Tearsheet

Darling Ingredients (DAR)

Market Price (12/4/2025): $36.61 | Market Cap: $5.8 Bil
Sector: Consumer Staples | Industry: Agricultural Products & Services

Darling Ingredients (DAR)

Market Price (12/4/2025): $36.61
Market Cap: $5.8 Bil
Sector: Consumer Staples
Industry: Agricultural Products & Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%	Weak multi-year price returns 2Y Excs Rtn is -63%, 3Y Excs Rtn is -121%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87%
1	Attractive yield FCF Yield is 9.7%		Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 45x
2	Low stock price volatility Vol 12M is 46%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Sustainable Resource Management, and Circular Economy & Recycling. Themes include Renewable Fuel Production, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%
1	Attractive yield FCF Yield is 9.7%
2	Low stock price volatility Vol 12M is 46%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Sustainable Resource Management, and Circular Economy & Recycling. Themes include Renewable Fuel Production, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -63%, 3Y Excs Rtn is -121%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87%
6	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 45x
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$36.61	$33.69	$49.84	$62.59	$69.29
Market Cap CYE ($ Bil)	5.8	5.4	8.0	10.0	11.2
Total Debt ($ Bil)	4.3	4.3	4.6	3.6	1.6
Total Cash ($ Bil)	0.1	0.1	0.1	0.1	0.1
Enterprise Value ($ Bil)	10.0	9.7	12.6	13.6	12.8
Valuation Ratios
P/S TTM	0.8	0.9	1.2	1.5	2.4
P/EBIT TTM	15.6	10.7	8.1	9.9	12.7
P/E TTM	45.4	19.3	12.3	13.7	17.3
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$36.61	$33.69	$49.84
Market Cap CYE ($ Bil)	5.8	5.4	8.0
Total Debt ($ Bil)	4.3	4.3	4.6
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	10.0	9.7	12.6
Valuation Ratios
P/S TTM	0.8	0.9	1.2
P/EBIT TTM	15.6	10.7	8.1
P/E TTM	45.4	19.3	12.3
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	DAR	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	5.8
Rev Chg Q	10.0%	7.1%
Rev Chg LTM	-1.1%	6.1%
Rev Chg 3Y Avg	-0.6%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.8
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	6.4%	18.8%
CFO/Rev LTM	13.2%	20.5%
Net Inc Mgn	1.8%	13.1%
VALUATION	MODERATE
P/S	0.8	3.2
P/CFO	6.3	15.8
P/FCF	10.3	20.5
P/E	45.4	23.5
STABILITY	POOR
Debt/Equity	0.89	0.20
Cash/Assets	0.01	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Renewable Fuel Production Capacity	1.2 billion gallons per year	2272024	Link
Renewable Fuel Produced	1.2 billion gallons	12312024	Link
Waste Converted into Renewable Energy	1.4 million metric tons annually	12312024	Link
Lost Time Incident Rate (LTIR) Reduction	45% drop	8192025	Link
Scope 1 and 2 Emissions Reduction	5% reduction compared to 2023	8192025	Link
Annual Raw Material Processed for Feed Ingredients	over 12 million metric tons	312025	Link
Annual Raw Material Processed for Food Ingredients	1.23 million metric tons	312025	Link
Percentage of World's Animal By-products Processed	approximately 15%	8142024	Link
Percentage of World's Collagen Produced	about 30%	7312024	Link
Number of Operating Facilities	over 260	8142024	Link
Number of Countries with Operations	more than 15	8142024	Link

Upcoming
2/05/2026	Earnings Release	Rev: - EPS: -

DAR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points explaining Darling Ingredients' (DAR) stock movement from August 31, 2025, to December 4, 2025: 1. Strategic Partnerships and Market Expansion Boosted Investor Interest. Recent headlines in late November 2025 highlighted Darling Ingredients' strategic partnerships in sustainable biofuels and its ongoing expansion into new markets. This news generated renewed investor interest and contributed to the company's share price momentum.

2. Positive Analyst Sentiment and Perceived Undervaluation. Around late November 2025, analysts were assessing Darling Ingredients' long-term growth prospects, with some indicating the stock was undervalued. The consensus analyst rating for Darling Ingredients was "Strong Buy," with an average price target forecasting a significant potential increase. A Discounted Cash Flow (DCF) analysis suggested the intrinsic fair value per share was significantly above the market price, further indicating the stock might be undervalued.

3. Q3 2025 Earnings Showed Core Business Momentum. Darling Ingredients reported its third-quarter 2025 results on October 23, 2025, with net income missing analyst expectations but revenue exceeding estimates at $1.6 billion. The core ingredients business demonstrated momentum, even as the Diamond Green Diesel (DGD) joint venture faced challenges.

4. Sale of Production Tax Credits Enhanced Financial Position. In late September and October 2025, Darling Ingredients announced an agreement to sell approximately $125 million in production tax credits, with plans for additional sales by year-end. This move aimed to strengthen the company's financial flexibility.

5. Key Leadership Transitions Signaled Future Direction. Significant leadership changes were either effective or in transition during this period. These included the planned retirement of Executive Vice President and Chief Financial Officer Brad Phillips, effective June 15, 2025, and the appointment of Robert Day as his successor, effective February 25, 2025. Other executive appointments also took place, potentially signaling strategic shifts for the company.

