DARNYSEFats & OilsFiscal year ends January 2
DARLING INGREDIENTS INC.
Financials through Q2 FY2026, quarter ended Jul 4, 2026Last filing: 10-Q on Aug 7, 2026
$59.69−1.67 (-2.72%)
Close on Oct 19, 2026
- Market cap
- $9.59B
- P/E (TTM)
- 16.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
24.0%−0.7 pts over 5 years
Operating margin
4.5%−7.6 pts over 5 years
Net margin
1.0%−7.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.4% | -2.1% | +11.4% | +6.1% | |
| Gross profit | +15.3% | -1.2% | +10.8% | +7.2% | |
| Operating income | -41.6% | -35.7% | -8.7% | +6.7% | |
| Net income | -77.5% | -56.0% | -26.7% | -2.2% | |
| EPS, diluted | -77.5% | -55.7% | -26.2% | -2.1% | |
| Free cash flow | +34.0% | +17.2% | +14.5% | +13.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 5.3% | 10.9% | 1.4% | |
| Return on assets | 2.2% | 5.4% | 0.6% | |
| Current ratio | 1.98 | 1.46 | 1.50 | |
| Debt to equity | 0.89 | 0.52 | 0.83 | |
| Net debt to EBITDA | 3.68× | 1.83× | 4.92× | |
| Interest coverage | 1.6× | 5.9× | 1.2× | |
| Inventory turnover | 7.8× | 7.0× | 8.4× | |
| Capex to revenue | 7.2% | 7.8% | 6.2% | |
| Diluted shares | 165M | 167M | 160M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Darling Ingredients generated $4.32B from operations and spent $2.35B on capital expenditure, dividends and share buybacks. 82% of that went back into the business.
Generated
$4.32B
Used
$2.35B
Capital expenditure$1.93B82%Dividends$00%Share buybacks$415.12M18%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.0%
×Asset turnover0.60×
×Equity multiplier2.23×
=Return on equity, FY20251.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.0% | 0.60× | 2.23× | 1.4% |
| FY2024 | 4.9% | 0.54× | 2.35× | 6.2% |
| FY2023 | 9.5% | 0.67× | 2.41× | 15.4% |
| FY2022 | 11.3% | 0.85× | 2.16× | 20.8% |
| FY2021 | 13.7% | 0.81× | 1.90× | 21.1% |
| FY2020 | 8.3% | 0.65× | 2.01× | 10.9% |
| FY2019 | 9.3% | 0.66× | 2.12× | 12.9% |
| FY2018 | 3.0% | 0.69× | 2.18× | 4.5% |
| FY2017 | 3.5% | 0.76× | 2.29× | 6.1% |
| FY2016 | 3.0% | 0.72× | 2.46× | 5.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$62.80M
- Cash generatingOperating cash flow above zero$1.06B
- Return on assets improvedROA up on the prior year2.5% → 0.6%
- Earnings backed by cashOperating cash flow above net income$1.06B vs $62.80M
- Less leverageLong-term debt to assets fell38.8% → 37.5%
- Better liquidityCurrent ratio rose1.38 → 1.50
- No dilutionShare count did not rise161M → 160M
- Gross margin improvedGross margin up on the prior year22.36% → 24.01%
- More efficientAsset turnover rose0.52 → 0.61