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Darling Ingredients Inc. (DAR) stock

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NYSE: DAR NYSE Agricultural Products & Services Next results ~January 25, 2027

B+ Fundamentals grade

Darling Ingredients Inc. is a US-listed company in the agricultural products & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$69

Cash-flow model

Base case. Range ~$46–$99 across our lower- and higher-growth cases (1.1%–11.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 22% below our base value.

Price used: $54.02, November 2, 2026

Darling Ingredients Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling2 purchases and 19 sales by directors and officers, last 12 monthsInsider trades
  • Funds318 adding, 286 cuttingOf 76 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Darling Ingredients files

Where Darling Ingredients stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $6.55bn, up 14.9% on a year earlier, faster than 11.1% a quarter earlier. Free-cash-flow margin rose to 20.6% from 14.4% a year earlier. Operating margin widened to 14.5% from 5.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $130 a share, against a share price of $59.26. At that price, our model says the market is pricing in cash flow shrinking about 6.0% a year for five years, slower than the 6.7% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Darling Ingredients Inc.'s trailing-twelve-month revenue grew 14.9% year on year, with a free-cash-flow margin of 12.6%. Where it stands out: operating margin of 14.5% ranks 1 of 17 agricultural products & services companies we cover. Where it lags: long-term debt as % of assets of 35.1% ranks 16 of 18 agricultural products & services companies we cover.

Our discounted-cash-flow model values the business at ~$69 per share in the base case (~$46–$99 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 152.8% while net income grew 467.5%: a 315pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $54.02 is 28% below our value per share of $69.
  • Growth speeding up. The growth rate is 3.7 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 9.5 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 17.6% over 90 days.

Things to watch

  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 35.1% ranks 16 of 18 agricultural products & services companies we cover (median 16.2%).
  • Earnings expected to fall. The consensus expects earnings per share to fall 6% next year.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$2.49 against an average estimate of $1.48: beat by 68.3%
Revenue
$1.72bn, up 16.4% on a year earlier
Share reaction
-0.9% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
capital expenditures $450m (fiscal year 2026); net debt $3bn (fiscal year 2026)
Next report
October 29, 2026; average EPS estimate $1.66

Darling Ingredients' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.1%
  • 1 week-5.5%
  • 1 month-14.2%
  • This year+50.1%
  • 1 year+68.5%
  • 5 years-35.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.5B
Operating margin
14.5%
Net margin
9.1%
EPS (TTM, diluted)
$3.71

Growth

Revenue growth
+14.9%
Change in growth rate
+3.7 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$827M
FCF margin
12.6%
Stock pay % of revenue
0.6%

Earnings

Last results
October 28, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Darling Ingredients Inc. valuation models and calculator

What the price is pricing in

The share price implies about 2.7% a year of cash-flow growth for five years.That is close to the 6.7% a year revenue growth Darling Ingredients has delivered.

  • Priced in2.7%
  • Last 12 months14.9%
  • 3 years a year-2.5%
  • 5 years a year6.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($53.49, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$69
Price used
$53.49close November 3, 2026
Implied change
▲ +29%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Darling Ingredients Inc.'s free cash flow after stock-based pay with after-tax interest added back ($723M, FY2026 Q2 TTM), growing 6.1% and 5.2% in the next two years (forecasts, guidance and its record), then back to 6.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$46–~$99 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Darling Ingredients Inc.'s free cash flow after stock-based pay ( $723M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Darling Ingredients Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$69 ~$46–$99 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$71 ~$57–$93 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$67 ~$43–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$67 ~$56–$85 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$69 ~$67–$71 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Darling Ingredients Inc. with Agricultural Products & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $41$64$95$135$188$257
8.5% $26$42$65$94$131$180
10% $16$29$47$69$97$134

