Screener
/
SEC EDGAR
/CIK 0000916540
/10-K filed Mar 3, 2026, compared with Feb 25, 2025
/Numbers from the XBRL of the 10-Ks
NYSE
Consumer staples · Agricultural Products
Darling Ingredients Inc. DAR
Accounting checks on the latest 10-K
0 facts worth reading about, 10 checks with nothing to note
10-K, 8-K and filing index
Worth reading about
0
facts that a reader may want to look into
Nothing to note
10
checks where the filing shows nothing unusual
Not applicable
1
checks that do not fit this company
Facts from the latest 10-K that are worth reading about. They are not a verdict on the company.
What each check found
Each one cites its filing
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Cash from operations lower than net incomeCash from operations $1.1B vs net income $62.8M (FY ending Jan 3, 2026)
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Inventory growing faster than revenueInventory -8.5% ($576.8M to $527.7M) vs revenue +7.4% ($5.7B to $6.1B), -15.9 pts apart
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Auditor changeSame auditor in both 10-Ks: KPMG LLPSource: 10-K 0000916540-26-000008: auditor KPMG LLP; 10-K 0000916540-25-000008: auditor KPMG LLP; no 8-K item 4.01 in the last 2 years
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Going concern languageNo statement of substantial doubt about going concern
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Restatement (8-K item 4.02)No 8-K item 4.02 in the last 2 yearsSource: Filing index, 8-Ks since Nov 15, 2024
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Late filing notice (NT 10-K or NT 10-Q)No NT 10-K or NT 10-Q in the last 2 yearsSource: Filing index since Nov 15, 2024
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Critical audit matters changedThe same matters as last year: Sufficiency of audit evidence over net sales; Assessment of the carrying value of goodwill
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Material weakness in internal controlNo sentence in the 10-K concludes that controls were not effective because of a material weakness
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Material impairment (8-K item 2.06)No 8-K item 2.06 in the last 2 yearsSource: Filing index, 8-Ks since Nov 15, 2024
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Bankruptcy (8-K item 1.03)No 8-K item 1.03 in the last 2 yearsSource: Filing index, 8-Ks since Nov 15, 2024
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Receivables growing faster than revenue not applicableThe 10-K does not report receivables for both years.
Did the profit turn into cash?
Net income against operating cash flow, FY2016 to FY2025 · 10-K XBRL
Over 10 years, every $1 of net income came with $1.96 of operating cash flow. Cash matched or beat profit every year.
Net income
Operating cash flow
The figure above each year is cash flow ÷ net income; amber when below 1. Hover a bar for its XBRL tag and filing.
Ratios over five years
Trends · the 10-K's own numbers
Each ratio is worked out from the 10-K's own numbers; hover a value for its source. The small grey figure under each value (“peers”) is the median of 9 companies in the same peer group, for the same fiscal year. The line at the right shows the company (solid) against the peer median (dashed) on one scale. A ratio that moves is a reason to read the filing, not a verdict.
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend |
|---|---|---|---|---|---|---|
| Days of sales in receivables Receivables / revenue x 365 How long customers take to pay. A rise means sales are being booked faster than cash arrives. | 36 peers 31 | 38 peers 34 | - peers 33 | - peers 36 | - peers 35 | |
| Days of inventory Inventory / cost of revenue x 365 How long stock sits before it is sold. A rise can mean slowing demand, or stock that may need writing down. | 48 peers 67 | 49 peers 76 | 54 peers 68 | 47 peers 67 | 41 peers 57 | |
| Gross margin (Revenue - cost of revenue) / revenue What is left of each sales dollar after the direct cost of the goods or services. | 26.2% peers 36.2% | 23.4% peers 35.7% | 24.2% peers 35.8% | 22.4% peers 34.9% | 24.0% peers 36.0% | |
| Cash from operations / net income Cash from operations / net income (only when net income is above zero) Near or above 1.0x means profit arrives as cash. Well below it for years means profit is sitting in receivables, stock or estimates. | 1.08x peers 1.52x | 1.10x peers 1.25x | 1.39x peers 1.82x | 3.01x peers 1.60x | 16.87x peers 1.64x | |
| Accruals ratio (Net income - cash from operations) / average total assets The part of profit that is not cash, as a share of the balance sheet. Higher means more of the profit rests on accounting estimates. | −0.9% peers −3.1% | −1.0% peers −2.6% | −2.5% peers −5.4% | −5.3% peers −5.1% | −9.8% peers −5.3% | |
| SG&A / revenue Selling, general and administrative expense / revenue Overhead per dollar of sales. A sudden fall can come from cutting costs, or from moving costs elsewhere. | 8.3% peers 13.7% | 6.7% peers 16.7% | 8.0% peers 17.8% | 8.6% peers 18.4% | 9.0% peers 18.4% |
Published score, FY2025
Published formulas · 10-K line items
Academic formulas, worked out from this company's 10-K numbers. They describe a pattern in the figures; they do not say what the company did, and they are not a view on the shares. Every input is a line item from the filing.
