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Darling Ingredients

DAR NYSE Agricultural Products & Services Financials FY2016–FY2025

Darling Ingredients' revenue rose 7.4% to $6.1 billion in fiscal 2025. Its operating margin was 4.5%, down from 8.2% a year earlier. Free cash flow was $679 million, up 34.0%. It paid out $35 million in dividends and buybacks, 5% of free cash flow. The diluted share count fell 0.8%.

Last close · Oct 23, 2026

$56.24

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$6.1B
7.4% vs prior year
Operating margin Operating income as a share of revenue.
4.5%
3.7 pts
Net income Profit after all expenses, interest and tax.
$62.8M
77.5%
Free cash flow Cash from operations minus capital spending.
$679M
34.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.2%
2.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.2x
On $3.71 EPS (TTM)

What Darling Ingredients does

No business description yet.

Legal name
DARLING INGREDIENTS INC.
Fiscal year ends
January 3, 2026
Latest annual report
—
Accession · CIK
0000916540-26-000008
0000916540

Revenue and margins

Darling Ingredients had $6.1B of revenue in fiscal 2025, up 7.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −5.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $679M in fiscal 2025, 11.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Darling Ingredients returned $34.7M to shareholders in fiscal 2025, 5% of free cash flow. The diluted share count fell 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Darling Ingredients yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.9B and divides by 160.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.2x · peers 23.0x · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Darling Ingredients can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $68.9M$127M$127M$76.0M$88.7M
Debt incl. finance leases $1.5B$3.4B$4.4B$4.1B$4.0B
Net debt / EBITDA 1.2x2.3x3.0x4.1x5.0x
Debt / equity 0.5x0.9x1.0x0.9x0.8x
Interest coverage 14.3x8.2x3.7x1.8x1.2x
Current ratio 1.5x1.5x1.9x1.4x1.5x
Quick ratio 0.8x0.9x1.1x0.8x1.0x
Total assets $6.1B$9.2B$11.1B$10.1B$10.3B
Total liabilities $2.8B$5.3B$6.4B$5.6B$5.5B
Shareholders' equity $3.3B$3.8B$4.6B$4.4B$4.7B
Net debt (− = net cash) $1.4B$3.3B$4.3B$4.0B$3.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$4.5M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 Randall C StueweChairman and CEO, Director Sold 5,000 $68.20 $0.3M Form 4
Aug 18, 2026 Joseph ManziChief Accounting Officer Sold 1,000 $67.27 $0.1M Form 4
Aug 17, 2026 Sandra DudleyEVP Chief Strategy Officer Sold 6,474 $67.87 $0.4M Form 4
Aug 14, 2026 Patrick McNuttEVP Chief Admin Officer Sold 8,000 $67.09 $0.5M Form 4
Aug 13, 2026 Randall C StueweChairman and CEO, Director Sold 5,000 $64.79 $0.3M Form 4
Aug 12, 2026 Randall C StueweChairman and CEO, Director Sold 5,000 $63.26 $0.3M Form 4
Aug 10, 2026 Nicholas James KemphausEVP Gen. Counsel & Secretary Sold 1,591 $63.05 $0.1M Form 4
Jul 31, 2026 Charles L AdairDirector Bought 1,000 $60.97 $0.1M Form 4
May 1, 2026 Joseph ManziChief Accounting Officer Sold 3,000 $63.89 $0.2M Form 4
Mar 6, 2026 Randall C StueweChairman and CEO, Director Sold 20,000 $52.12 $1.0M Form 4
Feb 18, 2026 der Velden Jan vanEVP Int Rendering&Specialties Sold 3,000 $51.29 $0.2M Form 4
Feb 17, 2026 der Velden Jan vanEVP Int Rendering&Specialties Sold 20,000 $51.22 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 7 / 95 / 97 / 9
Accruals ratio −2.5%−5.3%−9.8%
Altman Z'' 2.962.712.72

