Darling Ingredients Inc.
- Open
- 67.60
- Day high
- 67.60
- Day low
- 65.19
- Prev close
- 67.62
- Volume
- 221K
- Mkt cap
- $10.4B
- P/E (TTM)
- 17.5
- EPS (TTM)
- $3.77
- P/B
- 2.0
- P/S
- 1.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.4M over the last 3 months (1 open-market buy, 6 sales)
- 🏛Institutions accumulating (13F)
Darling Ingredients Inc. (DAR) is a Consumer Defensive company listed on NYSE. The stock is up 114% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 6 sales (SEC Form 4). Drillr has 1 published research article covering DAR.
Darling Ingredients Inc. (DAR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DAR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.40 | $2.41 | +72.1% | $1.7B | +0.6% |
| Apr 30, 2026 | $0.56 | $0.83 | +48.2% | $1.6B | -0.4% |
| Feb 11, 2026 | $0.43 | $0.35 | -18.6% | $1.7B | +14.0% |
| Oct 23, 2025 | $0.13 | $0.12 | -7.7% | $1.6B | +2.3% |
| Jul 24, 2025 | $0.12 | $0.09 | -25.0% | $1.5B | -2.8% |
| Apr 24, 2025 | $0.20 | $-0.16 | -180.0% | $1.4B | -5.3% |
| Feb 6, 2025 | $0.35 | $0.63 | +80.0% | $1.2B | -14.8% |
| Oct 24, 2024 | $0.40 | $0.11 | -72.5% | $1.4B | -5.0% |
| Jul 25, 2024 | $0.45 | $0.49 | +8.9% | $1.5B | -2.9% |
| Apr 25, 2024 | $0.50 | $0.50 | +0.0% | $1.4B | -4.6% |
| Feb 27, 2024 | $0.68 | $0.52 | -23.5% | $1.6B | -5.0% |
| Feb 27, 2023 | $1.34 | $0.96 | -28.4% | $1.8B | +3.1% |
DAR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Dudley Sandraofficer: EVP Chief Strategy Officer | Option | 5,928 | $18.82 |
| Aug 18, 2026 | Dudley Sandraofficer: EVP Chief Strategy Officer | Sell | 2,598 | $67.88 |
| Aug 18, 2026 | Dudley Sandraofficer: EVP Chief Strategy Officer | Tax | 3,330 | $67.88 |
| Aug 18, 2026 | Dudley Sandraofficer: EVP Chief Strategy Officer | Sell | 3,876 | $67.87 |
| Aug 18, 2026 | MANZI JOSEPHofficer: Chief Accounting Officer | Sell | 1,000 | $67.27 |
| Aug 14, 2026 | McNutt Patrickofficer: EVP Chief Admin Officer | Sell | 8,000 | $67.09 |
| Aug 14, 2026 | STUEWE RANDALL Cdirector, officer: Chairman and CEO | Sell | 5,000 | $63.26 |
| Aug 10, 2026 | Kemphaus Nicholas Jamesofficer: EVP Gen. Counsel & Secretary | Sell | 1,591 | $63.05 |
| Aug 3, 2026 | Adair Charles Ldirector | Buy | 500 | $60.67 |
| May 14, 2026 | Hill Randy Ldirector | Grant | 701 | $37.64 |
| May 8, 2026 | Clark Celeste A.director | Grant | 2,650 | — |
| May 8, 2026 | GOODSPEED LINDAdirector | Grant | 2,650 | — |
| May 8, 2026 | Stoffel Kurtdirector | Grant | 2,650 | — |
| May 8, 2026 | Schroder Sorendirector | Grant | 261 | $37.64 |
| May 8, 2026 | Hill Randy Ldirector | Grant | 261 | $37.64 |
Source: DAR SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full DAR insider & 13F page →Darling Ingredients Inc. company profile
Overview
Darling Ingredients Inc. (NASDAQ:DAR) is a leading global developer and manufacturer of sustainable natural ingredients derived from organic side streams. Founded in 1882 and headquartered in Irving, Texas, the company has evolved from a traditional rendering operation into a diversified ingredient solutions provider serving multiple industries including food, feed, fuel, pharmaceuticals, and personal care. With operations spanning North America, Europe, South America, Australia, and Asia, Darling transforms what would otherwise be waste streams from food production into valuable, sustainable ingredients that support the circular economy.
Business
Darling Ingredients operates in the bio-industrial manufacturing sector, transforming organic waste streams and by-products from food production into valuable ingredients across three primary business segments. The Feed Ingredients segment represents the company's largest business, generating approximately 60-65% of total revenues. This division collects and processes animal by-products, used cooking oil, and bakery waste to create protein meals, fats, and other ingredients used in pet food, livestock feed, and aquaculture. The rendering process involves cooking these organic materials at high temperatures to separate fats from proteins, creating products like meat and bone meal, poultry meal, and yellow grease. These ingredients provide essential nutrition for animals while diverting organic waste from landfills. The Food Ingredients segment accounts for roughly 15-20% of revenues and focuses on premium specialty ingredients for human consumption and pharmaceutical applications. The flagship operation is Rousselot, a leading global producer of gelatin and collagen peptides. Gelatin is derived from animal collagen and used in food products like gummies, marshmallows, and capsules, while collagen peptides like Peptan are marketed as nutritional supplements for joint health, skin care, and sports nutrition. This segment also produces natural casings for sausages and other processed meats. The Fuel Ingredients segment generates approximately 20-25% of revenues and represents the company's newest growth area. Through its 50% joint venture stake in Diamond Green Diesel (DGD), Darling converts low-carbon intensity fats and oils into renewable diesel and sustainable aviation fuel (SAF). Diamond Green Diesel operates large-scale biorefineries that use advanced hydrotreating technology to transform feedstocks like used cooking oil, animal fats, and vegetable oils into drop-in replacement fuels that significantly reduce greenhouse gas emissions compared to petroleum-based alternatives.
