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博士伦（BLCO）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
DARLING INGREDIENTS INC.的季度营收约是博士伦的1.1倍（$1.6B vs $1.4B），DARLING INGREDIENTS INC.净利率更高（1.2% vs -4.1%，领先5.4%），DARLING INGREDIENTS INC.同比增速更快（10.0% vs 9.8%），过去两年博士伦的营收复合增速更高（13.1% vs -1.6%）
博士伦是知名眼健康产品企业，总部位于加拿大安大略省沃恩市，是全球规模最大的隐形眼镜、镜片护理产品、眼科药品、人工晶体及其他眼科手术产品供应商之一。品牌1853年由验光师约翰·鲍什与合伙人亨利·朗姆在美国纽约罗切斯特创立，曾是美国历史最悠久的持续运营企业之一，2013年被整体收购。
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。
BLCO vs DAR — 直观对比
营收规模更大
DAR
是对方的1.1倍
$1.4B
营收增速更快
DAR
高出0.2%
9.8%
净利率更高
DAR
高出5.4%
-4.1%
两年增速更快
BLCO
近两年复合增速
-1.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.6B |
| 净利润 | $-58.0M | $19.4M |
| 毛利率 | — | 24.7% |
| 营业利润率 | 8.0% | 4.6% |
| 净利率 | -4.1% | 1.2% |
| 营收同比 | 9.8% | 10.0% |
| 净利润同比 | -1833.3% | 14.2% |
| 每股收益（稀释后） | $-0.16 | $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BLCODAR
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.1B | $1.4B |
净利润BLCODAR
| Q4 25 | $-58.0M | — | ||
| Q3 25 | $-28.0M | $19.4M | ||
| Q2 25 | $-62.0M | $12.7M | ||
| Q1 25 | $-212.0M | $-26.2M | ||
| Q4 24 | $-3.0M | $101.9M | ||
| Q3 24 | $4.0M | $16.9M | ||
| Q2 24 | $-151.0M | $78.9M | ||
| Q1 24 | $-167.0M | $81.2M |
毛利率BLCODAR
| 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% |
营业利润率BLCODAR
| Q4 25 | 8.0% | — | ||
| Q3 25 | 7.4% | 4.6% | ||
| Q2 25 | -0.9% | 5.1% | ||
| Q1 25 | -7.3% | 2.1% | ||
| Q4 24 | 6.8% | 8.6% | ||
| Q3 24 | 3.6% | 4.2% | ||
| Q2 24 | 2.1% | 10.2% | ||
| Q1 24 | 0.5% | 9.7% |
净利率BLCODAR
| Q4 25 | -4.1% | — | ||
| Q3 25 | -2.2% | 1.2% | ||
| Q2 25 | -4.9% | 0.9% | ||
| Q1 25 | -18.6% | -1.9% | ||
| Q4 24 | -0.2% | 7.2% | ||
| Q3 24 | 0.3% | 1.2% | ||
| Q2 24 | -12.4% | 5.4% | ||
| Q1 24 | -15.2% | 5.7% |
每股收益（稀释后）BLCODAR
| Q4 25 | $-0.16 | — | ||
| Q3 25 | $-0.08 | $0.12 | ||
| Q2 25 | $-0.18 | $0.08 | ||
| Q1 25 | $-0.60 | $-0.16 | ||
| Q4 24 | $-0.00 | $0.63 | ||
| Q3 24 | $0.01 | $0.11 | ||
| Q2 24 | $-0.43 | $0.49 | ||
| Q1 24 | $-0.48 | $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 | $383.0M | $91.5M |
| 总债务越低越好 | $5.0B | $4.0B |
| 股东权益账面价值 | $6.4B | $4.7B |
| 总资产 | $14.0B | $10.5B |
| 负债/权益比越低杠杆越低 | 0.78× | 0.86× |
8季度趋势，按日历期对齐
现金及短期投资BLCODAR
| Q4 25 | $383.0M | — | ||
| Q3 25 | $310.0M | $91.5M | ||
| Q2 25 | $266.0M | $94.6M | ||
| Q1 25 | $202.0M | $81.5M | ||
| Q4 24 | $305.0M | $76.0M | ||
| Q3 24 | $329.0M | $114.8M | ||
| Q2 24 | $285.0M | $121.6M | ||
| Q1 24 | $315.0M | $145.5M |
总债务BLCODAR
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.0B | $4.0B | ||
