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DARLING INGREDIENTS INC.（DAR）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
DARLING INGREDIENTS INC.的季度营收约是利氏兄弟拍卖行的1.3倍（$1.6B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 1.2%，领先7.9%），DARLING INGREDIENTS INC.同比增速更快（10.0% vs 5.4%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
DAR vs RBA — 直观对比
营收规模更大
DAR
是对方的1.3倍
$1.2B
营收增速更快
DAR
高出4.6%
5.4%
净利率更高
RBA
高出7.9%
1.2%
两年增速更快
RBA
近两年复合增速
-1.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $19.4M | $109.7M |
| 毛利率 | 24.7% | — |
| 营业利润率 | 4.6% | 14.7% |
| 净利率 | 1.2% | 9.1% |
| 营收同比 | 10.0% | 5.4% |
| 净利润同比 | 14.2% | -7.4% |
| 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DARRBA
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.4B | $981.8M | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.4B | $1.1B |
净利润DARRBA
| Q4 25 | — | $109.7M | ||
| Q3 25 | $19.4M | $95.5M | ||
| Q2 25 | $12.7M | $109.8M | ||
| Q1 25 | $-26.2M | $113.4M | ||
| Q4 24 | $101.9M | $118.5M | ||
| Q3 24 | $16.9M | $76.1M | ||
| Q2 24 | $78.9M | $111.1M | ||
| Q1 24 | $81.2M | $107.4M |
毛利率DARRBA
| 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DARRBA
| Q4 25 | — | 14.7% | ||
| Q3 25 | 4.6% | 14.5% | ||
| Q2 25 | 5.1% | 15.9% | ||
| Q1 25 | 2.1% | 17.1% | ||
| Q4 24 | 8.6% | 18.1% | ||
| Q3 24 | 4.2% | 15.6% | ||
| Q2 24 | 10.2% | 18.4% | ||
| Q1 24 | 9.7% | 18.7% |
净利率DARRBA
| Q4 25 | — | 9.1% | ||
| Q3 25 | 1.2% | 8.7% | ||
| Q2 25 | 0.9% | 9.3% | ||
| Q1 25 | -1.9% | 10.2% | ||
| Q4 24 | 7.2% | 10.4% | ||
| Q3 24 | 1.2% | 7.8% | ||
| Q2 24 | 5.4% | 10.1% | ||
| Q1 24 | 5.7% | 10.1% |
每股收益（稀释后）DARRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | $0.12 | $0.43 | ||
| Q2 25 | $0.08 | $0.53 | ||
| Q1 25 | $-0.16 | $0.55 | ||
| Q4 24 | $0.63 | $0.58 | ||
| Q3 24 | $0.11 | $0.36 | ||
| Q2 24 | $0.49 | $0.54 | ||
| Q1 24 | $0.50 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $4.0B | $2.3B |
| 股东权益账面价值 | $4.7B | $5.6B |
| 总资产 | $10.5B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.86× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资DARRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | $91.5M | $674.7M | ||
| Q2 25 | $94.6M | $710.2M | ||
| Q1 25 | $81.5M | $578.1M | ||
| Q4 24 | $76.0M | $533.9M | ||
| Q3 24 | $114.8M | $650.7M | ||
| Q2 24 | $121.6M | $599.5M | ||
| Q1 24 | $145.5M | $462.8M |
总债务DARRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.0B | $2.6B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $3.9B | $2.6B | ||
| Q3 24 | $4.1B | $2.7B | ||
| Q2 24 | $4.3B | $2.8B | ||
| Q1 24 | $4.4B | $2.9B |
股东权益DARRBA
| Q4 25 | — | $5.6B | ||
| Q3 25 | $4.7B | $5.5B | ||
| Q2 25 | $4.6B | $5.5B | ||
| Q1 25 | $4.4B | $5.3B | ||
| Q4 24 | $4.4B | $5.2B | ||
| Q3 24 | $4.6B | $5.2B | ||
| Q2 24 | $4.5B | $5.2B | ||
| Q1 24 | $4.6B | $5.1B |
总资产DARRBA
| Q4 25 | — | $12.1B | ||
| Q3 25 | $10.5B | $12.2B | ||
| Q2 25 | $10.3B | $12.2B | ||
| Q1 25 | $10.0B | $11.9B | ||
| Q4 24 | $10.1B | $11.8B | ||
| Q3 24 | $10.6B | $11.9B | ||
| Q2 24 | $10.6B | $12.1B | ||
| Q1 24 | $10.9B | $12.0B |
负债/权益比DARRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | 0.86× | 0.47× | ||
| Q2 25 | 0.85× | 0.47× | ||
| Q1 25 | 0.86× | 0.50× | ||
| Q4 24 | 0.89× | 0.50× | ||
| Q3 24 | 0.91× | 0.52× | ||
| Q2 24 | 0.97× | 0.55× | ||
| Q1 24 | 0.95× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | 11.59× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流DARRBA
| Q4 25 | — | $255.2M | ||
| Q3 25 | $224.3M | $239.7M | ||
| Q2 25 | $145.8M | $326.5M | ||
| Q1 25 | $249.0M | $156.8M | ||
| Q4 24 | $154.4M | $184.5M | ||
| Q3 24 | $274.5M | $285.4M | ||
| Q2 24 | $146.5M | $337.3M | ||
| Q1 24 | $263.9M | $124.8M |
自由现金流DARRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | — | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率DARRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度DARRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率DARRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | 11.59× | 2.51× | ||
| Q2 25 | 11.52× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 1.52× | 1.56× | ||
| Q3 24 | 16.19× | 3.75× | ||
| Q2 24 | 1.86× | 3.04× | ||
| Q1 24 | 3.25× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
