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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and VIASAT INC (VSAT). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.2B, roughly 1.4× VIASAT INC). VIASAT INC runs the higher net margin — 2.2% vs 1.2%, a 0.9% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 3.0%). Over the past eight quarters, VIASAT INC's revenue compounded faster (0.3% 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.
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
DAR vs VSAT — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.2B |
| Net Profit | $19.4M | $25.0M |
| Gross Margin | 24.7% | — |
| Operating Margin | 4.6% | 2.3% |
| Net Margin | 1.2% | 2.2% |
| Revenue YoY | 10.0% | 3.0% |
| Net Profit YoY | 14.2% | 115.8% |
| 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 | — | $1.2B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.4B | $1.2B |
| Q4 25 | — | $25.0M | ||
| Q3 25 | $19.4M | $-61.4M | ||
| Q2 25 | $12.7M | $-56.4M | ||
| Q1 25 | $-26.2M | $-246.1M | ||
| Q4 24 | $101.9M | $-158.4M | ||
| Q3 24 | $16.9M | $-137.6M | ||
| Q2 24 | $78.9M | $-32.9M | ||
| Q1 24 | $81.2M | $-100.3M |
| 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 | — | 2.3% | ||
| Q3 25 | 4.6% | 3.1% | ||
| Q2 25 | 5.1% | 4.0% | ||
| Q1 25 | 2.1% | -13.4% | ||
| Q4 24 | 8.6% | 1.9% | ||
| Q3 24 | 4.2% | -2.2% | ||
| Q2 24 | 10.2% | 5.3% | ||
| Q1 24 | 9.7% | 0.0% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | 1.2% | -5.4% | ||
| Q2 25 | 0.9% | -4.8% | ||
| Q1 25 | -1.9% | -21.5% | ||
| Q4 24 | 7.2% | -14.1% | ||
| Q3 24 | 1.2% | -12.3% | ||
| Q2 24 | 5.4% | -2.9% | ||
| Q1 24 | 5.7% | -8.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $0.12 | $-0.45 | ||
| Q2 25 | $0.08 | $-0.43 | ||
| Q1 25 | $-0.16 | $-1.92 | ||
| Q4 24 | $0.63 | $-1.23 | ||
| Q3 24 | $0.11 | $-1.07 | ||
| Q2 24 | $0.49 | $-0.26 | ||
| Q1 24 | $0.50 | $-1.14 |
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 | $1.3B |
| Total DebtLower is stronger | $4.0B | $6.2B |
| Stockholders' EquityBook value | $4.7B | $4.6B |
| Total Assets | $10.5B | $14.9B |
| Debt / EquityLower = less leverage | 0.86× | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.3B | ||
| Q3 25 | $91.5M | $1.2B | ||
| Q2 25 | $94.6M | $1.2B | ||
| Q1 25 | $81.5M | $1.6B | ||
| Q4 24 | $76.0M | $1.6B | ||
| Q3 24 | $114.8M | $3.5B | ||
| Q2 24 | $121.6M | $1.8B | ||
| Q1 24 | $145.5M | $1.9B |
| Q4 25 | — | $6.2B | ||
| Q3 25 | $4.0B | $6.5B | ||
| Q2 25 | $3.9B | $6.5B | ||
| Q1 25 | $3.8B | $6.5B | ||
| Q4 24 | $3.9B | $6.5B | ||
| Q3 24 | $4.1B | $6.4B | ||
| Q2 24 | $4.3B | $7.1B | ||
| Q1 24 | $4.4B | $7.1B |
| Q4 25 | — | $4.6B | ||
| Q3 25 | $4.7B | $4.5B | ||
| Q2 25 | $4.6B | $4.6B | ||
| Q1 25 | $4.4B | $4.6B | ||
| Q4 24 | $4.4B | $4.8B | ||
| Q3 24 | $4.6B | $4.9B | ||
| Q2 24 | $4.5B | $5.0B | ||
| Q1 24 | $4.6B | $5.0B |
| Q4 25 | — | $14.9B | ||
| Q3 25 | $10.5B | $14.8B | ||
| Q2 25 | $10.3B | $14.9B | ||
| Q1 25 | $10.0B | $15.4B | ||
| Q4 24 | $10.1B | $15.6B | ||
| Q3 24 | $10.6B | $17.8B | ||
| Q2 24 | $10.6B | $16.1B | ||
| Q1 24 | $10.9B | $16.3B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | 0.86× | 1.44× | ||
| Q2 25 | 0.85× | 1.43× | ||
| Q1 25 | 0.86× | 1.43× | ||
| Q4 24 | 0.89× | 1.37× | ||
| Q3 24 | 0.91× | 1.30× | ||
| Q2 24 | 0.97× | 1.42× | ||
| Q1 24 | 0.95× | 1.42× |
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 | $726.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 11.59× | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $726.9M | ||
| Q3 25 | $224.3M | $282.2M | ||
| Q2 25 | $145.8M | $258.5M | ||
| Q1 25 | $249.0M | $298.4M | ||
| Q4 24 | $154.4M | $219.5M | ||
| Q3 24 | $274.5M | $239.2M | ||
| Q2 24 | $146.5M | $151.1M | ||
| Q1 24 | $263.9M | $232.0M |
| Q4 25 | — | 29.11× | ||
| Q3 25 | 11.59× | — | ||
| Q2 25 | 11.52× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | — | ||
| Q2 24 | 1.86× | — | ||
| 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% |
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
