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DARLING INGREDIENTS INC.（DAR）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
凯悦酒店集团的季度营收约是DARLING INGREDIENTS INC.的1.1倍（$1.8B vs $1.6B），DARLING INGREDIENTS INC.净利率更高（1.2% vs -1.1%，领先2.4%），凯悦酒店集团同比增速更快（11.7% vs 10.0%），过去两年凯悦酒店集团的营收复合增速更高（2.2% 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。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
DAR vs H — 直观对比
营收规模更大
H
是对方的1.1倍
$1.6B
营收增速更快
H
高出1.7%
10.0%
净利率更高
DAR
高出2.4%
-1.1%
两年增速更快
H
近两年复合增速
-1.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.8B |
| 净利润 | $19.4M | $-20.0M |
| 毛利率 | 24.7% | — |
| 营业利润率 | 4.6% | 0.4% |
| 净利率 | 1.2% | -1.1% |
| 营收同比 | 10.0% | 11.7% |
| 净利润同比 | 14.2% | 64.3% |
| 每股收益（稀释后） | $0.12 | $-0.20 |
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DARH
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.5B | $1.7B | ||
| Q1 24 | $1.4B | $1.7B |
净利润DARH
| Q4 25 | — | $-20.0M | ||
| Q3 25 | $19.4M | $-49.0M | ||
| Q2 25 | $12.7M | $-3.0M | ||
| Q1 25 | $-26.2M | $20.0M | ||
| Q4 24 | $101.9M | $-56.0M | ||
| Q3 24 | $16.9M | $471.0M | ||
| Q2 24 | $78.9M | $359.0M | ||
| Q1 24 | $81.2M | $522.0M |
毛利率DARH
| 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DARH
| Q4 25 | — | 0.4% | ||
| Q3 25 | 4.6% | -1.0% | ||
| Q2 25 | 5.1% | 2.1% | ||
| Q1 25 | 2.1% | 3.0% | ||
| Q4 24 | 8.6% | -3.0% | ||
| Q3 24 | 4.2% | 37.3% | ||
| Q2 24 | 10.2% | 27.1% | ||
| Q1 24 | 9.7% | 31.6% |
净利率DARH
| Q4 25 | — | -1.1% | ||
| Q3 25 | 1.2% | -2.7% | ||
| Q2 25 | 0.9% | -0.2% | ||
| Q1 25 | -1.9% | 1.2% | ||
| Q4 24 | 7.2% | -3.5% | ||
| Q3 24 | 1.2% | 28.9% | ||
| Q2 24 | 5.4% | 21.1% | ||
| Q1 24 | 5.7% | 30.5% |
每股收益（稀释后）DARH
| Q4 25 | — | $-0.20 | ||
| Q3 25 | $0.12 | $-0.51 | ||
| Q2 25 | $0.08 | $-0.03 | ||
| Q1 25 | $-0.16 | $0.19 | ||
| Q4 24 | $0.63 | $-0.37 | ||
| Q3 24 | $0.11 | $4.63 | ||
| Q2 24 | $0.49 | $3.46 | ||
| Q1 24 | $0.50 | $4.93 |
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 | $813.0M |
| 总债务越低越好 | $4.0B | — |
| 股东权益账面价值 | $4.7B | $3.3B |
| 总资产 | $10.5B | $14.0B |
| 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DARH
| Q4 25 | — | $813.0M | ||
| Q3 25 | $91.5M | $749.0M | ||
| Q2 25 | $94.6M | $912.0M | ||
| Q1 25 | $81.5M | $1.8B | ||
| Q4 24 | $76.0M | $1.4B | ||
| Q3 24 | $114.8M | $1.1B | ||
| Q2 24 | $121.6M | $2.0B | ||
| Q1 24 | $145.5M | $794.0M |
总债务DARH
| Q4 25 | — | — | ||
| Q3 25 | $4.0B | $6.0B | ||
| Q2 25 | $3.9B | $6.0B | ||
| Q1 25 | $3.8B | $4.3B | ||
| Q4 24 | $3.9B | $3.8B | ||
| Q3 24 | $4.1B | $3.1B | ||
| Q2 24 | $4.3B | $3.9B | ||
| Q1 24 | $4.4B | $3.1B |
股东权益DARH
| Q4 25 | — | $3.3B | ||
| Q3 25 | $4.7B | $3.5B | ||
| Q2 25 | $4.6B | $3.6B | ||
| Q1 25 | $4.4B | $3.5B | ||
| Q4 24 | $4.4B | $3.5B | ||
| Q3 24 | $4.6B | $3.7B | ||
| Q2 24 | $4.5B | $3.9B | ||
| Q1 24 | $4.6B | $3.7B |
总资产DARH
| Q4 25 | — | $14.0B | ||
| Q3 25 | $10.5B | $15.7B | ||
| Q2 25 | $10.3B | $15.9B | ||
| Q1 25 | $10.0B | $14.0B | ||
| Q4 24 | $10.1B | $13.3B | ||
| Q3 24 | $10.6B | $11.9B | ||
| Q2 24 | $10.6B | $12.8B | ||
| Q1 24 | $10.9B | $11.7B |
负债/权益比DARH
| Q4 25 | — | — | ||
| Q3 25 | 0.86× | 1.73× | ||
| Q2 25 | 0.85× | 1.69× | ||
| Q1 25 | 0.86× | 1.25× | ||
| Q4 24 | 0.89× | 1.07× | ||
| Q3 24 | 0.91× | 0.85× | ||
| Q2 24 | 0.97× | 1.01× | ||
| Q1 24 | 0.95× | 0.84× |
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 | $313.0M |
| 自由现金流经营现金流 - 资本支出 | — | $236.0M |
| 自由现金流率自由现金流/营收 | — | 13.2% |
| 资本支出强度资本支出/营收 | — | 4.3% |
| 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 | — | $159.0M |
8季度趋势，按日历期对齐
经营现金流DARH
| Q4 25 | — | $313.0M | ||
| Q3 25 | $224.3M | $-20.0M | ||
| Q2 25 | $145.8M | $-67.0M | ||
| Q1 25 | $249.0M | $153.0M | ||
| Q4 24 | $154.4M | $235.0M | ||
| Q3 24 | $274.5M | $-21.0M | ||
| Q2 24 | $146.5M | $177.0M | ||
| Q1 24 | $263.9M | $242.0M |
自由现金流DARH
| Q4 25 | — | $236.0M | ||
| Q3 25 | — | $-89.0M | ||
| Q2 25 | — | $-111.0M | ||
| Q1 25 | — | $123.0M | ||
| Q4 24 | — | $184.0M | ||
| Q3 24 | — | $-64.0M | ||
| Q2 24 | — | $135.0M | ||
| Q1 24 | — | $208.0M |
自由现金流率DARH
| Q4 25 | — | 13.2% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -6.1% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 12.1% |
资本支出强度DARH
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.0% |
现金转化率DARH
| Q4 25 | — | — | ||
| Q3 25 | 11.59× | — | ||
| Q2 25 | 11.52× | — | ||
| Q1 25 | — | 7.65× | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | -0.04× | ||
| Q2 24 | 1.86× | 0.49× | ||
| Q1 24 | 3.25× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
