Darling Ingredients Inc. (NYSE: DAR)

Darling Ingredients Inc. is a global developer and producer of sustainable natural ingredients derived from edible and inedible bio nutrients, offering a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy, and fertilizer industries.

With operations on five continents, the company collects and transforms animal by product streams into products such as collagen, edible fats, feed grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, agriculture based biofuels, natural casings, and hides, while also recycling used cooking oil and bakery residuals into feed and fuel ingredients, and providing grease trap collection and disposal services to food service establishments.

In fiscal year 2025, Darling Ingredients Inc. generated $6.1 billion in revenue and $62.8 million in net income attributable to the company.

Revenue is derived from the sale of its ingredient products and services, including feed ingredients such as protein meals, fats, and bakery residuals; food ingredients such as collagen, natural casings, and specialty fats; and fuel ingredients including renewable diesel, sustainable aviation fuel, and biogas produced through its joint venture with Valero Energy Corporation, and its European bioenergy operations.

The company operates through the following three reportable operating segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients.

• Feed Ingredients: This segment includes the collection and processing of beef, pork, and poultry animal by product into non food grade oils, and protein meals; the conversion of bakery residuals into Cookie Meal® for animal feed; the recycling of used cooking oil into non food grade fats; the processing of porcine, and bovine blood into plasma, and hemoglobin; the production of meat products for pet food; the processing of cattle hides, and hog skins; the manufacture of organic fertilizers; the rearing of black soldier fly larvae for specialty proteins, and fats; and the provision of grease trap collection, and disposal services to food service establishments, with products sold to third parties for animal feed, pet feed, biofuels, and the oleo chemical industry.

• Food Ingredients: This segment covers the production of collagen from beef and pork bones, hides, fish skins, and pig intestines into natural casings; the extraction of crude heparin from mucosa; the refining of animal fat into food grade fat; and the processing of bones into bone chips, and bone ash, with collagen sold to pharmaceutical, nutraceutical, food, pet food, and technical industries and natural casings supplied to sausage manufacturers worldwide.

• Fuel Ingredients: This segment comprises the company’s equity interest in the Diamond Green Diesel joint venture with Valero Energy Corporation, which produces renewable diesel, sustainable aviation fuel, and biogas; the conversion of organic sludge, and food waste into biogas; the processing of fallen stock, and animal by products into low grade energy for boilers, and cement kilns; and the conversion of manure into natural bio phosphate, all conducted primarily in Europe.

Darling Ingredients Inc. holds a leading position as a global developer of sustainable ingredients sourced from animal origin streams, competing with regional renderers, and specialty producers while benefiting from an integrated collection network, diverse product portfolio, and operations across five continents; key competitors include Cargill, Tyson Foods, and JBS & Company in the United States, as well as various firms in the collagen, bone, and blood product markets worldwide.

The company’s customers are primarily producers of animal feed, pet food, agriculture based biofuels such as renewable diesel and sustainable aviation fuel, fertilizer, oleo chemical manufacturers, and soap and leather goods producers, with a notable strategic relationship with Valero Energy Corporation through the Diamond Green Diesel joint venture.