A Business at a Glance
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DARLING INGREDIENTS INC.
DAR
$10.1B
Mkt Cap
$62.50
-1.42%
DARLING INGREDIENTS INC. (DAR) has a current P/E ratio of 36.1, compared to its historical median P/E of 15.5. The stock is currently considered Expensive based on its historical valuation range.
DARLING INGREDIENTS INC. (DAR) has a 5-year average return on invested capital (ROIC) of 8.5%. This is below average and may indicate limited pricing power.
DARLING INGREDIENTS INC. (DAR) has a market capitalization of $10.1B. It is classified as a large-cap stock.
DARLING INGREDIENTS INC. (DAR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.34%.
Based on historical P/E analysis, DARLING INGREDIENTS INC. (DAR) appears expensive. The current P/E of 36.1 is 133% above its historical median of 15.5. The estimated fair value CAGR (P/E method) is -3.1%.
DARLING INGREDIENTS INC. (DAR) operates in the Fats & Oils industry, within the Consumer Defensive sector.
DARLING INGREDIENTS INC. (DAR) reported annual revenue of $6.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Darling Ingredients Inc. is a global developer and producer of sustainable natural ingredients from animal by-products and recycled oils, operating over 230 processing and transfer facilities across five continents. The company transforms beef, poultry, and pork by-products, used cooking oil, and bakery residuals into a portfolio of over 330 specialty products including collagen, edible and feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, and natural casings, serving customers in pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy, and fertilizer industries. Darling operates through three reportable segments—Feed Ingredients, Food Ingredients, and Fuel Ingredients—with North American operations comprising over 150 facilities focused on rendering and recycling, while its International subsidiary (Darling Ingredients International) operates 81 production facilities under brands including Rendac, Sonac, FASA, Ecoson, Rousselot, Gelnex, and CTH, with leading positions in Europe, China, South America, and Australia. The company's business model is asset-intensive with significant collection and processing infrastructure, generating revenue through the sale of finished ingredients to feed producers, food manufacturers, biofuel producers, and industrial customers; a key strategic partnership with Valero Energy Corporation in Diamond Green Diesel converts used cooking oils and animal fats into renewable diesel and Sustainable Aviation Fuel. The company's competitive advantages include its extensive collection network, proprietary processing capabilities, global supply chain integration, and established customer relationships across diversified end-markets, with geographic diversification across North America, Europe, Asia, South America, and Australia providing resilience to regional commodity price fluctuations.
【Margin expansion and policy tailwinds】 Management expects sequential improvement in gross margins and EBITDA growth driven by rising fat prices, favorable public policy supporting domestic feedstock sourcing, and operational efficiency gains across the core ingredients business. The proposed Renewable Volume Obligation (RVO) framework and California Low Carbon Fuel Standard (LCFS) enhancements are anticipated to create a constructive margin environment for the fuel segment, with Diamond Green Diesel positioned to run at full utilization in 2026 as policy clarity emerges. The company expects continued strength in collagen demand, particularly in Europe and Asia, supported by growing interest in food-as-medicine and protein-based applications, while the core ingredients platform is positioned to benefit from improved operational execution and premium ingredient pricing. Management remains confident in debt reduction progress and expects to achieve leverage targets, with capital allocation priorities focused on maintaining operational discipline and strategic investments once debt targets are reached.
| Metric | Target | Period |
|---|---|---|
| Effective tax rate | around 25% | 2026 |
| Cash taxes | approximately $60 million | remainder of 2026 |
| Maintenance capital expenditure | in the ballpark of $400 million | 2026 |
| Core Ingredients Business EBITDA (full year 2025) | $875 to $900 million | FY2025 |
Effective tax rate (2026): “For 2026, we expect the effective tax rate to be around 25% and cash taxes of approximately $60 million for the remainder of the year.”
Cash taxes (remainder of 2026): “For 2026, we expect the effective tax rate to be around 25% and cash taxes of approximately $60 million for the remainder of the year.”
Maintenance capital expenditure (2026): “As we look at next year, you know, we think it might be a slight increase in terms of total maintenance capital versus this year, but it would be consistent with sort of the range of normal on that. So call it in that ballpark of $400 million.”
