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Corpay（CPAY）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Corpay的1.3倍（$1.6B vs $1.2B），Corpay净利率更高（21.2% vs 1.2%，领先20.0%），Corpay同比增速更快（20.7% vs 10.0%），过去两年Corpay的营收复合增速更高（15.5% vs -1.6%）
Corpay总部位于美国佐治亚州亚特兰大，是专业的支付与支出管理服务提供商，旗下系统及服务可帮助客户高效管控采购、支付全流程的相关费用，核心业务覆盖车辆相关支出、住宿支出及企业支付三大领域。
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。
CPAY vs DAR — 直观对比
营收规模更大
DAR
是对方的1.3倍
$1.2B
营收增速更快
CPAY
高出10.7%
10.0%
净利率更高
CPAY
高出20.0%
1.2%
两年增速更快
CPAY
近两年复合增速
-1.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $264.5M | $19.4M |
| 毛利率 | — | 24.7% |
| 营业利润率 | 45.2% | 4.6% |
| 净利率 | 21.2% | 1.2% |
| 营收同比 | 20.7% | 10.0% |
| 净利润同比 | 7.5% | 14.2% |
| 每股收益（稀释后） | $3.74 | $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CPAYDAR
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $975.7M | $1.5B | ||
| Q1 24 | $935.3M | $1.4B |
净利润CPAYDAR
| Q4 25 | $264.5M | — | ||
| Q3 25 | $277.9M | $19.4M | ||
| Q2 25 | $284.2M | $12.7M | ||
| Q1 25 | $243.2M | $-26.2M | ||
| Q4 24 | $246.0M | $101.9M | ||
| Q3 24 | $276.4M | $16.9M | ||
| Q2 24 | $251.6M | $78.9M | ||
| Q1 24 | $229.8M | $81.2M |
毛利率CPAYDAR
| 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CPAYDAR
| Q4 25 | 45.2% | — | ||
| Q3 25 | 44.6% | 4.6% | ||
| Q2 25 | 43.5% | 5.1% | ||
| Q1 25 | 42.5% | 2.1% | ||
| Q4 24 | 47.2% | 8.6% | ||
| Q3 24 | 45.5% | 4.2% | ||
| Q2 24 | 44.4% | 10.2% | ||
| Q1 24 | 42.5% | 9.7% |
净利率CPAYDAR
| Q4 25 | 21.2% | — | ||
| Q3 25 | 23.7% | 1.2% | ||
| Q2 25 | 25.8% | 0.9% | ||
| Q1 25 | 24.2% | -1.9% | ||
| Q4 24 | 23.8% | 7.2% | ||
| Q3 24 | 26.9% | 1.2% | ||
| Q2 24 | 25.8% | 5.4% | ||
| Q1 24 | 24.6% | 5.7% |
每股收益（稀释后）CPAYDAR
| Q4 25 | $3.74 | — | ||
| Q3 25 | $3.91 | $0.12 | ||
| Q2 25 | $3.98 | $0.08 | ||
| Q1 25 | $3.40 | $-0.16 | ||
| Q4 24 | $3.43 | $0.63 | ||
| Q3 24 | $3.90 | $0.11 | ||
| Q2 24 | $3.52 | $0.49 | ||
| Q1 24 | $3.12 | $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 | $2.4B | $91.5M |
| 总债务越低越好 | $10.0B | $4.0B |
| 股东权益账面价值 | $3.9B | $4.7B |
| 总资产 | $26.4B | $10.5B |
| 负债/权益比越低杠杆越低 | 2.58× | 0.86× |
8季度趋势，按日历期对齐
现金及短期投资CPAYDAR
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.0B | $91.5M | ||
| Q2 25 | $2.2B | $94.6M | ||
| Q1 25 | $1.6B | $81.5M | ||
| Q4 24 | $1.6B | $76.0M | ||
| Q3 24 | $1.3B | $114.8M | ||
| Q2 24 | $1.4B | $121.6M | ||
| Q1 24 | $1.3B | $145.5M |
总债务CPAYDAR
| Q4 25 | $10.0B | — | ||
| Q3 25 | $8.1B | $4.0B | ||
| Q2 25 | $8.1B | $3.9B | ||
| Q1 25 | $8.2B | $3.8B | ||
| Q4 24 | $8.0B | $3.9B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
股东权益CPAYDAR
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.1B | $4.7B | ||
| Q2 25 | $3.9B | $4.6B | ||
| Q1 25 | $3.5B | $4.4B | ||
| Q4 24 | $3.1B | $4.4B | ||
| Q3 24 | $3.1B | $4.6B | ||
| Q2 24 | $2.8B | $4.5B | ||
| Q1 24 | $3.3B | $4.6B |
总资产CPAYDAR
| Q4 25 | $26.4B | — | ||
| Q3 25 | $19.7B | $10.5B | ||
| Q2 25 | $20.4B | $10.3B | ||
| Q1 25 | $18.5B | $10.0B | ||
| Q4 24 | $18.0B | $10.1B | ||
| Q3 24 | $17.6B | $10.6B | ||
| Q2 24 | $16.2B | $10.6B | ||
| Q1 24 | $15.8B | $10.9B |
负债/权益比CPAYDAR
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.99× | 0.86× | ||
| Q2 25 | 2.07× | 0.85× | ||
| Q1 25 | 2.37× | 0.86× | ||
| Q4 24 | 2.56× | 0.89× | ||
| Q3 24 | — | 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 | $812.7M | $224.3M |
| 自由现金流经营现金流 - 资本支出 | $760.3M | — |
| 自由现金流率自由现金流/营收 | 60.9% | — |
| 资本支出强度资本支出/营收 | 4.2% | — |
| 现金转化率经营现金流/净利润 | 3.07× | 11.59× |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CPAYDAR
| Q4 25 | $812.7M | — | ||
| Q3 25 | $-378.9M | $224.3M | ||
| Q2 25 | $1.1B | $145.8M | ||
| Q1 25 | $-74.2M | $249.0M | ||
| Q4 24 | $648.7M | $154.4M | ||
| Q3 24 | $400.8M | $274.5M | ||
| Q2 24 | $540.9M | $146.5M | ||
| Q1 24 | $350.2M | $263.9M |
自由现金流CPAYDAR
| Q4 25 | $760.3M | — | ||
| Q3 25 | $-429.8M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $-118.9M | — | ||
| Q4 24 | $604.6M | — | ||
| Q3 24 | $355.0M | — | ||
| Q2 24 | $496.8M | — | ||
| Q1 24 | $309.0M | — |
自由现金流率CPAYDAR
| Q4 25 | 60.9% | — | ||
| Q3 25 | -36.7% | — | ||
| Q2 25 | 98.7% | — | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | 58.4% | — | ||
| Q3 24 | 34.5% | — | ||
| Q2 24 | 50.9% | — | ||
| Q1 24 | 33.0% | — |
资本支出强度CPAYDAR
| Q4 25 | 4.2% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 4.4% | — |
现金转化率CPAYDAR
| Q4 25 | 3.07× | — | ||
| Q3 25 | -1.36× | 11.59× | ||
| Q2 25 | 4.01× | 11.52× | ||
| Q1 25 | -0.30× | — | ||
| Q4 24 | 2.64× | 1.52× | ||
| Q3 24 | 1.45× | 16.19× | ||
| Q2 24 | 2.15× | 1.86× | ||
| Q1 24 | 1.52× | 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
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
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% |