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$10.52$12.91$18.13$19.04$28.00$57.68$69.29$62.59$49.84$33.46$37.64$54.02
Market value$1.7bn$2.1bn$3.0bn$3.2bn$4.7bn$9.6bn$11.6bn$10.3bn$8.1bn$5.4bn$6.0bn$8.7bn
+ Net debt (− = net cash)$1.8bn$1.7bn$1.6bn$1.6bn$1.6bn$1.4bn$1.4bn$3.3bn$4.3bn$4.0bn$3.9bn$3.8bn
Enterprise value$3.5bn$3.8bn$4.7bn$4.8bn$6.3bn$11.1bn$13.0bn$13.5bn$12.4bn$9.4bn$9.9bn$12.5bn
Multiples
Price / sales 0.5x0.6x0.8x0.9x1.4x2.7x2.4x1.6x1.2x0.9x1.0x1.3x
Price / earnings 22.1x20.8x23.5x31.5x15.1x32.5x17.8x13.9x12.5x19.4x96.0x14.5x
Price / free cash flow 9.1x14.5x22.2x41.7xn/m28.0x26.9x24.3x23.5x10.7x8.9x6.4x
EV / EBITDA 8.5x8.5x9.9x8.3x7.9x14.2x10.8x9.5x8.5x9.6x12.7x8.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard Darling Ingredients's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.5% of total assets over 10 years.

  • Durability 7 / 20

    Operating margin has been a median 11.0%; its worst year was 3.9%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.7% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.9% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.86 +610% $6.8bn +11%
Next $6.47 −6% $7.1bn +3%

Next year's EPS estimate has moved +17.6% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +34.7% on 90 days ago. In the last 30 days, 1 analyst raised Darling Ingredients Inc.'s forecast and 0 cut it.

Consensus EPS forecast Darling Ingredients Inc., last 90 days
$5.00 $5.50 $6.00 $6.50 $7.00 $7.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.09 Current fiscal year, 60 days ago: $6.42 Current fiscal year, 30 days ago: $6.80 Current fiscal year, 7 days ago: $7.04 Current fiscal year, Now: $6.86 $6.86 Next fiscal year, 90 days ago: $5.50 Next fiscal year, 60 days ago: $5.74 Next fiscal year, 30 days ago: $6.32 Next fiscal year, 7 days ago: $6.24 Next fiscal year, Now: $6.47 $6.47

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.09$5.50
60 days ago $6.42$5.74
30 days ago $6.80$6.32
7 days ago $7.04$6.24
Now $6.86$6.47

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.48 $2.49 +68.3%
Mar 2026 $0.61 $0.86 +40.7%
Dec 2025 $0.35 $0.75 +113.0%
Sept 2025 $0.22 $0.16 −28.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • capital expenditures fiscal year 2026 about $450m
    “The company estimates capital expenditures to be approximately $450.0 million for fiscal year 2026.” source
  • net debt fiscal year 2026 about $3bn
    “Driven by an ongoing focus on deleveraging and confidence in the cash-generating power of its global operations, the company anticipates ending fiscal year 2026 with net debt at or below $3.0 billion, with a leverage ratio below 1.5X.” source
  • leverage ratio fiscal year 2026 about 1.5
    “Driven by an ongoing focus on deleveraging and confidence in the cash-generating power of its global operations, the company anticipates ending fiscal year 2026 with net debt at or below $3.0 billion, with a leverage ratio below 1.5X.” source
  • Combined Adjusted EBITDA fiscal year 2026 $2.2bn to $2.3bn Non-GAAP Maintained
    “Reflecting this financial strength, Darling Ingredients reaffirms fiscal year 2026 Combined Adjusted EBITDA guidance of $2.2-$2.3 billion, positioning the business to carry strong momentum into 2027.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Darling Ingredients Inc.'s revenue by +6.1% next year and +5.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.1%, weight 67%) and the company's own record (+6.1%, weight 33%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy1192%
Hold18%
Sell00%

Monthly trend

  1. Oct 2026110112
  2. Sep 2026110112
  3. Aug 2026110112
  4. Jul 2026110112

Counts of recommendations published by analysts covering Darling Ingredients Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.6%
of tradable shares
Days to cover
2.5
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
15,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +68.5%

$32.05 on October 31, 2025 to $54.02

ThenNowEffect
Revenue (last 12 months) $5.7bn $6.5bn +14.9%
Net margin 1.8% 9.1% +394.1%
P/E multiple 48.7x 14.5x −70.1%
Share count 160m 161m −0.5%

Biggest factor: net margin.

