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DARLING INGREDIENTS INC.（DAR）与佳明（GRMN）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是DARLING INGREDIENTS INC.的1.4倍（$2.1B vs $1.6B），佳明净利率更高（24.9% vs 1.2%，领先23.6%），佳明同比增速更快（16.6% vs 10.0%），过去两年佳明的营收复合增速更高（24.0% vs -1.6%）
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。
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
DAR vs GRMN — 直观对比
营收规模更大
GRMN
是对方的1.4倍
$1.6B
营收增速更快
GRMN
高出6.6%
10.0%
净利率更高
GRMN
高出23.6%
1.2%
两年增速更快
GRMN
近两年复合增速
-1.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.1B |
| 净利润 | $19.4M | $528.7M |
| 毛利率 | 24.7% | 59.2% |
| 营业利润率 | 4.6% | 28.9% |
| 净利率 | 1.2% | 24.9% |
| 营收同比 | 10.0% | 16.6% |
| 净利润同比 | 14.2% | 21.3% |
| 每股收益（稀释后） | $0.12 | $2.72 |
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DARGRMN
| Q4 25 | — | $2.1B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.4B | $1.4B |
净利润DARGRMN
| Q4 25 | — | $528.7M | ||
| Q3 25 | $19.4M | $401.6M | ||
| Q2 25 | $12.7M | $400.8M | ||
| Q1 25 | $-26.2M | $332.8M | ||
| Q4 24 | $101.9M | $435.7M | ||
| Q3 24 | $16.9M | $399.1M | ||
| Q2 24 | $78.9M | $300.6M | ||
| Q1 24 | $81.2M | $276.0M |
毛利率DARGRMN
| Q4 25 | — | 59.2% | ||
| Q3 25 | 24.7% | 59.1% | ||
| Q2 25 | 23.3% | 58.8% | ||
| Q1 25 | 22.6% | 57.6% | ||
| Q4 24 | 23.5% | 59.3% | ||
| Q3 24 | 22.1% | 60.0% | ||
| Q2 24 | 22.5% | 57.3% | ||
| Q1 24 | 21.4% | 58.1% |
营业利润率DARGRMN
| Q4 25 | — | 28.9% | ||
| Q3 25 | 4.6% | 25.8% | ||
| Q2 25 | 5.1% | 26.0% | ||
| Q1 25 | 2.1% | 21.7% | ||
| Q4 24 | 8.6% | 28.3% | ||
| Q3 24 | 4.2% | 27.6% | ||
| Q2 24 | 10.2% | 22.7% | ||
| Q1 24 | 9.7% | 21.6% |
净利率DARGRMN
| Q4 25 | — | 24.9% | ||
| Q3 25 | 1.2% | 22.7% | ||
| Q2 25 | 0.9% | 22.1% | ||
| Q1 25 | -1.9% | 21.7% | ||
| Q4 24 | 7.2% | 23.9% | ||
| Q3 24 | 1.2% | 25.2% | ||
| Q2 24 | 5.4% | 20.0% | ||
| Q1 24 | 5.7% | 20.0% |
每股收益（稀释后）DARGRMN
| Q4 25 | — | $2.72 | ||
| Q3 25 | $0.12 | $2.08 | ||
| Q2 25 | $0.08 | $2.07 | ||
| Q1 25 | $-0.16 | $1.72 | ||
| Q4 24 | $0.63 | $2.24 | ||
| Q3 24 | $0.11 | $2.07 | ||
| Q2 24 | $0.49 | $1.56 | ||
| Q1 24 | $0.50 | $1.43 |
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 | $91.5M | $2.3B |
| 总债务越低越好 | $4.0B | — |
| 股东权益账面价值 | $4.7B | $9.0B |
| 总资产 | $10.5B | $11.0B |
| 负债/权益比越低杠杆越低 | 0.86× | — |
8季度趋势，按日历期对齐
现金及短期投资DARGRMN
| Q4 25 | — | $2.3B | ||
| Q3 25 | $91.5M | $2.1B | ||
| Q2 25 | $94.6M | $2.1B | ||
| Q1 25 | $81.5M | $2.2B | ||
| Q4 24 | $76.0M | $2.1B | ||
| Q3 24 | $114.8M | $2.0B | ||
| Q2 24 | $121.6M | $1.9B | ||
| Q1 24 | $145.5M | $1.9B |
总债务DARGRMN
| 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 | — |
股东权益DARGRMN
| Q4 25 | — | $9.0B | ||
| Q3 25 | $4.7B | $8.5B | ||
| Q2 25 | $4.6B | $8.1B | ||
| Q1 25 | $4.4B | $8.2B | ||
| Q4 24 | $4.4B | $7.8B | ||
| Q3 24 | $4.6B | $7.5B | ||
| Q2 24 | $4.5B | $7.0B | ||
| Q1 24 | $4.6B | $7.2B |
总资产DARGRMN
| Q4 25 | — | $11.0B | ||
| Q3 25 | $10.5B | $10.5B | ||
| Q2 25 | $10.3B | $10.3B | ||
| Q1 25 | $10.0B | $9.8B | ||
| Q4 24 | $10.1B | $9.6B | ||
| Q3 24 | $10.6B | $9.3B | ||
| Q2 24 | $10.6B | $8.9B | ||
| Q1 24 | $10.9B | $8.6B |
负债/权益比DARGRMN
| 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× | — |
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 | $224.3M | $553.8M |
| 自由现金流经营现金流 - 资本支出 | — | $429.6M |
| 自由现金流率自由现金流/营收 | — | 20.2% |
| 资本支出强度资本支出/营收 | — | 5.8% |
| 现金转化率经营现金流/净利润 | 11.59× | 1.05× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流DARGRMN
| Q4 25 | — | $553.8M | ||
| Q3 25 | $224.3M | $485.6M | ||
| Q2 25 | $145.8M | $173.2M | ||
| Q1 25 | $249.0M | $420.8M | ||
| Q4 24 | $154.4M | $483.9M | ||
| Q3 24 | $274.5M | $258.0M | ||
| Q2 24 | $146.5M | $255.3M | ||
| Q1 24 | $263.9M | $435.3M |
自由现金流DARGRMN
| Q4 25 | — | $429.6M | ||
| Q3 25 | — | $425.1M | ||
| Q2 25 | — | $127.5M | ||
| Q1 25 | — | $380.7M | ||
| Q4 24 | — | $399.2M | ||
| Q3 24 | — | $219.4M | ||
| Q2 24 | — | $218.2M | ||
| Q1 24 | — | $402.1M |
自由现金流率DARGRMN
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 21.9% | ||
| Q3 24 | — | 13.8% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | 29.1% |
资本支出强度DARGRMN
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.4% |
现金转化率DARGRMN
| Q4 25 | — | 1.05× | ||
| Q3 25 | 11.59× | 1.21× | ||
| Q2 25 | 11.52× | 0.43× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | 1.52× | 1.11× | ||
| Q3 24 | 16.19× | 0.65× | ||
| Q2 24 | 1.86× | 0.85× | ||
| Q1 24 | 3.25× | 1.58× |
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
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% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
