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Held by 592 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $61.06 today, the market must believe free cash flow compounds 7.4%/yr for a decade (off $509.9M on the 3-yr avg basis).
On the basis ($484.7M) the requirement is 8.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 7.4% is more conservative than its 9-yr track record.
Default is 10.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.16B shares (market data) · net debt -$88.7M
mean 1207.9% · volatility σ 3647% · implied rate exceeded in 4/9 yrs
Central path = implied 7.4%/yr growth; shaded band = ±1σ (3647%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $34.7M buybacks = $34.7M returned on $679.2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-12
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 1% against ROIC 1% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2021 | FY2022 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 78.1 | 77.0 | 75.3 | 73.8 | 76.6 | 75.8 | 77.6 | 76.0 |
| Gross Profit | — | — | — | — | 23.4 | 24.2 | 22.4 | 24.0 |
| SG&A | 9.1 | 10.7 | 10.6 | 8.3 | 6.7 | 8.0 | 8.6 | 9.0 |
| Operating Income | 7.5 | 14.1 | 12.1 | 18.7 | 15.8 | 14.0 | 8.2 | 4.5 |
| Income Tax | 0.4 | 1.8 | 1.5 | 3.5 | 2.2 | 0.9 | -0.7 | -0.2 |
| Net Income | 3.0 | 9.3 | 8.3 | 13.7 | 11.3 | 9.5 | 4.9 | 1.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DAR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $88.7M (at 2026-01-03) covers the $47.2M due within a year 1.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2016-01-02 (10-K). The cash figure is from 2026-01-03, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BG | $19.7B | 20.9× | 20.2× | 0.3× | 32.4% | 4.8% | 1.2% | 5.1% | 2.9% | 7.5× | 715 |
| TSN | $18.8B | 40.2× | 7.5× | 0.3× | 2.1% | 6.5% | 0.9% | 2.6% | 2.5% | -0.1× | 852 |
| GIS | $17.3B | — | 20.3× | 0.9× | -5.4% | 33.6% | -0.5% | -1.2% | -0.4% | 8.3× | 1,303 |
| COKE | $13.1B | — | 13.6× | 1.8× | 4.8% | 39.7% | 7.9% | -77.1% | 27.9% | 2.2× | 592 |
| SJM | $12.8B | — | 27.8× | 1.4× | 3.7% | 33.5% | -1.5% | -2.5% | -1.1% | 9.6× | 859 |
| MKC | $12.1B | 15.3× | 11.9× | 1.8× | 1.7% | 37.9% | 11.5% | 13.8% | 8.6% | 2.6× | — |
| HRL | $10.6B | 22.1× | 13.0× | 0.9× | 1.6% | 15.6% | 4.0% | 6.1% | 4.4% | 2.2× | 609 |
| DAR | $9.5B | 154.5× | 13.9× | 1.6× | 7.4% | 24.0% | 1.0% | 1.3% | 1.3% | -0.1× | 592 |
| SFD | $7.3B | 7.4× | 5.7× | 0.5× | 9.8% | 13.5% | 6.4% | 14.5% | 11.2% | 1.2× | 276 |
| CELH | $7.2B | 114.3× | 44.0× | 2.9× | 85.5% | 50.4% | 4.3% | 9.1% | 5.8% | 1.6× | 529 |
| PRMB | $7.0B | 120.4× | 11.3× | 1.1× | 29.3% | 30.3% | 0.9% | 2.0% | 0.7% | 4.6× | 376 |
| TAP | $6.9B | — | — | 0.5× | -5.1% | 32.8% | -16.4% | -20.9% | -12.9% | — | 600 |
| PPC | $6.8B | 6.3× | 4.5× | 0.4× | 3.5% | 12.7% | 5.9% | 29.4% | 16.0% | 1.2× | 331 |
| LW | $6.6B | 23.0× | 10.6× | 1.0× | 2.5% | 20.6% | 4.4% | 15.9% | 5.0% | 3.9× | 543 |
| INGR | $6.0B | 8.5× | 5.5× | 0.8× | -2.8% | 25.3% | 10.1% | 17.1% | 12.0% | 0.6× | 589 |
