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DARLING INGREDIENTS INC.（DAR）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是DARLING INGREDIENTS INC.的1.1倍（$1.8B vs $1.6B），美泰净利率更高（6.0% vs 1.2%，领先4.8%），DARLING INGREDIENTS INC.同比增速更快（10.0% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% 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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
DAR vs MAT — 直观对比
营收规模更大
MAT
是对方的1.1倍
$1.6B
营收增速更快
DAR
高出2.7%
7.3%
净利率更高
MAT
高出4.8%
1.2%
两年增速更快
MAT
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 | $106.2M |
| 毛利率 | 24.7% | 45.9% |
| 营业利润率 | 4.6% | 8.0% |
| 净利率 | 1.2% | 6.0% |
| 营收同比 | 10.0% | 7.3% |
| 净利润同比 | 14.2% | -24.6% |
| 每股收益（稀释后） | $0.12 | $0.32 |
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DARMAT
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.4B | $826.6M | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.4B | $809.5M |
净利润DARMAT
| Q4 25 | — | $106.2M | ||
| Q3 25 | $19.4M | $278.4M | ||
| Q2 25 | $12.7M | $53.4M | ||
| Q1 25 | $-26.2M | $-40.3M | ||
| Q4 24 | $101.9M | $140.9M | ||
| Q3 24 | $16.9M | $372.4M | ||
| Q2 24 | $78.9M | $56.9M | ||
| Q1 24 | $81.2M | $-28.3M |
毛利率DARMAT
| Q4 25 | — | 45.9% | ||
| Q3 25 | 24.7% | 50.0% | ||
| Q2 25 | 23.3% | 50.9% | ||
| Q1 25 | 22.6% | 49.4% | ||
| Q4 24 | 23.5% | 50.7% | ||
| Q3 24 | 22.1% | 53.1% | ||
| Q2 24 | 22.5% | 49.2% | ||
| Q1 24 | 21.4% | 48.0% |
营业利润率DARMAT
| Q4 25 | — | 8.0% | ||
| Q3 25 | 4.6% | 21.9% | ||
| Q2 25 | 5.1% | 7.7% | ||
| Q1 25 | 2.1% | -6.4% | ||
| Q4 24 | 8.6% | 9.6% | ||
| Q3 24 | 4.2% | 26.5% | ||
| Q2 24 | 10.2% | 7.7% | ||
| Q1 24 | 9.7% | -4.4% |
净利率DARMAT
| Q4 25 | — | 6.0% | ||
| Q3 25 | 1.2% | 16.0% | ||
| Q2 25 | 0.9% | 5.2% | ||
| Q1 25 | -1.9% | -4.9% | ||
| Q4 24 | 7.2% | 8.6% | ||
| Q3 24 | 1.2% | 20.2% | ||
| Q2 24 | 5.4% | 5.3% | ||
| Q1 24 | 5.7% | -3.5% |
每股收益（稀释后）DARMAT
| Q4 25 | — | $0.32 | ||
| Q3 25 | $0.12 | $0.88 | ||
| Q2 25 | $0.08 | $0.16 | ||
| Q1 25 | $-0.16 | $-0.12 | ||
| Q4 24 | $0.63 | $0.40 | ||
| Q3 24 | $0.11 | $1.09 | ||
| Q2 24 | $0.49 | $0.17 | ||
| Q1 24 | $0.50 | $-0.08 |
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 | $1.2B |
| 总债务越低越好 | $4.0B | $2.3B |
| 股东权益账面价值 | $4.7B | $2.2B |
| 总资产 | $10.5B | $6.6B |
| 负债/权益比越低杠杆越低 | 0.86× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资DARMAT
| Q4 25 | — | $1.2B | ||
| Q3 25 | $91.5M | $691.9M | ||
| Q2 25 | $94.6M | $870.5M | ||
| Q1 25 | $81.5M | $1.2B | ||
| Q4 24 | $76.0M | $1.4B | ||
| Q3 24 | $114.8M | $723.5M | ||
| Q2 24 | $121.6M | $722.4M | ||
| Q1 24 | $145.5M | $1.1B |
总债务DARMAT
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.0B | $2.3B | ||
| Q2 25 | $3.9B | $2.3B | ||
| Q1 25 | $3.8B | $2.3B | ||
| Q4 24 | $3.9B | $2.3B | ||
| Q3 24 | $4.1B | $2.3B | ||
| Q2 24 | $4.3B | $2.3B | ||
| Q1 24 | $4.4B | $2.3B |
股东权益DARMAT
| Q4 25 | — | $2.2B | ||
| Q3 25 | $4.7B | $2.3B | ||
| Q2 25 | $4.6B | $2.2B | ||
| Q1 25 | $4.4B | $2.1B | ||
| Q4 24 | $4.4B | $2.3B | ||
| Q3 24 | $4.6B | $2.3B | ||
| Q2 24 | $4.5B | $2.0B | ||
| Q1 24 | $4.6B | $2.0B |
总资产DARMAT
| Q4 25 | — | $6.6B | ||
| Q3 25 | $10.5B | $6.6B | ||
| Q2 25 | $10.3B | $6.2B | ||
| Q1 25 | $10.0B | $6.2B | ||
| Q4 24 | $10.1B | $6.5B | ||
| Q3 24 | $10.6B | $6.5B | ||
| Q2 24 | $10.6B | $5.9B | ||
| Q1 24 | $10.9B | $6.1B |
负债/权益比DARMAT
| Q4 25 | — | 1.04× | ||
| Q3 25 | 0.86× | 1.03× | ||
| Q2 25 | 0.85× | 1.08× | ||
| Q1 25 | 0.86× | 1.10× | ||
| Q4 24 | 0.89× | 1.03× | ||
| Q3 24 | 0.91× | 1.01× | ||
| Q2 24 | 0.97× | 1.18× | ||
| Q1 24 | 0.95× | 1.15× |
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 | $796.6M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 11.59× | 7.50× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DARMAT
| Q4 25 | — | $796.6M | ||
| Q3 25 | $224.3M | $72.0M | ||
| Q2 25 | $145.8M | $-300.1M | ||
| Q1 25 | $249.0M | $24.8M | ||
| Q4 24 | $154.4M | $862.1M | ||
| Q3 24 | $274.5M | $155.8M | ||
| Q2 24 | $146.5M | $-252.9M | ||
| Q1 24 | $263.9M | $35.5M |
现金转化率DARMAT
| Q4 25 | — | 7.50× | ||
| Q3 25 | 11.59× | 0.26× | ||
| Q2 25 | 11.52× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | 6.12× | ||
| Q3 24 | 16.19× | 0.42× | ||
| Q2 24 | 1.86× | -4.45× | ||
| 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
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% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