Show less

Stock Movement Drivers

Fundamental Drivers

The 14.8% change in DAR stock from 9/3/2025 to 12/3/2025 was primarily driven by a 12.2% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	31.90	36.61	14.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5701.70	5843.77	2.49%
Net Income Margin (%)	1.85%	1.84%	-0.20%
P/E Multiple	47.94	53.79	12.21%
Shares Outstanding (Mil)	158.34	158.36	-0.01%
Cumulative Contribution			14.76%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
DAR	14.8%
Market (SPY)	6.2%	27.7%
Sector (XLP)	-2.2%	31.5%

Fundamental Drivers

The 19.6% change in DAR stock from 6/4/2025 to 12/3/2025 was primarily driven by a 90.1% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	30.60	36.61	19.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5675.47	5843.77	2.97%
Net Income Margin (%)	3.02%	1.84%	-38.99%
P/E Multiple	28.30	53.79	90.07%
Shares Outstanding (Mil)	158.68	158.36	0.20%
Cumulative Contribution			19.64%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
DAR	19.6%
Market (SPY)	15.1%	26.0%
Sector (XLP)	-3.5%	16.0%

Fundamental Drivers

The -2.3% change in DAR stock from 12/3/2024 to 12/3/2025 was primarily driven by a -58.3% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	37.47	36.61	-2.30%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5911.56	5843.77	-1.15%
Net Income Margin (%)	4.42%	1.84%	-58.31%
P/E Multiple	22.81	53.79	135.81%
Shares Outstanding (Mil)	159.20	158.36	0.53%
Cumulative Contribution			-2.30%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
DAR	-2.3%
Market (SPY)	14.3%	39.0%
Sector (XLP)	-2.8%	22.1%

Fundamental Drivers

The -42.1% change in DAR stock from 12/4/2022 to 12/3/2025 was primarily driven by a -84.8% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	63.18	36.61	-42.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6074.19	5843.77	-3.79%
Net Income Margin (%)	12.13%	1.84%	-84.80%
P/E Multiple	13.77	53.79	290.69%
Shares Outstanding (Mil)	160.59	158.36	1.39%
Cumulative Contribution			-42.07%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
DAR	-19.5%
Market (SPY)	53.2%	35.7%
Sector (XLP)	16.4%	22.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DAR Return	105%	20%	-10%	-20%	-32%	10%	32%
Peers Return	9%	11%	17%	-13%	-6%	-7%	7%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
DAR Win Rate	75%	58%	50%	50%	42%	50%
Peers Win Rate	43%	42%	73%	38%	43%	38%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
DAR Max Drawdown	-50%	-1%	-18%	-36%	-34%	-18%
Peers Max Drawdown	-20%	-7%	-7%	-22%	-10%	-22%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BG, SJM, CPB, CAG, AFRI. See DAR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	DAR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-54.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	117.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-52.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	110.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	142 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-18.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	23.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	319 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-83.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	488.1%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	798 days	1480 days

Compare to BG, SJM, CPB, CAG, AFRI

In The Past

Darling Ingredients's stock fell -54.0% during the 2022 Inflation Shock from a high on 6/7/2022. A -54.0% loss requires a 117.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Darling Ingredients (DAR)

Darling Ingredients Inc. develops, produces, and sells natural ingredients from edible and inedible bio-nutrients. The company operates through three segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients. It offers ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy, and fertilizer industries. The company also collects and transforms various animal by-product streams into useable and specialty ingredients, such as collagen, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstock, green energy, natural casings, and hides. In addition, it recovers and converts used cooking oil and animal fats, and residual bakery products into valuable feed and fuel ingredients. Further, the company provides environmental services, including grease trap collection and disposal services to food service establishments. It primarily operates under the Sonac, Dar Pro, Rothsay, Rousselot, Nature Safe, CleanStar, Peptan, Cookie Meal, Bakery Feeds, Ecoson, and Rendac brand names in North America, Europe, China, South America, Australia, and internationally. The company was formerly known as Darling International Inc. and changed its name to Darling Ingredients Inc. in May 2014. Darling Ingredients Inc. was founded in 1882 and is headquartered in Irving, Texas.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for Darling Ingredients (DAR):

An Archer Daniels Midland (ADM) or Bunge (BG) for animal by-products and used cooking oils.
A Valero, but specialized in producing renewable diesel from organic waste and fats.

AI Generated Analysis | Feedback

Protein Meals: Rendered animal proteins used as high-quality ingredients in pet food, aquaculture, and livestock feed.
Fats and Oils: Processed animal fats (e.g., tallow, yellow grease) and used cooking oils, primarily utilized in animal feed, pet food, and as biofuel feedstocks.
Collagen and Gelatin: Specialized protein ingredients derived from animal raw materials, widely used in food, pharmaceutical, and nutraceutical applications.
Renewable Diesel: A low-carbon biofuel produced from sustainable waste fats, oils, and greases, serving as a direct replacement for conventional diesel fuel.
Natural Flavors: Ingredients extracted from natural sources to enhance the taste and aroma of food and beverage products.
Functional Proteins: Proteins with specific properties designed to improve the texture, stability, and nutritional profile of various food applications.

AI Generated Analysis | Feedback

Darling Ingredients (DAR) operates primarily as a Business-to-Business (B2B) company, supplying a wide array of ingredients derived from bio-nutrients to various manufacturers and industries globally.

