Darling Ingredients Inc. key statistics and ratios

In fiscal 2025, Darling Ingredients Inc. had return on equity of 1.4%, an operating margin of 4.5%, debt equal to 83.5% of equity and a current ratio of 1.50. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Darling Ingredients Inc.: financial ratios, annual
Fiscal year	2009Jan 2010	2010Jan 2011	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Jan 2015	2015Jan 2016	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Jan 2021	2021Jan 2022	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Jan 2026	LTMJul 2026
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%
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%
Return on equity	14.7%	11.8%	24.5%	13.2%	7.1%	3.2%	4.1%	5.3%	6.1%	4.5%	12.9%	10.9%	21.1%	20.8%	15.4%	6.2%	1.4%	12.0%
Return on assets	9.8%	4.9%	12.1%	8.8%	4.5%	1.5%	1.6%	2.2%	2.7%	2.1%	6.1%	5.4%	11.1%	9.6%	6.4%	2.6%	0.6%	5.6%
Asset turnover	1.40	0.80	1.28	1.19	0.75	0.95	0.69	0.72	0.76	0.69	0.66	0.65	0.81	0.85	0.67	0.54	0.60	0.62
Current ratio	2.05	1.20	1.73	2.20	6.38	2.09	2.11	1.98	1.71	1.66	1.33	1.46	1.45	1.53	1.86	1.38	1.50	1.56
Debt to equity	11.4%	152.9%	30.4%	23.6%	43.9%	110.2%	103.2%	90.0%	77.5%	74.7%	65.1%	52.7%	45.0%	89.3%	96.5%	92.6%	83.5%	75.3%
Interest cover (operating income ÷ interest)	22.8x	9.4x	8.4x	9.6x	4.4x	1.2x	1.4x	1.6x	1.9x	3.0x	6.0x	5.9x	14.2x	8.2x	3.7x	1.8x	1.2x	4.3x
Effective tax rate	37.5%	37.1%	37.8%	36.8%	33.4%	16.1%	13.7%	12.5%	—	10.2%	15.6%	15.1%	20.0%	16.4%	8.3%	−15.5%	−15.3%	18.4%
SG&A as % of revenue	10.2%	9.4%	7.6%	8.6%	9.5%	9.5%	9.3%	9.2%	9.4%	9.1%	10.7%	10.6%	8.3%	6.7%	8.0%	8.6%	9.0%	9.0%
Capital spending as % of revenue	4.0%	3.4%	3.3%	6.5%	6.6%	5.8%	6.8%	7.2%	7.5%	9.5%	10.7%	7.8%	5.8%	6.0%	8.2%	5.8%	6.2%	0.0%
Free cash flow ÷ net income	132.9%	128.4%	106.7%	102.6%	84.8%	72.0%	243.4%	144.1%	106.1%	75.6%	1.0%	116.1%	66.1%	57.3%	53.1%	181.7%	>999%	226.0%
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	0.0%	3.1%	3.4%	0.0%	0.0%	616.7%	16.0%	39.0%	29.7%	15.4%	6.8%	5.1%	5.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Darling Ingredients Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026
Gross margin	22.1%	23.5%	22.6%	23.3%	24.7%	25.1%	26.1%	29.2%
Operating margin	4.2%	8.6%	2.1%	5.1%	4.6%	5.7%	14.6%	32.2%
Net margin	1.2%	7.2%	−1.9%	0.9%	1.2%	3.3%	8.7%	22.5%
Free-cash-flow margin	19.3%	10.9%	18.0%	9.8%	14.3%	25.8%	9.9%	30.9%
Current ratio	1.41	1.38	1.40	1.50	1.49	1.50	1.58	1.56
Debt to equity	90.8%	89.3%	85.5%	85.2%	85.9%	81.5%	83.1%	73.4%
SG&A as % of revenue	8.1%	7.6%	8.8%	9.3%	8.9%	8.9%	9.6%	8.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Darling Ingredients Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Darling Ingredients Inc.