Archer Daniels Midland vs Darling Ingredients
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The short version
- Archer Daniels Midland is the larger business, with $80.3B of revenue in fiscal 2025 against $6.1B for Darling Ingredients, about 13 times as much.
- Darling Ingredients grew revenue faster (7.4%, against −6.2%).
- Darling Ingredients turned more of its sales into free cash flow (11.1% FCF margin, against 5.2%).
- Archer Daniels Midland earned a higher return on the capital invested in it (5.2%, against 3.2%).
- Investors pay more for each dollar of Archer Daniels Midland’s earnings: a P/E of 22.0x against 15.2x for Darling Ingredients.
| Latest fiscal year | ADM · FY25 | DAR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $38.9B | $9.0B |
| Revenue | $80.3B | $6.1B |
| Free cash flow | $4.2B | $679M |
| Net income | $1.1B | $62.8M |
| Growth | ||
| Revenue growth | −6.2% | 7.4% |
| 5-year growth | 4.5% | 11.4% |
| Share count change | −1.8% | −0.8% |
| Profitability | ||
| Gross margin | 6.3% | 24.0% |
| Operating margin | — | 4.5% |
| Net margin | 1.3% | 1.0% |
| FCF margin | 5.2% | 11.1% |
| Return on capital | 5.2% | 3.2% |
| Return on equity | 4.8% | 1.4% |
| Balance sheet | ||
| Net debt | $7.4B | $3.9B |
| Net debt / EBITDA | 2.4x | 5.0x |
| Dividends and buybacks | $987M | $34.7M |
| Valuation & quality | ||
| P/E | 22.0x | 15.2x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
ADM $62.3B
DAR $3.4B
FY17
ADM $60.8B
DAR $3.7B
FY18
ADM $64.3B
DAR $3.4B
FY19
ADM $64.7B
DAR $3.4B
FY20
ADM $64.4B
DAR $3.6B
FY21
ADM $85.2B
DAR $4.7B
FY22
ADM $101.6B
DAR $6.5B
FY23
ADM $93.9B
DAR $6.8B
FY24
ADM $85.5B
DAR $5.7B
FY25
ADM $80.3B
DAR $6.1B
ADM
DAR
Operating margin
FY16
ADM —
DAR 4.6%
FY17
ADM —
DAR 4.6%
FY18
ADM —
DAR 7.5%
FY19
ADM —
DAR 14.1%
FY20
ADM —
DAR 12.1%
FY21
ADM —
DAR 18.7%
FY22
ADM —
DAR 15.8%
FY23
ADM —
DAR 14.0%
FY24
ADM —
DAR 8.2%
FY25
ADM —
DAR 4.5%
ADM
DAR
Free cash flow
FY16
ADM −$7.4B
DAR $147M
FY17
ADM −$7.0B
DAR $136M
FY18
ADM −$5.6B
DAR $76.7M
FY19
ADM −$6.3B
DAR $3.1M
FY20
ADM −$3.2B
DAR $345M
FY21
ADM $5.4B
DAR $430M
FY22
ADM $2.2B
DAR $422M
FY23
ADM $3.0B
DAR $344M
FY24
ADM $1.2B
DAR $507M
FY25
ADM $4.2B
DAR $679M
ADM
DAR
Return on capital
FY16
ADM 6.5%
DAR 3.6%
FY17
ADM 8.0%
DAR 4.4%
FY18
ADM 8.5%
DAR 5.8%
FY19
ADM 6.6%
DAR 9.8%
FY20
ADM 7.4%
DAR 8.5%
FY21
ADM 9.8%
DAR 15.5%
FY22
ADM 14.8%
DAR 14.4%
FY23
ADM 12.5%
DAR 10.8%
FY24
ADM 7.4%
DAR 5.4%
FY25
ADM 5.2%
DAR 3.2%
ADM
DAR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.