Last 3 years +19.5%

$45.22 on November 3, 2023 to $54.02

ThenNowEffect
Revenue (last 12 months) $7.1bn $6.5bn −7.3%
Net margin 11.1% 9.1% −17.9%
P/E multiple 9.4x 14.5x +55.0%
Share count 163m 161m +1.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DAR+20%−10%−20%−32%+7%+50%
Industry peers (median)+1%−26%−15%+1%−13%−9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DAR58%50%50%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DAR−28%−35%−43%−35%−34%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 68% from June 7, 2022 to April 8, 2025. Getting back needed a 216% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$31.92 – $68.34
From 52-week high
−21.0%
vs 50-day average
−12.7%
vs 200-day average
−7.7%
Volatility (1 year)
33%
Beta vs S&P 500
0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±5.1%
After a week
8 up, 3 down
typical move ±6.6%
After a month
6 up, 4 down
typical move ±8.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −0.9% 0.0% — —
October 22, 2026 −4.8% −1.7% −6.7% —
July 30, 2026 +3.4% +2.4% +3.2% +9.7%
April 30, 2026 +1.5% +1.3% −0.8% −3.8%
February 11, 2026 +3.3% −1.6% +6.3% +12.6%
January 29, 2026 +3.7% −0.5% +7.3% +23.1%
October 23, 2025 +11.0% +1.4% +3.2% +7.3%
July 24, 2025 −6.9% +0.5% −12.2% −5.5%
April 24, 2025 +5.0% +2.8% +7.8% +3.9%
February 6, 2025 +10.3% −0.6% +12.3% −15.6%
January 30, 2025 +7.9% 0.0% +10.9% −0.9%
October 24, 2024 +2.2% +0.2% +2.2% +4.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Darling Ingredients Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Darling Ingredients Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Darling Ingredients Inc.
$5.5B $6B $6.5B $7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $6.9B Revenue (TTM), FY23 Q4: $6.8B Revenue (TTM), FY24 Q1: $6.4B Revenue (TTM), FY24 Q2: $6.1B Revenue (TTM), FY24 Q3: $5.9B Revenue (TTM), FY24 Q4: $5.7B Revenue (TTM), FY25 Q1: $5.7B Revenue (TTM), FY25 Q2: $5.7B Revenue (TTM), FY25 Q3: $5.8B Revenue (TTM), FY25 Q4: $6.1B Revenue (TTM), FY26 Q1: $6.3B Revenue (TTM), FY26 Q2: $6.5B $6.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $6.9B
FY23 Q4 $6.8B
FY24 Q1 $6.4B
FY24 Q2 $6.1B
FY24 Q3 $5.9B
FY24 Q4 $5.7B
FY25 Q1 $5.7B
FY25 Q2 $5.7B
FY25 Q3 $5.8B
FY25 Q4 $6.1B
FY26 Q1 $6.3B
FY26 Q2 $6.5B
