Quick answer: Decal Material blend = Premultiply Alpha. Set Decal Projector Sort Order per layer.

Bullet hole + blood splat at same spot. Only the last applied shows. Default Replace blend overwrites.

The Fix

Decal Material (Shader Graph):
  Surface Type:          Transparent
  Blend Mode:            Premultiply Alpha

Decal Projector:
  Sort Order:            1     // blood = 2; bullet hole = 1
  Decal Layer:           Default Decal Layer 0

Premultiplied alpha lets multiple decals contribute their color × alpha. Sort Order resolves z-fight at the same position.

Verifying

Place two decals overlapping. Both visible, blended. Without fix: only one shows.

“Premultiply blend. Sort layered.”

Related Issues

For URP decal on skinned, see URP decal. For SubGraph property, see SubGraph.

Premultiply. Sort. Stack.