Darling Ingredients Inc. (DAR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.48	$2.49	+68.2%	—	$1.7B	—
Q1 26	$0.61	$0.86	+41.0%	—	$1.6B	—
Q4 25	$0.35	$0.75	+114.3%	—	$1.7B	—
Q3 25	$0.22	$0.16	-27.3%	—	$1.6B	—
Q2 25	$0.18	$0.17	-5.6%	—	$1.5B	—
Q1 25	$0.16	-$0.12	-175.0%	—	$1.4B	—
Q4 24	$0.48	$0.66	+37.5%	—	$1.4B	—
Q3 24	$0.38	$0.21	-44.7%	—	$1.4B	—
Q2 24	$0.39	$0.29	-25.6%	—	$1.5B	—
Q1 24	$0.53	$0.38	-28.3%	—	$1.4B	—
Q4 23	$0.69	$0.64	-7.2%	—	$1.6B	—
Q3 23	$0.81	$0.77	-4.9%	—	$1.6B	—
Q2 23	$1.58	$1.51	-4.4%	—	$1.8B	—
Q1 23	$1	$1.14	+14.0%	—	$1.8B	—
Q4 22	$1.34	$0.96	-28.4%	—	$1.8B	—
Q3 22	$1.43	$1.17	-18.2%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.4	—	—	$6.1B	—
FY24	—	$1.75	—	—	$5.7B	—
FY23	—	$4.05	—	—	$6.8B	—
FY22	—	$4.58	—	—	$6.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.4B	$3.7B	$3.4B	$3.4B	$3.6B	$4.7B	$6.5B	$6.8B	$5.7B	$6.1B
YoY change	+0.02%	+7.97%	-7.5%	-0.7%	+6.18%	+32.7%	+37.8%	+3.92%	-15.8%	+7.36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.4B	3.7B	3.4B	3.4B	3.6B	4.7B	6.5B	6.8B	5.7B	6.1B
Cost of revenue	2.6B	2.9B	2.6B	2.6B	2.7B	3.5B	5B	5.1B	4.4B	4.7B
Gross profit	756.6M	786.6M	741.4M	774.8M	883.1M	1.2B	1.5B	1.6B	1.3B	1.5B
Gross margin	22.3%	21.5%	21.9%	23%	24.7%	26.2%	23.4%	24.2%	22.4%	24%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	311.6M	343.5M	309.3M	358.5M	378.5M	391.5M	436.6M	542.5M	492.1M	551.2M
Operating expenses	311.6M	343.5M	309.3M	358.5M	378.5M	391.5M	436.6M	542.5M	492.1M	551.2M
Operating income	155.1M	141M	110.9M	90.8M	154.4M	534.1M	698.3M	600.5M	281.9M	413.8M
Operating margin	4.57%	3.85%	3.27%	2.7%	4.32%	11.3%	10.7%	8.85%	4.93%	6.74%
Non-operating income, net	61.6M	12.2M	93.5M	368.3M	271.9M	349.4M	321M	378.7M	219.5M	-130.5M
Pretax income	122.5M	64.2M	118M	380.4M	353.6M	821.4M	893.7M	720M	247.5M	61M
Income tax	15.3M	-69.2M	12M	59.5M	53.3M	164.1M	146.6M	59.6M	-38.3M	-9.4M
Net income	107.2M	133.4M	105.9M	321M	300.3M	657.3M	747.1M	660.4M	285.8M	70.4M
Net margin	3.16%	3.64%	3.13%	9.54%	8.41%	13.9%	11.4%	9.73%	5%	1.15%
EBITDA	508.9M	462.8M	583.8M	774.5M	817.4M	1.2B	1.5B	1.5B	969.1M	886.8M
EPS	0.62	0.78	0.62	1.9	1.83	4.01	4.58	4.05	1.75	0.4
Diluted EPS	0.62	0.77	0.6	1.86	1.78	3.9	4.49	3.99	1.73	0.39

