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Side-by-side financial comparison of DARLING INGREDIENTS INC. (DAR) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $1.6B, roughly 1.5× DARLING INGREDIENTS INC.). Zoetis runs the higher net margin — 25.3% vs 1.2%, a 24.0% 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, Zoetis's revenue compounded faster (4.4% 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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
DAR vs ZTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.4B |
| Net Profit | $19.4M | $603.0M |
| Gross Margin | 24.7% | 70.2% |
| Operating Margin | 4.6% | 31.9% |
| Net Margin | 1.2% | 25.3% |
| Revenue YoY | 10.0% | 3.0% |
| Net Profit YoY | 14.2% | 3.8% |
| EPS (diluted) | $0.12 | $1.37 |
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 | — | $2.4B | ||
| Q3 25 | $1.6B | $2.4B | ||
| Q2 25 | $1.5B | $2.5B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.4B | $2.2B |
| Q4 25 | — | $603.0M | ||
| Q3 25 | $19.4M | $721.0M | ||
| Q2 25 | $12.7M | $718.0M | ||
| Q1 25 | $-26.2M | $631.0M | ||
| Q4 24 | $101.9M | $581.0M | ||
| Q3 24 | $16.9M | $682.0M | ||
| Q2 24 | $78.9M | $624.0M | ||
| Q1 24 | $81.2M | $599.0M |
| Q4 25 | — | 70.2% | ||
| Q3 25 | 24.7% | 71.5% | ||
| Q2 25 | 23.3% | 73.6% | ||
| Q1 25 | 22.6% | 72.0% | ||
| Q4 24 | 23.5% | 69.5% | ||
| Q3 24 | 22.1% | 70.6% | ||
| Q2 24 | 22.5% | 71.7% | ||
| Q1 24 | 21.4% | 70.6% |
| Q4 25 | — | 31.9% | ||
| Q3 25 | 4.6% | 37.0% | ||
| Q2 25 | 5.1% | 36.7% | ||
| Q1 25 | 2.1% | 36.5% | ||
| Q4 24 | 8.6% | 31.6% | ||
| Q3 24 | 4.2% | 36.6% | ||
| Q2 24 | 10.2% | 33.0% | ||
| Q1 24 | 9.7% | 34.1% |
| Q4 25 | — | 25.3% | ||
| Q3 25 | 1.2% | 30.0% | ||
| Q2 25 | 0.9% | 29.2% | ||
| Q1 25 | -1.9% | 28.4% | ||
| Q4 24 | 7.2% | 25.1% | ||
| Q3 24 | 1.2% | 28.6% | ||
| Q2 24 | 5.4% | 26.4% | ||
| Q1 24 | 5.7% | 27.4% |
| Q4 25 | — | $1.37 | ||
| Q3 25 | $0.12 | $1.63 | ||
| Q2 25 | $0.08 | $1.61 | ||
| Q1 25 | $-0.16 | $1.41 | ||
| Q4 24 | $0.63 | $1.29 | ||
| Q3 24 | $0.11 | $1.50 | ||
| Q2 24 | $0.49 | $1.37 | ||
| Q1 24 | $0.50 | $1.31 |
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 | $3.3B |
| Total Assets | $10.5B | $15.5B |
| Debt / EquityLower = less leverage | 0.86× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $91.5M | $2.1B | ||
| Q2 25 | $94.6M | $1.4B | ||
| Q1 25 | $81.5M | $1.7B | ||
| Q4 24 | $76.0M | $2.0B | ||
| Q3 24 | $114.8M | $1.7B | ||
| Q2 24 | $121.6M | $1.6B | ||
| Q1 24 | $145.5M | $2.0B |
| 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 | — | $3.3B | ||
| Q3 25 | $4.7B | $5.4B | ||
| Q2 25 | $4.6B | $5.0B | ||
| Q1 25 | $4.4B | $4.7B | ||
| Q4 24 | $4.4B | $4.8B | ||
| Q3 24 | $4.6B | $5.2B | ||
| Q2 24 | $4.5B | $5.0B | ||
| Q1 24 | $4.6B | $5.1B |
| Q4 25 | — | $15.5B | ||
| Q3 25 | $10.5B | $15.2B | ||
| Q2 25 | $10.3B | $14.5B | ||
| Q1 25 | $10.0B | $14.1B | ||
| Q4 24 | $10.1B | $14.2B | ||
| Q3 24 | $10.6B | $14.4B | ||
| Q2 24 | $10.6B | $14.2B | ||
| Q1 24 | $10.9B | $14.3B |
| 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 | $893.0M |
| Free Cash FlowOCF − Capex | — | $732.0M |
| FCF MarginFCF / Revenue | — | 30.7% |
| Capex IntensityCapex / Revenue | — | 6.7% |
| Cash ConversionOCF / Net Profit | 11.59× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $893.0M | ||
| Q3 25 | $224.3M | $938.0M | ||
| Q2 25 | $145.8M | $486.0M | ||
| Q1 25 | $249.0M | $587.0M | ||
| Q4 24 | $154.4M | $905.0M | ||
| Q3 24 | $274.5M | $951.0M | ||
| Q2 24 | $146.5M | $502.0M | ||
| Q1 24 | $263.9M | $595.0M |
| Q4 25 | — | $732.0M | ||
| Q3 25 | — | $805.0M | ||
| Q2 25 | — | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | — | $784.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $455.0M |
| Q4 25 | — | 30.7% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 15.7% | ||
| Q1 24 | — | 20.8% |
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 5.6% | ||
| Q1 24 | — | 6.4% |
| Q4 25 | — | 1.48× | ||
| Q3 25 | 11.59× | 1.30× | ||
| Q2 25 | 11.52× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 1.52× | 1.56× | ||
| Q3 24 | 16.19× | 1.39× | ||
| Q2 24 | 1.86× | 0.80× | ||
| Q1 24 | 3.25× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