Core Ingredients Business EBITDA (full year 2025) (FY2025): “For the full year 2025, we expect the core ingredients business EBITDA, excluding DGD, to be in the range of $875 to $900 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.1B | 6.1B | 5.7B | 6.8B | 6.5B | 3.6B |
| Net Income | 63M | 63M | 279M | 648M | 738M | 297M |
| EPS | $0.39 | $0.39 | $1.73 | $3.99 | $4.49 | $1.78 |
| Free Cash Flow | 679M | 679M | 507M | 344M | 422M | 345M |
| ROIC | 3.7% | 3.2% | 5.4% | 10.8% | 14.8% | 8.4% |
| Gross Margin | 24.0% | 24.0% | 22.4% | 24.2% | 23.4% | 24.7% |
| Debt/Equity | 0.84 | 0.84 | 0.97 | 1.01 | 0.94 | 0.53 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 273M | 273M | 468M | 950M | 1.0B | 431M |
| Operating Margin | 4.5% | 4.5% | 8.2% | 14.0% | 15.8% | 12.1% |
| ROE | 1.3% | 1.3% | 6.2% | 15.4% | 22.0% | 10.3% |
| Shares Outstanding | 161M | 161M | 161M | 162M | 164M | 167M |
| Metric | 2020 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.8B | 4.0B | 3.4B | 3.7B | 3.4B | 3.4B | 3.6B | 3.6B | 6.5B | 6.8B | 5.7B | 6.1B | 6.1B |
| Gross Margin | 25.7% | 21.1% | 22.3% | 21.5% | 21.9% | 23.0% | 32.3% | 24.7% | 23.4% | 24.2% | 22.4% | 24.0% | 24.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 171M | 375M | 312M | 344M | 309M | 359M | 378M | 378M | 437M | 543M | 492M | 551M | 551M |
| EBIT | 170M | 165M | 155M | 169M | 255M | 476M | 431M | 431M | 1.0B | 950M | 468M | 273M | 273M |
| Op. Margin | 9.4% | 4.2% | 4.6% | 4.6% | 7.5% | 14.1% | 12.1% | 12.1% | 15.8% | 14.0% | 8.2% | 4.5% | 4.5% |
| Net Income | 109M | 64M | 102M | 128M | 101M | 313M | 630M | 297M | 738M | 648M | 279M | 63M | 63M |
| Net Margin | 6.0% | 1.6% | 3.0% | 3.5% | 3.0% | 9.3% | 17.6% | 8.3% | 11.3% | 9.5% | 4.9% | 1.0% | 1.0% |
| Non-Recurring | 1.2M | 2.4M | -1.7M | 237K | 15M | 21M | 32M | 69M | 37M | 31M | 10.0M | 77M | 77M |
| Returns on Capital | |||||||||||||
| ROIC | 7.0% | 9.7% | 4.5% | 5.9% | 10.2% | 12.2% | 8.7% | 8.4% | 14.8% | 10.8% | 5.4% | 3.2% | 3.7% |
| ROE | 7.1% | 15.9% | 8.4% | 10.2% | 15.8% | 18.9% | 24.6% | 10.3% | 22.0% | 15.4% | 6.2% | 1.3% | 1.3% |
| ROA | 4.5% | 2.2% | 2.1% | 2.7% | 2.1% | 6.1% | 11.8% | 5.3% | 10.0% | 6.4% | 2.6% | 0.6% | 0.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 211M | 275M | 391M | 410M | 399M | 363M | 625M | 625M | 814M | 899M | 839M | 1.1B | 1.1B |
| Free Cash Flow | 92M | 46M | 147M | 136M | 77M | 3.1M | 345M | 345M | 422M | 344M | 507M | 679M | 679M |
| Owner Earnings | 103M | -271M | -462M | 91M | 59M | 16M | 251M | 251M | 394M | 364M | 315M | 529M | 529M |
| CapEx | 118M | 229M | 244M | 274M | 322M | 359M | 280M | 280M | 391M | 555M | 332M | 380M | 380M |
| Maint. CapEx | 99M | 526M | 842M | 302M | 321M | 326M | 350M | 350M | 395M | 502M | 504M | 509M | 509M |
| Growth CapEx | 20M | 0 | 0 | 0 | 704K | 34M | 0 | 0 | 0 | 53M | 0 | 0 | 0 |
| D&A | 99M | 526M | 842M | 302M | 321M | 326M | 350M | 350M | 395M | 502M | 504M | 509M | 509M |
| CapEx/OCF | 56.1% | 83.2% | 62.3% | 66.8% | 80.8% | 99.1% | N/A | N/A | 38.9% | 61.8% | 39.6% | N/A | 35.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 5.0M | 0 | 0 | 19M | 55M | 55M | 126M | 53M | 34M | 35M | 35M |