Peers = companies sharing DAR's sector (Fats & Oils) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-12
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2024 | FY2023 | FY2022 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.14B 100.0% | $5.72B 100.0% | $6.79B 100.0% | $6.53B 100.0% | $4.74B 100.0% | $3.57B 100.0% | $3.36B 100.0% | $3.39B 100.0% | $3.66B 100.0% | $3.39B 100.0% |
| Cost of Revenue | $4.66B 76.0% | $4.44B 77.6% | $5.14B 75.8% | $5.00B 76.6% | $3.50B 73.8% | $2.69B 75.3% | $2.59B 77.0% | $2.65B 78.1% | $2.88B 78.5% | $2.64B 77.7% |
| Gross Profit | $1.47B 24.0% | $1.28B 22.4% | $1.65B 24.2% | $1.53B 23.4% | — | — | — | — | — | — |
| Selling, General & Admin | $551.2M 9.0% | $492.1M 8.6% | $542.5M 8.0% | $436.6M 6.7% | $391.5M 8.3% | $378.5M 10.6% | $358.5M 10.7% | $309.3M 9.1% | $343.5M 9.4% | $311.6M 9.2% |
| Total Operating Expenses | $5.81B 94.7% | $5.40B 94.4% | $6.20B 91.4% | $5.88B 89.9% | $4.21B 88.8% | $3.46B 96.8% | $3.25B 96.7% | $3.29B 97.2% | $3.52B 96.1% | $3.24B 95.4% |
| Operating Income | $273.4M 4.5% | $468.2M 8.2% | $949.7M 14.0% | $1.03B 15.8% | $884.5M 18.7% | $430.9M 12.1% | $475.8M 14.1% | $255.0M 7.5% | $169.4M 4.6% | $154.7M 4.6% |
| Interest Expense | $222.3M 3.6% | $253.9M 4.4% | $259.2M 3.8% | $125.6M 1.9% | $62.1M 1.3% | $72.7M 2.0% | $78.7M 2.3% | $86.4M 2.6% | $88.9M 2.4% | $94.2M 2.8% |
| Interest & Investment Income | — | $16.0M 0.3% | $16.4M 0.2% | $5.3M 0.1% | — | — | — | — | — | — |
| Other Income (Expense), net | -$225.2M -3.7% | -$232.7M -4.1% | -$234.8M -3.5% | -$140.5M -2.2% | -$68.8M -1.5% | -$80.5M -2.3% | -$95.8M -2.8% | -$136.5M -4.0% | -$105.5M -2.9% | -$102.6M -3.0% |
| Pretax Income | $61.0M 1.0% | $247.5M 4.3% | $720.0M 10.6% | $893.7M 13.7% | $821.4M 17.3% | $353.6M 9.9% | $380.4M 11.3% | $118.0M 3.5% | $64.2M 1.8% | $122.5M 3.6% |
| Income Tax Expense | -$9.4M -0.2% | -$38.3M -0.7% | $59.6M 0.9% | $146.6M 2.2% | $164.1M 3.5% | $53.3M 1.5% | $59.5M 1.8% | $12.0M 0.4% | -$69.2M -1.9% | $15.3M 0.5% |
| Net Income | $62.8M 1.0% | $278.9M 4.9% | $647.7M 9.5% | $737.7M 11.3% | $650.9M 13.7% | $296.8M 8.3% | $312.6M 9.3% | $101.5M 3.0% | $128.5M 3.5% | $102.3M 3.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.40 | $1.75 | $4.05 | $4.58 | $4.01 | $1.83 | $1.90 | $0.62 | $0.78 | $0.62 |
| EPS (Diluted) | $0.39 | $1.73 | $3.99 | $4.49 | $3.90 | $1.78 | $1.86 | $0.60 | $0.77 | $0.62 |
| Weighted Avg Shares (Basic) | 158.5M | 159.5M | 159.9M | 161.0M | 162.5M | 162.6M | 164.6M | 164.8M | 164.8M | 164.6M |
| Weighted Avg Shares (Diluted) | 160.2M | 161.4M | 162.4M | 164.1M | 167.1M | 167.2M | 168.4M | 167.9M | 166.7M | 165.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns -4.91pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 17.7% | 10.3% (today's — no rate published for this year) | 7.4pts |
| FY2021 | 14.2% | 10.3% (today's — no rate published for this year) | 3.9pts |
| FY2022 | 25.7% | 9.6% | 16.1pts |
| FY2022 | 25.7% | 9.6% | 16.1pts |
| FY2023 | 19.7% | 10.4% | 9.3pts |