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.6B	1.6B	1.4B	1.5B	1.4B	1.4B	1.4B	1.5B	1.6B	1.7B	1.6B	1.7B
Cost of revenue	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.3B	1.1B	1.2B
Gross profit	386.5M	436.4M	303.6M	326.9M	313.6M	333.8M	311.4M	345.9M	387M	429.2M	404.9M	503.4M
Gross margin	23.8%	27%	21.4%	22.5%	22.1%	23.5%	22.6%	23.3%	24.7%	25.1%	26.1%	29.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	137.7M	132.6M	139.1M	129.7M	115.7M	107.5M	121.6M	138.1M	139.6M	151.9M	149.1M	150.9M
Operating expenses	137.7M	132.6M	139.1M	129.7M	115.7M	107.5M	121.6M	138.1M	139.6M	151.9M	149.1M	150.9M
Operating income	122.8M	165.9M	37M	72.5M	74.3M	98.1M	66M	86.8M	123.4M	137.7M	124.9M	222.2M
Operating margin	7.55%	10.3%	2.6%	4.98%	5.23%	6.92%	4.78%	5.86%	7.89%	8.05%	8.06%	12.9%
Non-operating income, net	60.2M	-2.9M	111.4M	78.8M	-5.8M	35.1M	-33M	-16.6M	-46.6M	-34.3M	104.9M	333.2M
Pretax income	112.7M	94.5M	85.5M	82.1M	1.6M	78.2M	-25M	18.3M	19.8M	47.9M	175.7M	499.9M
Income tax	-15.4M	7.2M	3.9M	774K	-17.5M	-25.5M	-1.2M	4.1M	-1.2M	-11M	38.6M	110.6M
Net income	128.1M	87.3M	81.6M	81.4M	19.1M	103.8M	-23.8M	14.3M	21.1M	58.9M	137.1M	389.3M
Net margin	7.88%	5.41%	5.74%	5.59%	1.34%	7.32%	-1.72%	0.96%	1.35%	3.44%	8.84%	22.6%
EBITDA	306.9M	312.8M	253.9M	243.8M	208.8M	262.7M	165.2M	209.8M	205.5M	306.2M	363.1M	702.4M
EPS	0.78	0.53	0.51	0.49	0.11	0.64	-0.16	0.08	0.12	0.36	0.85	2.44
Diluted EPS	0.77	0.52	0.5	0.49	0.11	0.63	-0.16	0.08	0.12	0.35	0.83	2.41