| Buyback Yield | N/A | N/A | 0.3% | N/A | N/A | 0.5% | N/A | N/A | 1.6% | 0.5% | 0.5% | 0.0% | 0.3% |
| Stock-Based Comp | 9.4M | 21M | 10M | 18M | 19M | 21M | 23M | 23M | 25M | 33M | 21M | 22M | 22M |
| Debt Repayment | 580K | 334M | 204M | 150M | 687M | 581M | 233M | 233M | 63M | 319M | 52M | 1.6B | 1.6B |
| Balance Sheet | |||||||||||||
| Net Debt | 16M | 2.0B | 1.6B | 1.6B | 1.6B | 1.7B | 1.7B | 1.4B | 3.4B | 4.5B | 4.2B | 3.9B | 3.9B |
| Cash & Equiv. | 871M | 109M | 115M | 107M | 107M | 73M | 73M | 82M | 127M | 127M | 76M | 89M | 89M |
| Long-Term Debt | 867M | 2.1B | 1.7B | 1.7B | 1.7B | 1.6B | 1.6B | 1.5B | 3.3B | 4.4B | 3.9B | 4.0B | 4.0B |
| Debt/Equity | 0.44 | 4.77 | 0.89 | 3.18 | 2.30 | 0.69 | 0.73 | 0.53 | 0.94 | 1.01 | 0.97 | 0.84 | 0.84 |
| Interest Coverage | 4.4 | 1.2 | 1.6 | 1.9 | 3.0 | 6.0 | 5.9 | 5.9 | 8.2 | 3.7 | 1.8 | 1.2 | 1.2 |
| Equity | 2.0B | 452M | 2.0B | 548M | 737M | 2.6B | 2.6B | 2.9B | 3.8B | 4.6B | 4.4B | 4.7B | 4.7B |
| Total Assets | 3.2B | 5.1B | 4.7B | 5.0B | 4.9B | 5.3B | 5.3B | 5.6B | 9.2B | 11.1B | 10.1B | 10.3B | 10.3B |
| Total Liabilities | 1.2B | 3.1B | 2.6B | 2.6B | 2.6B | 2.7B | 2.7B | 2.7B | 5.3B | 6.4B | 5.6B | 5.5B | 5.5B |
| Intangibles | 589M | 932M | 712M | 677M | 596M | 526M | 526M | 474M | 865M | 1.1B | 898M | 845M | 845M |
| Retained Earnings | 608M | 672M | 853M | 981M | 1.1B | 1.4B | 1.4B | 1.7B | 3.1B | 3.7B | 4.0B | 4.1B | 4.1B |
| Working Capital | 951M | 525M | 441M | 397M | 357M | 229M | 229M | 312M | 570M | 858M | 396M | 519M | 519M |
| Current Assets | 1.1B | 1.0B | 893M | 956M | 898M | 917M | 917M | 987M | 1.6B | 1.9B | 1.4B | 1.6B | 1.6B |
| Current Liabilities | 177M | 483M | 452M | 559M | 540M | 688M | 688M | 675M | 1.1B | 998M | 1.0B | 1.0B | 1.0B |
| Per Share Data | |||||||||||||
| EPS | 0.91 | 0.39 | 0.62 | 0.77 | 0.60 | 1.86 | 1.78 | 1.78 | 4.49 | 3.99 | 1.73 | 0.39 | 0.39 |
| Owner EPS | 0.86 | -1.65 | -2.80 | 0.54 | 0.35 | 0.10 | 1.55 | 1.51 | 2.40 | 2.24 | 1.95 | 3.29 | 3.29 |
| Book Value | 16.88 | 2.74 | 11.96 | 3.28 | 4.36 | 15.27 | 15.78 | 17.34 | 23.18 | 28.37 | 27.16 | 29.42 | 29.42 |
| Cash Flow/Share | 1.76 | 1.67 | 2.37 | 2.46 | 2.36 | 2.16 | 3.84 | 3.75 | 4.95 | 5.54 | 5.21 | 6.58 | 3.55 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 119.7M | 164.7M | 165.0M | 166.8M | 169.2M | 168.1M | 162.6M | 166.8M | 164.3M | 162.3M | 161.2M | 161.0M | 161.0M |
| Valuation | |||||||||||||
| P/E Ratio | 18.6 | 43.6 | 14.2 | 15.5 | 32.4 | 11.3 | 7.5 | 14.7 | 16.1 | 16.4 | 25.5 | N/A | 160.3 |
| P/FCF | 22.0 | 60.5 | 9.8 | 14.6 | 42.9 | N/A | 13.7 | 31.0 | 24.4 | 30.9 | 14.0 | N/A | 14.8 |
| EV/EBIT | 7.0 | 29.1 | 19.7 | 24.8 | 18.7 | 10.8 | 9.0 | 15.3 | 15.5 | 15.6 | 23.8 | N/A | 51.0 |
| Price/Book | 1.0 | 1.4 | 0.7 | 0.9 | 1.4 | 1.4 | 1.8 | 3.6 | 2.7 | 2.3 | 1.6 | N/A | 2.1 |
| Price/Sales | 1.1 | 0.8 | 0.6 | 0.6 | 0.8 | 1.0 | 2.8 | 2.3 | 2.5 | 1.7 | 1.6 | N/A | 1.6 |
| FCF Yield | 4.6% | 1.7% | 10.2% | 6.9% | 2.3% | 0.1% | 7.3% | 3.3% | 4.0% | 3.2% | 7.1% | N/A | 6.7% |
