vs
Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and WATSCO INC (WSO). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $1.5B, roughly 1.0× WATSCO INC). WATSCO INC runs the higher net margin — 6.1% vs 1.2%, a 4.8% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 0.1%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% CAGR vs -15.3%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
DAR vs WSO — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.5B |
| Net Profit | $19.4M | $92.9M |
| Gross Margin | 24.7% | 27.9% |
| Operating Margin | 4.6% | 7.2% |
| Net Margin | 1.2% | 6.1% |
| Revenue YoY | 10.0% | 0.1% |
| Net Profit YoY | 14.2% | -1.7% |
| 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 | — | $1.5B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.5B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | — | $71.7M | ||
| Q3 25 | $19.4M | $161.6M | ||
| Q2 25 | $12.7M | $183.6M | ||
| Q1 25 | $-26.2M | $80.1M | ||
| Q4 24 | $101.9M | $96.8M | ||
| Q3 24 | $16.9M | $171.0M | ||
| Q2 24 | $78.9M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | 24.7% | 27.5% | ||
| Q2 25 | 23.3% | 29.3% | ||
| Q1 25 | 22.6% | 28.1% | ||
| Q4 24 | 23.5% | 26.7% | ||
| Q3 24 | 22.1% | 26.2% | ||
| Q2 24 | 22.5% | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | 4.6% | 11.4% | ||
| Q2 25 | 5.1% | 13.2% | ||
| Q1 25 | 2.1% | 7.3% | ||
| Q4 24 | 8.6% | 7.8% | ||
| Q3 24 | 4.2% | 11.6% | ||
| Q2 24 | 10.2% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | — | 4.5% | ||
| Q3 25 | 1.2% | 7.8% | ||
| Q2 25 | 0.9% | 8.9% | ||
| Q1 25 | -1.9% | 5.2% | ||
| Q4 24 | 7.2% | 5.5% | ||
| Q3 24 | 1.2% | 7.9% | ||
| Q2 24 | 5.4% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.82 | ||
| Q3 25 | $0.12 | $3.98 | ||
| Q2 25 | $0.08 | $4.52 | ||
| Q1 25 | $-0.16 | $1.93 | ||
| Q4 24 | $0.63 | $2.42 | ||
| Q3 24 | $0.11 | $4.22 | ||
| Q2 24 | $0.49 | $4.49 |
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 | $392.7M |
| Total DebtLower is stronger | $4.0B | — |
| Stockholders' EquityBook value | $4.7B | $3.2B |
| Total Assets | $10.5B | $4.6B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | — | $733.3M | ||
| Q3 25 | $91.5M | $524.3M | ||
| Q2 25 | $94.6M | $293.0M | ||
| Q1 25 | $81.5M | $431.8M | ||
| Q4 24 | $76.0M | $781.9M | ||
| Q3 24 | $114.8M | $550.0M | ||
| Q2 24 | $121.6M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $361.6M | ||
| Q3 25 | $4.0B | $340.8M | ||
| Q2 25 | $3.9B | $338.7M | ||
| Q1 25 | $3.8B | $346.4M | ||
| Q4 24 | $3.9B | $337.2M | ||
| Q3 24 | $4.1B | $321.0M | ||
| Q2 24 | $4.3B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | $4.7B | $2.8B | ||
| Q2 25 | $4.6B | $2.8B | ||
| Q1 25 | $4.4B | $2.7B | ||
| Q4 24 | $4.4B | $2.7B | ||
| Q3 24 | $4.6B | $2.7B | ||
| Q2 24 | $4.5B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $10.5B | $4.6B | ||
| Q2 25 | $10.3B | $4.7B | ||
| Q1 25 | $10.0B | $4.5B | ||
| Q4 24 | $10.1B | $4.5B | ||
| Q3 24 | $10.6B | $4.5B | ||
| Q2 24 | $10.6B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | 0.86× | 0.12× | ||
| Q2 25 | 0.85× | 0.12× | ||
| Q1 25 | 0.86× | 0.13× | ||
| Q4 24 | 0.89× | 0.13× | ||
| Q3 24 | 0.91× | 0.12× | ||
| Q2 24 | 0.97× | 0.12× |
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 | — | $399.8M | ||
| Q3 25 | $224.3M | $354.9M | ||
| Q2 25 | $145.8M | $-7.4M | ||
| Q1 25 | $249.0M | $-177.6M | ||
| Q4 24 | $154.4M | $378.9M | ||
| Q3 24 | $274.5M | $232.8M | ||
| Q2 24 | $146.5M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.57× | ||
| Q3 25 | 11.59× | 2.20× | ||
| Q2 25 | 11.52× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 1.52× | 3.91× | ||
| Q3 24 | 16.19× | 1.36× | ||
| Q2 24 | 1.86× | 0.32× |
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% |
WSO
Segment breakdown not available.