The company does not publicly disclose the names of specific "major customers" that represent a significant portion of its revenue, which is common for diversified ingredient suppliers. This indicates that Darling Ingredients serves a broad and diversified customer base rather than relying on a few key clients. Therefore, it is not possible to list specific customer company names and their symbols.

Based on Darling Ingredients' diverse product offerings and market descriptions, its customer base consists of other companies across several major categories:

Pet Food and Animal Feed Manufacturers: These companies purchase Darling's processed proteins, fats, and other ingredients for use in pet food products, livestock feed, and aquaculture feed.
Food and Beverage Processors: Businesses in the human food and beverage industry utilize Darling's ingredients such as gelatin, collagen, and edible fats for applications in confectionery, dairy products, meat products, and other food items.
Renewable Fuel Producers: Companies involved in the production of renewable diesel, sustainable aviation fuel (SAF), and other biofuels are major customers for Darling's rendered animal fats and used cooking oil, which serve as critical feedstocks.
Biotechnology, Pharmaceutical, and Other Industrial Companies: Darling supplies specialized ingredients for various applications in these sectors, including gelatin for capsules, collagen for medical devices, and other industrial uses.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Here is the management team for Darling Ingredients:

Randall C. Stuewe, Chairman & Chief Executive Officer

Randall C. Stuewe has served as Chairman and Chief Executive Officer of Darling Ingredients Inc. since February 2003. He brings over 25 years of experience in agriculture processing businesses. Prior to joining Darling Ingredients, Mr. Stuewe was Executive Vice President at ConAgra Foods, Inc. from 1996 to 2002. During his time at ConAgra, he also served as President of Gilroy Foods Inc. Before 1996, he spent twelve years in various management, sales, and trading positions at Cargill, Incorporated. Gilroy Foods Inc. was later acquired by Olam International Ltd. from Conagra Brands, Inc. in 2010. Mr. Stuewe currently serves as a director of Teays River Investments, a privately held agribusiness holding company.

Brad Phillips, Executive Vice President & Chief Financial Officer (retiring June 15, 2025)

Brad Phillips has served as Executive Vice President and Chief Financial Officer of Darling Ingredients Inc. since January 2018. He has a long tenure with the company, accumulating 28 years of experience as of January 2018. His previous roles at Darling Ingredients include Vice President-Treasurer from May 2014 to January 2018, Treasurer from January 1993 to May 2014, Assistant Treasurer from January 1991 to January 1993, and Assistant Controller from October 1988 to January 1991. Before joining Darling Ingredients, Mr. Phillips was the Corporate Accounting Manager at Republic Health Corporation from 1984 to 1988, and worked in the audit group at Arthur Andersen from 1982 to 1984. Mr. Phillips will retire from his position on June 15, 2025.

Robert Day, Executive Vice President & Chief Financial Officer (effective February 2025)

Robert Day will assume the role of Executive Vice President and Chief Financial Officer in February 2025, following the company's 2024 Form 10-K filing. He joined Darling Ingredients in August 2023 as Executive Vice President – Strategy. Mr. Day brings nearly 30 years of executive management and investment banking experience in agriculture, soft, and energy commodity industries. Prior to Darling Ingredients, he was a partner at Ascendant Partners, an investment bank and advisory firm. From 2015 to 2022, he served as CEO of Ceres Global Ag Corp. His career also includes serving as Managing Director Asia at ED&F Man and holding various executive and senior management roles over 19 years with Cargill in Asia, Latin America, and the United States.

Sandra Dudley, Executive Vice President, Renewables and Chief Strategy Officer (effective February 2025)

Sandra Dudley will become the Executive Vice President, Renewables and Chief Strategy Officer, effective February 25, 2025. She has been with Darling Ingredients since 2015, most recently serving as Executive Vice President, Renewables and U.S. Specialty Operations, where she oversaw the company's renewable energy initiatives and specialty operations, including the Diamond Green Diesel joint venture. Before joining Darling Ingredients, Ms. Dudley held strategy and financial roles at ConAgra Foods from 1998 to 2004, and at Tenaska Marketing Ventures from 2004 to 2015, where she was involved in analyzing long-term deals, developing deal structures, and trading natural gas.

John F. Sterling, Executive Vice President, General Counsel & Secretary

John F. Sterling serves as Executive Vice President, General Counsel & Secretary for Darling Ingredients. Additional background information for Mr. Sterling was not readily available within the search results.

AI Generated Analysis | Feedback

Increasing competition for critical renewable fuel feedstocks (such as used cooking oil and animal fats) driven by the rapid global expansion of renewable diesel and sustainable aviation fuel production capacity.