| Market Cap | 2.0B | 2.8B | 1.5B | 2.0B | 3.3B | 3.5B | 4.7B | 10.3B | 10.5B | 10.6B | 7.1B | 0 | 10.1B |
| Avg. Price | 16.43 | 19.18 | 13.00 | 13.38 | 16.16 | 19.19 | 21.46 | 34.03 | 70.86 | 71.38 | 56.50 | 0.00 | 62.50 |
| Year-End Price | 16.95 | 16.99 | 8.80 | 11.92 | 19.46 | 20.98 | 28.97 | 64.15 | 62.73 | 65.36 | 44.15 | 0.00 | 62.50 |
DARLING INGREDIENTS INC. passes 1 of 9 quality checks, indicating weak fundamentals.
DARLING INGREDIENTS INC. trades at 36.1x trailing earnings, compared to its 15-year median P/E of 15.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 19.9x vs a median of 19.5x. The company's 5-year average ROIC is 8.5% with a gross margin of 23.7%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +42.4%.
DARLING INGREDIENTS INC. (DAR) has a net profit margin of 1.0%. This is a modest margin.
DARLING INGREDIENTS INC. (DAR) generated $679 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DARLING INGREDIENTS INC. (DAR) has a debt-to-equity ratio of 0.84. This indicates moderate leverage.
DARLING INGREDIENTS INC. (DAR) reported earnings per share (EPS) of $0.39 in its most recent fiscal year.
DARLING INGREDIENTS INC. (DAR) has a return on equity (ROE) of 1.3%. This indicates moderate shareholder returns.
DARLING INGREDIENTS INC. (DAR) has a 5-year average gross margin of 23.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for DARLING INGREDIENTS INC. (DAR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DARLING INGREDIENTS INC. (DAR) has a book value per share of $29.42, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sequential improvement in gross margins and EBITDA growth driven by rising fat prices, favorable public policy supporting domestic feedstock sourcing, and operational efficiency gains across the core ingredients business. The proposed Renewable Volume Obligation (RVO) framework and California Low Carbon Fuel Standard (LCFS) enhancements are anticipated to create a constructive margin environment for the fuel segment, with Diamond Green Diesel positioned to run at full utilization in 2026 as policy clarity emerges. The company expects continued strength in collagen demand, particularly in Europe and Asia, supported by growing interest in food-as-medicine and protein-based applications, while the core ingredients platform is positioned to benefit from improved operational execution and premium ingredient pricing. Management remains confident in debt reduction progress and expects to achieve leverage targets, with capital allocation priorities focused on maintaining operational discipline and strategic investments once debt targets are reached.
Based on recent SEC filings and earnings calls, DARLING INGREDIENTS INC. (DAR) has provided the following forward guidance: Effective tax rate: around 25% (2026); Cash taxes: approximately $60 million (remainder of 2026); Maintenance capital expenditure: in the ballpark of $400 million (2026); Core Ingredients Business EBITDA (full year 2025): $875 to $900 million (FY2025).