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.1B	3B	3.1B	4.6B	9.4B	11.2B	10.1B	8B	5.4B	5.7B	9.6B
Enterprise value	3.8B	4.6B	4.7B	6.3B	10.9B	12.8B	13.5B	12.5B	9.5B	9.7B	13.7B
Shares outstanding	165M	164.7M	163.7M	164.6M	162.2M	162.3M	161.1M	159.9M	159.4M	157M	157M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.9	22.4	29.7	14.4	31.2	17.1	13.5	12.1	18.8	80.3	16.5
P/S	0.63	0.82	0.93	1.37	2.62	2.37	1.54	1.17	0.94	0.92	1.48
P/B	1.03	1.28	1.35	1.75	3.17	3.36	2.59	1.7	1.2	1.18	1.84
EV/EBITDA	7.4	9.93	8.08	8.17	13.4	10.6	9.22	8.37	9.85	11	12.2
EV/Sales	1.11	1.25	1.39	1.88	3.06	2.7	2.07	1.84	1.67	1.58	2.1
Earnings yield	5.03%	4.47%	3.36%	6.94%	3.21%	5.84%	7.41%	8.29%	5.32%	1.25%	6.07%
FCF yield	6.92%	4.32%	2.31%	-0.01%	3.64%	3.82%	4.18%	4.3%	9.44%	12%	2.3%
PEG	—	—	—	—	—	—	—	—	—	—	0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.3%	21.5%	21.9%	23%	24.7%	26.2%	23.4%	24.2%	22.4%	24%	29.2%
Operating margin	4.57%	3.85%	3.27%	2.7%	4.32%	11.3%	10.7%	8.85%	4.93%	6.74%	12.9%
Net margin	3.16%	3.64%	3.13%	9.54%	8.41%	13.9%	11.4%	9.73%	5%	1.15%	9.13%
ROE	5.16%	5.73%	4.54%	12.1%	10.2%	19.6%	19.2%	14.1%	6.4%	1.46%	12.1%
ROA	2.28%	2.69%	2.17%	6%	5.35%	10.7%	8.12%	5.97%	2.84%	0.68%	3.54%
ROIC	3.66%	3.58%	2.55%	1.76%	2.9%	8.72%	7.95%	5.98%	3.26%	4.66%	5.33%
Return on tangible assets	13%	13.3%	8.55%	17.4%	14%	22.7%	21.2%	16.8%	7.88%	1.91%	14.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.98	1.71	1.66	1.33	1.46	1.45	1.53	1.86	1.38	1.5	1.56
Quick ratio	1.24	1.07	1.03	0.81	0.86	0.84	0.9	1.1	0.83	0.99	1.03
Debt / equity	0.84	0.74	0.72	0.67	0.56	0.48	0.92	0.99	0.95	0.87	0.79
Debt / assets	0.37	0.35	0.34	0.33	0.3	0.26	0.39	0.42	0.42	0.4	0.38
Net debt / EBITDA	3.22	3.47	2.68	2.2	1.93	1.29	2.35	3.03	4.31	4.59	2.54
Interest coverage	2.3	1.72	2.36	5.84	5.87	14.2	8.12	3.78	1.97	1.27	4.35
Effective tax rate	12.5%	0%	10.2%	15.6%	15.1%	20%	16.4%	8.27%	0%	0%	18.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	20.6	22.2	20.7	20.4	22	29.2	40.6	42.5	35.9	39.1	41.3
EPS (basic)	0.62	0.78	0.62	1.9	1.83	4.01	4.58	4.05	1.75	0.4	0.4
EPS (diluted)	0.62	0.77	0.6	1.86	1.78	3.9	4.49	3.99	1.73	0.39	3.72
Book value per share	12.6	14.1	14.3	16.1	18.2	20.6	24.2	29.4	28	30.6	33.2
FCF per share	0.89	0.78	0.44	-0	2.1	2.65	2.61	2.14	3.18	4.33	5.49
Cash per share	0.69	0.65	0.66	0.44	0.5	0.42	0.79	0.79	0.48	0.56	1.04
Capex per share	0.04	0.05	0.12	0.11	0.02	0.03	0.08	0.07	0.13	2.42	2.93

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.22%	0.22%	0.57%	0.54%	0.08%	0.1%	0.21%	0.16%	0.37%	6.2%	7.18%
Capex / operating cash flow	1.86%	2.41%	4.45%	2.87%	0.38%	0.47%	1.33%	0.9%	2.54%	35.9%	34.8%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

Weekly

Last dividend

$0.00

ex-dividend Jun 11, 2014

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 11, 2014	$0.00
Jun 5, 2014	$0.00
May 20, 2014	$0.00
May 16, 2014	$0.00
Apr 2, 2014	$0.00

