Darling Ingredients Inc. Financial Ratios — DAR Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	31.12	24.95	59.58	30.09	19.65	10.01	11.02	12.74	13.98	9.8	25.1	19.15	32.16	27.14	18.99
Return on Assets (%)	10.19	4.89	12.1	8.81	4.54	1.53	1.59	2.16	2.66	2.06	6.11	5.42	11.08	9.62	6.39
Return on Capital (%)	25.83	9.07	24.7	20.86	11.96	7.86	5.7	6.54	- -	6.23	12.18	10.64	18.62	15.45	11.48
Return on Invested Capital (%)	15.09	7.86	16.45	11.65	6.08	4.45	3.21	3.5	- -	2.45	1.8	2.88	8.86	9.34	6.54
Gross Margin (%)	26.38	26.65	29.44	26.45	25.66	21.06	21.74	22.31	21.48	21.88	23.03	24.72	26.19	23.42	24.23
EBITDA Margin (%)	16.16	17.27	21.86	17.89	16.18	11.59	12.41	13.12	12.1	12.75	12.38	14.13	17.94	16.73	16.24
Operating Margin (%)	11.94	12.87	17.47	13.07	10.7	4.78	4.45	4.57	3.85	3.27	2.7	4.32	11.26	10.69	8.85
Incremental Operating Margin (%)	17.73	17.19	20.58	333.01	-130.92	-0.17	6.76	622.88	-5.24	10.95	84.42	30.6	32.46	9.17	-38.22
Pretax Margin (%)	11.19	9.7	15.15	11.67	9.08	2.06	2.91	3.61	1.75	3.48	11.31	9.9	17.32	13.68	10.61
Profit Margin (%)	6.99	6.1	9.43	7.38	6.05	1.62	2.32	3.02	3.51	3	9.29	8.31	13.73	11.29	9.54
Net Income to Common Margin (%)	6.99	6.1	9.43	7.38	6.05	1.62	2.32	3.02	3.51	3	9.29	8.31	13.73	11.29	9.54
Effective Tax Rate (%)	37.51	37.1	37.78	36.76	33.43	16.13	13.67	12.5	- -	10.2	15.63	15.07	19.98	16.41	8.27
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	31.12	24.95	59.58	30.09	19.65	10.01	11.02	12.74	13.98	9.8	25.1	19.15	32.16	27.14	18.99

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	33	710	280	250	887	2,152	1,931	1,751	1,714	1,674	1,779	1,657	1,622	3,576	4,637
ST Debt	5	3	- -	- -	20	54	45	23	16	7	129	67	63	119	116
LT Debt	28	707	280	250	867	2,098	1,886	1,728	1,698	1,667	1,650	1,590	1,559	3,457	4,521
Total Debt/EBITDA	0.34	5.67	0.71	0.79	3.04	4.69	4.59	3.93	3.87	3.88	4.27	3.28	1.91	3.27	4.21
Net Debt/EBITDA	-0.37	5.52	0.61	0.46	0.05	4.46	4.22	3.68	3.63	3.63	3.79	2.83	1.64	2.98	3.9
Total Debt/EBIT	0.46	7.61	0.89	1.08	4.6	11.38	12.79	11.29	12.16	15.1	19.59	10.73	3.04	5.12	7.72
Net Debt/EBIT	-0.5	7.41	0.77	0.63	0.08	10.8	11.75	10.55	11.4	14.13	17.36	9.24	2.61	4.67	7.16
EBITDA to Interest Expense	31.12	14.33	10.57	13.18	7.65	3.39	3.99	4.73	4.98	5	5.29	6.94	13.7	8.7	4.25
EBITDA-CapEx/Interest Expense	31.12	14.17	10.57	13.18	7.59	3.3	3.95	4.72	4.9	4.95	5.25	6.89	13.7	8.69	4.25
EBIT to Interest Expense	23	10.67	8.45	9.63	5.06	1.4	1.43	1.65	1.59	1.28	1.15	2.12	8.6	5.56	2.32
Interest Expense	3	9	37	24	38	135	106	94	89	86	79	73	62	126	259
Common Equity/Total Assets	36.41	14.43	26.05	32.21	18.78	13.14	15.8	18.19	19.82	22.28	26.22	30.26	38.31	33.55	33.77
Long-Term Debt/Equity (%)	9.67	152.28	30.42	23.54	42.9	102.29	95.5	83.21	72.95	71.36	62.42	53.83	46.58	88.71	96.33
Long-Term Debt/Capital (%)	14.67	77.73	43.13	33.34	57.94	71.75	67.66	63.78	61.08	58.98	50.64	46.52	38.61	51.21	53.44
Long-Term Debt/Total Assets (%)	6.46	51.15	19.76	16.11	26.72	40.92	39.61	36.78	34.25	34.09	30.87	28.33	25.42	37.56	40.88
Total Debt/Equity (%)	11.43	152.93	30.43	23.55	43.88	104.94	97.79	84.33	73.64	71.68	67.29	56.1	48.45	91.77	98.8
Total Debt/Capital (%)	17.34	78.06	43.13	33.35	59.27	73.61	69.28	64.64	61.66	59.24	54.59	48.48	40.16	52.97	54.81
Total Debt/Total Assets (%)	7.64	51.37	19.76	16.12	27.34	41.99	40.56	37.27	34.57	34.25	33.28	29.52	26.44	38.86	41.92
Net Debt to Equity	-12.51	148.79	26.2	13.83	0.79	99.64	89.85	78.82	69.06	67.09	59.64	48.29	41.65	83.61	91.62
Net Debt/Capital (%)	-29.81	77.59	39.51	22.72	2.55	72.59	67.45	63.08	60.13	57.64	49.5	42.75	35.13	49.19	51.6
EBITDA	97	125	393	317	292	459	421	445	443	432	416	505	850	1,093	1,102
EBITDA-CapEx	97	124	393	317	289	447	417	445	436	428	413	501	850	1,091	1,101
Operating Income (Loss)	71	93	314	232	193	189	151	155	141	111	91	154	534	698	600

