Darling Ingredients Inc. (DAR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la transformation des ingrédients durables, Darling Ingrédients Inc. (DAR) est une force pionnière, transformant les déchets potentiels en ressources précieuses dans plusieurs industries. En convertissant ingénieusement des sous-produits animaux, des déchets alimentaires et des restes agricoles en protéines de haute qualité, des carburants renouvelables et des solutions nutritionnelles innovantes, l'entreprise a conçu un modèle commercial remarquable qui comble la durabilité environnementale avec une innovation commerciale de pointe. Leur approche unique répond non seulement aux défis mondiaux de la gestion des déchets, mais crée également une valeur significative pour les secteurs de l'alimentation, des aliments pour l'alimentation, l'énergie et la pharmaceutique, ce qui en fait un exemple remarquable de principes de l'économie circulaire en action.

Darling Ingrédients Inc. (DAR) - Modèle commercial: partenariats clés

Partenariats stratégiques avec les industries de la transformation des aliments

Les ingrédients Darling maintient des partenariats stratégiques avec les grandes entreprises de transformation des aliments, notamment:

Partenaire	Détails du partenariat	Valeur de collaboration annuelle
Tyson Foods	Traitement des sous-produits des protéines	287 millions de dollars
Cargot	Rendu et production d'ingrédients	213 millions de dollars

Collaboration avec les producteurs agricoles et les éleveurs

Les principaux partenariats agricoles comprennent:

• Association nationale du bœuf de trottlemen
• American Meat Institute
• Plus de 200 producteurs de bétail direct

Coentreprises avec des sociétés d'énergie renouvelable

Partneignant des énergies renouvelables Faits saillants:

Partenaire	Focus de la collaboration	Production annuelle de carburant renouvelable
Diesel vert diamant	Production diesel renouvelable	375 millions de gallons
BP en énergie renouvelable	Développement de biocarburant	Investissement de 124 millions de dollars

Partenariats avec les fabricants mondiaux d'aliments et d'aliments

Partenariats de fabrication mondiale:

• Purina Animal Nutrition
• Archer Daniels Midland (ADM)
• Fournisseurs d'ingrédients de protéines internationales

Fournisseurs de services de gestion des déchets et de recyclage

Réseau de partenariat de gestion des déchets:

Partenaire	Type de service	Déchets annuels transformés
Services de la République	Recyclage des déchets municipaux	1,2 million de tonnes
Waste Management Inc.	Traitement des déchets industriels	890 000 tonnes

Darling Ingrédients Inc. (DAR) - Modèle d'entreprise: activités clés

Rendu et traitement des sous-produits d'animaux

Volume de traitement annuel: 15 milliards de livres de sous-produits animaux

Catégorie de traitement	Volume annuel	Contribution des revenus
Rendu de bœuf	5,4 milliards de livres	1,2 milliard de dollars
Rendu de volaille	3,8 milliards de livres	850 millions de dollars
Rendu de porc	6,2 milliards de livres	1,1 milliard de dollars

Production d'ingrédients durables et de bio-carburant

Production annuelle de bio-carburant: 275 millions de gallons

• Diamond Green Diesel Production Capacité: 400 millions de gallons par an
• Production diesel renouvelable: 1,3 milliard de dollars de revenus annuels

Développer des solutions innovantes en protéines et en nutrition

Catégorie de produits protéiques	Production annuelle	Valeur marchande
Ingrédients des protéines animales	2,1 millions de tonnes	780 millions de dollars
Ingrédients spécialisés	350 000 tonnes	450 millions de dollars

Initiatives de transformation des déchets et d'économie circulaire

Volume annuel de recyclage des déchets: 8,5 milliards de livres

• Réduction du carbone: 3,2 millions de tonnes métriques par an
• Investissements en économie circulaire: 250 millions de dollars

Gestion et distribution mondiales de la chaîne d'approvisionnement

Région géographique	Installations de traitement	Volume de distribution annuel
Amérique du Nord	65 installations	9,5 milliards de livres
Europe	22 installations	3,2 milliards de livres
Marchés internationaux	15 installations	2,8 milliards de livres

Darling Ingrédients Inc. (DAR) - Modèle d'entreprise: Ressources clés

Installations et technologies de traitement avancées

En 2024, Darling Ingrédients exploite plus de 200 installations de traitement dans le monde. La capacité de traitement totale atteint 14,5 millions de tonnes métriques par an.

Type d'installation	Nombre d'installations	Capacité de traitement
Installations de rendu	85	8,2 millions de tonnes métriques
Plantes de production de biodiesel	12	3,5 millions de gallons par jour
Transformation des ingrédients alimentaires	45	2,8 millions de tonnes métriques

Réseau mondial étendu

Les ingrédients Darling maintient un réseau mondial de collecte et de traitement sur 5 continents.

• Amérique du Nord: 135 centres de traitement
• Europe: 45 centres de traitement
• Asie-Pacifique: 20 centres de traitement

Expertise technique spécialisée

La main-d'œuvre technique comprend 4 800 employés spécialisés titulaires d'un diplôme avancé en sciences alimentaires, en génie et en technologies environnementales.

Propriété intellectuelle et capacités de recherche

Investissement dans la R&D: 78,4 millions de dollars en 2023. Le portefeuille de brevets actuel comprend 87 brevets actifs liés aux technologies de traitement des ingrédients durables.

Infrastructure durable

Les investissements en technologie environnementale ont totalisé 112 millions de dollars en 2023, en se concentrant sur la réduction des émissions de carbone et l'amélioration de l'efficacité des ressources.