Revenue growth, TTM YoY Darling Ingredients Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 14.3% Revenue growth, TTM YoY, FY23 Q4: 3.9% Revenue growth, TTM YoY, FY24 Q1: -7.8% Revenue growth, TTM YoY, FY24 Q2: -13.4% Revenue growth, TTM YoY, FY24 Q3: -14.8% Revenue growth, TTM YoY, FY24 Q4: -15.8% Revenue growth, TTM YoY, FY25 Q1: -11.6% Revenue growth, TTM YoY, FY25 Q2: -6.8% Revenue growth, TTM YoY, FY25 Q3: -1.1% Revenue growth, TTM YoY, FY25 Q4: 7.4% Revenue growth, TTM YoY, FY26 Q1: 11.1% Revenue growth, TTM YoY, FY26 Q2: 14.9% 14.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 14.3%
FY23 Q4 3.9%
FY24 Q1 -7.8%
FY24 Q2 -13.4%
FY24 Q3 -14.8%
FY24 Q4 -15.8%
FY25 Q1 -11.6%
FY25 Q2 -6.8%
FY25 Q3 -1.1%
FY25 Q4 7.4%
FY26 Q1 11.1%
FY26 Q2 14.9%
Operating margin (TTM) Darling Ingredients Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 15.0% Operating margin (TTM), FY23 Q4: 14.0% Operating margin (TTM), FY24 Q1: 13.0% Operating margin (TTM), FY24 Q2: 10.2% Operating margin (TTM), FY24 Q3: 8.5% Operating margin (TTM), FY24 Q4: 8.2% Operating margin (TTM), FY25 Q1: 6.3% Operating margin (TTM), FY25 Q2: 5.0% Operating margin (TTM), FY25 Q3: 5.1% Operating margin (TTM), FY25 Q4: 4.5% Operating margin (TTM), FY26 Q1: 7.5% Operating margin (TTM), FY26 Q2: 14.5% 14.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 15.0%
FY23 Q4 14.0%
FY24 Q1 13.0%
FY24 Q2 10.2%
FY24 Q3 8.5%
FY24 Q4 8.2%
FY25 Q1 6.3%
FY25 Q2 5.0%
FY25 Q3 5.1%
FY25 Q4 4.5%
FY26 Q1 7.5%
FY26 Q2 14.5%
FCF margin (TTM) Darling Ingredients Inc.
4% 6% 8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.4% FCF margin (TTM), FY23 Q4: 5.8% FCF margin (TTM), FY24 Q1: 7.2% FCF margin (TTM), FY24 Q2: 6.3% FCF margin (TTM), FY24 Q3: 6.6% FCF margin (TTM), FY24 Q4: 5.9% FCF margin (TTM), FY25 Q1: 5.7% FCF margin (TTM), FY25 Q2: 5.7% FCF margin (TTM), FY25 Q3: 4.7% FCF margin (TTM), FY25 Q4: 9.0% FCF margin (TTM), FY26 Q1: 7.1% FCF margin (TTM), FY26 Q2: 12.6% 12.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.4%
FY23 Q4 5.8%
FY24 Q1 7.2%
FY24 Q2 6.3%
FY24 Q3 6.6%
FY24 Q4 5.9%
FY25 Q1 5.7%
FY25 Q2 5.7%
FY25 Q3 4.7%
FY25 Q4 9.0%
FY26 Q1 7.1%
FY26 Q2 12.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Darling Ingredients took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6.1B
  2. Cost of revenue $4.7B · 76.0%
  3. Gross profit $1.5B · 24.0%
  4. Selling, general and admin $551M · 9.0%
  5. Other operating costs $649M · 10.6%
  6. Operating income $273M · 4.5%
  7. Interest and other $211M · 3.4%
  8. Net income $62.8M · 1.0%