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.96	0.12	0.31	0.78	4.93	0.23	0.36	0.25	0.19	0.2	0.11	0.12	0.09	0.12	0.13
Current Ratio	2.05	1.2	1.73	2.2	6.38	2.09	2.11	1.98	1.71	1.66	1.33	1.46	1.45	1.53	1.86
Quick Ratio	1.6	0.7	1.19	1.53	5.65	1.12	1.22	1.13	0.9	0.92	0.7	0.73	0.72	0.77	0.95
CFO/Avg Current Liab	1.11	0.72	1.71	1.93	1.37	0.83	0.91	0.88	0.81	0.72	0.59	0.92	0.99	0.89	0.87
Common Equity/Total Assets	36.41	14.43	26.05	32.21	18.78	13.14	15.8	18.19	19.82	22.28	26.22	30.26	38.31	33.55	33.77
Long-Term Debt/Equity (%)	9.67	152.28	30.42	23.54	42.9	102.29	95.5	83.21	72.95	71.36	62.42	53.83	46.58	88.71	96.33
Long-Term Debt/Capital (%)	14.67	77.73	43.13	33.34	57.94	71.75	67.66	63.78	61.08	58.98	50.64	46.52	38.61	51.21	53.44
Long-Term Debt/Total Assets (%)	6.46	51.15	19.76	16.11	26.72	40.92	39.61	36.78	34.25	34.09	30.87	28.33	25.42	37.56	40.88
Total Debt/Equity (%)	11.43	152.93	30.43	23.55	43.88	104.94	97.79	84.33	73.64	71.68	67.29	56.1	48.45	91.77	98.8
Total Debt/Capital (%)	17.34	78.06	43.13	33.35	59.27	73.61	69.28	64.64	61.66	59.24	54.59	48.48	40.16	52.97	54.81
Total Debt/Total Assets (%)	7.64	51.37	19.76	16.12	27.34	41.99	40.56	37.27	34.57	34.25	33.28	29.52	26.44	38.86	41.92
CFO/Total Liabilities	56.04	8.88	48.5	50.93	17.23	8.95	15.11	14.91	15.6	15.61	13.42	23.49	25.28	15.34	14.12
CFO/CapEx	- -	59.63	- -	1,821.44	86.97	24.38	109.48	16,999.91	57.52	102.66	99.32	163.95	2,570.88	545.4	590.07
Altman's Z-Score	6.64	2.91	6.99	6.42	3.49	2.72	2.39	2.53	2.69	2.6	2.67	3.87	4.68	3.31	2.75

