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Converts animal byproducts and used cooking oil into feed ingredients, and via a JV, renewable diesel fuel.
Converts animal byproducts and used cooking oil into feed ingredients, and via a JV, renewable diesel fuel.
Buys leftover fat and bone from meat processors and used cooking oil from restaurants, processes them into feed ingredients and fats, and collects revenue from recycled products as well as disposal. Its Diamond Green Diesel joint venture with Valero, owned in equal parts, converts those fats into renewable diesel, with profit depending on government fuel credits more than crude oil.
Moat: narrow (scale, installed base, process know-how). Large-scale rendering collection network and a major low-carbon feedstock JV are hard to replicate quickly.
Headquarters: Irving, Texas, US · Founded: 1882 · Employees: 15,000
Size Darling Ingredients (DAR) is a United States Consumer Staples company (Food: Specialty/Candy) with a market value of $7.92B, the 894th largest of 3,117 United States companies the cockpit tracks. Shares closed at $50.19 on 6 Nov 2026.
Performance Over six months the shares fell 20.5%, against +1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 15.9% over the last twelve months (peer median +6.4%); the operating margin is 9.5% (peer median 11.0%).
Valuation It trades at 7.3× forward earnings against a peer median of 16.9× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points below its cost of capital (8.5% WACC).
Credit Darling Ingredients has 1 bond outstanding ($1.00B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 137 bp.
Short interest Short interest is 3.6% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.78B | $6.14B | $5.72B | $6.75B | $6.51B |
| Revenue growth | — | +7% | -15% | +4% | — |
| Gross profit | $1.28B | $969M | $774M | $1.10B | $1.13B |
| EBITDA | $1.18B | $904M | $803M | $1.06B | $1.09B |
| Net income | $846M | $62.8M | $279M | $648M | $738M |
| Free cash flow | n/a | $679M | $507M | $344M | $422M |
| Capital expenditure | n/a | $380M | $332M | $557M | $393M |
| Total debt | $3.49B | $4.16B | $4.26B | $4.64B | $3.58B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Darling Ingredients DAR | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% |
| Valero Energy VLO | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% |
| Nutrien NTR.TO | $34.3B | +8% | +8% | 14% | 13.2× | 4.1% |
| Neste NESTE.HE | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% |
| Calumet CLMT | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% |
| Archer Daniels Midland ADM | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DAR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.4% | +6.5% | lowest of 21 |
| 6-month return | -20.5% | +1.2% | 3rd lowest of 21 |
| Distance from 52-week high | -28.3% | -16.5% | 4th lowest of 21 |
| Revenue growth (TTM) | +15.9% | +6.4% | 2nd highest of 21 |
| Operating margin | 9.5% | 11.0% | 5th lowest of 21 |
| Forward P/E | 7.3× | 16.9× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.0% | -2.1% | 4th most demanding of 18 |
| Growth delivered (Del g) | +11.4% | +8.7% | 6th highest of 18 |
| Hurdle (Req g minus delivered) | -2.3 pp | -9.4 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | -2.3 pp | +3.6 pp | 2nd lowest of 21 |
| EV / EBITDA | 9.6× | 11.2× | 8th cheapest of 19 |
| Net debt / EBITDA | 2.9× | 0.9× | 7th most indebted of 19 |
| Bond spread | 137 bp | 107 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Darling Ingredients DAR | United States | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% | +11.4% |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |
| Barry Callebaut BARN.SW | Switzerland | $8.33B | +5% | +9% | 5% | 23.7× | -8.4% | +16.5% |
| Meiji 2269.T | Japan | $7.35B | +14% | +4% | 8% | 17.2× | n/a | n/a |
| Campbell's CPB | United States | $6.90B | +11% | -5% | 11% | 13.7× | -3.6% | +2.8% |
| Toyo Suisan Kaisha 2875.T | Japan | $6.74B | -4% | +7% | 17% | 14.5× | -5.0% | +9.5% |
| Orkla ORK.OL | Norway | $10.8B | -6% | 0% | 10% | 15.5× | -1.1% | +8.7% |
| Ingredion INGR | United States | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% | +3.8% |
| Kikkoman 2801.T | Japan | $10.9B | +24% | +9% | 11% | 24.8× | 8.8% | +11.2% |
| Nissin Foods 2897.T | Japan | $5.73B | +9% | +5% | 6% | 17.9× | n/a | n/a |
| Balchem BCPC | United States | $5.54B | +8% | +9% | 22% | 30.9× | 14.5% | +8.1% |
| Tata Consumer Products TATACONSUM.NS | India | $11.4B | -6% | +15% | 11% | 55.5× | 42.8% | +11.8% |
| Britannia Industries BRITANNIA.NS | India | $12.1B | -18% | +7% | 17% | 41.7× | 28.9% | +7.8% |
| Yamazaki Baking 2212.T | Japan | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% | +5.3% |
| Sensient Technologies SXT | United States | $5.07B | +1% | +10% | 15% | 25.0× | n/a | n/a |
| Angel Yeast 600298.SS | China | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% | +13.4% |
| Aak AAK.ST | Sweden | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% | +10.5% |
| McCormick & MKC | United States | $13.0B | 0% | +13% | 17% | 15.9× | 3.2% | +4.1% |
| J.M. Smucker Company (The) SJM | United States | $13.9B | +33% | +5% | 19% | 12.9× | -7.1% | +2.5% |
| Anjoy Foods 2648.HK | Hong Kong | $3.83B | -20% | +24% | 12% | 11.6× | -2.9% | +17.5% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
Darling Ingredients has 1 bond outstanding with $1.00B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 5.68%, a spread of 137 bp over government bonds.