Shares of revenue. Source: Darling Ingredients's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jul 2026
Income
Revenue 598 725 1,797 1,773 1,802 3,956 3,391 3,392 3,662 3,388 3,364 3,572 4,741 6,532 6,788 5,715 6,136 6,549
Gross profit 158 193 529 469 462 833 737 757 787 741 775 883 1,242 1,530 1,645 1,278 1,473 1,724
EBITDA 96 114 393 317 268 434 413 445 472 576 801 781 1,201 1,424 1,452 972 782 1,476
Operating income 71 82 314 232 170 165 143 155 169 255 476 431 884 1,029 950 468 273 951
Net income 42 44 169 131 109 64 79 102 128 101 313 297 651 738 648 279 63 598
Diluted EPS $0.51 $0.53 $1.47 $1.11 $0.91 $0.39 $0.48 $0.62 $0.77 $0.60 $1.86 $1.78 $3.90 $4.49 $3.99 $1.73 $0.39 $3.71
Growth (year on year)
Revenue −26.0% +21.3% +147.9% −1.4% +1.7% +119.5% −14.3% +0.0% +8.0% −7.5% −0.7% +6.2% +32.7% +37.8% +3.9% −15.8% +7.4% +14.9%
EBITDA −17.9% +18.9% +243.5% −19.3% −15.4% +61.7% −4.9% +7.8% +6.1% +22.2% +39.1% −2.5% +53.7% +18.6% +2.0% −33.0% −19.6% +88.4%
Operating income −23.5% +16.2% +280.8% −26.2% −26.8% −3.0% −13.3% +8.5% +9.5% +50.5% +86.6% −9.4% +105.2% +16.3% −7.7% −50.7% −41.6% +231.6%
Net income −23.4% +5.9% +282.9% −22.8% −16.7% −41.1% — +30.3% +25.6% −21.0% +208.0% −5.0% +119.3% +13.3% −12.2% −56.9% −77.5% —
Diluted EPS −22.7% +3.9% +177.4% −24.5% −18.0% −57.1% — +29.2% +24.2% −22.1% +210.0% −4.3% +119.1% +15.1% −11.1% −56.6% −77.5% —
Margins
Gross margin 26.4% 26.7% 29.4% 26.4% 25.7% 21.1% 21.7% 22.3% 21.5% 21.9% 23.0% 24.7% 26.2% 23.4% 24.2% 22.4% 24.0% 26.3%
EBITDA margin 16.1% 15.8% 21.9% 17.9% 14.9% 11.0% 12.2% 13.1% 12.9% 17.0% 23.8% 21.9% 25.3% 21.8% 21.4% 17.0% 12.7% 22.5%
Operating margin 11.9% 11.4% 17.5% 13.1% 9.4% 4.2% 4.2% 4.6% 4.6% 7.5% 14.1% 12.1% 18.7% 15.8% 14.0% 8.2% 4.5% 14.5%
Net margin 7.0% 6.1% 9.4% 7.4% 6.0% 1.6% 2.3% 3.0% 3.5% 3.0% 9.3% 8.3% 13.7% 11.3% 9.5% 4.9% 1.0% 9.1%
Free-cash-flow margin 9.3% 7.8% 10.1% 7.6% 5.1% 1.2% 5.6% 4.3% 3.7% 2.3% 0.1% 9.6% 9.1% 6.5% 5.1% 8.9% 11.1% 20.6%
Cash flow
Cash from operations 79 82 241 250 211 275 421 391 410 399 363 625 704 814 899 839 1,060 1,351
Capital spending 24 25 60 115 118 229 230 244 274 322 359 280 274 391 555 332 380 0
Free cash flow 56 57 181 134 92 46 191 147 136 77 3 345 430 422 344 507 679 1,351
Stock-based pay 1 2 4 9 9 21 9 10 18 19 21 23 22 25 33 21 22 37
Free cash flow after stock pay 55 55 177 125 83 25 182 137 119 58 −18 321 408 397 311 486 657 1,315
Balance sheet
Cash 68 39 39 103 871 109 157 115 107 107 73 82 69 127 127 76 89 161
Total debt 33 710 280 250 887 2,152 1,931 1,775 1,741 1,697 1,671 1,524 1,475 3,403 4,443 4,054 3,957 3,948
Net debt (negative = net cash) −36 671 241 147 16 2,044 1,774 1,660 1,634 1,590 1,598 1,443 1,406 3,276 4,316 3,978 3,868 3,787
Diluted shares 82m 83m 116m 118m 120m 165m 165m 165m 167m 168m 168m 167m 167m 164m 162m 161m 160m 161m
Returned to shareholders
Buybacks — — — — 0 0 6 5 0 0 19 55 168 126 53 34 35 73
Total returned — — — — 0 0 6 5 0 0 19 55 168 126 53 34 35 73