Revenue model
Darling Ingredients generates revenue through multiple business models across its three segments. The Feed Ingredients business operates on a fee-for-service collection model combined with product sales. The company collects organic waste materials from food processors, restaurants, and grocery stores - often receiving tipping fees for this waste removal service - then processes these materials into valuable protein meals and fats sold to feed manufacturers, pet food companies, and other customers. Revenue is driven by both collection fees and commodity sales, with margins influenced by the spread between raw material costs and finished product prices. The Food Ingredients segment follows a traditional manufacturing model, purchasing raw materials (primarily bones and hides) and converting them into premium gelatin and collagen products sold at significant markups to food manufacturers, pharmaceutical companies, and nutraceutical brands. This segment benefits from higher margins due to the specialized nature of its products and strong brand recognition, particularly with the Rousselot and Peptan brands. The Fuel Ingredients business generates returns through its joint venture investment in Diamond Green Diesel, receiving dividend distributions based on the renewable fuel facility's profitability. DGD's revenue comes from selling renewable diesel and sustainable aviation fuel, with profitability heavily influenced by government incentives like Renewable Identification Numbers (RINs), Low Carbon Fuel Standard (LCFS) credits, and federal tax credits such as the 45Z clean fuel production credit. Key factors affecting margins include feedstock availability and pricing - when waste fat prices are low relative to finished product prices, margins expand. Regulatory policies significantly impact the fuel segment, as renewable fuel mandates and carbon credit values directly affect profitability. Global protein demand influences feed ingredient pricing, while health and wellness trends drive demand for collagen products. Energy prices affect both processing costs and the competitiveness of renewable fuels versus petroleum alternatives.
Competitive moat
Darling Ingredients possesses a moderately strong economic moat built primarily on its unique market position and operational scale advantages. The company's primary competitive advantage lies in its integrated collection and processing network, which creates high barriers to entry. Establishing a rendering operation requires significant capital investment, environmental permits, and most critically, long-term contracts with food processors and restaurants for waste collection. These relationships, some spanning decades, are difficult for competitors to replicate as they require geographic proximity, reliability, and regulatory compliance. The company's global scale provides procurement advantages, allowing it to source low-cost feedstocks from multiple regions and optimize processing across its international facility network. In the specialty food ingredients segment, brands like Rousselot and Peptan have established strong customer relationships and technical expertise that create switching costs for manufacturers who have formulated products around specific gelatin or collagen specifications. However, the moat faces several challenges. The feed ingredients business is somewhat commoditized, with margins subject to volatile raw material and finished product pricing cycles. Competition exists from other rendering companies, though the local nature of waste collection provides some geographic protection. The fuel segment, while currently profitable, faces potential disruption from changing government policies, alternative renewable fuel technologies, and the long-term transition to electric vehicles. Additionally, synthetic biology and precision fermentation technologies could eventually threaten the food ingredients business by producing collagen and gelatin without animal inputs. The company's moat is strongest in markets where it has established collection networks and processing facilities, but remains vulnerable to regulatory changes and technological disruption in its newer, higher-growth segments.
Risks & safety
Darling Ingredients presents a moderate margin of safety with manageable financial risks but some cyclical volatility concerns. **Debt and Solvency:** - Total debt of approximately $4.3 billion with debt-to-equity ratio of 0.97x - Financial leverage ratio of 3.68x (targeting reduction to 2.5x) - Strong free cash flow generation of $507 million in 2024 - Current ratio of 1.38x indicates adequate short-term liquidity - No immediate solvency concerns given cash generation capabilities **Valuation Metrics:** - Trading at 13.0x P/E ratio, reasonable for a cyclical industrial company - EV/EBITDA of 9.5x on 2024 results, attractive relative to historical levels - Price-to-book ratio of 1.22x suggests reasonable asset valuation - Graham number analysis indicates potential undervaluation **Other Considerations:** - Cyclical earnings create volatility in commodity-exposed segments - Regulatory dependency in fuel segment adds policy risk - Strong market position in waste collection provides some downside protection - Diversified end markets reduce concentration risk
Recent development
Over the past few years, Darling Ingredients has executed a significant strategic transformation focused on vertical integration and sustainable fuel expansion. The company completed several major acquisitions including Valley Proteins ($1.1 billion), FASA Group in Brazil ($562 million), and multiple smaller rendering operations, substantially expanding its North American and South American collection and processing capabilities. The most significant development has been the company's aggressive expansion into sustainable aviation fuel (SAF) production. Diamond Green Diesel successfully commissioned the world's largest SAF production unit in Q4 2024, with capacity to produce up to 400 million gallons annually. The company has secured multiple long-term SAF supply contracts and is exploring additional capacity conversions at existing facilities. This positions Darling to capitalize on emerging SAF mandates and the aviation industry's decarbonization efforts. In the specialty ingredients segment, Darling has focused on innovation and product development, launching new collagen peptide products like Nextida.GC for glucose moderation and other targeted health applications. The company is investing in research and development to create functional peptides that command premium pricing in the growing nutraceuticals market. The company has also prioritized balance sheet optimization, paying down over $350 million in debt during 2024 while maintaining strong cash generation. Management has indicated plans to reduce leverage to 2.5x and potentially resume dividend payments as cash flow stabilizes. Additionally, Darling is exploring renewable natural gas opportunities from its wastewater treatment operations, representing another potential revenue stream from waste valorization.
DAR company profile · for informational purposes only — not investment advice.
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