Darling Ingred Financials
This page shows Darling Ingred (DAR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Darling Ingred has an operating margin of 8.2%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 41/100, indicating healthy but not exceptional operating efficiency. This is down from 14.0% the prior year.
Darling Ingred's revenue declined 15.8% year-over-year, from $6.8B to $5.7B. This contraction results in a growth score of 0/100.
Darling Ingred carries a low D/E ratio of 0.89, meaning only $0.89 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
Darling Ingred's current ratio of 1.38 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Darling Ingred has a free cash flow margin of 8.9%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.
Darling Ingred generates a 6.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is down from 14.1% the prior year.
Darling Ingred scores 2.19, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Darling Ingred passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Darling Ingred generates $3.01 in operating cash flow ($839.3M OCF vs $278.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Darling Ingred earns $1.8 in operating income for every $1 of interest expense ($468.2M vs $253.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Darling Ingred generated $5.7B in revenue in fiscal year 2024. This represents a decrease of 15.8% from the prior year.
Darling Ingred's EBITDA was $972.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 33.0% from the prior year.
Darling Ingred generated $506.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 47.4% from the prior year.
Darling Ingred reported $278.9M in net income in fiscal year 2024. This represents a decrease of 56.9% from the prior year.
Darling Ingred earned $1.73 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 56.6% from the prior year.
Darling Ingred held $76.0M in cash against $3.9B in long-term debt as of fiscal year 2024.
Darling Ingred's gross margin was 22.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.
Darling Ingred's operating margin was 8.2% in fiscal year 2024, reflecting core business profitability. This is down 5.8 percentage points from the prior year.
Darling Ingred's net profit margin was 4.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 4.7 percentage points from the prior year.
Darling Ingred's ROE was 6.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 7.7 percentage points from the prior year.
Darling Ingred spent $34.3M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 35.3% from the prior year.
Darling Ingred invested $332.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 40.1% from the prior year.
DAR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B+5.6% | $1.5B+7.3% | $1.4B-2.6% | $1.4B-2.6% | $1.5B+2.5% | $1.4B-12.0% | $1.6B-0.7% | $1.6B |
| Cost of Revenue | $1.2B+3.6% | $1.1B+6.2% | $1.1B-1.4% | $1.1B-3.9% | $1.1B+1.1% | $1.1B-5.2% | $1.2B-4.9% | $1.2B |
| Gross Profit | $387.0M+11.9% | $345.9M+11.1% | $311.4M-6.7% | $333.8M+2.1% | $326.9M+7.7% | $303.6M-30.4% | $436.4M+12.9% | $386.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $139.6M+1.1% | $138.1M+13.6% | $121.6M+13.1% | $107.5M-17.1% | $129.7M-6.8% | $139.1M+4.9% | $132.6M-3.7% | $137.7M |
| Operating Income | $71.7M-5.5% | $75.9M+167.1% | $28.4M-76.8% | $122.4M-17.6% | $148.5M+8.3% | $137.2M-13.6% | $158.8M-11.0% | $178.4M |
| Interest Expense | $56.9M+9.7% | $51.9M-10.5% | $58.0M+5.6% | $54.9M-20.7% | $69.2M+10.1% | $62.9M | N/A | N/A |
| Income Tax | -$1.2M-130.7% | $4.1M+452.3% | -$1.2M+95.5% | -$25.5M-3400.6% | $774K-80.2% | $3.9M-46.1% | $7.2M+147.2% | -$15.4M |
| Net Income | $19.4M+52.9% | $12.7M+148.4% | -$26.2M-125.7% | $101.9M+29.2% | $78.9M-2.8% | $81.2M-4.0% | $84.5M-32.4% | $125.0M |
| EPS (Diluted) | $0.12+50.0% | $0.08+150.0% | $-0.16-125.4% | $0.63+28.6% | $0.49-2.0% | $0.50-5.7% | $0.53-31.2% | $0.77 |
DAR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.5B+1.7% | $10.3B+2.4% | $10.0B-0.4% | $10.1B-5.2% | $10.6B-2.9% | $10.9B-1.1% | $11.1B+2.3% | $10.8B |
| Current Assets | $1.5B+0.5% | $1.5B+2.8% | $1.5B+1.1% | $1.4B-4.5% | $1.5B-6.9% | $1.6B-12.7% | $1.9B+0.7% | $1.8B |
| Cash & Equivalents | $91.5M-3.3% | $94.6M+16.1% | $81.5M+7.2% | $76.0M-37.5% | $121.6M-16.4% | $145.5M+15.0% | $126.5M+6.3% | $119.0M |
| Inventory | $622.3M+2.8% | $605.3M+1.7% | $595.4M+3.2% | $576.8M-8.1% | $627.7M-8.7% | $687.5M-9.4% | $758.7M-7.8% | $822.8M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $735.6M |
| Goodwill | $2.5B+0.9% | $2.5B+3.7% | $2.4B+2.9% | $2.3B-4.0% | $2.4B-3.2% | $2.5B+0.6% | $2.5B+1.5% | $2.4B |
| Total Liabilities | $5.7B+1.8% | $5.6B+1.6% | $5.5B-2.0% | $5.6B-7.8% | $6.1B-2.9% | $6.3B-1.7% | $6.4B+0.4% | $6.3B |
| Current Liabilities | $1.0B+1.3% | $996.7M-3.8% | $1.0B-0.7% | $1.0B+8.4% | $963.1M-0.4% | $967.3M-3.1% | $998.1M-3.4% | $1.0B |
| Long-Term Debt | $4.0B+2.5% | $3.9B+3.3% | $3.8B-2.7% | $3.9B-9.5% | $4.3B-1.0% | $4.4B-0.1% | $4.4B+0.7% | $4.3B |
