DAR · Darling Ingredients Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $6.14B | $5.72B | $6.79B | $6.53B | $4.74B | $3.57B |
| Cost of Revenue | $4.66B | $4.44B | $5.14B | $5.00B | $3.50B | $2.69B |
| Gross Profit | $1.47B | $1.65B | $1.65B | $1.53B | $1.24B | $883.11M |
| R&D | - | - | - | - | - | - |
| SG&A | $551.16M | $492.11M | $542.53M | $436.61M | $391.54M | $378.50M |
| Total Operating Expenses | $5.81B | $5.40B | $6.20B | $5.88B | $4.21B | $3.46B |
| D&A | $508.50M | $503.82M | $502.01M | $394.72M | $316.39M | $350.18M |
| Operating Income | $273.44M | $468.22M | $949.73M | $1.03B | $884.47M | $430.94M |
| Interest Expense | $222.28M | $259.22M | $259.22M | $125.57M | $62.08M | $72.69M |
| Income Tax | ($9.36M) | ($38.34M) | $59.57M | $146.63M | $164.11M | $53.29M |
| Net Income | $62.80M | $278.88M | $647.73M | $737.69M | $650.91M | $296.82M |
| EPS - Basic | $0.40 | $1.75 | $4.05 | $4.58 | $4.01 | $1.83 |
| EPS - Diluted | $0.39 | $1.73 | $3.99 | $4.49 | $3.90 | $1.78 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $88.67M | $75.97M | $126.50M | $127.02M | $68.91M | $81.62M |
| Accounts Receivable | - | - | - | $676.57M | $469.09M | $405.39M |
| Inventory | $527.74M | $576.84M | $758.74M | $673.62M | $457.46M | $405.92M |
| Accounts Payable | $371.08M | $348.70M | $425.59M | $472.49M | $307.12M | $255.34M |
| Current Assets | $1.55B | $1.44B | $1.86B | $1.64B | $1.09B | $986.99M |
| Total Assets | $10.30B | $10.07B | $11.06B | $9.20B | $6.13B | $5.61B |
| Current Liabilities | $1.03B | $1.04B | $998.14M | $1.07B | $752.68M | $675.30M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $5.49B | $5.61B | $6.37B | $5.31B | $2.79B | $2.66B |
| Stockholders' Equity | $4.74B | $4.38B | $4.61B | $3.81B | $3.28B | $2.89B |
| Retained Earnings | $4.07B | $4.01B | $3.73B | $3.09B | $2.35B | $1.70B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.06B | $839.29M | $899.26M | $813.74M | $704.42M | $624.65M |
| Investing Cash Flow | ($681.45M) | ($498.90M) | ($1.68B) | ($2.42B) | ($490.26M) | ($310.63M) |
| Financing Cash Flow | ($376.73M) | ($399.56M) | $876.29M | $1.68B | ($221.36M) | ($306.99M) |
| CapEx | $380.48M | $332.46M | $555.48M | $391.31M | $274.13M | $280.12M |
| Free Cash Flow | $679.24M | $506.82M | $343.78M | $422.43M | $430.29M | $344.54M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 24.0% | 28.8% | 24.2% | 23.4% | 26.2% | 24.7% |
| Operating margin | 4.5% | 8.2% | 14.0% | 15.8% | 18.7% | 12.1% |
| EBITDA margin | 12.7% | 17.0% | 21.4% | 21.8% | 25.3% | 21.9% |
| Net margin | 1.0% | 4.9% | 9.5% | 11.3% | 13.7% | 8.3% |
| Free cash flow margin | 11.1% | 8.9% | 5.1% | 6.5% | 9.1% | 9.6% |
| FCF / Net income | 10.82 | 1.82 | 0.53 | 0.57 | 0.66 | 1.16 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 9.0% | 8.6% | 8.0% | 6.7% | 8.3% | 10.6% |
| Effective tax rate | -17.5% | -15.9% | 8.4% | 16.6% | 20.1% | 15.2% |