AI Generated Analysis | Feedback

Darling Ingredients Inc. (symbol: DAR) operates across three main segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients, serving global markets. The addressable markets for their main products and services are sizable across various regions:

Feed Ingredients (Rendered Products): The global rendered products market was valued at approximately USD 22.34 billion in 2023 and is projected to grow to USD 28.64 billion by 2032, with a compound annual growth rate (CAGR) of 2.86% from 2024 to 2032. North America held a significant market share of 47.31% in 2023. Darling Ingredients is recognized as the world's largest renderer.
Food Ingredients (Gelatin and Collagen):
- Collagen: The global collagen market was valued at USD 9.4 billion in 2024 and is projected to reach USD 15.85 billion by 2033, growing at a CAGR of 5.4% from 2025 to 2033. Europe accounted for the largest market share in 2024 with 35%, while North America is identified as the fastest-growing market. Another estimate places the global collagen market to hit USD 14 billion by 2025.
- Gelatin: The global gelatin market is valued at USD 4.0 billion in 2024 and is expected to reach USD 5.6 billion by 2029, at a CAGR of 6.9%. Europe is anticipated to maintain the largest market share in terms of consumption, consuming roughly 36% of the global gelatin in 2024. The global pharmaceutical gelatin market alone is projected to reach USD 1.5 billion by 2027. Darling Ingredients holds approximately 30% of the global market share for gelatin and collagen.
Fuel Ingredients (Renewable Diesel and Used Cooking Oil):
- Renewable Diesel: The global renewable diesel market was valued at USD 23 billion in 2024 and is estimated to grow at a CAGR of 8.1% from 2025 to 2034. The U.S. renewable diesel market was valued at USD 10.3 billion in 2024, with North America holding over 47.5% of the overall market share. Through its Diamond Green Diesel joint venture, Darling Ingredients is a significant producer of renewable diesel and sustainable aviation fuel.
- Used Cooking Oil (UCO): The global used cooking oil market was valued at USD 7.64 billion in 2023 and is projected to reach USD 11.95 billion by 2032, growing at a CAGR of 5.1% from 2024 to 2032. Another source estimates the market to reach USD 10.7 billion by the end of 2028, with a CAGR of 11.8% from 2023 to 2028. In 2024, Europe captured 38.28% of the revenue share in the used cooking oil market, while the Asia-Pacific region is expected to show an 8.79% CAGR by 2030. Darling Ingredients is North America's largest collector and processor of used cooking oil.

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Darling Ingredients (DAR) over the next 2-3 years:

Resilience and Growth in Core Ingredients Business: Darling Ingredients' CEO consistently emphasizes the strength and resilience of its diversified core ingredients business, particularly within the Feed and Food segments. This segment is supported by sustained global demand, with strong performance noted in Q3 2025. The company expects its Feed segment to remain consistent or slightly improve, and its Food segment is anticipated to rebound as global collagen demand strengthens.
Expansion into High-Growth Specialty Food Ingredients: The company is strategically expanding its presence in high-growth, high-margin specialty ingredients. The Nextida joint venture, which combines Darling Ingredients' and Tessenderlo Group's collagen and gelatin segments, is specifically expected to broaden Darling's product portfolio with items like collagen and functional peptides, driving Food segment EBITDA growth starting in 2026.
Growing Demand for Sustainable Aviation Fuel (SAF): Despite facing regulatory headwinds in the broader renewable fuels sector, the ongoing demand for Sustainable Aviation Fuel (SAF) is a significant future growth driver. Darling Ingredients started up one of the world's largest SAF units in Port Arthur, Texas, in Q4 2024, and a positive renewable fuels policy outlook is expected to support future growth in this area.
Monetization of Production Tax Credits (PTCs): While not direct revenue, the monetization of Production Tax Credits (PTCs) is expected to significantly bolster Darling Ingredients' financial position. The company anticipates selling an additional $125-175 million in PTCs by the end of 2025, with a robust market and strong buyer demand. This enhances profitability and can support further investments in growth initiatives.
Strategic Acquisitions and Operational Efficiency: Darling Ingredients has a history of integrating acquisitions globally to position itself for future growth and adapt to market dynamics. Furthermore, the company maintains a strong focus on optimizing operational efficiency and cost management across its segments, which contributes to margin improvement and overall financial health, indirectly supporting revenue growth by enhancing competitiveness and profitability.

AI Generated Analysis | Feedback

Share Repurchases

In June 2024, Darling Ingredients' Board of Directors approved an extension of its share repurchase program, refreshing the aggregate amount up to $500 million of common stock, valid for an additional two years until August 2026.
The company repurchased approximately 807,000 shares of common stock for about $29.2 million during the second quarter of 2024.
As of July 2, 2022, Darling Ingredients had repurchased approximately 971,000 shares of common stock year-to-date for a total of $65.9 million.

Outbound Investments

Darling Ingredients completed the acquisition of Valley Proteins, a large independent rendering company in the United States, on May 2, 2022.
On August 1, 2022, the company completed the acquisition of FASA Group, which was Brazil's largest independent rendering company.
Throughout 2024, Darling Ingredients integrated several acquisitions globally to strengthen its market position.

Capital Expenditures

Capital expenditures for fiscal year 2023 amounted to $555.5 million.
For fiscal year 2024, capital expenditures totaled $332.5 million.
Capital expenditures for the first nine months ended September 27, 2025, were $224.0 million. The company is focused on its diversified global platform and the commissioning of its sustainable aviation fuel unit.