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · July 4, 2026
What it owns · $11.0bn
Short-term assets $1.8bnLonger-term assets $9.2bn
What it owes, and who funded it · $10.9bn
Short-term liabilities $1.1bnLonger-term liabilities $4.6bnShareholders' equity $5.2bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.8bn short-term assets against $4.6bn of longer-dated liabilities.
  • More cash than debt $161m of cash against $3.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 73% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 44% to 73% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $3.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $951m against $222m of interest.

From Darling Ingredients Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$73.4M
Returned to shareholders
9%
of free cash flow
Buybacks, last 3 fiscal years
$122M
Diluted share count
+0.5%
year over year
Total shareholder yield
0.8%
dividends 0.0% + buybacks 0.8% of market value
Sales & admin spending
9.0%
of revenue

Competitors: side by side with peers

Closest by revenue in agricultural products & services
Last 12 months unless stated DAR INGR ANDE AGRO AVO CHSCL Median
Revenue, last 12 months $6.5bn $7.2bn $10.9bn $1.4bn $1.3bn $37.4bn $149m
Revenue growth, last 12 months 14.9% −1.4% −5.2% −6.0% −6.2% 3.8% −1.1%
Revenue growth, 3-year average −2.5% −4.2% −13.3% — 12.7% −8.9% −0.1%
Revenue growth, latest quarter 16.4% 0.9% −1.2% — 25.8% 18.6% 6.8%
Gross margin 26.3% 23.7% 7.2% 24.6% 11.4% 3.1% 17.6%
Operating margin 14.5% 11.9% — 6.6% 1.8% 0.1% −5.9%
Operating margin, 3-year average 9.9% 12.2% — 15.1% 3.4% 0.7% 2.8%
Net margin 9.1% 8.2% 1.6% −0.6% 0.1% 1.5% −0.2%
Cash from operations / revenue 20.6% 11.2% 2.9% 21.6% 3.1% 3.9% 3.2%
Free-cash-flow margin 12.6% 4.9% 0.5% 3.0% −0.2% 2.5% 2.3%
Free-cash-flow margin, 3-year average 8.2% 9.7% 2.1% 6.7% 2.1% 1.2% 3.0%
Stock pay / revenue 0.6% 0.5% 0.1% 0.8% 0.6% — 0.7%
Change in share count 0.5% −2.5% −0.1% −0.6% 4.0% — 2.3%

Median of all 20 companies we cover in agricultural products & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 agricultural products & services companies
Measure Company Peer median Rank
Revenue growth Growth 14.9% -0.8% 4 of 20
Change in growth rate Growth +3.7pp -0.5pp 6 of 20
Gross margin Profitability 26.3% 11.4% 7 of 19
Operating margin Profitability 14.5% -5.9% 1 of 17
Net margin Profitability 9.1% 0.1% 2 of 20
Free-cash-flow margin Cash generation 12.6% 2.5% 3 of 20
Stock pay as % of revenue Cash generation 0.6% 0.8% 6 of 17
Long-term debt as % of assets Balance sheet 35.1% 16.2% 16 of 18
Change in share count Balance sheet 0.5% 2.4% 7 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 3, 2026
Segments
Line of business Revenue Share YoY
Feed Ingredients $4B 65.0% ▲ 8.6%
Food Ingredients $1.5B 25.2% ▲ 3.8%
Fuel Ingredients $601M 9.8% ▲ 9.1%
Products and services
Line of business Revenue Share YoY
Fats $1.8B 29.0% ▲ 21.6%
Proteins $1.4B 23.0% ▼ 5.1%
Food Ingredients Products and Services $1.3B 20.4% ▲ 1.7%
Bioenergy $601M 9.8% ▲ 9.1%
Used Cooking Oil $445M 7.3% ▲ 26.8%
Other Rendering $296M 4.8% ▲ 0.7%
Bakery $195M 3.2% ▲ 2.6%
Other Products and Services $156M 2.5% ▲ 5.0%
Geography
Region Revenue Share YoY
North America $3.5B 56.3% ▲ 6.3%
Europe $1.8B 29.1% ▲ 9.8%
South America $571M 9.3% ▲ 13.2%
China $261M 4.3% ▼ 1.9%
Other Geographical Areas $61.4M 1.0% ▼ 8.7%

From Darling Ingredients Inc.'s 10-K filed March 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.1B
Institutions reporting
612
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
79 / 80

