Darling Ingredients Inc.

Fats & Oils

DARStrained8 of 10 basics passed

$60.19

-3.31%

Market cap $9.50B

$60.19

-3.31%

Market cap $9.50B

Darling Ingredients Inc is a developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy and fertilizer industries.

It is a $9.50B consumer staples company. Revenue grew 14.9% over the last year, it keeps 9¢ of every dollar of sales as profit, and its net debt equals ~2.8 years of free cash flow. It trades at 15.9× earnings — around the middle of its own history.

Website: darlingii.com
Location: Irving, TX
Employees: 15 000
Sector: Consumer Defensive

Share price · 3 years

$47.08 → $60.19+27.8%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $6.55B
Profit: keeps 9¢ of every $1 sold; $598M
Free cash flow: cash left after running the business; $1.35B
Net debt: debt minus cash on hand; $3.85B
P/E: years of profit in the price; 15.9
EPS: earnings per share, TTM; $3.71
Shares: down 4% since 2019 — buybacks; 161.0M
Volatility: beta vs the market — under 1 swings less; 0.99

Revenue, last 10 years

52-week range

Low $29.91$60.19High $68.34

Today's price is 79% of the way from the year's low to its high.

P/E vs its history5y

15.9×median 16.7×

Higher than 41% of past days — around the middle of its own history.

Valuation vs own history

P/E

15.9×

59%

P/S

1.5×

44%

EV/EBITDA

26.2×

21%

P/B

1.8×

52%

FCF yield

9.3%

82%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$2.06Mnet selling

Purchases$61.0K

Sales$2.12M

Insiders trading, last 14d0 buy · 0 sell

Standing in Consumer Defensive

Size$9.50Btop 85%
Revenue growth-2%top 88%
Net margin9%top 43%
Return on equity5%top 78%
P/E15.9×top 21%

Ranked against 41 Consumer Defensive companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and quality; Growth, Profitability, Health and Moat lag behind.

Valuation82

P/E vs own history41th pct · 12/25
FCF yield14.2% · 25/25
P/S1.5x · 25/25
EV/EBITDA13.7x · 20/25

Growth37

Revenue CAGR6.7% · 12/25
Net income CAGR-44.3% · 0/25
EPS CAGR ~5Y-26.2% · 0/25
Fwd implied growth79.1% · 25/25

Profitability35

ROIC0.7% · 5/25
ROE4.7% · 5/25
Net margin9.1% · 13/25
Operating margin14.5% · 12/25

Health26

Altman Zn/a · 0/25
Current ratio1.58 · 18/25
Interest coverage1.2x · 3/25
Net cash / debtD/A 37% · 5/25

Quality95

Piotroski F8/9 · 25/25
Beneish M-2.96 · 25/25
FCF conversion162% · 25/25
Margin stabilityσ 6.4% · 20/25

Moat43

ROIC >12% years1/10 yrs · 0/25
Median gross margin23.2% · 6/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 1.0% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q3 2026Insiders
2 open-market insider purchases
~1K shares bought by insiders
FY2022Financial
Best year on record
$738M net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$3.40B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$8 184 today — price return only

$6.1B revenue in FY2025

Revenue up 14.9% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

15 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 14.9% year over year
Strong cash conversion — FCF is 20.6% of revenue
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Thin interest coverage (1.2×)

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+14.9% YoY
Profitable — makes more than it spends$598M TTM
Profit growing — earnings are higher than last year-55.6% YoY
Generates cash — cash left after running and investing$1.35B TTM
Debt under control — could handle its obligations~2.8y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$9.50B market cap
Not printing shares — share count not ballooning — you keep your slice-3.4% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 21/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 15.9

Peer comparisonDarling Ingredients Inc. vs 6 largest consumer defensive peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
DAR this company	$9.5B	15.9	+14.9%	9.1%	Strained
WMT Walmart Inc.	$882.9B	40.8	+6.2%	3.0%	Strained
COST Costco Wholesale Corp	$419.2B	45.5	+10.1%	3.0%	Mixed
KO Coca-Cola Company	$379.3B	26.5	+6.5%	28.6%	Mixed
PG Procter & Gamble Company	$351.2B	21.9	+3.3%	18.4%	Solid
PM Philip Morris International Inc.	$313.6B	28.8	+8.9%	25.6%	Strained
PEP PepsiCo, Inc.	$171.8B	16.5	+6.4%	11.1%	Strained

Head-to-head: DAR vs WMT · DAR vs COST · DAR vs KO

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 8Hold 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.55B · net income $598M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$6.55B

YoY 14.9%

Net income (TTM)

$598M

Margin 9.1%

Gross margin

26.3%

Operating margin

14.5%

P/E ratio

15.9

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	3.6	4.7	6.5	6.8	5.7	6.1
Gross profit	0.9	1.2	1.5	1.6	1.3	1.5
Operating income (EBIT)	0.4	0.9	1.0	0.9	0.5	0.3
Net income	0.3	0.7	0.7	0.6	0.3	0.1
EPS (diluted)	1.78	3.90	4.49	3.99	1.73	0.39

Cash flowFree cash flow $1.35B · operating cash flow $1.35B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.35B

Margin 20.6%

Operating cash flow (TTM)

$1.35B

FCF margin

14.8%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.6	0.7	0.8	0.9	0.8	1.1
Capital expenditure	-0.3	-0.3	-0.4	-0.6	-0.3	-0.4
Free cash flow	0.3	0.4	0.4	0.3	0.5	0.7
FCF margin	9.6%	9.1%	6.5%	5.1%	8.9%	11.1%

Balance sheetAssets $10.3B · net debt $3.85B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $10.3B of assets is financed

54%

46%

Liabilities $5.49B — borrowed moneyEquity $4.74B — owners' stake

Cash vs debt

Total debt $3.94B − cash $88.7M = net debt $3.85B

Cash on hand covers 2% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

1.2x

EBIT ÷ interest expense

ROE

4.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.1	0.1	0.1	0.1
Total assets	5.6	6.1	9.2	11.1	10.1	10.3
Total liabilities	2.7	2.8	5.3	6.4	5.6	5.5
Total debt	1.5	1.5	3.4	4.4	4.0	3.9
Equity	2.9	3.3	3.8	4.6	4.4	4.7
Net debt	1.4	1.4	3.3	4.3	4.0	3.8

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Deeper analysis of DAR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $60.19 · market cap $9.50B.