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	13.9	10.9	19.61	18.28	17.09	15.14	8.68	8.93	9.39	8.71	8.49	8.8	10.84	11.4	9.21
Days Sales Outstanding	26.25	33.49	18.61	19.97	21.36	24.11	42.04	40.88	38.88	41.89	42.97	41.47	33.66	32.01	39.65
Inventory Turnover	21.34	16.45	26.3	22.5	20.58	13.38	7.11	7.8	8.35	7.57	7.36	6.99	8.11	8.85	7.18
Days Inventory Outstanding	17.1	22.19	13.88	16.22	17.73	27.27	51.31	46.77	43.73	48.22	49.62	52.19	45.03	41.26	50.83
Accounts Payable Turnover	24.98	12.56	19.51	23.04	27.41	32.6	16.31	15.85	14.58	12.04	11.38	11.05	12.63	13.39	11.64
Accounts Payable Turnover Days	14.61	29.05	18.71	15.84	13.31	11.2	22.38	23.04	25.04	30.33	32.06	33.04	28.91	27.26	31.35
Cash Conversion Cycle	28.74	26.63	13.78	20.35	25.78	40.18	70.97	64.62	57.57	59.78	60.53	60.62	49.78	46.01	59.13
Inventory to Cash Days	9.15	11.3	4.73	3.74	3.63	-3.17	-9.27	-5.89	-4.84	-6.33	-6.65	-10.71	-11.37	-9.25	-11.17
Inventories	19	46	51	65	65	402	345	331	358	341	363	406	457	674	759
Raw Materials	- -	- -	5	5	7	48	96	87	85	86	81	86	103	189	200
Work In Process	- -	- -	- -	- -	- -	99	84	87	102	79	82	87	81	101	110
Finished Goods	16	41	46	60	58	255	164	157	171	176	200	233	273	384	448
Other Inventory	3	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	688	1,100	1,527	1,886	2,496	2,990	1,736	2,130	2,986	3,150	4,623	9,355	11,247	10,081	7,967
- Cash & Cash Equivalents	68	19	39	103	871	109	157	115	107	107	73	82	69	127	127
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	98	104	103	83	63	78	62	67	87	88
+ Total Debt	33	710	280	250	887	2,152	1,931	1,751	1,714	1,674	1,779	1,657	1,622	3,576	4,637
Enterprise Value	653	1,791	1,768	2,033	2,512	5,132	3,614	3,870	4,676	4,780	6,406	10,993	12,867	13,617	12,567
Total Capital	188	910	649	750	1,496	2,924	2,787	2,709	2,780	2,826	3,258	3,418	4,038	6,750	8,461
Total Debt/Capital (%)	17.34	78.06	43.13	33.35	59.27	73.61	69.28	64.64	61.66	59.24	54.59	48.48	40.16	52.97	54.81
Total Debt / EV	0.05	0.4	0.16	0.12	0.35	0.42	0.53	0.45	0.37	0.35	0.28	0.15	0.13	0.26	0.37
EV/Sales	1.09	2.47	0.98	1.15	1.39	1.3	1.07	1.14	1.28	1.41	1.9	3.08	2.71	2.08	1.85
EV/EBITDA	6.75	14.31	4.5	6.41	8.61	11.19	8.59	8.7	10.55	11.06	15.39	21.79	15.13	12.46	11.4
EV/EBIT	9.14	19.21	5.63	8.77	13.02	27.13	23.95	24.95	33.17	43.1	70.56	71.19	24.09	19.5	20.93
EV/Cash Flow to Firm	8.05	20.59	6.7	7.68	10.64	13.2	7.06	8.17	7.86	10.04	14.93	16.02	17.06	14.82	11.05
EV/Free Cash Flow to Firm	8.05	20.27	6.7	7.68	10.53	12.83	7.01	8.17	7.76	9.96	14.81	15.93	17.06	14.8	11.04
Diluted Market Cap	691	1,105	1,535	1,894	2,504	2,990	1,736	2,130	3,023	3,231	4,728	9,645	11,578	10,272	8,093
Diluted Enterprise Value	656	1,796	1,776	2,041	2,520	5,132	3,614	3,870	4,713	4,861	6,511	11,282	13,198	13,809	12,692
EV per Share	7.95	21.62	15.39	17.29	21.01	31.17	21.9	23.45	28.39	29.2	38.91	67.78	79.27	84.54	78.61
TTM Sales	598	725	1,797	1,773	1,802	3,956	3,391	3,392	3,662	3,388	3,364	3,572	4,741	6,532	6,788
TTM EBITDA	97	125	393	317	292	459	421	445	443	432	416	505	850	1,093	1,102
TTM Operating Income	71	93	314	232	193	189	151	155	141	111	91	154	534	698	600
TTM Cash Flow to Firm	81	87	264	265	236	389	512	473	595	476	429	686	754	919	1,137
TTM Free Cash Flow to Firm	81	88	264	265	239	400	516	473	602	480	433	690	754	920	1,139

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings

Darling Ingredients Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples