTO). 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× Veralto). Veralto runs the higher net margin — 17.9% vs 1.2%, a 16.6% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 6.8%). Over the past eight quarters, Veralto's revenue compounded faster (6.8% 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.
Veralto Corporation is an American technology company headquartered in Waltham, Massachusetts. It produces products related to water analytics, water treatment, marking and coding, and packaging and color.
DAR vs VLTO — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.4B |
| Net Profit | $19.4M | $254.0M |
| Gross Margin | 24.7% | 60.1% |
| Operating Margin | 4.6% | 23.8% |
| Net Margin | 1.2% | 17.9% |
| Revenue YoY | 10.0% | 6.8% |
| Net Profit YoY | 14.2% | 12.9% |
| EPS (diluted) | $0.12 | $1.02 |
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 | — | $1.4B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B |
| Q1 26 | — | $254.0M | ||
| Q4 25 | — | $239.0M | ||
| Q3 25 | $19.4M | $222.0M | ||
| Q2 25 | $12.7M | $225.0M | ||
| Q1 25 | $-26.2M | — | ||
| Q4 24 | $101.9M | $227.0M | ||
| Q3 24 | $16.9M | $219.0M | ||
| Q2 24 | $78.9M | $203.0M |
| Q1 26 | — | 60.1% | ||
| Q4 25 | — | 60.1% | ||
| Q3 25 | 24.7% | 60.0% | ||
| Q2 25 | 23.3% | 60.4% | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 23.5% | 59.6% | ||
| Q3 24 | 22.1% | 59.6% | ||
| Q2 24 | 22.5% | 60.1% |
| Q1 26 | — | 23.8% | ||
| Q4 25 | — | 23.2% | ||
| Q3 25 | 4.6% | 22.8% | ||
| Q2 25 | 5.1% | 24.2% | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 8.6% | 22.9% | ||
| Q3 24 | 4.2% | 23.4% | ||
| Q2 24 | 10.2% | 23.2% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | — | 17.0% | ||
| Q3 25 | 1.2% | 16.2% | ||
| Q2 25 | 0.9% | 16.9% | ||
| Q1 25 | -1.9% | — | ||
| Q4 24 | 7.2% | 16.9% | ||
| Q3 24 | 1.2% | 16.7% | ||
| Q2 24 | 5.4% | 15.8% |
| Q1 26 | — | $1.02 | ||
| Q4 25 | — | $0.95 | ||
| Q3 25 | $0.12 | $0.89 | ||
| Q2 25 | $0.08 | $0.90 | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.63 | $0.91 | ||
| Q3 24 | $0.11 | $0.88 | ||
| Q2 24 | $0.49 | $0.81 |
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 | — |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | — |
| Total Assets | $10.5B | — |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $91.5M | $1.6B | ||
| Q2 25 | $94.6M | $1.2B | ||
| Q1 25 | $81.5M | — | ||
| Q4 24 | $76.0M | $1.1B | ||
| Q3 24 | $114.8M | $1.3B | ||
| Q2 24 | $121.6M | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | $4.0B | $2.7B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.9B | $2.6B | ||
| Q3 24 | $4.1B | $2.6B | ||
| Q2 24 | $4.3B | $2.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | $4.7B | $2.7B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.4B | $2.0B | ||
| Q3 24 | $4.6B | $2.0B | ||
| Q2 24 | $4.5B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | $7.4B | ||
| Q3 25 | $10.5B | $7.2B | ||
| Q2 25 | $10.3B | $6.6B | ||
| Q1 25 | $10.0B | — | ||
| Q4 24 | $10.1B | $6.4B | ||
| Q3 24 | $10.6B | $6.3B | ||
| Q2 24 | $10.6B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | 0.86× | 1.01× | ||
| Q2 25 | 0.85× | 1.14× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 0.89× | 1.28× | ||
| Q3 24 | 0.91× | 1.35× | ||
| Q2 24 | 0.97× | 1.57× |
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 | $182.0M |
| Free Cash FlowOCF − Capex | — | $170.0M |
| FCF MarginFCF / Revenue | — | 12.0% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | 11.59× | 0.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $893.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $182.0M | ||
| Q4 25 | — | $270.0M | ||
| Q3 25 | $224.3M | $339.0M | ||
| Q2 25 | $145.8M | $157.0M | ||
| Q1 25 | $249.0M | — | ||
| Q4 24 | $154.4M | $285.0M | ||
| Q3 24 | $274.5M | $224.0M | ||
| Q2 24 | $146.5M | $251.0M |
| Q1 26 | — | $170.0M | ||
| Q4 25 | — | $258.0M | ||
| Q3 25 | — | $323.0M | ||
| Q2 25 | — | $142.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $263.0M | ||
| Q3 24 | — | $215.0M | ||
| Q2 24 | — | $240.0M |
| Q1 26 | — | 12.0% | ||
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 18.6% |
| Q1 26 | — | 0.8% | ||
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | 0.72× | ||
| Q4 25 | — | 1.13× | ||
| Q3 25 | 11.59× | 1.53× | ||
| Q2 25 | 11.52× | 0.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | 1.26× | ||
| Q3 24 | 16.19× | 1.02× | ||
| Q2 24 | 1.86× | 1.24× |
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% |
VLTO
Segment breakdown not available.
