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Friday 6 November 2026
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Darling Ingredients Inc.
DAR Consumer Defensive Packaged Foods
Darling Ingredients Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 7.36% from fiscal 2024.
- Revenue
- +14.5%
- EPS
- +1,323.7%
- Free cash flow
- +428.2%
- Total debt
- −0.82%
Quarter to September 2026, against a year earlier
50.98
1.32
−2.52%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 3,392 | 3,662 | 3,388 | 3,364 | 3,572 | 4,741 | 6,532 | 6,788 | 5,715 | 6,136 | 6,776 | +6.8% | 6,859 | 7,012 | 7,100 | +5.0% | |
| Gross margin, % | 22.31 | 21.48 | 21.88 | 23.03 | 24.72 | 26.19 | 23.42 | 24.23 | 22.36 | 24.01 | 26.79 | +1.7 pt | ||||||
| EBT | 123 | 64 | 118 | 380 | 354 | 821 | 894 | 720 | 248 | 61 | 1,069 | (7.5%) | ||||||
| EBT margin, % | 3.61 | 1.75 | 3.48 | 11.31 | 9.90 | 17.32 | 13.68 | 10.61 | 4.33 | 0.99 | 15.77 | (2.6) pt | ||||||
| Net income | 107 | 133 | 106 | 321 | 300 | 657 | 747 | 660 | 286 | 70 | 606 | (4.6%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 20.61 | 22.23 | 20.56 | 20.43 | 21.97 | 29.19 | 40.57 | 42.46 | 35.83 | 38.72 | 43.14 | +7.3% | |||||
| Earnings | 0.62 | 0.78 | 0.62 | 1.90 | 1.83 | 4.01 | 4.58 | 4.05 | 1.75 | 0.40 | 5.36 | (4.8%) | ||||||
| Cash flow | 2.38 | 2.49 | 2.42 | 2.20 | 3.84 | 4.34 | 5.05 | 5.63 | 5.26 | 6.69 | 0.00 | +12.2% | ||||||
| Capex | (1.43) | (1.61) | (1.84) | (2.07) | (1.71) | (1.66) | (2.35) | (3.41) | (1.95) | (2.32) | 0.00 | +5.5% | ||||||
| Free cash flow | 0.94 | 0.88 | 0.58 | 0.13 | 2.14 | 2.68 | 2.71 | 2.22 | 3.31 | 4.36 | 0.00 | +18.6% | ||||||
| Book value | 12.61 | 14.13 | 14.17 | 16.06 | 18.17 | 20.61 | 24.20 | 29.36 | 27.99 | 30.35 | 0.00 | +10.2% | ||||||
| Shares, m | 165 | 165 | 165 | 165 | 163 | 162 | 161 | 160 | 160 | 158 | 158 | (0.4%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 21.97 | 23.18 | 31.03 | 14.70 | 31.69 | 17.28 | 13.35 | 12.46 | 19.25 | 90.00 | 9.51 | 27.5 | |||||
| P/S | 0.65 | 0.82 | 0.94 | 1.37 | 2.63 | 2.37 | 1.50 | 1.19 | 0.94 | 0.93 | 1.18 | 1.3 | ||||||
| P/B | 1.06 | 1.30 | 1.36 | 1.75 | 3.17 | 3.36 | 2.52 | 1.72 | 1.20 | 1.19 | 1.51 | 1.9 | ||||||
| EV/Sales | 1.13 | 1.26 | 1.40 | 1.84 | 3.02 | 2.67 | 2.00 | 1.82 | 1.63 | 1.55 | 1.74 | 1.8 | ||||||
| EV/FCF | 24.82 | 32.03 | 49.33 | 290.26 | 31.10 | 29.09 | 30.01 | 34.89 | 17.61 | 13.79 | 13.10 | 55.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 391 | 410 | 399 | 363 | 625 | 704 | 814 | 899 | 839 | 1,060 | 1,351 | +11.7% | |||||
| Capex | (236) | (266) | (303) | (341) | (277) | (269) | (378) | (545) | (311) | (368) | (452) | +5.1% | ||||||
| Free cash flow | 155 | 144 | 96 | 21 | 347 | 435 | 436 | 355 | 528 | 691 | 899 | +18.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 441 | 397 | 357 | 229 | 312 | 336 | 570 | 858 | 396 | 519 | 634 | +1.8% | |||||
| Net debt | 1,636 | 1,607 | 1,567 | 1,576 | 1,426 | 1,394 | 3,257 | 4,300 | 3,928 | 3,832 | 3,769 | +9.9% | ||||||
| Shareholders’ equity | 2,076 | 2,328 | 2,336 | 2,643 | 2,954 | 3,348 | 3,896 | 4,694 | 4,464 | 4,810 | 5,306 | +9.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 2.16 | 2.66 | 2.06 | 6.11 | 5.42 | 11.08 | 9.62 | 6.39 | 2.64 | 0.62 | 0.00 | (1.5) pt | |||||
| ROIC | 2.61 | 2.69 | 4.08 | 7.05 | 6.15 | 11.66 | 8.99 | 6.60 | 3.49 | 1.98 | 0.00 | (0.6) pt | ||||||
| ROE | 5.05 | 5.83 | 4.35 | 12.56 | 10.61 | 20.66 | 20.37 | 15.08 | 6.09 | 1.35 | 0.00 | (3.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 10,000 | 9,800 | 9,800 | 10,100 | 10,000 | 9,900 | 14,600 | 15,800 | 15,500 | 15,000 | — | +4.6% | |||||
| Revenue/emp, $m | 0.34 | 0.37 | 0.35 | 0.33 | 0.36 | 0.48 | 0.45 | 0.43 | 0.37 | 0.41 | — | +2.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Feed Ingredients | 3,990 | 65.03% |
|---|---|---|
| Food Ingredients | 1,545 | 25.18% |
| Fuel Ingredients | 601 | 9.79% |
| Gross margin | 24.01% | |
| Operating margin | 4.46% | |
| Pre-tax margin | 0.99% |