| Q2 25 | $5.0B | $3.9B | ||
| Q1 25 | $4.8B | $3.8B | ||
| Q4 24 | $4.8B | $3.9B | ||
| Q3 24 | $4.6B | $4.1B | ||
| Q2 24 | $4.6B | $4.3B | ||
| Q1 24 | $4.6B | $4.4B |
股东权益BLCODAR
| Q4 25 | $6.4B | — | ||
| Q3 25 | $6.4B | $4.7B | ||
| Q2 25 | $6.4B | $4.6B | ||
| Q1 25 | $6.4B | $4.4B | ||
| Q4 24 | $6.5B | $4.4B | ||
| Q3 24 | $6.6B | $4.6B | ||
| Q2 24 | $6.5B | $4.5B | ||
| Q1 24 | $6.7B | $4.6B |
总资产BLCODAR
| Q4 25 | $14.0B | — | ||
| Q3 25 | $13.8B | $10.5B | ||
| Q2 25 | $13.8B | $10.3B | ||
| Q1 25 | $13.4B | $10.0B | ||
| Q4 24 | $13.5B | $10.1B | ||
| Q3 24 | $13.5B | $10.6B | ||
| Q2 24 | $13.3B | $10.6B | ||
| Q1 24 | $13.3B | $10.9B |
负债/权益比BLCODAR
| Q4 25 | 0.78× | — | ||
| Q3 25 | 0.77× | 0.86× | ||
| Q2 25 | 0.77× | 0.85× | ||
| Q1 25 | 0.76× | 0.86× | ||
| Q4 24 | 0.74× | 0.89× | ||
| Q3 24 | 0.70× | 0.91× | ||
| Q2 24 | 0.71× | 0.97× | ||
| Q1 24 | 0.69× | 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 | $136.0M | $224.3M |
| 自由现金流经营现金流 - 资本支出 | $60.0M | — |
| 自由现金流率自由现金流/营收 | 4.3% | — |
| 资本支出强度资本支出/营收 | 5.4% | — |
| 现金转化率经营现金流/净利润 | — | 11.59× |
| 过去12个月自由现金流最近4个季度 | $-66.0M | — |
8季度趋势，按日历期对齐
经营现金流BLCODAR
| Q4 25 | $136.0M | — | ||
| Q3 25 | $137.0M | $224.3M | ||
| Q2 25 | $35.0M | $145.8M | ||
| Q1 25 | $-25.0M | $249.0M | ||
| Q4 24 | $22.0M | $154.4M | ||
| Q3 24 | $154.0M | $274.5M | ||
| Q2 24 | $15.0M | $146.5M | ||
| Q1 24 | $41.0M | $263.9M |
自由现金流BLCODAR
| Q4 25 | $60.0M | — | ||
| Q3 25 | $63.0M | — | ||
| Q2 25 | $-54.0M | — | ||
| Q1 25 | $-135.0M | — | ||
| Q4 24 | $-70.0M | — | ||
| Q3 24 | $94.0M | — | ||
| Q2 24 | $-57.0M | — | ||
| Q1 24 | $-26.0M | — |
自由现金流率BLCODAR
| Q4 25 | 4.3% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -11.9% | — | ||
| Q4 24 | -5.5% | — | ||
| Q3 24 | 7.9% | — | ||
| Q2 24 | -4.7% | — | ||
| Q1 24 | -2.4% | — |
资本支出强度BLCODAR
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 5.0% | — | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 6.1% | — |
现金转化率BLCODAR
| Q4 25 | — | — | ||
| Q3 25 | — | 11.59× | ||
| Q2 25 | — | 11.52× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | 38.50× | 16.19× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | — | 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
BLCO
| Overthe Counter Products | $489.0M | 35% |
| Pharmaceuticals | $378.0M | 27% |
| Other | $263.0M | 19% |
| Surgical | $249.0M | 18% |
| Brandedand Other Generic Products | $14.0M | 1% |
| Other Revenues | $3.0M | 0% |
| Pharmaceutical Products | $2.0M | 0% |
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% |