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Darling Ingredients DAR $9.0B 7.4% 4.5% 11.1% 3.2% 15.2x 7
Ingredion INGR $6.1B −2.8% 14.1% 7.1% 16.0% 10.4x 8 Compare →
Dole DOLE $1.3B 8.2% 2.4% 0.0% 6.3% — 6 Compare →
Bunge Global BG $20.2B 32.4% — −1.3% 6.1% 24.1x 4 Compare →
Archer Daniels Midland ADM $38.9B −6.2% — 5.2% 5.2% 22.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.4B $3.7B $3.4B $3.4B $3.6B $4.7B $6.5B $6.8B $5.7B $6.1B
Gross profit $757M $787M $741M $775M $883M $1.2B $1.5B $1.6B $1.3B $1.5B
Operating income $155M $169M $255M $476M $431M $885M $1.0B $950M $468M $273M
Interest expense $94.2M $88.9M $86.4M $78.7M $72.7M $62.1M $126M $259M $254M $222M
Pretax income $123M $64.2M $118M $380M $354M $821M $894M $720M $248M $61.0M
Income tax $15.3M −$69.2M $12.0M $59.5M $53.3M $164M $147M $59.6M −$38.3M −$9.4M
Net income $102M $129M $102M $313M $297M $651M $738M $648M $279M $62.8M
Diluted EPS $0.62 $0.77 $0.60 $1.86 $1.78 $3.90 $4.49 $3.99 $1.73 $0.39
Diluted shares 0.17B 0.17B 0.17B 0.17B 0.17B 0.17B 0.16B 0.16B 0.16B 0.16B
Cash flow
Cash from operations $391M $410M $399M $363M $625M $704M $814M $899M $839M $1.1B
Capital expenditure $244M $274M $322M $360M $280M $274M $391M $556M $333M $381M
Free cash flow $147M $136M $76.7M $3.1M $345M $430M $422M $344M $507M $679M
Depreciation and amortization $290M $302M $321M $326M $350M $316M $395M $502M $504M $509M
Stock-based compensation $10.3M $17.6M $18.8M $21.0M $23.2M $21.8M $25.0M $33.2M $20.9M $21.8M
Acquisitions $8.5M $12.1M $108M $1.4M $29.8M $2.1M $1.8B $1.1B $117M $0.0M
Share buybacks $5.0M $0.0M $0.0M $19.3M $55.0M $168M $126M $52.9M $34.3M $34.7M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $5.0M $0.0M $0.0M $19.3M $55.0M $168M $126M $52.9M $34.3M $34.7M
Balance sheet
Cash and short-term investments $115M $107M $107M $72.9M $81.6M $68.9M $127M $127M $76.0M $88.7M
Total debt $1.8B $1.7B $1.7B $1.7B $1.5B $1.5B $3.4B $4.4B $4.1B $4.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.1M $3.7M $2.7M $14.4M $14.9M $9.4M $5.8M
Current assets $893M $956M $898M $917M $987M $1.1B $1.6B $1.9B $1.4B $1.6B
Current liabilities $452M $560M $541M $688M $675M $753M $1.1B $998M $1.0B $1.0B
Inventory $331M $358M $341M $363M $406M $458M $674M $759M $577M $528M
Property and equipment, net $1.5B $1.6B $1.7B $1.8B $1.9B $1.8B $2.5B $2.9B $2.7B $2.8B
Total assets $4.7B $5.0B $4.9B $5.3B $5.6B $6.1B $9.2B $11.1B $10.1B $10.3B
Total liabilities $2.6B $2.6B $2.6B $2.7B $2.7B $2.8B $5.3B $6.4B $5.6B $5.5B
Shareholders' equity $2.0B $2.2B $2.3B $2.6B $2.9B $3.3B $3.8B $4.6B $4.4B $4.7B
Margins
Gross margin 22.3% 21.5% 21.9% 23.0% 24.7% 26.2% 23.4% 24.2% 22.4% 24.0%
Operating margin 4.6% 4.6% 7.5% 14.1% 12.1% 18.7% 15.8% 14.0% 8.2% 4.5%
EBITDA margin 13.1% 12.9% 17.0% 23.8% 21.9% 25.3% 21.8% 21.4% 17.0% 12.7%
Net margin 3.0% 3.5% 3.0% 9.3% 8.3% 13.7% 11.3% 9.5% 4.9% 1.0%
FCF margin 4.4% 3.7% 2.3% 0.1% 9.7% 9.1% 6.5% 5.1% 8.9% 11.1%
Returns
Return on capital 3.6% 4.4% 5.8% 9.8% 8.5% 15.5% 14.4% 10.8% 5.4% 3.2%
Return on capital employed 3.6% 3.9% 5.8% 10.6% 9.0% 17.1% 15.2% 10.4% 4.9% 3.0%
Return on equity 5.3% 6.1% 4.5% 12.9% 10.9% 21.1% 20.8% 15.4% 6.2% 1.4%
Return on assets 2.2% 2.7% 2.1% 6.1% 5.4% 11.1% 9.6% 6.4% 2.6% 0.6%
Growth
Revenue growth 0.0% 8.0% −7.5% −0.7% 6.2% 32.7% 37.8% 3.9% −15.8% 7.4%
Net income growth 30.3% 25.6% −21.0% 208.0% −5.1% 119.3% 13.3% −12.2% −56.9% −77.5%
EPS growth 29.2% 24.2% −22.1% 210.0% −4.3% 119.1% 15.1% −11.1% −56.6% −77.5%
FCF growth −22.8% −7.6% −43.7% −95.9% 10,932.2% 24.9% −1.8% −18.6% 47.4% 34.0%
Share count change 0.1% 0.9% 0.7% 0.3% −0.7% −0.1% −1.8% −1.1% −0.6% −0.8%
Financial health
Net debt / EBITDA 3.7x 3.5x 2.8x 2.0x 1.9x 1.2x 2.3x 3.0x 4.1x 5.0x
Debt / equity 0.9x 0.8x 0.8x 0.7x 0.5x 0.5x 0.9x 1.0x 0.9x 0.8x
Interest coverage 1.6x 1.9x 3.0x 6.1x 5.9x 14.3x 8.2x 3.7x 1.8x 1.2x
Current ratio 2.0x 1.7x 1.7x 1.3x 1.5x 1.5x 1.5x 1.9x 1.4x 1.5x
Quick ratio 1.2x 1.1x 1.0x 0.8x 0.9x 0.8x 0.9x 1.1x 0.8x 1.0x
Capital allocation
Capex / revenue 7.2% 7.5% 9.5% 10.7% 7.8% 5.8% 6.0% 8.2% 5.8% 6.2%
Stock comp / revenue 0.3% 0.5% 0.6% 0.6% 0.7% 0.5% 0.4% 0.5% 0.4% 0.4%
Payouts / FCF 3.4% 0.0% 0.0% 616.7% 16.0% 39.0% 29.7% 15.4% 6.8% 5.1%
Quality scores
Piotroski F-score 7.0 6.0 5.0 7.0 7.0 8.0 7.0 7.0 5.0 7.0
Altman Z'' 2.3 2.3 2.5 2.8 3.0 3.8 3.0 3.0 2.7 2.7
Accruals ratio −6.1% −5.8% −6.0% −1.0% −6.0% −0.9% −1.0% −2.5% −5.3% −9.8%

Source: SEC EDGAR XBRL filings (CIK 0000916540). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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