Darling Ingredients vs Ingredion
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The short version
- Ingredion is the larger business, with $7.2B of revenue in fiscal 2025 against $6.1B for Darling Ingredients.
- Darling Ingredients grew revenue faster (7.4%, against −2.8%).
- Ingredion kept more of each dollar of sales as operating profit (14.1% operating margin, against 4.5%).
- Darling Ingredients turned more of its sales into free cash flow (11.1% FCF margin, against 7.1%).
- Ingredion earned a higher return on the capital invested in it (16.0%, against 3.2%).
- Investors pay more for each dollar of Darling Ingredients’s earnings: a P/E of 15.2x against 10.4x for Ingredion.
| Latest fiscal year | DAR · FY25 | INGR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.0B | $6.1B |
| Revenue | $6.1B | $7.2B |
| Free cash flow | $679M | $511M |
| Net income | $62.8M | $729M |
| Growth | ||
| Revenue growth | 7.4% | −2.8% |
| 5-year growth | 11.4% | 3.8% |
| Share count change | −0.8% | −2.1% |
| Profitability | ||
| Gross margin | 24.0% | 25.3% |
| Operating margin | 4.5% | 14.1% |
| Net margin | 1.0% | 10.1% |
| FCF margin | 11.1% | 7.1% |
| Return on capital | 3.2% | 16.0% |
| Return on equity | 1.4% | 18.1% |
| Balance sheet | ||
| Net debt | $3.9B | $709M |
| Net debt / EBITDA | 5.0x | 0.6x |
| Dividends and buybacks | $34.7M | $211M |
| Valuation & quality | ||
| P/E | 15.2x | 10.4x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
DAR $3.4B
INGR $5.7B
FY17
DAR $3.7B
INGR $6.2B
FY18
DAR $3.4B
INGR $6.3B
FY19
DAR $3.4B
INGR $6.2B
FY20
DAR $3.6B
INGR $6.0B
FY21
DAR $4.7B
INGR $6.9B
FY22
DAR $6.5B
INGR $7.9B
FY23
DAR $6.8B
INGR $8.2B
FY24
DAR $5.7B
INGR $7.4B
FY25
DAR $6.1B
INGR $7.2B
DAR
INGR
Operating margin
FY16
DAR 4.6%
INGR 14.1%
FY17
DAR 4.6%
INGR 13.4%
FY18
DAR 7.5%
INGR 11.2%
FY19
DAR 14.1%
INGR 10.7%
FY20
DAR 12.1%
INGR 9.7%
FY21
DAR 18.7%
INGR 4.5%
FY22
DAR 15.8%
INGR 9.6%
FY23
DAR 14.0%
INGR 11.7%
FY24
DAR 8.2%
INGR 11.9%
FY25
DAR 4.5%
INGR 14.1%
DAR
INGR
Free cash flow
FY16
DAR $147M
INGR $487M
FY17
DAR $136M
INGR $455M
FY18
DAR $76.7M
INGR $353M
FY19
DAR $3.1M
INGR $352M
FY20
DAR $345M
INGR $489M
FY21
DAR $430M
INGR $92.0M
FY22
DAR $422M
INGR −$148M
FY23
DAR $344M
INGR $743M
FY24
DAR $507M
INGR $1.1B
FY25
DAR $679M
INGR $511M
DAR
INGR
Return on capital
FY16
DAR 3.6%
INGR 14.0%
FY17
DAR 4.4%
INGR 13.9%
FY18
DAR 5.8%
INGR 12.3%
FY19
DAR 9.8%
INGR 11.4%
FY20
DAR 8.5%
INGR 9.7%
FY21
DAR 15.5%
INGR 3.6%
FY22
DAR 14.4%
INGR 12.2%
FY23
DAR 10.8%
INGR 15.2%
FY24
DAR 5.4%
INGR 13.1%
FY25
DAR 3.2%
INGR 16.0%
DAR
INGR
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.