Top buyers and sellers, Q2 2026: 318 institutions bought and 286 sold ; the biggest buyer was Assenagon Asset Management S.A (+2.3M shares) and the biggest seller Millennium Management LLC (−2.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $851M 15.6M 9.3% ▲ 2.9%
Vanguard Portfolio Management LLC $456M 8.4M 5.0% ▲ 13.8%
Dimensional Fund Advisors LP $449M 8.2M 4.9% ▲ 1.9%
Vanguard Capital Management LLC $393M 7.2M 4.3% ▲ 1.0%
State Street Corp $311M 5.7M 3.4% ▲ 4.5%
Assenagon Asset Management S.A. $242M 4.4M 2.6% ▲ 111.5%
Earnest Partners LLC $223M 4.1M 2.4% ▼ 2.9%
Citadel Advisors LLC $220M 4.0M 2.4% ▲ 36.6%
AQR Capital Management LLC $212M 4.0M 2.3% ▲ 6.7%
FMR LLC $205M 3.8M 2.2% ▼ 14.3%
Geode Capital Management, LLC $189M 3.5M 2.1% ▲ 18.1%
Deutsche Bank Ag\ $168M 3.1M 1.8% ▲ 6.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Darling Ingredients Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $60,970 2 trades by 1 insider, last 12 months Insider sales History → $5.3M 19 trades by 6 insiders · 0% under pre-set plans
Net ▼ $5.2M net selling
Insider Date Trade Shares Price Value
Stuewe Randall C Chairman and CEO September 2, 2026 Sell 5,000 $68.20 $341,000
Manzi Joseph Chief Accounting Officer August 18, 2026 Sell 1,000 $67.27 $67,270
Dudley Sandra EVP Chief Strategy Officer August 17, 2026 Sell 2,598 $67.88 $176,352
Dudley Sandra EVP Chief Strategy Officer August 17, 2026 Sell 3,876 $67.87 $263,064
Mcnutt Patrick EVP Chief Admin Officer August 14, 2026 Sell 8,000 $67.09 $536,720
Stuewe Randall C Chairman and CEO August 13, 2026 Sell 5,000 $64.79 $323,950
Stuewe Randall C Chairman and CEO August 12, 2026 Sell 5,000 $63.26 $316,300
Kemphaus Nicholas James EVP Gen. Counsel & Secretary August 10, 2026 Sell 1,591 $63.05 $100,313
Adair Charles L Director July 31, 2026 Buy 500 $61.27 $30,635
Adair Charles L Director July 31, 2026 Buy 500 $60.67 $30,335
Manzi Joseph Chief Accounting Officer May 1, 2026 Sell 3,000 $63.89 $191,670
Stuewe Randall C Chairman and CEO March 6, 2026 Sell 20,000 $52.12 $1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Darling Ingredients Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded July 14, 2023, filed August 13, 2023
  • Daniel S. Goldman(D-NY 10):Purchase, $1,001 - $15,000, traded March 7, 2023, filed April 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • October 22, 2026
  • July 30, 2026
  • April 30, 2026
  • February 11, 2026
  • January 29, 2026

Recent SEC filings

Data status

When each part of this page on Darling Ingredients Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Darling Ingredients Inc. in brief

What does Darling Ingredients Inc. do?
Darling Ingredients Inc. is a US-listed company in the agricultural products & services industry. Its financial year ends in December.
What is Darling Ingredients Inc.'s stock ticker?
Darling Ingredients Inc. trades under the ticker DAR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Darling Ingredients Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Darling Ingredients Inc. reported revenue of $6.5B, 14.9% higher than a year earlier, according to its SEC filings.
What is Darling Ingredients Inc.'s free cash flow?
Darling Ingredients Inc.'s free-cash-flow margin is 12.6% of revenue over the trailing twelve months, ranking 3 of the 20 agricultural products & services companies we cover.
What is Darling Ingredients Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Darling Ingredients Inc.'s free cash flow after stock-based pay gives ~$69 per share in the base case, and ~$46–$99 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Darling Ingredients Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Darling Ingredients Inc. buying back stock, and does it pay a dividend?
Darling Ingredients Inc. spent $73.4M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.5% over the year.
What is Darling Ingredients Inc.'s market cap?
On November 2, 2026, Darling Ingredients Inc.'s market capitalisation was about $8.7B, with a price-to-earnings ratio of 14.5 and net debt of $3.8B. Market figures come from third-party market data and may be delayed.
How much debt does Darling Ingredients Inc. have?
Darling Ingredients Inc.'s debt-to-equity ratio is 73.4%, from its latest balance sheet (43.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Darling Ingredients Inc.'s competitors?
In our Agricultural Products & Services peer group, the companies closest to Darling Ingredients Inc. are Ingredion Inc, Andersons, Inc., Adecoagro S.a., Mission Produce, Inc. and CHS Inc. The side-by-side comparison below sets their revenue, margins and growth against Darling Ingredients Inc.'s.
Are insiders buying or selling Darling Ingredients Inc. stock?
Over the last 12 months, Darling Ingredients Inc.'s directors and officers reported 2 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is Darling Ingredients Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Darling Ingredients Inc. announces its own schedule.