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Founded by the Swift meat packing interests and the Darling family in 1882, Darling Ingredients Inc. ( Darling , and together with its subsidiaries, the Company or we, us or our ) was incorporated in Delaware in 1962 under the name Darling-Delaware Company, Inc. Darling changed its name from Darling-Delaware Company, Inc. to Darling International Inc. on December 28, 1993, and from Darling Inte…
Operating margin is thin at 5.25%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 7.4%, steady but not accelerating. Margins contracted 2.9pp, which offsets some of the top-line progress.
Net debt of $4.08B represents 6.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$6.31B
▲ +7.4% YoY
Net Income (TTM)
$221M
▼ -77.5% YoY
Op. Margin
8.26%
▼ -2.9pp YoY
ROIC
5.45%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$679M
▲ +34.0% YoY
Op. Cash Flow (TTM)
$964M
▲ +26.3% YoY
Net Debt
$4.23B
Cash & Equiv.
$116M
5Y CAGR: +11.4%
5Y CAGR: +14.5%
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