Split history

Date	Ratio
Nov 10, 1997	3:1

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.6B	$1.6B	$1.4B	$1.5B	$1.4B	$1.4B	$1.4B	$1.5B	$1.6B	$1.7B	$1.6B	$1.7B
YoY change	-7%	-8.71%	-20.7%	-17.2%	-12.5%	-12.2%	-2.8%	+1.8%	+9.99%	+20.6%	+12.3%	+16.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	114.6M	106.8M	107.3M	72.9M	81.6M	68.9M	127M	126.5M	76M	88.7M
Receivables	388.4M	391.8M	385.7M	406.3M	405.4M	469.1M	676.6M	798.3M	590.6M	643.2M
Inventory	330.8M	358.2M	341M	363M	405.9M	457.5M	673.6M	758.7M	576.8M	527.7M
Total current assets	893.3M	956.4M	897.9M	917.3M	987M	1.1B	1.6B	1.9B	1.4B	1.6B
Property, plant & equipment	1.1B	1.1B	1.1B	1.3B	1.3B	1.3B	1.8B	2.1B	1.9B	1.9B
Goodwill & intangibles	3.9B	4B	3.7B	3.5B	3.5B	3.2B	5.7B	7.1B	6.4B	6.6B
Total assets	4.7B	5B	4.9B	5.3B	5.6B	6.1B	9.2B	11.1B	10.1B	10.3B
Accounts payable	180.9M	217.4M	219.5M	239.3M	255.3M	307.1M	472.5M	425.6M	348.7M	371.1M
Short-term debt	23.2M	16.1M	7.5M	128.8M	67M	62.6M	119.1M	116M	195.8M	137M
Total current liabilities	451.9M	559.5M	540.5M	688.3M	675.3M	752.7M	1.1B	998.1M	1B	1B
Long-term debt	1.7B	1.7B	1.7B	1.6B	1.6B	1.6B	3.5B	4.5B	4.1B	4B
Total liabilities	2.6B	2.6B	2.6B	2.7B	2.7B	2.8B	5.3B	6.4B	5.6B	5.5B
Shareholders' equity	2.1B	2.3B	2.3B	2.6B	3B	3.3B	3.9B	4.7B	4.5B	4.8B
Total debt	1.8B	1.7B	1.7B	1.8B	1.7B	1.6B	3.6B	4.6B	4.3B	4.2B
Net debt	1.6B	1.6B	1.6B	1.7B	1.6B	1.6B	3.4B	4.5B	4.2B	4.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	119M	126.5M	145.5M	121.6M	114.8M	76M	81.5M	94.6M	91.5M	88.7M	116M	160.7M
Receivables	735.6M	798.3M	623.9M	577.1M	576.6M	590.6M	597.1M	615.1M	621.2M	643.2M	637.4M	694.5M
Inventory	822.8M	758.7M	687.5M	627.7M	617.8M	576.8M	595.4M	605.3M	622.3M	527.7M	577.6M	605.4M
Total current assets	1.8B	1.9B	1.6B	1.5B	1.5B	1.4B	1.5B	1.5B	1.5B	1.6B	1.6B	1.8B
Property, plant & equipment	3B	2.1B	3.1B	3.1B	3.1B	1.9B	3B	3B	3B	1.9B	3B	3.1B
Goodwill & intangibles	7.1B	7.1B	7.1B	6.8B	6.9B	6.4B	6.6B	6.8B	6.8B	6.6B	6.6B	6.8B
Total assets	10.8B	11.1B	10.9B	10.6B	10.6B	10.1B	10B	10.3B	10.5B	10.3B	10.6B	11B
Accounts payable	394.7M	425.6M	343.4M	349.5M	331.7M	348.7M	348.5M	365.7M	374.8M	371.1M	356.2M	413.3M
Short-term debt	126.2M	116M	162.6M	150.1M	174M	195.8M	180.5M	118.3M	144.1M	137M	137.9M	160.9M
Total current liabilities	1B	998.1M	967.3M	963.1M	1.1B	1B	1B	996.7M	1B	1B	1B	1.1B
Long-term debt	4.5B	4.5B	4.5B	4.5B	4.3B	4.1B	4B	4.1B	4.2B	4B	4.2B	4B
Total liabilities	6.3B	6.4B	6.3B	6.1B	5.9B	5.6B	5.5B	5.6B	5.7B	5.5B	5.7B	5.7B
