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艾地盟（ADM）与DARLING INGREDIENTS INC.（DAR）财务数据对比。点击上方公司名可切换其他公司
艾地盟的季度营收约是DARLING INGREDIENTS INC.的3.9倍（$6.1B vs $1.6B）。艾地盟净利率更高（7.5% vs 1.2%，领先6.3%）。艾地盟同比增速更快（123.5% vs 10.0%）。过去两年DARLING INGREDIENTS INC.的营收复合增速更高（-1.6% vs -47.4%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
Darling Ingredients Inc.是全球领先的可持续天然原料生产商，将可食用及不可食用有机副产品加工为食品级营养成分、动物饲料添加剂、制药原料、生物燃料组分等高价值产品，服务全球食品、农业、制药、可再生能源领域客户。
ADM vs DAR — 直观对比
营收规模更大
ADM
是对方的3.9倍
$1.6B
营收增速更快
ADM
高出113.6%
10.0%
净利率更高
ADM
高出6.3%
1.2%
两年增速更快
DAR
近两年复合增速
-47.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $1.6B |
| 净利润 | $456.0M | $19.4M |
| 毛利率 | 20.0% | 24.7% |
| 营业利润率 | 7.9% | 4.6% |
| 净利率 | 7.5% | 1.2% |
| 营收同比 | 123.5% | 10.0% |
| 净利润同比 | -19.6% | 14.2% |
| 每股收益（稀释后） | $0.95 | $0.12 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ADMDAR
| Q4 25 | $6.1B | — | ||
| Q3 25 | $6.4B | $1.6B | ||
| Q2 25 | $6.3B | $1.5B | ||
| Q1 25 | $6.1B | $1.4B | ||
| Q4 24 | $-25.7B | $1.4B | ||
| Q3 24 | $6.0B | $1.4B | ||
| Q2 24 | $22.2B | $1.5B | ||
| Q1 24 | $21.8B | $1.4B |
净利润ADMDAR
| Q4 25 | $456.0M | — | ||
| Q3 25 | $108.0M | $19.4M | ||
| Q2 25 | $219.0M | $12.7M | ||
| Q1 25 | $295.0M | $-26.2M | ||
| Q4 24 | $567.0M | $101.9M | ||
| Q3 24 | $18.0M | $16.9M | ||
| Q2 24 | $486.0M | $78.9M | ||
| Q1 24 | $729.0M | $81.2M |
毛利率ADMDAR
| Q4 25 | 20.0% | — | ||
| Q3 25 | 19.8% | 24.7% | ||
| Q2 25 | 21.6% | 23.3% | ||
| Q1 25 | 19.2% | 22.6% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | 22.8% | 22.1% | ||
| Q2 24 | 6.3% | 22.5% | ||
| Q1 24 | 7.6% | 21.4% |
营业利润率ADMDAR
| Q4 25 | 7.9% | — | ||
| Q3 25 | 2.3% | 4.6% | ||
| Q2 25 | 4.4% | 5.1% | ||
| Q1 25 | 5.7% | 2.1% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | 1.8% | 4.2% | ||
| Q2 24 | 2.7% | 10.2% | ||
| Q1 24 | 4.1% | 9.7% |
净利率ADMDAR
| Q4 25 | 7.5% | — | ||
| Q3 25 | 1.7% | 1.2% | ||
| Q2 25 | 3.5% | 0.9% | ||
| Q1 25 | 4.8% | -1.9% | ||
| Q4 24 | -2.2% | 7.2% | ||
| Q3 24 | 0.3% | 1.2% | ||
| Q2 24 | 2.2% | 5.4% | ||
| Q1 24 | 3.3% | 5.7% |
每股收益（稀释后）ADMDAR
| Q4 25 | $0.95 | — | ||
| Q3 25 | $0.22 | $0.12 | ||
| Q2 25 | $0.45 | $0.08 | ||
| Q1 25 | $0.61 | $-0.16 | ||
| Q4 24 | $1.21 | $0.63 | ||
| Q3 24 | $0.04 | $0.11 | ||
| Q2 24 | $0.98 | $0.49 | ||
| Q1 24 | $1.42 | $0.50 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.0B | $91.5M |
| 总债务越低越好 | $7.6B | $4.0B |
| 股东权益账面价值 | $22.7B | $4.7B |
| 总资产 | $52.4B | $10.5B |
| 负债/权益比越低杠杆越低 | 0.33× | 0.86× |
8季度趋势，按日历期对齐
现金及短期投资ADMDAR
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.2B | $91.5M | ||
| Q2 25 | $1.1B | $94.6M | ||
| Q1 25 | $864.0M | $81.5M | ||
| Q4 24 | $611.0M | $76.0M | ||
| Q3 24 | $784.0M | $114.8M | ||
| Q2 24 | $764.0M | $121.6M | ||