Darling Ingredients Inc. vs peers in Packaged Foods (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| HRL Hormel Foods Corporation | $12.4B | 35.8× | 16.8× | −2.36% (below 0%: shrinking) | −66.67% (below 0%: shrinking) | +107.16% (above 0%: growing) | 15.92% | 2.49% | Compare |
| MICC The Magnum Ice Cream Company N.V. | $12.3B | — | — | — | — | — | — | — | Compare |
| DAR Darling Ingredients Inc. | $8.0B | 9.5× | 8.2× | +14.52% (above 0%: growing) | +1,323.67% (above 0%: growing) | +428.22% (above 0%: growing) | 26.66% | 18.61% | |
| SFD Smithfield Foods, Inc. | $7.7B | 8.5× | 10.5× | −8.27% (below 0%: shrinking) | −63.32% (below 0%: shrinking) | +160.00% (above 0%: growing) | 9.11% | 3.70% | Compare |
| LW Lamb Weston | $7.6B | 29.9× | 20.3× | +0.66% (above 0%: growing) | −54.35% (below 0%: shrinking) | −47.29% (below 0%: shrinking) | 15.96% | 4.92% | Compare |
| CAG Conagra Brands | $7.4B | — (loss-making) | 10.2× | −1.39% (below 0%: shrinking) | +5.88% (above 0%: growing) | −464.50% (below 0%: shrinking) | 23.83% | 10.34% | Compare |
| CPB The Campbell's Company | $7.0B | 17.5× | 12.5× | −7.93% (below 0%: shrinking) | n/m | +5.43% (above 0%: growing) | 27.28% | 0.19% | Compare |
| PPC Pilgrim's Pride Corporation | $6.8B | 21.3× | 20.3× | −2.23% (below 0%: shrinking) | −65.97% (below 0%: shrinking) | −101.15% (below 0%: shrinking) | 7.17% | 4.12% | Compare |
| INGR Ingredion Incorporated | $6.1B | 10.4× | 10.3× | +0.93% (above 0%: growing) | −40.79% (below 0%: shrinking) | +34.38% (above 0%: growing) | 23.03% | 10.16% | Compare |
| Median of peers | $7.5B | 19.4× | 12.5× | −2.23% | −58.83% | +5.43% | 15.96% | 4.12% |
From the latest earnings call
- CEO Randall Stuewe said higher fat and protein prices and trade developments helped second-quarter results, while biofuel demand supported the Feed Ingredients business.
- CFO Bob Day said Darling received approximately $280 million in cash from Diamond Green Diesel during the quarter, helping it reduce net debt.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
105.76%
Held by the ten largest
44.40%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 16.85m | 10.68% | +1.10m |
| BlackRock | 15.59m | 9.88% | +439.81k |
| Dimensional Fund Advisors | 8.22m | 5.21% | +150.91k |
| State Street | 5.70m | 3.61% | +245.97k |
| Assenagon Asset Management S.A. | 4.43m | 2.80% | +2.33m |
| EARNEST PARTNERS LLC | 4.08m | 2.58% | −119.97k |
| Citadel Advisors | 4.04m | 2.56% | +1.08m |
| AQR Capital Management | 3.95m | 2.50% | +253.35k |
| Fidelity (FMR) | 3.76m | 2.38% | −629.45k |
| Geode Capital Management | 3.46m | 2.19% | +529.61k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 19 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 9.40m | 12.13m | 65.00 |
| 2024 | 8.22m | 2.24m | 58.00 |
| 2023 | 9.33m | 5.78m | 86.00 |
| 2022 | 8.66m | 7.23m | 109.00 |
Ownership
Directors and executive officers, together
1.90%
The Vanguard Group
9.68%
BlackRock, Inc.
9.42%
Dimensional Fund Advisors LP
5.05%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Darling Ingredients Inc. (DAR) Latest News
30 Oct
29 Oct
28 Oct
24 Oct
23 Oct
22 Oct
DAR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Darling Ingredients collects animal by-products, used cooking oil and other residual materials and turns them into ingredients for businesses around the world. Its customers use those ingredients in animal feed, pet food, food, pharmaceuticals, industrial products, fertilizers and fuels.
The company’s Feed Ingredients business processes materials such as fat, bones, blood and bakery leftovers into products including protein meals, fats and pet food ingredients. Its Food Ingredients business makes collagen from hides, skins and bones, as well as natural casings used in sausages and other products. Its Fuel Ingredients business includes an investment in Diamond Green Diesel, a joint venture with Valero Energy Corporation that makes renewable diesel and sustainable aviation fuel from fats and oils.