Piotroski F-ScorePiotroski 2000, Journal of Accounting Research
7 / 9
One point for each test the company passes. The paper used it on low price-to-book companies; here it is shown as a summary of the year's financial direction.
The tests
| Return on assets is positiveNet income / assets at the start of the year, above zero. | ✓ 1 |
|---|---|
| Cash from operations is positiveOperating cash flow above zero. | ✓ 1 |
| Return on assets roseThis year's return on assets above last year's. | – 0 |
| Cash from operations exceeds net incomeOperating cash flow / assets above return on assets. | ✓ 1 |
| Long-term debt fell relative to assetsLong-term debt / average assets lower than last year. | – 0 |
| Current ratio roseCurrent assets / current liabilities above last year's. | ✓ 1 |
| No new shares issuedDiluted share count not above last year's (the paper tests for an equity offering). | ✓ 1 |
| Gross margin rose(Revenue - cost of revenue) / revenue above last year's. | ✓ 1 |
| Asset turnover roseRevenue / assets at the start of the year above last year's. | ✓ 1 |
What it does not mean: a low score is not a prediction of a fall, and a high score is not a reason to buy. A test the XBRL could not support is shown as n/a and left out of the total.
How each check works
what it measures, the threshold, what it does not mean
| Check | What it measures | When it is marked | What it does not mean |
|---|---|---|---|
| Receivables growing faster than revenue | Whether customers owe more, relative to sales, than a year ago. | Receivables grew more than 10 percentage points faster than revenue, and grew. | Not proof that revenue is overstated. A large deal at year end, longer payment terms or an acquisition can do the same. |
| Cash from operations lower than net income | Whether reported profit is backed by cash from the business. | Cash from operations is below net income. Not computed for banks and other financial companies. | Common in fast-growing or seasonal companies. It is a question to ask, not a failure. |
| Inventory growing faster than revenue | Whether stock is piling up relative to sales. | Inventory grew more than 10 percentage points faster than revenue, and grew. | May be a planned build ahead of a product launch or a supply-chain change. |
| Auditor change | Whether the company changed its auditor. | An 8-K item 4.01 in the last 2 years, or a different auditor name in the two latest 10-Ks. | Often routine: rotation, a tender, or an audit firm merger. |
| Going concern language | Whether the 10-K states substantial doubt about continuing as a going concern. | A sentence to that effect is found in the 10-K text. Quoted as filed. | The wording is the company's, not our estimate. It can also appear in a sentence saying the doubt was removed. |
| Restatement (8-K item 4.02) | Whether the company said earlier financial statements should no longer be relied on. | An 8-K item 4.02 in the last 2 years. | Some restatements are small and do not change the picture. |
| Late filing notice | Whether the company asked for more time to file a 10-K or 10-Q. | An NT 10-K or NT 10-Q in the last 2 years. | Delays can be technical and one-off. |
| Critical audit matters changed | Which topics the auditor singled out as most difficult, and whether they changed. | A matter is new in the latest 10-K compared with the one before. | A new matter shows where the auditor spent its effort, not that something is wrong. |
| Material weakness in internal control | Whether the 10-K concludes that internal control over financial reporting was not effective because of a material weakness. | A sentence in the 10-K text concludes that controls were not effective because of a material weakness, quoted as filed. Sentences that say there is none, that one could occur, or that an earlier one was fixed are not marked. | It is the company's or the auditor's own wording, not our estimate. Many are about one account or process and are fixed within a year. It does not say the numbers are wrong. |
| Material impairment (8-K item 2.06) | Whether the company told the SEC it expects a material charge for impaired assets, such as goodwill. | An 8-K item 2.06 in the last 2 years. | A non-cash write-down. It says an earlier value was too high, not that the business is failing or that cash ran out. |
| Bankruptcy (8-K item 1.03) | Whether the company filed for bankruptcy or receivership. | An 8-K item 1.03 in the last 2 years. | The filing is the company's own and is a fact. It does not say what shareholders will get or whether the business continues. |
The 10-point threshold is our choice, not an academic result. Every check cites the filing and the line items it used.