| Q1 24 | $830.0M | $145.5M |
总债务ADMDAR
| Q4 25 | $7.6B | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | $8.3B | $3.9B | ||
| Q3 24 | $7.6B | $4.1B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
股东权益ADMDAR
| Q4 25 | $22.7B | — | ||
| Q3 25 | $22.5B | $4.7B | ||
| Q2 25 | $22.4B | $4.6B | ||
| Q1 25 | $22.1B | $4.4B | ||
| Q4 24 | $22.2B | $4.4B | ||
| Q3 24 | $22.0B | $4.6B | ||
| Q2 24 | $22.2B | $4.5B | ||
| Q1 24 | $23.2B | $4.6B |
总资产ADMDAR
| Q4 25 | $52.4B | — | ||
| Q3 25 | $51.9B | $10.5B | ||
| Q2 25 | $52.0B | $10.3B | ||
| Q1 25 | $53.4B | $10.0B | ||
| Q4 24 | $53.3B | $10.1B | ||
| Q3 24 | $52.2B | $10.6B | ||
| Q2 24 | $52.7B | $10.6B | ||
| Q1 24 | $54.8B | $10.9B |
负债/权益比ADMDAR
| Q4 25 | 0.33× | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 0.37× | 0.89× | ||
| Q3 24 | 0.35× | 0.91× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.95× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-313.0M | $224.3M |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | — |
| 自由现金流率自由现金流/营收 | -11.1% | — |
| 资本支出强度资本支出/营收 | 5.9% | — |
| 现金转化率经营现金流/净利润 | -0.69× | 11.59× |
| 过去12个月自由现金流最近4个季度 | $4.2B | — |
8季度趋势，按日历期对齐
经营现金流ADMDAR
| Q4 25 | $-313.0M | — | ||
| Q3 25 | $1.8B | $224.3M | ||
| Q2 25 | $4.3B | $145.8M | ||
| Q1 25 | $-342.0M | $249.0M | ||
| Q4 24 | $322.0M | $154.4M | ||
| Q3 24 | $1.3B | $274.5M | ||
| Q2 24 | $468.0M | $146.5M | ||
| Q1 24 | $700.0M | $263.9M |
自由现金流ADMDAR
| Q4 25 | $-669.0M | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $-633.0M | — | ||
| Q4 24 | $-170.0M | — | ||
| Q3 24 | $919.0M | — | ||
| Q2 24 | $106.0M | — | ||
| Q1 24 | $372.0M | — |
自由现金流率ADMDAR
| Q4 25 | -11.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 63.0% | — | ||
| Q1 25 | -10.3% | — | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 15.3% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 1.7% | — |
资本支出强度ADMDAR
| Q4 25 | 5.9% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | -1.9% | — | ||
| Q3 24 | 6.4% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 1.5% | — |
现金转化率ADMDAR
| Q4 25 | -0.69× | — | ||
| Q3 25 | 16.75× | 11.59× | ||
| Q2 25 | 19.63× | 11.52× | ||
| Q1 25 | -1.16× | — | ||
| Q4 24 | 0.57× | 1.52× | ||
| Q3 24 | 72.22× | 16.19× | ||
| Q2 24 | 0.96× | 1.86× | ||
| Q1 24 | 0.96× | 3.25× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADM
| Starchesandsweeteners | $1.4B | 23% |
| Ag Services | $1.1B | 18% |
| Human Nutrition | $961.0M | 16% |
| Refined Productsand Other | $924.0M | 15% |
| Animal Nutrition | $825.0M | 14% |
| Vantage Corn Processors | $700.0M | 12% |
| Transferred Over Time | $176.0M | 3% |
| Crushing | $59.0M | 1% |
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% |