| FY2024 | 10.2% | 11.8% | -1.6pts |
| FY2026 | 5.5% | 10.7% | -5.2pts |
| Now | 1.3% | 10.3% | -9.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 22.3% | 4.6% | 3.0% |
| FY2017 | 21.5% | 4.6% | 3.5% |
| FY2018 | 21.9% | 7.5% | 3.0% |
| FY2019 | 23.0% | 14.1% | 9.3% |
| FY2021 | 24.7% | 12.1% | 8.3% |
| FY2022 | 26.2% | 18.7% | 13.7% |
| FY2022 | 23.4% | 15.8% | 11.3% |
| FY2023 | 24.2% | 14.0% | 9.5% |
| FY2024 | 22.4% | 8.2% | 4.9% |
| FY2026 | 24.0% | 4.5% | 1.0% |
Return on equity (1%) and return on invested capital (1%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$2.6B of goodwill — 51% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 10.94% against 5.41% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 2.88x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Stressed coverage falls to 0.9x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.23x |
| 5% | 1.17x |
| 10% | 1.11x |
| 15% | 1.05x |
| 20% | 0.98x |
| 25% | 0.92x |
| 30% | 0.86x |
| 35% | 0.80x |
| 40% | 0.74x |
| 45% | 0.68x |
| 50% | 0.62x |
| 55% | 0.55x |
| 60% | 0.49x |
This schedule comes from a filing dated 2016-01-02, 3937 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2016-01-02 (10-K); cash from the 2026-01-03 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-03. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $224,107,000 of the $224,107,000 total — a fixed obligation that does not appear in a headline debt figure.
At $60.26, free cash flow must compound 7.57%/yr for 10 years. It has done 145.23%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 10932.2% | 7.6% |
| FY2022 | 24.9% | 7.6% |
| FY2022 | −1.8% | 7.6% |
| FY2023 | −18.6% | 7.6% |
| FY2024 | 47.4% | 7.6% |
| FY2026 | 34.0% | 7.6% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $63M | $63M |
| Share-based comp | $22M | $85M |
| Other non-cash & working capital | $975M | $1.06B |
| Operating cash flow | $1.06B | $1.06B |
| Capex | −$380M | $679M |
| Free cash flow | $679M | $679M |
| FCF after SBC | $657M | $657M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 6.2% | -0.2% | -6.4 points |
| FY2022 | 32.7% | 15.7% | -17.0 points |
| FY2022 | 37.8% | 44.2% | 6.5 points |
| FY2023 | 3.9% | not reported | not reported |
| FY2024 | -15.8% | not reported | not reported |
| FY2026 | 7.4% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 44.1 days | 51.2 days | 33.7 days | 61.5 days |
| FY2021 | 41.4 days | 55.1 days | 34.7 days | 61.9 days |
| FY2022 | 36.1 days | 47.7 days | 32 days | 51.8 days |
| FY2022 | 37.8 days | 49.1 days | 34.5 days | 52.5 days |
| FY2023 | not reported | 53.8 days | 30.2 days | not reported |
| FY2024 | not reported | 47.4 days | 28.7 days | not reported |
| FY2026 | not reported | 41.3 days | 29.1 days | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.9 percent |
| FY2021 | -5.8 percent |
| FY2022 | -0.9 percent |
| FY2022 | -0.8 percent |
| FY2023 | -2.3 percent |
| FY2024 | -5.6 percent |
| FY2026 | -9.7 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.