Better Bets than Darling Ingredients (DAR)

	DAR	Better Performance than DAR
Metric	Value	INDUSTRY: Agricultural Products & Services
Rev Chg LTM	-1.1%	LOCL (39.7%), VITL (23.6%), BG (10.3%), VFF (10.0%), DOLE (4.8%)
Rev Chg 3Y Avg	-0.6%	LOCL (113.0%), VITL (29.4%), EDBL (5.2%), DOLE (4.4%), VFF (0.7%)
Op Mgn LTM	6.4%	INGR (14.6%), VITL (11.2%)
CFO/Rev LTM	13.2%	ALCO (25.0%), INGR (13.4%)
FCF/Rev LTM	8.1%	ALCO (12.3%)
Total Yield	2.2%	INGR (11.1%), BG (9.4%), ADM (6.2%), VITL (3.3%), DOLE (2.4%)
P/S	0.8	DOLE (0.2), BG (0.3), ADM (0.3), VFF (0.4), LOCL (0.7)
P/Op Inc	13.1	DOLE (5.5), INGR (7.4), BG (10.3)

	DAR	Better Performance than DAR
Metric	Value	SECTOR: Consumer Staples
Rev Chg LTM	-1.1%	COST (8.2%), PM (7.5%), WMT (4.2%), KO (2.8%), PG (1.2%)
Rev Chg 3Y Avg	-0.6%	PM (8.0%), COST (6.6%), WMT (5.7%), KO (4.0%), PG (1.8%)
Op Mgn LTM	6.4%	PM (37.1%), KO (31.3%), BUD (26.1%), PG (24.1%), PEP (13.2%)
CFO/Rev LTM	13.2%	MO (43.8%), PM (28.8%), MNST (27.3%), PG (22.3%), KO (16.0%)
FCF/Rev LTM	8.1%	MO (43.1%), PM (25.3%), MNST (24.4%), PG (17.6%), KO (11.7%)
Total Yield	2.2%	KO (7.5%), PM (6.8%), PG (4.7%), WMT (3.6%), COST (2.2%)
P/S	0.8	ADM (0.3), KR (0.3), TGT (0.4), SYY (0.5), DG (0.6)
P/Op Inc	13.1	BUD (7.7), TGT (8.3), MO (9.3), KDP (10.0), KR (12.1)

	DAR	Better Performance than DAR
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-1.1%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-0.6%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	6.4%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	13.2%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	8.1%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	2.2%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	0.8	CVS (0.2), MCK (0.2), UNH (0.7), UPS (0.8), DELL (0.8)
P/Op Inc	13.1	VZ (5.9), T (8.3), MRK (9.4), UNH (11.9), XOM (12.4)

		Best Bets In Consumer Staples Sector
	DAR
What You Pay
P/E	45.4
P/EBIT	15.6
What You Get
Rev Chg Q	10.0%
Rev Chg LTM	-1.1%
Rev Chg 3Y Avg	-0.6%
FCF/Rev 3Y Avg	7.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Darling Ingredients Earnings Notes
2	Is Darling Ingredients Stock Built to Withstand a Pullback?	Return
3	Darling Ingredients vs Alphabet: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Darling Ingredients vs Colgate-Palmolive: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	How Does Darling Ingredients Stock Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than DAR Stock: Pay Less Than Darling Ingredients To Get More From UNH, DIS
7	Better Bet Than DAR Stock: Pay Less Than Darling Ingredients To Get More From POST, CALM
8	DAR Dip Buy Analysis
9	Darling Ingredients During 2008 Recession vs. 2022 Inflation Shock: DAR Stock Has 171% Upside If It Recovers To Pre-Inflation Shock Levels	Actionable
10	Darling Ingredients Total Shareholder Return (TSR): -32.9% in 2024 and ...% 3-yr compounded annual returns (below peer average)
11	ARTICLES
12	After ADM’s 16% Climb in a Month, DAR Looks Like the Stronger Long-Term Play		August 30th, 2025

	Title
0	DASHBOARDS
1	Darling Ingredients Earnings Notes
2	Is Darling Ingredients Stock Built to Withstand a Pullback?
3	Darling Ingredients vs Alphabet: Which Is A Better Investment?
4	Darling Ingredients vs Colgate-Palmolive: Which Is A Better Investment?
5	How Does Darling Ingredients Stock Stack Up Against Its Peers?
6	Better Bet Than DAR Stock: Pay Less Than Darling Ingredients To Get More From UNH, DIS
7	Better Bet Than DAR Stock: Pay Less Than Darling Ingredients To Get More From POST, CALM
8	DAR Dip Buy Analysis
9	Darling Ingredients During 2008 Recession vs. 2022 Inflation Shock: DAR Stock Has 171% Upside If It Recovers To Pre-Inflation Shock Levels
10	Darling Ingredients Total Shareholder Return (TSR): -32.9% in 2024 and ...% 3-yr compounded annual returns (below peer average)
11	ARTICLES
12	After ADM’s 16% Climb in a Month, DAR Looks Like the Stronger Long-Term Play

Trade Ideas

Select past ideas related to DAR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.1%	3.1%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.9%	-1.9%	-1.9%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-5.3%	-5.3%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.5%	3.5%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.1%	2.1%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.1%	3.1%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.9%	-1.9%	-1.9%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-5.3%	-5.3%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.5%	3.5%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.1%	2.1%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Darling Ingredients

Peers to compare with:

Financials

	DAR	BG	SJM	CPB	CAG	AFRI	Median
Name	Darling .	Bunge Gl.	JM Smuck.	Campbell.	Conagra .	Forafric.
Mkt Price	36.61	95.29	100.36	29.84	17.16	10.45	33.23
Mkt Cap	5.8	18.8	10.7	8.9	8.2	-	8.9
Rev LTM	5,844	60,109	8,714	10,253	11,450	-	10,253
Op Inc LTM	374	1,552	1,350	1,353	1,348	-	1,350
FCF LTM	476	-1,124	672	705	1,141	-	672
FCF 3Y Avg	428	101	736	715	1,133	-	715
CFO LTM	774	550	1,027	1,131	1,544	-	1,027
CFO 3Y Avg	844	1,396	1,221	1,153	1,520	-	1,221

Growth & Margins

	DAR	BG	SJM	CPB	CAG	AFRI	Median
Name	Darling .	Bunge Gl.	JM Smuck.	Campbell.	Conagra .	Forafric.
Rev Chg LTM	-1.1%	10.3%	2.5%	6.4%	-4.1%	-	2.5%
Rev Chg 3Y Avg	-0.6%	-3.2%	2.9%	6.2%	-0.9%	-	-0.6%
Rev Chg Q	10.0%	71.6%	-0.6%	1.2%	-5.8%	-	1.2%
QoQ Delta Rev Chg LTM	2.5%	18.2%	-0.1%	0.3%	-1.4%	-	0.3%
Op Mgn LTM	6.4%	2.6%	15.5%	13.2%	11.8%	-	11.8%
Op Mgn 3Y Avg	6.9%	3.5%	16.2%	13.3%	15.1%	-	13.3%
QoQ Delta Op Mgn LTM	0.7%	-0.4%	-3.5%	0.3%	-0.7%	-	-0.4%
CFO/Rev LTM	13.2%	0.9%	11.8%	11.0%	13.5%	-	11.8%
CFO/Rev 3Y Avg	13.6%	2.4%	14.3%	11.8%	12.8%	-	12.8%
FCF/Rev LTM	8.1%	-1.9%	7.7%	6.9%	10.0%	-	7.7%
FCF/Rev 3Y Avg	7.0%	0.2%	8.6%	7.4%	9.6%	-	7.4%

Valuation

	DAR	BG	SJM	CPB	CAG	AFRI	Median
Name	Darling .	Bunge Gl.	JM Smuck.	Campbell.	Conagra .	Forafric.
Mkt Cap	5.8	18.8	10.7	8.9	8.2	-	8.9
P/S	0.8	0.3	1.2	0.9	0.8	-	0.8
P/EBIT	15.6	7.0	-10.9	8.0	5.7	-	7.0
P/E	45.4	12.1	-7.2	15.2	10.3	-	12.1
P/CFO	6.3	29.1	10.2	8.1	5.7	-	8.1
Total Yield	2.2%	9.4%	-9.6%	10.3%	17.3%	-	9.4%
Dividend Yield	0.0%	1.2%	4.4%	3.8%	7.6%	-	3.8%
FCF Yield 3Y Avg	7.2%	1.0%	5.9%	6.1%	9.5%	-	6.1%
D/E	0.9	1.1	0.8	0.8	0.9	-	0.9
Net D/E	0.9	0.9	0.8	0.8	0.9	-	0.9

Returns

	DAR	BG	SJM	CPB	CAG	AFRI	Median
Name	Darling .	Bunge Gl.	JM Smuck.	Campbell.	Conagra .	Forafric.
1M Rtn	11.6%	2.1%	-2.2%	-0.2%	-0.8%	11.2%	0.9%
3M Rtn	14.8%	18.2%	-9.5%	-10.4%	-8.8%	27.3%	3.0%
6M Rtn	19.6%	29.8%	-8.6%	-10.8%	-20.7%	34.0%	5.5%
12M Rtn	-2.3%	11.7%	-11.0%	-31.5%	-33.8%	3.9%	-6.6%
3Y Rtn	-42.1%	9.8%	-27.7%	-38.6%	-47.5%	-8.9%	-33.1%
1M Excs Rtn	11.7%	2.1%	-2.2%	-0.2%	-0.7%	11.2%	1.0%
3M Excs Rtn	10.6%	13.0%	-15.1%	-12.9%	-12.9%	19.2%	-1.1%
6M Excs Rtn	4.9%	15.1%	-23.3%	-25.5%	-35.5%	19.3%	-9.2%
12M Excs Rtn	-23.2%	-3.7%	-24.9%	-46.1%	-47.0%	-11.4%	-24.0%
3Y Excs Rtn	-120.7%	-71.1%	-99.1%	-110.0%	-118.7%	-80.2%	-104.6%

