Darling Ingredients DAR
NYSE · Fats & Oils · $8.3B$50.70−3.06%Nov 5 close · Databento
DAR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $50.701D −3.06%3M −19.31%SMA20 $57.44SMA50 $61.27RSI(14) 25.5
50.70
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 25.5
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$8.3B
EV / True FCF15.1x
Revenue$6.1B +7.4%
True FCF (ex-SBC)$657.4M +34.0%
Rule of 4018.5%
ROIC4.9%
True FCF Yield8.0%
EPS, diluted$0.39 −77.5%
Modern Valuation (EOD)
Market Cap$8.3B
Enterprise Value$9.9B
EV / True FCF15.09
EV / FCF14.61
EV / Gross Profit6.73
EV / EBIT36.29
EV / Sales1.62
P / E (GAAP)131.41
P / FCF12.15
P / Oper. CF7.79
P / Book1.72
Owner & Cash Yields
True FCF Yield8.0%
FCF Yield8.2%
Owner Earn. Yield2.0%
Earnings Yield0.8%
Shareholder Yield+0.2%
Buyback Yield0.4%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$4.30
EPS (diluted)$0.39
Compounder & Returns
Rule of 4018.5%
ROIC4.9%
Cash ROIC (CROIC)10.5%
GP / Assets14.3%
ROE1.3%
ROA0.6%
Gross Margin24.0%
Oper. Margin4.5%
Net Margin1.0%
FCF Margin11.1%
True FCF Margin10.7%
Quality & Dilution
Cash Conversion1082%
Accrual Ratio−9.7%
SBC % of FCF3.2%
SBC % of Rev0.4%
Reinvest. Rate36%
Sales Growth Y/Y+7.4%
Sales 3Y CAGR−2.1%
EPS Growth Y/Y−77.5%
FCF Growth Y/Y+34.0%
FCF 3Y CAGR+17.2%
Share Change Y/Y−0.8%
Balance Sheet & Scale
Revenue (FY)$6.1B
Gross Profit (FY)$1.5B
Oper. Income (FY)$273.4M
GAAP Net Income$62.8M
True FCF (ex-SBC)$657.4M
Cash & Equiv$203.5M
Total Debt$1.9B
Net Cash (Debt)$-1.7B
Net Cash % MCap−20.2%
Debt / FCF (yrs)2.8y
Current Ratio1.50157.80M sh
Price & Technicals (EOD)
Perf Week−8.07%
Perf Month−15.53%
Perf Quarter−14.66%
Perf Half Y−18.58%
Perf YTD−14.18%
SMA 20 Dist−11.73%$57.44
SMA 50 Dist−17.25%$61.27
SMA 100 Dist−16.59%$60.78
Window High−25.81%$68.34
Window Low0.00%$50.70
RSI (14) · Vol25.535%v
Income Distribution & Cash Flow ConversionHow every dollar of DAR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2026)
Cost of Revenue (COGS)$4.7B ($76.0 / $100)
SG&A & Other OpEx$1.2B ($19.6 / $100)
Tax & Non-Operating$210.6M ($3.4 / $100)
Net Profit Kept$62.8M ($1.0 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2026)
GAAP Net Income$62.8M (1.0% margin)
Operating Cash Flow (OCF)$1.1B(17.3% of rev)
Less: Capital Expenditures−$380.5M(6.2% of rev)
Standard Free Cash Flow (FCF)$679.2M(11.1% margin)
Less: Stock-Based Comp (SBC)−$21.8M(3.2% of FCF)
True FCF (Owner Cash ex-SBC)$657.4M(10.7% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2022 | FY2022 | FY2023 | FY2024 | FY2026 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $4.7B | $6.5B | $6.8B | $5.7B | $6.1B | +7.4% | +6.7% | |
| Cost of Revenue (COGS) | $3.5B | $5.0B | $5.1B | $4.4B | $4.7B | +5.1% | +7.4% | |
| Gross Profit | — | $1.5B | $1.6B | $1.3B | $1.5B | +15.3% | −1.2% | |
| Selling, General & Admin (SG&A) | $391.5M | $436.6M | $542.5M | $492.1M | $551.2M | +12.0% | +8.9% | |
| Total Operating Expenses | — | $500.5M | $695.3M | $809.6M | $1.2B | +48.2% | +33.8% | |
| Operating Income (EBIT) | $884.5M | $1.0B | $949.7M | $468.2M | $273.4M | −41.6% | −25.4% | |
| Interest Expense | $62.1M | $125.6M | $259.2M | $253.9M | $222.3M | −12.4% | +37.6% | |
| Income Tax Expense | $164.1M | $146.6M | $59.6M | $-38.3M | $-9.4M | +75.6% | — | |
| GAAP Net Income | $650.9M | $737.7M | $647.7M | $278.9M | $62.8M | −77.5% | −44.3% | |
| Diluted EPS | $3.90 | $4.49 | $3.99 | $1.73 | $0.39 | −77.5% | −43.8% | |
| Diluted Shares | 167.1M | 164.1M | 162.4M | 161.4M | 160.2M | −0.8% | −1.1% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $69.1M | $150.2M | $264.4M | $217.3M | $203.5M | −6.3% | +31.0% | |
| Inventory | $457.5M | $673.6M | $758.7M | $576.8M | $527.7M | −8.5% | +3.6% | |
| Total Current Assets | $1.1B | $1.6B | $1.9B | $1.4B | $1.6B | +7.9% | +9.3% | |
| Total Assets | $6.1B | $9.2B | $11.1B | $10.1B | $10.3B | +2.3% | +13.8% | |
| Total Current Liabilities | $752.7M | $1.1B | $998.1M | $1.0B | $1.0B | −0.8% | +8.3% | |
| Total Debt (Short + Long Term) | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | +0.0% | +0.0% | |
| Total Liabilities | $2.8B | $5.3B | $6.4B | $5.6B | $5.5B | −2.1% | +18.5% | |
| Stockholders' Equity | $3.3B | $3.9B | $4.7B | $4.5B | $4.8B | +7.7% | +9.5% | |
| Net Cash / (Net Debt) | $-1.8B | $-1.7B | $-1.6B | $-1.7B | $-1.7B | −0.8% | — | |
| Invested Capital | $5.2B | $5.6B | $6.3B | $6.1B | $6.5B | +5.9% | +5.9% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $704.4M | $813.7M | $899.3M | $839.3M | $1.1B | +26.3% | +10.7% | |
| Depreciation & Amortization (D&A) | $316.4M | $394.7M | $502.0M | $503.8M | $508.5M | +0.9% | +12.6% | |
| Stock-Based Compensation (SBC) | $21.8M | $25.0M | $33.2M | $20.9M | $21.8M | +4.2% | −0.0% | |
| Capital Expenditures (CapEx) | $274.1M | $391.3M | $555.5M | $332.5M | $380.5M | +14.4% | +8.5% | |
| Free Cash Flow (FCF) | $430.3M | $422.4M | $343.8M | $506.8M | $679.2M | +34.0% | +12.1% | |
| True FCF (ex-SBC Owner Cash) | $408.5M | $397.4M | $310.6M | $485.9M | $657.4M | +35.3% | +12.6% | |
| Share Repurchases (Buybacks) | $167.7M | $125.5M | $52.9M | $34.3M | $34.7M | +1.2% | −32.6% | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
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