DARLING INGREDIENTS INC. DAR
Founded by the Swift meat packing interests and the Darling family in 1882, Darling Ingredients Inc. ("Darling", and together with its subsidiaries, the "Company" or "we," "us" or "our") was incorporated in Delaware in 1962 under the name "Darling-Delaware Company, Inc." Darling changed its name from "Darling-Delaware Company, Inc." to "Darling International Inc." on December 28, 1993, and from "Darling International Inc." to "Darling Ingredients Inc." on May 6, 2014. The address of Darling's principal executive office is 5601 N MacArthur Boulevard, Irving, Texas, 75038, and its telephone number at this address is (972) 717-0300.
We are a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy and fertilizer industries. With operations on five continents, the Company collects and transforms all aspects of 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 feedstocks, agriculture-based biofuels, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable fuel and feed ingredients, and collects and processes residual bakery products into feed ingredients. In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments. In fiscal year 2025, the Company generated $6.1 billion in revenues and $62.8 million in net income attributable to Darling.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.14B | $5.72B | $6.79B | $6.53B | $4.74B | $3.57B | $3.36B | $3.39B | $3.66B | $3.39B |
| Cost of revenue | $4.66B | $4.44B | $5.14B | $5.00B | $3.50B | $2.69B | $2.59B | $2.65B | $2.88B | $2.64B |
| Gross profit | $1.47B | $1.28B | $1.65B | $1.53B | $1.24B | $883.1M | $774.8M | $741.4M | $786.6M | $756.6M |
| SG&A | $551.2M | $492.1M | $542.5M | $436.6M | $391.5M | $378.5M | $358.5M | $309.3M | $343.5M | $311.6M |
| Total operating expenses | $5.81B | $5.40B | $6.20B | $5.88B | $4.21B | $3.46B | $3.25B | $3.29B | $3.52B | $3.24B |
| Operating income | $273.4M | $468.2M | $949.7M | $1.03B | $884.5M | $430.9M | $475.8M | $255.0M | $169.4M | $154.7M |
| Interest expense | $222.3M | $253.9M | $259.2M | $125.6M | $62.1M | $72.7M | $78.7M | $86.4M | $88.9M | $94.2M |
| Pre-tax income | $61.0M | $247.5M | $720.0M | $893.7M | $821.4M | $353.6M | $380.4M | $118.0M | $64.2M | $122.5M |
| Income tax | $9.4M | $38.3M | $59.6M | $146.6M | $164.1M | $53.3M | $59.5M | $12.0M | $69.2M | $15.3M |
| Net income | $62.8M | $278.9M | $647.7M | $737.7M | $650.9M | $296.8M | $312.6M | $101.5M | $128.5M | $102.3M |
| EPS, basic | 0.40 | 1.75 | 4.05 | 4.58 | 4.01 | 1.83 | 1.90 | 0.62 | 0.78 | 0.62 |
| EPS, diluted | 0.39 | 1.73 | 3.99 | 4.49 | 3.90 | 1.78 | 1.86 | 0.60 | 0.77 | 0.62 |
| Shares, diluted (wtd. avg.) | $160.2M | $161.4M | $162.4M | $164.1M | $167.1M | $167.2M | $168.4M | $167.9M | $166.7M | $165.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $88.7M | $76.0M | $264.4M | $150.2M | $69.1M | $81.7M | $73.0M | $107.4M | $106.9M | $114.9M |
| Receivables | — | — | — | $676.6M | $469.1M | $405.4M | $406.3M | $385.7M | $391.8M | $388.4M |
| Inventory | $527.7M | $576.8M | $758.7M | $673.6M | $457.5M | $405.9M | $363.0M | $341.0M | $358.2M | $330.8M |
| Total current assets | $1.55B | $1.44B | $1.86B | $1.64B | $1.09B | $987.0M | $917.3M | $897.9M | $956.4M | $893.3M |
| Property, plant and equipment | $2.80B | $2.71B | $2.94B | $2.46B | $1.84B | $1.86B | $1.80B | $1.69B | $1.65B | $1.52B |
| Goodwill | $2.46B | $2.32B | $2.48B | $1.97B | $1.22B | $1.26B | $1.22B | $8.4M | $19.6M | $1.23B |
| Other intangibles | $845.0M | $898.4M | $1.08B | $865.1M | $397.8M | $473.7M | $526.4M | $595.9M | $676.5M | $711.9M |
| Total assets | $10.30B | $10.07B | $11.06B | $9.20B | $6.13B | $5.61B | $5.35B | $4.89B | $4.96B | $4.70B |
| Total current liabilities | $1.03B | $1.04B | $998.1M | $1.07B | $752.7M | $675.3M | $688.3M | $540.5M | $559.5M | $451.9M |
| Total liabilities | $5.49B | $5.61B | $6.37B | $5.31B | $2.79B | $2.66B | $2.70B | $2.55B | $2.63B | $2.62B |
| Retained earnings | $4.07B | $4.01B | $3.73B | $3.09B | $2.35B | $1.70B | $1.40B | $1.09B | $981.2M | $852.8M |
| Total equity | $4.74B | $4.38B | $4.69B | $3.90B | $3.35B | $2.95B | $2.64B | $2.34B | $2.33B | $2.08B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.06B | $839.3M | $899.3M | $813.7M | $704.4M | $624.7M | $362.6M | $398.6M | $410.4M | $391.0M |
| Depreciation and amortisation | $403.5M | $391.6M | $377.2M | $306.0M | $249.0M | $276.2M | $251.9M | — | — | — |
| Stock-based compensation | $21.8M | $20.9M | $33.2M | $25.0M | $21.8M | $23.2M | $21.0M | $18.8M | $17.6M | $10.3M |
| Capital expenditure | $380.5M | $332.5M | $555.5M | $391.3M | $274.1M | $280.1M | $359.5M | $321.9M | $274.2M | $243.5M |
| Investing cash flow | -$681.4M | -$498.9M | -$1.68B | -$2.42B | -$490.3M | -$310.6M | -$338.1M | -$342.4M | -$284.1M | -$243.2M |
| Financing cash flow | -$376.7M | -$399.6M | $876.3M | $1.68B | -$221.4M | -$307.0M | -$54.9M | -$47.6M | -$154.9M | -$183.9M |
| Buybacks | $34.7M | $34.3M | $52.9M | $125.5M | $167.7M | $55.0M | $19.3M | $0 | $0 | $5.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000916540-26-000008.
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