Shareholders' equity	4.5B	4.7B	4.7B	4.5B	4.6B	4.5B	4.5B	4.7B	4.8B	4.8B	4.9B	5.3B
Total debt	4.6B	4.6B	4.7B	4.6B	4.5B	4.3B	4.1B	4.2B	4.3B	4.2B	4.3B	4.2B
Net debt	4.5B	4.5B	4.5B	4.5B	4.3B	4.2B	4.1B	4.1B	4.2B	4.1B	4.2B	4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	107.2M	133.4M	105.9M	321M	300.3M	657.3M	747.1M	660.4M	285.8M	70.4M
Depreciation & amortization	289.9M	302.1M	321.2M	325.5M	350.2M	316.4M	394.7M	502M	503.8M	508.5M
Stock-based compensation	10.3M	17.6M	18.8M	21M	23.2M	21.8M	25M	33.2M	20.9M	21.8M
Change in working capital	-12.8M	-26.6M	-1.3M	-58.7M	-5.2M	-119.3M	-207M	16.7M	273.2M	15.5M
Operating cash flow	394.5M	335.8M	434.5M	635.4M	730.5M	978.2M	1B	1.2B	837.3M	1.1B
Capital expenditure	7.3M	8.1M	19.3M	18.2M	2.8M	4.6M	13.4M	10.7M	21.3M	-380.5M
Investing cash flow	355K	-2.8M	-16.6M	25.1M	-26.7M	-215.9M	-2B	-1.1B	-166.4M	-693.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-5M	0	0	-19.3M	-55M	-167.7M	-125.5M	-52.9M	-34.3M	-34.7M
Financing cash flow	-183.9M	-154.9M	-47.6M	-516.6M	-344.7M	-740.6M	-218.7M	-1.3B	-2.2B	-2B
Net change in cash	210.9M	178.2M	370.3M	144M	359.2M	21.7M	-1.2B	-1.3B	-1.5B	-1.6B
Free cash flow	147.5M	129.1M	72.8M	-528K	340.7M	430M	420.9M	342.3M	506.8M	679.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	128.1M	87.3M	81.6M	81.4M	19.1M	103.8M	-23.8M	14.3M	21.1M	58.9M	137.1M	389.3M
Depreciation & amortization	126M	137.9M	127.5M	124.6M	123.6M	128.2M	123.8M	121.1M	124.1M	139.5M	130.9M	130.2M
Stock-based compensation	9M	6.1M	12.8M	10.8M	1.2M	-3.9M	-2.9M	4.6M	8.3M	11.9M	7.9M	8.6M
Change in working capital	5.6M	23.5M	235.2M	48.1M	29.3M	-39.5M	28.9M	8.8M	-19.3M	-2.9M	-59.1M	-108.6M
Operating cash flow	212.3M	271.9M	402.7M	172.8M	155.1M	106.7M	123.4M	144.1M	224.3M	440.6M	153M	533.5M
Capital expenditure	2.1M	5.9M	2.8M	2.3M	1.6M	14.6M	2.3M	2.3M	-90.1M	-156.4M	-94.8M	-128.9M
Investing cash flow	-12M	6.1M	-197.2M	-4.7M	2.5M	27M	12.3M	-37.7M	-290.7M	-239M	-296.4M	-240.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	0	-29.2M	0	-5.1M	-34.7M	0	0	0	0	-73.4M
Financing cash flow	-762.3M	-522.7M	48.8M	-1.2B	-1.7B	-418.9M	-185.2M	-30.5M	47.2M	-1.8B	183.1M	-262M
Net change in cash	-562M	-244.7M	254.3M	-1B	-1.6B	-285.2M	-49.6M	75.8M	-19.2M	-1.6B	39.6M	31.4M
Free cash flow	130.3M	42M	170.1M	48.6M	207.1M	81.1M	186M	74.8M	134.2M	284.2M	58.2M	404.6M

Darling Ingredients Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement