Darling Ingredients vs Ingredion
Ingredion is the larger business, with $7.22bn of revenue in fiscal 2025 against $6.14bn for Darling Ingredients (1.2 times as much). Darling Ingredients grew faster (7.4% against -2.8%). Ingredion kept more of each dollar of sales as profit: a net margin of 10.1% against 1.0%. Ingredion carries less debt relative to equity (41.9% against 83.5%).
| Latest fiscal year | Darling IngredientsDAR, 2025 | IngredionINGR, 2025 |
|---|---|---|
| Revenue | $6.14bn | $7.22bn |
| Revenue growth | 7.4% | -2.8% |
| Net income | $62.8m | $729m |
| Operating margin | 4.5% | 14.1% |
| Net margin | 1.0% | 10.1% |
| Return on equity | 1.4% | 18.0% |
| Free cash flow | $679m | $511m |
| Cash | $88.7m | $1.03bn |
| Total debt | $3.96bn | $1.79bn |
| Debt to equity | 83.5% | 41.9% |
| Dividend per share | — | — |
| Dividend yield | — | 3.3% |
| Share buybacks | $34.7m | — |
| Employees | 15,000 | 11,200 |
| Market value | $8.58bn | $6.20bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 54 (Moderate) | 58 (Moderate) |
| Insider trades, 12 months | 2 buys, 19 sales | 0 buys, 9 sales |