vs
DARLING INGREDIENTS INC.（DAR）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是DARLING INGREDIENTS INC.的1.2倍（$1.9B vs $1.6B），NiSource净利率更高（13.7% vs 1.2%，领先12.4%），NiSource同比增速更快（22.5% vs 10.0%），过去两年NiSource的营收复合增速更高（7.2% 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。
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
DAR vs NI — 直观对比
营收规模更大
NI
是对方的1.2倍
$1.6B
营收增速更快
NI
高出12.5%
10.0%
净利率更高
NI
高出12.4%
1.2%
两年增速更快
NI
近两年复合增速
-1.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.9B |
| 净利润 | $19.4M | $257.8M |
| 毛利率 | 24.7% | — |
| 营业利润率 | 4.6% | 27.3% |
| 净利率 | 1.2% | 13.7% |
| 营收同比 | 10.0% | 22.5% |
| 净利润同比 | 14.2% | 15.1% |
| 每股收益（稀释后） | $0.12 | $0.53 |
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DARNI
| Q4 25 | — | $1.9B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.4B | $1.6B |
净利润DARNI
| Q4 25 | — | $257.8M | ||
| Q3 25 | $19.4M | $94.7M | ||
| Q2 25 | $12.7M | $102.2M | ||
| Q1 25 | $-26.2M | $474.8M | ||
| Q4 24 | $101.9M | $223.9M | ||
| Q3 24 | $16.9M | $85.7M | ||
| Q2 24 | $78.9M | $85.8M | ||
| Q1 24 | $81.2M | $365.0M |
毛利率DARNI
| 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DARNI
| Q4 25 | — | 27.3% | ||
| Q3 25 | 4.6% | 24.0% | ||
| Q2 25 | 5.1% | 21.1% | ||
| Q1 25 | 2.1% | 35.3% | ||
| Q4 24 | 8.6% | 27.1% | ||
| Q3 24 | 4.2% | 20.9% | ||
| Q2 24 | 10.2% | 22.5% | ||
| Q1 24 | 9.7% | 35.5% |
净利率DARNI
| Q4 25 | — | 13.7% | ||
| Q3 25 | 1.2% | 7.6% | ||
| Q2 25 | 0.9% | 8.2% | ||
| Q1 25 | -1.9% | 22.1% | ||
| Q4 24 | 7.2% | 14.5% | ||
| Q3 24 | 1.2% | 8.2% | ||
| Q2 24 | 5.4% | 8.1% | ||
| Q1 24 | 5.7% | 22.2% |
每股收益（稀释后）DARNI
| Q4 25 | — | $0.53 | ||
| Q3 25 | $0.12 | $0.20 | ||
| Q2 25 | $0.08 | $0.22 | ||
| Q1 25 | $-0.16 | $1.00 | ||
| Q4 24 | $0.63 | $0.47 | ||
| Q3 24 | $0.11 | $0.19 | ||
| Q2 24 | $0.49 | $0.19 | ||
| Q1 24 | $0.50 | $0.77 |
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 | $110.1M |
| 总债务越低越好 | $4.0B | $15.5B |
| 股东权益账面价值 | $4.7B | $9.5B |
| 总资产 | $10.5B | $35.9B |
| 负债/权益比越低杠杆越低 | 0.86× | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资DARNI
| Q4 25 | — | $110.1M | ||
| Q3 25 | $91.5M | $95.0M | ||
| Q2 25 | $94.6M | $335.4M | ||
| Q1 25 | $81.5M | $259.4M | ||
| Q4 24 | $76.0M | $156.6M | ||
| Q3 24 | $114.8M | $126.2M | ||
| Q2 24 | $121.6M | $101.2M | ||
| Q1 24 | $145.5M | $102.2M |
总债务DARNI
| Q4 25 | — | $15.5B | ||
| Q3 25 | $4.0B | $14.5B | ||
| Q2 25 | $3.9B | $14.5B | ||