| Total Equity | $4.7B+1.6% | $4.6B+3.7% | $4.4B+1.6% | $4.4B-1.9% | $4.5B-2.9% | $4.6B-0.3% | $4.6B+5.1% | $4.4B |
| Retained Earnings | $4.0B+0.5% | $4.0B+0.3% | $4.0B-0.7% | $4.0B+3.1% | $3.9B+2.1% | $3.8B+2.2% | $3.7B+2.3% | $3.6B |
DAR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $224.3M+53.9% | $145.8M-41.4% | $249.0M+61.2% | $154.4M+5.4% | $146.5M-44.5% | $263.9M+21.6% | $217.0M-21.6% | $276.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$287.5M-164.4% | -$108.7M-114.6% | -$50.7M-9.4% | -$46.3M+52.1% | -$96.7M+66.8% | -$291.0M-72.4% | -$168.8M-6.7% | -$158.3M |
| Financing Cash Flow | $47.2M+254.6% | -$30.5M+83.5% | -$185.2M-11.4% | -$166.3M-105.4% | -$81.0M-266.1% | $48.8M+288.6% | -$25.9M+78.1% | -$117.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0-100.0% | $34.7M+582.4% | $5.1M-82.6% | $29.2M | $0 | $0 | $0 |
DAR Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.8%+1.4pp | 23.4%+0.8pp | 22.6%-1.0pp | 23.5%+1.1pp | 22.5%+1.1pp | 21.4%-5.7pp | 27.0%+3.3pp | 23.8% |
| Operating Margin | 4.6%-0.5pp | 5.1%+3.1pp | 2.1%-6.6pp | 8.6%-1.6pp | 10.2%+0.5pp | 9.7%-0.2pp | 9.8%-1.1pp | 11.0% |
| Net Margin | 1.2%+0.4pp | 0.9%+2.7pp | -1.9%-9.1pp | 7.2%+1.8pp | 5.4%-0.3pp | 5.7%+0.5pp | 5.2%-2.4pp | 7.7% |
| Return on Equity | 0.4%+0.1pp | 0.3% | N/A | 2.3%+0.6pp | 1.8%0.0pp | 1.8%-0.1pp | 1.8%-1.0pp | 2.9% |
| Return on Assets | 0.2%+0.1pp | 0.1%+0.4pp | -0.3%-1.3pp | 1.0%+0.3pp | 0.7%0.0pp | 0.7%-0.0pp | 0.8%-0.4pp | 1.2% |
| Current Ratio | 1.49-0.0 | 1.50+0.1 | 1.40+0.0 | 1.38-0.2 | 1.57-0.1 | 1.67-0.2 | 1.86+0.1 | 1.78 |
| Debt-to-Equity | 0.860.0 | 0.850.0 | 0.86-0.0 | 0.89-0.1 | 0.97+0.0 | 0.950.0 | 0.95-0.0 | 0.99 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Darling Ingred's annual revenue?
Darling Ingred (DAR) reported $5.7B in total revenue for fiscal year 2024. This represents a -15.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Darling Ingred's revenue growing?
Darling Ingred (DAR) revenue declined by 15.8% year-over-year, from $6.8B to $5.7B in fiscal year 2024.
Is Darling Ingred profitable?
Yes, Darling Ingred (DAR) reported a net income of $278.9M in fiscal year 2024, with a net profit margin of 4.9%.
What is Darling Ingred's earnings per share (EPS)?
Darling Ingred (DAR) reported diluted earnings per share of $1.73 for fiscal year 2024. This represents a -56.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Darling Ingred's EBITDA?
Darling Ingred (DAR) had EBITDA of $972.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Darling Ingred have?
As of fiscal year 2024, Darling Ingred (DAR) had $76.0M in cash and equivalents against $3.9B in long-term debt.
What is Darling Ingred's gross margin?
Darling Ingred (DAR) had a gross margin of 22.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Darling Ingred's operating margin?
Darling Ingred (DAR) had an operating margin of 8.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Darling Ingred's net profit margin?
Darling Ingred (DAR) had a net profit margin of 4.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Darling Ingred's return on equity (ROE)?
Darling Ingred (DAR) has a return on equity of 6.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Darling Ingred's free cash flow?
Darling Ingred (DAR) generated $506.8M in free cash flow during fiscal year 2024. This represents a 47.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Darling Ingred's operating cash flow?
Darling Ingred (DAR) generated $839.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Darling Ingred's total assets?
Darling Ingred (DAR) had $10.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Darling Ingred's capital expenditures?
Darling Ingred (DAR) invested $332.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Darling Ingred buy back shares?
Yes, Darling Ingred (DAR) spent $34.3M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
What is Darling Ingred's current ratio?
Darling Ingred (DAR) had a current ratio of 1.38 as of fiscal year 2024, which is considered adequate.
What is Darling Ingred's debt-to-equity ratio?
Darling Ingred (DAR) had a debt-to-equity ratio of 0.89 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Darling Ingred's return on assets (ROA)?
Darling Ingred (DAR) had a return on assets of 2.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Darling Ingred's Altman Z-Score?
Darling Ingred (DAR) has an Altman Z-Score of 2.19, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Darling Ingred's Piotroski F-Score?
Darling Ingred (DAR) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Darling Ingred's earnings high quality?
Darling Ingred (DAR) has an earnings quality ratio of 3.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Darling Ingred cover its interest payments?
Darling Ingred (DAR) has an interest coverage ratio of 1.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Darling Ingred?
Darling Ingred (DAR) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.