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DARLING INGREDIENTS INC.（DAR）与PAR PACIFIC HOLDINGS, INC.（PARR）财务数据对比。点击上方公司名可切换其他公司
PAR PACIFIC HOLDINGS, INC.的季度营收约是DARLING INGREDIENTS INC.的1.2倍（$1.8B vs $1.6B），PAR PACIFIC HOLDINGS, INC.净利率更高（4.3% vs 1.2%，领先3.0%），DARLING INGREDIENTS INC.同比增速更快（10.0% vs -1.0%），过去两年DARLING INGREDIENTS INC.的营收复合增速更高（-1.6% vs -4.3%）
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。
Par Pacific Holdings是总部位于美国休斯顿的油气勘探生产企业，曾在破产重组后以Par Petroleum Corporation为名运营，2015年10月20日正式更名为现名，2017年入选《财富》美国1000强企业。
DAR vs PARR — 直观对比
营收规模更大
PARR
是对方的1.2倍
$1.6B
营收增速更快
DAR
高出11.0%
-1.0%
净利率更高
PARR
高出3.0%
1.2%
两年增速更快
DAR
近两年复合增速
-4.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.8B |
| 净利润 | $19.4M | $77.7M |
| 毛利率 | 24.7% | — |
| 营业利润率 | 4.6% | 5.5% |
| 净利率 | 1.2% | 4.3% |
| 营收同比 | 10.0% | -1.0% |
| 净利润同比 | 14.2% | 239.5% |
| 每股收益（稀释后） | $0.12 | $1.40 |
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DARPARR
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.6B | $2.0B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.5B | $2.0B | ||
| Q1 24 | $1.4B | $2.0B |
净利润DARPARR
| Q4 25 | — | $77.7M | ||
| Q3 25 | $19.4M | $262.6M | ||
| Q2 25 | $12.7M | $59.5M | ||
| Q1 25 | $-26.2M | $-30.4M | ||
| Q4 24 | $101.9M | $-55.7M | ||
| Q3 24 | $16.9M | $7.5M | ||
| Q2 24 | $78.9M | $18.6M | ||
| Q1 24 | $81.2M | $-3.8M |
毛利率DARPARR
| 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DARPARR
| Q4 25 | — | 5.5% | ||
| Q3 25 | 4.6% | 17.8% | ||
| Q2 25 | 5.1% | 5.1% | ||
| Q1 25 | 2.1% | -0.9% | ||
| Q4 24 | 8.6% | -2.6% | ||
| Q3 24 | 4.2% | 1.7% | ||
| Q2 24 | 10.2% | 2.4% | ||
| Q1 24 | 9.7% | 0.5% |
净利率DARPARR
| Q4 25 | — | 4.3% | ||
| Q3 25 | 1.2% | 13.0% | ||
| Q2 25 | 0.9% | 3.1% | ||
| Q1 25 | -1.9% | -1.7% | ||
| Q4 24 | 7.2% | -3.0% | ||
| Q3 24 | 1.2% | 0.3% | ||
| Q2 24 | 5.4% | 0.9% | ||
| Q1 24 | 5.7% | -0.2% |
每股收益（稀释后）DARPARR
| Q4 25 | — | $1.40 | ||
| Q3 25 | $0.12 | $5.16 | ||
| Q2 25 | $0.08 | $1.17 | ||
| Q1 25 | $-0.16 | $-0.57 | ||
| Q4 24 | $0.63 | $-0.98 | ||
| Q3 24 | $0.11 | $0.13 | ||
| Q2 24 | $0.49 | $0.32 | ||
| Q1 24 | $0.50 | $-0.06 |
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 | $164.1M |
| 总债务越低越好 | $4.0B | $802.9M |
| 股东权益账面价值 | $4.7B | $1.5B |
| 总资产 | $10.5B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.86× | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资DARPARR
| Q4 25 | — | $164.1M | ||
| Q3 25 | $91.5M | $159.1M | ||
| Q2 25 | $94.6M | $169.2M | ||
| Q1 25 | $81.5M | $133.7M | ||
| Q4 24 | $76.0M | $191.9M | ||
