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DAR

Darling Ingredients Inc.

DAR

Darling Ingredients Inc. • NYSE
$36.60 ▲ 0.01% (+0.01)
Market Cap $5.79 B
52w High $42.15
52w Low $26.00
Dividend Yield 0%
P/E 54.63
Volume 967.42K
Outstanding Shares 158.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.564B ▲ $139.594M ▼ $19.363M ▲ 1.238% ▲ $0.083 ▲ $200.796M ▲
Q2-2025 $1.482B ▲ $270.049M ▼ $12.661M ▲ 0.855% ▲ $0.077 ▲ $191.265M ▲
Q1-2025 $1.381B ▼ $282.951M ▲ $-26.16M ▼ -1.895% ▼ $-0.16 ▼ $156.834M ▼
Q4-2024 $1.418B ▼ $211.323M ▼ $101.908M ▲ 7.188% ▲ $0.64 ▲ $261.299M ▲
Q3-2024 $1.422B $253.465M $16.949M 1.192% $0.11 $192.043M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $136.225M ▲ $5.545B ▼ $1.047B ▼ $4.498B ▼
Q2-2025 $94.577M ▲ $10.275B ▲ $5.582B ▲ $4.613B ▲
Q1-2025 $81.471M ▲ $10.032B ▼ $5.496B ▼ $4.448B ▲
Q4-2024 $75.973M ▼ $10.07B ▼ $5.606B ▼ $4.378B ▼
Q3-2024 $114.778M $10.573B $5.938B $4.551B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $61.005M ▲ $224.339M ▲ $-290.123M ▼ $49.855M ▲ $-15.026M ▼ $134.232M ▲
Q2-2025 $14.265M ▲ $145.807M ▼ $-108.711M ▼ $-30.536M ▲ $-5.454M ▼ $74.839M ▼
Q1-2025 $-23.814M ▼ $248.96M ▲ $-50.661M ▼ $-185.23M ▼ $6.856M ▲ $185.978M ▲
Q4-2024 $103.777M ▲ $154.397M ▼ $-46.305M ▲ $-166.315M ▲ $-43.633M ▼ $81.062M ▼
Q3-2024 $19.115M $274.466M $-64.944M $-201.035M $-4.652M $207.055M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Feed Ingredients
Feed Ingredients
 $920.00M ▲$900.00M ▼$940.00M ▲$1.03Bn ▲
Food Ingredients
Food Ingredients
 $360.00M ▲$350.00M ▼$390.00M ▲$380.00M ▼
Fuel Ingredients
Fuel Ingredients
 $130.00M ▲$140.00M ▲$160.00M ▲$150.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue climbed strongly from 2020 through 2022, then stepped down over the last two years. Profitability followed a similar arc: margins and earnings peaked in 2021–2022 and have since compressed. The business remains clearly profitable, but recent years show pressure on operating income and net income, suggesting a tougher pricing and cost environment after an unusually strong period. Overall, the income statement tells a story of a cyclical, still-solid business coming off its high point rather than one in structural decline.

Balance Sheet

Balance Sheet The balance sheet has grown meaningfully versus several years ago, reflecting expansion and acquisitions. Debt levels have also risen, leaving the company more leveraged than earlier in the decade, though shareholder equity has increased as well, helping support the capital structure. Cash on hand is modest relative to total assets, which makes access to credit and steady cash generation important. In simple terms, the company has scaled up, taken on more debt to do so, but still retains a substantial equity cushion.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive and has generally improved over time. Free cash flow has stayed in positive territory each year, even as the company invested more heavily in capital projects in the middle of the period. Recently, investment outlays have eased somewhat while free cash flow has strengthened, which is a healthy pattern. Overall, the cash flow profile looks resilient: the business throws off cash, funds its investments, and still has something left over, though not with an enormous buffer.

Competitive Edge

Competitive Edge Darling occupies a distinctive niche as a large‑scale recycler and converter of animal by‑products and used cooking oil into food, feed, and fuel ingredients. Its global network of facilities and long‑standing collection relationships form a high barrier to entry. The diversified mix across food, feed, and renewable fuels helps smooth out volatility in any one segment. The joint venture in renewable diesel is a major strategic asset, giving it a built‑in outlet for low‑value fats at premium fuel economics. Key competitive risks include exposure to commodity price swings, changing biofuel policies, and the need to keep plants running efficiently at scale. Even with those risks, the company’s network, integrated supply chain, and sustainability positioning give it a robust competitive footing.

Innovation and R&D

Innovation and R&D Innovation at Darling is less about flashy consumer products and more about technology, process, and data. The company develops proprietary systems like DarLinQ to better manage and protect used cooking oil, invests in advanced rendering and processing techniques to squeeze more value from each input, and upgrades its digital backbone through cloud migration to run operations more efficiently. It is also pushing into higher‑value specialty ingredients, renewable fuels feedstocks, and exploring emerging areas such as insect protein. This combination of process innovation, digital tools, and product diversification supports its moat, though much of the work is incremental and operational rather than headline‑grabbing research breakthroughs.

Summary

Darling Ingredients combines a unique circular‑economy business model with a scaled global footprint, giving it a strong strategic position in turning waste into value. Financially, the company is clearly profitable with steady cash generation, but the last two years show it normalizing from peak conditions, with softer revenue and thinner margins versus its best years. The balance sheet reflects a larger, more leveraged company than earlier in the decade, balanced by higher equity and solid cash flow. Future performance will hinge on how well it navigates commodity cycles, regulation around renewable fuels, and its ability to keep innovating in processing and specialty products. Overall, it appears to be a mature, strategically well‑placed business facing normal industry cyclicality rather than a fundamental business model issue.

NEWS

October 23, 2025 · 6:40 AM UTC

Darling Ingredients Inc. Reports Third Quarter 2025 Results

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October 9, 2025 · 4:15 PM UTC

Darling Ingredients Inc. to Release Third Quarter 2025 Financial Results

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October 7, 2025 · 4:58 PM UTC

Birch Risk Advisors Facilitates Darling Ingredients' Sale of $125 Million in §45Z Clean Fuel Production Tax Credits

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September 29, 2025 · 4:15 PM UTC

Darling Ingredients Announces Agreement to Sell Approximately $125 Million in Production Tax Credits

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