Darling Ingredients Inc. (DAR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+54.8%

$83.17

vs $53.75 price

Levered DCF

$53.78

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	94.1×	19.12×	12.31×	13.67×	17.28×	31.52×	14.78×	31.03×
P/B	1.26×	1.22×	1.76×	2.65×	3.52×	3.24×	1.8×	1.39×
P/S	0.97×	0.94×	1.19×	1.54×	2.44×	2.62×	1.37×	0.93×
EV / EBITDA	12.66×	9.48×	8.51×	9.57×	10.93×	14.08×	8.07×	10.96×
Gross margin	15.8%	22.4%	24.2%	23.4%	26.2%	24.7%	23.0%	21.9%
Operating margin	6.4%	8.2%	14.0%	15.8%	18.7%	12.1%	14.1%	7.5%
Net margin	1.0%	4.9%	9.5%	11.3%	13.7%	8.3%	9.3%	3.0%
Current ratio	1.5×	1.38×	1.86×	1.53×	1.45×	1.46×	1.33×	1.66×
Debt / equity	0.88×	0.97×	1.01×	0.94×	0.49×	0.57×	0.69×	0.74×
Interest coverage	1.77×	1.84×	3.66×	8.2×	14.25×	5.93×	6.05×	2.95×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.3%	6.4%	14.1%	19.4%	19.8%	10.3%	12.2%	4.5%
Return on invested capital	4.2%	5.1%	8.6%	10.4%	13.0%	7.3%	8.4%	5.3%
Return on assets	0.6%	2.8%	5.9%	8.0%	10.6%	5.3%	5.8%	2.1%
Free cash flow yield	11.4%	9.5%	4.2%	4.2%	3.7%	3.6%	-0.0%	2.3%
Earnings yield	1.1%	5.2%	8.0%	7.3%	5.6%	3.2%	6.8%	3.2%
Enterprise value	$10B	$9.5B	$12.6B	$13.5B	$13.1B	$10.9B	$6.3B	$4.7B
Net debt / EBITDA	5.14×	4.16×	3.05×	2.44×	1.29×	2.03×	2.17×	3.64×
Cash conversion cycle (days)	50	59	68	54	52	62	62	59