| Q1 25 | $3.8B | $12.8B | ||
| Q4 24 | $3.9B | $12.1B | ||
| Q3 24 | $4.1B | $12.1B | ||
| Q2 24 | $4.3B | $12.8B | ||
| Q1 24 | $4.4B | $11.7B |
股东权益DARNI
| Q4 25 | — | $9.5B | ||
| Q3 25 | $4.7B | $9.1B | ||
| Q2 25 | $4.6B | $8.9B | ||
| Q1 25 | $4.4B | $8.9B | ||
| Q4 24 | $4.4B | $8.7B | ||
| Q3 24 | $4.6B | $8.3B | ||
| Q2 24 | $4.5B | $7.9B | ||
| Q1 24 | $4.6B | $7.9B |
总资产DARNI
| Q4 25 | — | $35.9B | ||
| Q3 25 | $10.5B | $34.4B | ||
| Q2 25 | $10.3B | $34.0B | ||
| Q1 25 | $10.0B | $33.1B | ||
| Q4 24 | $10.1B | $31.8B | ||
| Q3 24 | $10.6B | $30.8B | ||
| Q2 24 | $10.6B | $29.9B | ||
| Q1 24 | $10.9B | $29.3B |
负债/权益比DARNI
| Q4 25 | — | 1.64× | ||
| Q3 25 | 0.86× | 1.59× | ||
| Q2 25 | 0.85× | 1.63× | ||
| Q1 25 | 0.86× | 1.44× | ||
| Q4 24 | 0.89× | 1.39× | ||
| Q3 24 | 0.91× | 1.45× | ||
| Q2 24 | 0.97× | 1.63× | ||
| Q1 24 | 0.95× | 1.48× |
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 | $712.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-133.7M |
| 自由现金流率自由现金流/营收 | — | -7.1% |
| 资本支出强度资本支出/营收 | — | 44.9% |
| 现金转化率经营现金流/净利润 | 11.59× | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $-420.0M |
8季度趋势，按日历期对齐
经营现金流DARNI
| Q4 25 | — | $712.6M | ||
| Q3 25 | $224.3M | $467.9M | ||
| Q2 25 | $145.8M | $495.4M | ||
| Q1 25 | $249.0M | $686.4M | ||
| Q4 24 | $154.4M | $539.8M | ||
| Q3 24 | $274.5M | $340.0M | ||
| Q2 24 | $146.5M | $445.5M | ||
| Q1 24 | $263.9M | $456.2M |
自由现金流DARNI
| Q4 25 | — | $-133.7M | ||
| Q3 25 | — | $-172.6M | ||
| Q2 25 | — | $-162.8M | ||
| Q1 25 | — | $49.1M | ||
| Q4 24 | — | $-220.2M | ||
| Q3 24 | — | $-294.7M | ||
| Q2 24 | — | $-184.3M | ||
| Q1 24 | — | $-133.3M |
自由现金流率DARNI
| Q4 25 | — | -7.1% | ||
| Q3 25 | — | -13.9% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | -14.3% | ||
| Q3 24 | — | -28.2% | ||
| Q2 24 | — | -17.5% | ||
| Q1 24 | — | -8.1% |
资本支出强度DARNI
| Q4 25 | — | 44.9% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 52.8% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 49.4% | ||
| Q3 24 | — | 60.7% | ||
| Q2 24 | — | 59.7% | ||
| Q1 24 | — | 35.9% |
现金转化率DARNI
| Q4 25 | — | 2.76× | ||
| Q3 25 | 11.59× | 4.94× | ||
| Q2 25 | 11.52× | 4.85× | ||
| Q1 25 | — | 1.45× | ||
| Q4 24 | 1.52× | 2.41× | ||
| Q3 24 | 16.19× | 3.97× | ||
| Q2 24 | 1.86× | 5.19× | ||
| Q1 24 | 3.25× | 1.25× |
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% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