| Return on assets | 0.6% | 2.8% | 5.9% | 8.0% | 10.6% | 5.3% |
| Return on equity | 1.3% | 6.4% | 14.1% | 19.4% | 19.8% | 10.3% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.50 | 1.38 | 1.86 | 1.53 | 1.45 | 1.46 |
| Quick ratio | 0.99 | 0.83 | 1.10 | 0.90 | 0.84 | 0.86 |
| Cash ratio | 0.09 | 0.07 | 0.13 | 0.12 | 0.09 | 0.12 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 1.2x | 1.8x | 3.7x | 8.2x | 14.2x | 5.9x |
| Equity multiplier | 2.17 | 2.30 | 2.40 | 2.42 | 1.87 | 1.94 |
| Liabilities / Assets | 0.53 | 0.56 | 0.58 | 0.58 | 0.45 | 0.47 |
| Efficiency | ||||||
| Asset turnover | 0.60 | 0.57 | 0.61 | 0.71 | 0.77 | 0.64 |
| Inventory turnover | 8.83 | 7.69 | 6.78 | 7.43 | 7.65 | 6.62 |
| Days sales outstanding | - | - | - | 38d | 36d | 41d |
| Days inventory outstanding | 41d | 47d | 54d | 49d | 48d | 55d |
| Days payable outstanding | 29d | 29d | 30d | 34d | 32d | 35d |
| Cash conversion cycle | - | - | - | 52d | 52d | 62d |
| Valuation | ||||||
| P / E | 96.5x | 19.5x | 12.5x | 13.9x | 17.8x | 32.4x |
| P / B | 1.3x | 1.2x | 1.8x | 2.7x | 3.5x | 3.3x |
| P / S | 1.0x | 1.0x | 1.2x | 1.6x | 2.4x | 2.7x |
| EV / EBITDA | 7.6x | 5.5x | 5.5x | 7.1x | 9.6x | 12.2x |
| Growth | ||||||
| Revenue growth (YoY) | 7.4% | -15.8% | 3.9% | 37.8% | 32.7% | 6.2% |
| Revenue CAGR (3y) | -2.1% | 6.4% | 23.9% | 24.8% | 11.9% | -0.8% |
| Revenue CAGR (5y) | 11.4% | 11.2% | 14.9% | 12.3% | 6.9% | 1.0% |
| Gross profit growth (YoY) | -10.4% | 0.0% | 7.5% | 23.2% | 40.6% | 14.0% |
| Operating income growth (YoY) | -41.6% | -50.7% | -7.7% | 16.3% | 105.2% | -9.4% |
| Net income growth (YoY) | -77.5% | -56.9% | -12.2% | 13.3% | 119.3% | -5.0% |
| EPS growth (YoY) | -77.5% | -56.6% | -11.1% | 15.1% | 119.1% | -4.3% |
| EPS CAGR (3y) | -55.7% | -23.7% | 30.9% | 34.1% | 86.6% | 32.2% |
| EPS CAGR (5y) | -26.2% | -1.4% | 46.1% | 42.3% | 44.5% | 30.0% |
| FCF growth (YoY) | 34.0% | 47.4% | -18.6% | -1.8% | 24.9% | 10932.2% |
| FCF CAGR (5y) | 14.5% | 176.7% | 35.0% | 25.4% | 23.9% | 12.5% |
| Book value growth (YoY) | 8.2% | -4.9% | 20.9% | 16.1% | 13.5% | 12.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-01-03.
Business segments
$6.14B totalFeed Ingredients$3.99B · 65.0%
Food Ingredients$1.55B · 25.2%
Fuel Ingredients$600.76M · 9.8%
Product / service
$5.84B totalFats$1.60B · 27.3%
Proteins$1.41B · 24.1%
Food Ingredients Productsand Services$1.25B · 21.5%
Bioenergy$600.76M · 10.3%
Used Cooking Oil$445.49M · 7.6%
Other Rendering$295.70M · 5.1%
Bakery$195.44M · 3.3%
Other Products And Services$48.01M · 0.8%
Geographic
$3.99B totalNorth America$3.04B · 76.2%
Europe$457.34M · 11.5%
South America$445.13M · 11.2%
CN$32.90M · 0.8%
Other Geographical Areas$15.30M · 0.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.41
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Fats & Oils
Comparing DARLING INGREDIENTS INC. against the 5 most active filers in the same SIC group.