Darling Ingredients vs Ingredion
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KIRA’s take AI analyst
I put Darling Ingredients and Ingredion side by side, using each one’s latest annual report. Here is what stands out:
- 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 15.4x against 10.4x for Ingredion.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Darling Ingredients
DAR
3/11
Revenue growth5-year growthFCF margin
Ingredion
INGR
8/11
Gross marginOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | DAR FY25 | INGR FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $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 | 15.4x | 10.4x |
| Piotroski F-score | 7 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.