The auditor
Auditor's report in the 10-K filed Mar 3, 2026
Firm
Kpmg LLP
Dallas, Texas
Auditor since
1989
37 years
Critical audit matters
2
2 the year before
What the auditor found hardest this year
- Sufficiency of audit evidence over net salesAlso last yearWe identified the evaluation of the sufficiency of audit evidence over net sales as a critical audit matter. The Company’s business operations are conducted through a global network of over 260 locations across five continents. Net sales are recognized primarily from the sale of tangible products at these Company...
- Assessment of the carrying value of goodwillAlso last yearAs discussed in Notes 1 and 8 to the consolidated financial statements, the goodwill balance as of January 3, 2026 was $2.5 billion. The Company performs goodwill testing annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. In 2025, the Company performed a...
Years with the same auditor, closest peers
PG 136 · Deloitte & Touche LLP KO 105 · Ernst & Young LLP GIS 98 · Kpmg KMB 98 · Deloitte & Touche LLP KR 97 · PricewaterhouseCoopers LLP ADM 96 · Ernst & Young LLP TGT 95 · Ernst & Young LLP HRL 94 · Ernst & Young LLP MO 92 · PricewaterhouseCoopers LLP CTVA 80 · PricewaterhouseCoopers LLP CPB 72 · PricewaterhouseCoopers LLP SJM 71 · Ernst & Young LLP MZTI 65 · Deloitte & Touche LLP CHD 58 · Deloitte & Touche LLP FLO 57 · PricewaterhouseCoopers LLP WMT 57 · Ernst & Young LLP COKE 54 · PricewaterhouseCoopers LLP TAP 52 · PricewaterhouseCoopers LLP KHC 47 · PricewaterhouseCoopers LLP MKC 44 · Ernst & Young LLP JJSF 41 · Grant Thornton LLP CASY 39 · Kpmg LLP DLTR 39 · Kpmg LLP DAR 37 · Kpmg LLP PEP 36 · Kpmg LLP UNFI 33 · Kpmg LLP BJ 30 · PricewaterhouseCoopers LLP INGR 29 · Kpmg LLP PSMT 29 · Ernst & Young LLP DG 25 · Ernst & Young LLP MDLZ 25 · PricewaterhouseCoopers LLP BG 24 · Deloitte & Touche LLP CL 24 · PricewaterhouseCoopers LLP COST 24 · Kpmg LLP FIVE 24 · Kpmg LLP STZ 24 · Kpmg LLP SYY 24 · Ernst & Young LLP CAG 21 · Kpmg LLP ACI 20 · Deloitte & Touche LLP CHEF 20 · Bdo Usa, P.C. USFD 20 · Deloitte & Touche LLP CALM 19 · Frost, PLLC PFGC 19 · Deloitte & Touche LLP PM 18 · PricewaterhouseCoopers SA OLLI 17 · Kpmg LLP TSN 16 · PricewaterhouseCoopers LLP SFM 15 · PricewaterhouseCoopers LLP COCO 14 · Deloitte & Touche LLP FRPT 14 · Kpmg LLP POST 14 · PricewaterhouseCoopers LLP PPC 14 · Kpmg LLP ELF 12 · Deloitte & Touche LLP HSY 10 · Ernst & Young LLP KDP 10 · Deloitte & Touche LLP LW 10 · Kpmg LLP BF-B 6 · Ernst & Young LLP BRBR 6 · PricewaterhouseCoopers LLP EL 6 · PricewaterhouseCoopers LLP CELH 5 · Ernst & Young LLP KVUE 5 · PricewaterhouseCoopers LLP MNST 3 · Ernst & Young LLP IPAR 2 · Forvis Mazars, LLP PRMB 2 · PricewaterhouseCoopers LLPThe first year is from the report's own sentence "We have served as the Company's auditor since ...". Critical audit matters are the parts of the audit the auditor judged hardest; a new one is worth reading. A long tenure is common and not a finding by itself. Open the 10-K
Sources
The latest 10-K and its XBRL, the auditor's report, and 8-K items 4.01, 4.02, 2.06 and 1.03 in the filing index. Each check names its source.
Also
Revised numbers: past numbers a later 10-K reports differently.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/DAR/export.csv") into a cell.