| Q3 24 | $114.8M | $183.0M | ||
| Q2 24 | $121.6M | $179.7M | ||
| Q1 24 | $145.5M | $228.3M |
总债务DARPARR
| Q4 25 | — | $802.9M | ||
| Q3 25 | $4.0B | $967.1M | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.8B | $1.2B | ||
| Q4 24 | $3.9B | $1.1B | ||
| Q3 24 | $4.1B | $1.0B | ||
| Q2 24 | $4.3B | $1.1B | ||
| Q1 24 | $4.4B | $639.5M |
股东权益DARPARR
| Q4 25 | — | $1.5B | ||
| Q3 25 | $4.7B | $1.4B | ||
| Q2 25 | $4.6B | $1.1B | ||
| Q1 25 | $4.4B | $1.1B | ||
| Q4 24 | $4.4B | $1.2B | ||
| Q3 24 | $4.6B | $1.3B | ||
| Q2 24 | $4.5B | $1.3B | ||
| Q1 24 | $4.6B | $1.3B |
总资产DARPARR
| Q4 25 | — | $3.8B | ||
| Q3 25 | $10.5B | $4.1B | ||
| Q2 25 | $10.3B | $3.9B | ||
| Q1 25 | $10.0B | $3.8B | ||
| Q4 24 | $10.1B | $3.8B | ||
| Q3 24 | $10.6B | $3.9B | ||
| Q2 24 | $10.6B | $3.9B | ||
| Q1 24 | $10.9B | $3.8B |
负债/权益比DARPARR
| Q4 25 | — | 0.53× | ||
| Q3 25 | 0.86× | 0.69× | ||
| Q2 25 | 0.85× | 0.97× | ||
| Q1 25 | 0.86× | 1.04× | ||
| Q4 24 | 0.89× | 0.93× | ||
| Q3 24 | 0.91× | 0.83× | ||
| Q2 24 | 0.97× | 0.84× | ||
| Q1 24 | 0.95× | 0.49× |
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 | $93.8M |
| 自由现金流经营现金流 - 资本支出 | — | $66.3M |
| 自由现金流率自由现金流/营收 | — | 3.7% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | 11.59× | 1.21× |
| 过去12个月自由现金流最近4个季度 | — | $296.5M |
8季度趋势，按日历期对齐
经营现金流DARPARR
| Q4 25 | — | $93.8M | ||
| Q3 25 | $224.3M | $219.4M | ||
| Q2 25 | $145.8M | $133.6M | ||
| Q1 25 | $249.0M | $-1.4M | ||
| Q4 24 | $154.4M | $-15.5M | ||
| Q3 24 | $274.5M | $78.5M | ||
| Q2 24 | $146.5M | $-4.7M | ||
| Q1 24 | $263.9M | $25.4M |
自由现金流DARPARR
| Q4 25 | — | $66.3M | ||
| Q3 25 | — | $187.1M | ||
| Q2 25 | — | $85.5M | ||
| Q1 25 | — | $-42.3M | ||
| Q4 24 | — | $-63.1M | ||
| Q3 24 | — | $50.2M | ||
| Q2 24 | — | $-41.6M | ||
| Q1 24 | — | $2.8M |
自由现金流率DARPARR
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 9.3% | ||
| Q2 25 | — | 4.5% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | -3.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | -2.1% | ||
| Q1 24 | — | 0.1% |
资本支出强度DARPARR
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.1% |
现金转化率DARPARR
| Q4 25 | — | 1.21× | ||
| Q3 25 | 11.59× | 0.84× | ||
| Q2 25 | 11.52× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 16.19× | 10.48× | ||
| Q2 24 | 1.86× | -0.25× | ||
| 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% |
PARR
| Distillates | $750.6M | 41% |
| Gasoline | $603.9M | 33% |
| Other Refined Products | $348.8M | 19% |
| Logistics | $73.7M | 4% |
| Other Revenues | $44.8M | 2% |