Comparison Analyses

	Title
0	How Does Darling Ingredients Stock Stack Up Against Its Peers?
1	Darling Ingredients vs. Campbell Soup: With Return Forecast Of 12%, Darling Ingredients Is A Better Bet
2	Darling International vs. Bunge: With Return Forecast Of 8.4%, Darling International Is A Better Bet
3	SJM or DAR - With 15% Return Forecast, DAR Probably Deserves Your Money
4	DAR Looks Stronger Than FLO With 15% Return Potential
5	Darling International vs. Fidelity National Information Services: With Return Forecast Of 19%, Fidelity National Information Services Is A Better Bet
6	Darling International vs. Sysco: With Return Forecast Of 0.7%, Sysco Is A Better Bet
7	Darling International vs. Transdigm Group: With Return Forecast Of 53%, Transdigm Group Is A Better Bet
8	Darling International vs. Autodesk: With Return Forecast Of 20%, Autodesk Is A Better Bet
9	Darling International vs. Workday: With Return Forecast Of 37%, Workday Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/28	LTM	2024	2023	2022	2021	2020	2019
Period End	9/27/2025	12/28/2024	12/30/2023	12/31/2022	1/1/2022	1/2/2021	12/28/2019
Filing Date	11/5/2025	2/25/2025	2/28/2024	2/27/2023	3/1/2022	3/2/2021	2/25/2020
Key Financials
Total Revenue	5,844	5,715	6,788	6,532	4,741	3,572	3,364
EBITDA	810	1,005	1,481	1,414	1,200	776	785
Operating Income	374	282	600	698	534	154	91
Net Income	108	279	648	738	651	297	313
EPS	0.68	1.75	4.05	4.58	4.01	1.83	1.90
Growth Rates
Total Revenue Growth	-1.1%	-15.8%	3.9%	37.8%	32.7%	6.2%	-0.7%
EBITDA Growth	-22.5%	-32.1%	4.8%	17.8%	54.5%	-1.0%	49.3%
Operating Income Growth	7.0%	-53.1%	-14.0%	30.7%	245.8%	70.1%	-18.1%
Net Income Growth	-58.8%	-56.9%	-12.2%	13.3%	119.3%	-5.0%	208.0%
Margins
EBITDA Margin	13.9%	17.6%	21.8%	21.6%	25.3%	21.7%	23.3%
Operating Income Margin	6.4%	4.9%	8.8%	10.7%	11.3%	4.3%	2.7%
Net Income Margin	1.8%	4.9%	9.5%	11.3%	13.7%	8.3%	9.3%
Cash & Debt
Total Cash	91	76	127	127	69	82	73
Total Debt	4,340	4,257	4,637	3,576	1,622	1,657	1,779
Net Debt / (Cash)	4,249	4,181	4,511	3,449	1,553	1,576	1,706
Cash Flows
Net Cash from Operations	774	839	899	814	704	625	363
Free Cash from Operations	476	507	342	421	430	341	-1
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	40	34	53	126	168	55	19

$ Mil \| FY: 12/28	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/27/2025	6/28/2025	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/7/2025	2/25/2025	11/6/2024	8/7/2024	5/7/2024	2/28/2024	11/7/2023	8/8/2023	5/9/2023	2/27/2023
Key Financials Quarterly
Total Revenue	1,564	1,482	1,381	1,418	1,422	1,455	1,420	1,614	1,625	1,758	1,791	1,768
Ebitda	201	191	157	261	192	276	276	301	309	488	383	361
Operating Income	123	87	66	98	74	73	37	166	123	139	173	150
Net Income	19	13	-26	102	17	79	81	85	125	252	186	157
EPS	0.12	0.08	-0.16	0.64	0.11	0.49	0.51	0.53	0.78	1.58	1.16	0.98
Key Financials TTM
Total Revenue TTM	5,844	5,702	5,675	5,715	5,912	6,115	6,417	6,788	6,942	7,064	6,957	6,532
Ebitda TTM	810	801	886	1,005	1,045	1,162	1,374	1,481	1,541	1,604	1,485	1,414
Operating Income TTM	374	325	311	282	350	398	465	600	584	628	707	698
Net Income TTM	108	105	172	279	261	370	543	648	720	786	735	738
Growth Rates Quarterly
Total Revenue Growth	10.0%	1.8%	-2.8%	-12.2%	-12.5%	-17.2%	-20.7%	-8.7%	-7.0%	6.5%	31.1%	35.0%
EBITDA Growth	4.6%	-30.7%	-43.2%	-13.2%	-37.8%	-43.5%	-28.0%	-16.6%	-17.0%	32.2%	22.9%	23.9%
Operating Income Growth	66.0%	19.6%	78.4%	-40.9%	-39.5%	-47.8%	-78.6%	10.8%	-26.2%	-36.1%	5.0%	5.0%
Net Income Growth	14.2%	-83.9%	-132.2%	20.6%	-86.4%	-68.8%	-56.3%	-46.0%	-34.6%	24.9%	-1.2%	0.5%
Margins Quarterly
EBITDA Margin	12.8%	12.9%	11.4%	18.4%	13.5%	19.0%	19.4%	18.6%	19.0%	27.8%	21.4%	20.4%
Operating Income Margin	7.9%	5.9%	4.8%	6.9%	5.2%	5.0%	2.6%	10.3%	7.6%	7.9%	9.6%	8.5%
Net Income Margin	1.2%	0.9%	-1.9%	7.2%	1.2%	5.4%	5.7%	5.2%	7.7%	14.4%	10.4%	8.9%
Cash & Debt
Total Cash	91	95	81	76	115	122	145	127	119	112	133	127
Total Debt	4,340	4,217	4,144	4,257	4,464	4,624	4,687	4,637	4,619	4,744	4,867	3,576
Net Debt / (Cash)	4,249	4,122	4,062	4,181	4,350	4,502	4,541	4,511	4,500	4,633	4,735	3,449
Cash Flows Quarterly
FCF from Operations	224	146	249	154	274	147	264	217	277	217	188	175
Cash Flows TTM
FCF from Operations TTM	774	824	824	839	902	904	975	899	858	858	850	814
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	35	5	-0	29	-0	-0	-0	9	44	22
Return on Invested Capital (ROIC) Quarterly
ROIC	11.6%	6.6%	6.2%	9.4%	6.8%	6.4%	3.0%	12.9%	10.7%	9.9%	12.4%	13.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.8%	7.9%	7.7%	6.7%	8.0%	8.8%	9.3%	11.6%	11.3%	11.0%	12.1%	16.1%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Feed Ingredients	4,703	4,866	2,715	2,709	2,653
Food Ingredients	2,647	1,251	1,205	1,336	1,346
Fuel Ingredients	2,589	2,307	1,659	1,160	1,088
Corporate	1,123	777	555	409	259
Total	11,061	9,202	6,134	5,613	5,345

Price Behavior

Price Behavior

Market Price	$36.61
Market Cap ($ Bil)	5.8
First Trading Date	09/09/1994
Distance from 52W High	-12.5%
	50 Days	200 Days
DMA Price	$32.91	$33.12
DMA Trend	down	up
Distance from DMA	11.2%	10.5%
	3M	1YR
Volatility	44.1%	45.6%
Downside Capture	32.19	56.92
Upside Capture	87.02	46.92
Correlation (SPY)	26.8%	38.7%

DAR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.37	1.27	1.04	1.07	0.90	0.98
Up Beta	0.49	0.31	1.04	2.22	1.04	1.02
Down Beta	1.96	1.81	1.95	1.17	1.24	1.05
Up Capture	280%	201%	74%	70%	31%	38%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	22	30	59	119	349
Down Capture	84%	88%	55%	57%	71%	103%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	19	32	65	128	398

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of DAR With Other Asset Classes (Last 1Y)
	DAR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.6%	-2.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	45.8%	13.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.09	-0.45	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		22.4%	38.6%	6.6%	35.8%	37.4%	26.6%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of DAR With Other Asset Classes (Last 5Y)
	DAR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-5.6%	5.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	41.9%	13.0%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.01	0.26	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		26.9%	44.7%	10.1%	31.5%	38.9%	22.7%

Based On 10-Year Data

		Comparison of DAR With Other Asset Classes (Last 10Y)
	DAR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.4%	7.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	39.8%	14.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.45	0.38	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		36.3%	51.5%	7.5%	33.0%	45.1%	16.0%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	12,389,955
Short Interest: % Change Since 10312025	13.4%
Average Daily Volume	2,222,877
Days-to-Cover Short Interest	5.57
Basic Shares Quantity	158,356,000
Short % of Basic Shares	7.8%

Returns Analyses

	Title
0	Is Darling Ingredients Stock Built to Withstand a Pullback?
1	Darling Ingredients Stock Return Comparison
2	[10/3/2021] Darling International (DAR) Stock Price Forecast: AI Forecasts DAR Stock Price To Be Around $75.2 In A Month (Up 2%)
3	Darling Ingredients Total Shareholder Return (TSR): -9.7% in 2022 and 30.6% 3-yr returns (above peer average)
4	Darling International (DAR) Stock Return: AI Predicts DAR Average and Excess Return After a Fall or Rise
5	Food Products Industry Return: null YTD Return vs 19% For S&P 500

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/27/2025
6302025	8062025	10-Q 6/28/2025
3312025	5072025	10-Q 3/29/2025
12312024	2252025	10-K 12/28/2024
9302024	11062024	10-Q 9/28/2024
6302024	8072024	10-Q 6/29/2024
3312024	5072024	10-Q 3/30/2024
12312023	2282024	10-K 12/30/2023
9302023	11072023	10-Q 9/30/2023
6302023	8082023	10-Q 7/1/2023
3312023	5092023	10-Q 4/1/2023
12312022	2272023	10-K 12/31/2022
9302022	11082022	10-Q 10/1/2022
6302022	8092022	10-Q 7/2/2022
3312022	5102022	10-Q 4/2/2022
12312021	3012022	10-K 1/1/2022

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	STUEWE RANDALL C	Chairman and CEO	8192025	Sell	31.17	27,500	857,175	25,448,341	Form
1	STERLING JOHN F	EVP Gen. Counsel & Secretary	8132025	Sell	31.13	35,000	1,089,550	8,606,604	Form
2	STUEWE RANDALL C	Chairman and CEO	8062025	Sell	31.62	7,500	237,150	26,685,288	Form
3	STUEWE RANDALL C	Chairman and CEO	5202025	Sell	34.05	40,000	1,362,000	28,991,430	Form

Industry Resources

Agricultural Products & Services Resources

AgFunder Network Partners

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Darling Ingredients (DAR)

Market Price (12/4/2025): $36.61 | Market Cap: $5.8 BilSector: Consumer Staples | Industry: Agricultural Products & Services

Darling Ingredients (DAR)

Market Price (12/4/2025): $36.61Market Cap: $5.8 BilSector: Consumer StaplesIndustry: Agricultural Products & Services

Valuation, Metrics & Events

DAR Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Darling Ingredients (DAR)

Interactive Breakdown

Better Bets than Darling Ingredients (DAR)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Darling Ingredients

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $36.61 | Market Cap: $5.8 Bil
Sector: Consumer Staples | Industry: Agricultural Products & Services

Market Price (12/4/2025): $36.61
Market Cap: $5.8 Bil
Sector: Consumer Staples
Industry: Agricultural Products & Services