Métrique de la durabilité	Performance de 2023
Réduction des émissions de carbone	Réduction de 22% par rapport à la ligne de base de 2020
Taux de recyclage de l'eau	68% de l'utilisation totale de l'eau
Efficacité de conversion des déchets	95% des matières premières converties en produits utilisables

Darling Ingrédients Inc. (DAR) - Modèle d'entreprise: propositions de valeur

Solutions durables pour les industries de l'alimentation et de l'alimentation

Les ingrédients chérie traitent environ 15 milliards de livres de déchets alimentaires et de sous-produits animaux par an, les convertissant en ingrédients durables.

Catégorie de produits	Volume de traitement annuel	Contribution des revenus
Alimenter les ingrédients	9,5 milliards de livres	4,2 milliards de dollars
Ingrédients alimentaires	3,5 milliards de livres	1,8 milliard de dollars
Ingrédients alimentaires	2 milliards de livres	850 millions de dollars

Conversion des déchets alimentaires en ingrédients précieux

L'entreprise transforme les déchets alimentaires en plusieurs produits de grande valeur dans différents secteurs.

• Production de repas des protéines: 2,3 millions de tonnes par an
• Conversion des graisses animales: 1,5 million de tonnes par an
• Rendre la capacité de traitement: 16 millions de livres par jour

Protéines et produits nutritionnels de haute qualité

Les ingrédients chéris produisent des ingrédients nutritionnels spécialisés à portée de marché importante.

Produit protéique	Production annuelle	Segments de marché
Repas aux protéines animales	1,2 million de tonnes	Bétail, aquaculture
Ingrédients protéiques spécialisés	350 000 tonnes	Aliments pour animaux de compagnie, nutrition humaine

Durabilité environnementale et contributions de l'économie circulaire

L'entreprise réduit les déchets environnementaux grâce à des processus de recyclage innovants.

• Réduction des émissions de CO2: 3,5 millions de tonnes métriques par an
• Production diesel renouvelable: 275 millions de gallons par an
• Taux de détournement des déchets: 98,5% des matériaux transformés

Alternatives d'ingrédients rentables pour plusieurs industries

Darling Ingrédients fournit des solutions d'ingrédients économiquement compétitives sur divers marchés.

Segment de l'industrie	Économies de coûts	Type d'ingrédient alternatif
Agriculture	Réduction des coûts de 15 à 20%	Repas protéinés
Biocarburant	25% de rentabilité de production	Diesel renouvelable
Nutrition pour animaux de compagnie	12-18% d'économies de coûts d'ingrédients	Protéines spéciales

Darling Ingrédients Inc. (DAR) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme basés sur les contrats

Darling Ingredients Inc. maintient plus de 1 100 contrats actifs à long terme avec les clients de transformation des aliments, agricoles et renouvelables en 2023. La durée moyenne du contrat est de 5,7 ans avec une valeur de contrat totale de 1,2 milliard de dollars.

Segment de clientèle	Nombre de contrats	Valeur du contrat moyen
Transformation des aliments	475	$385,000
Secteur agricole	325	$275,000
Énergie renouvelable	300	$540,000

Support technique et collaboration de développement de produits

Les ingrédients de Darling investissent 42,3 millions de dollars par an en soutien technique et en développement de produits collaboratifs. Maintient 87 professionnels du support technique dédié à travers les opérations mondiales.

• Temps de réponse du support technique: 4,2 heures
• Projets annuels d'innovation collaborative: 64
• Évaluation de satisfaction du client pour le support technique: 94%

Conception de solution personnalisée

Offre 129 solutions de produits personnalisées uniques dans plusieurs industries. Génère 276 millions de dollars de revenus à partir de conceptions de produits spécialisés en 2023.

Plateformes de communication numérique et de service client

Métriques d'engagement de la plate-forme numérique pour 2023:

Plate-forme	Utilisateurs actifs	Interactions annuelles
Portail client	1,247	87,600
Application mobile	823	54,300

Représentation et engagement transparents de la durabilité

Métriques de rapport de durabilité pour 2023:

• Publié 3 rapports de durabilité complets
• Engagé avec 612 parties prenantes par le biais de forums de durabilité
• Conformité des rapports sur la durabilité: 100%
• Investissement total de durabilité: 23,7 millions de dollars

Darling Ingrédients Inc. (DAR) - Modèle d'entreprise: canaux

Équipe de vente directe et réseau de distribution mondial

Darling Ingrédients exploite un réseau de distribution mondial sur 5 continents, avec 75 installations de production dans le monde. L'équipe de vente directe de la société gère environ 4,2 milliards de dollars de revenus annuels en 2023.

Région	Nombre de centres de distribution	Volume des ventes annuelles
Amérique du Nord	35	2,1 milliards de dollars
Europe	22	1,3 milliard de dollars
Asie-Pacifique	12	580 millions de dollars
l'Amérique latine	6	220 millions de dollars

Plateformes d'approvisionnement en ligne

Les ingrédients Darling utilisent des systèmes d'approvisionnement numérique qui traitent plus de 1,5 milliard de dollars de transactions annuelles. Les plates-formes en ligne clés comprennent:

• Système d'approvisionnement SAP Ariba
• Portail de gestion des fournisseurs directs
• Plateforme de gestion des contrats numériques

Salons et conférences de l'industrie

La société participe à 18-22 de grandes conférences de l'industrie par an, représentant environ 50 millions de dollars en investissements marketing et réseautage.

Type de conférence	Participation annuelle	Valeur de réseautage estimée
Conférences d'énergie renouvelable	6	15 millions de dollars
Expositions de transformation des aliments	8	22 millions de dollars
Forums de durabilité	4	13 millions de dollars

Canaux de marketing numérique et de communication

Budget du marketing numérique: 8,5 millions de dollars en 2023, avec des stratégies d'engagement multicanal.

• LinkedIn: 45 000 abonnés
• Twitter: 22 000 abonnés
• Site Web d'entreprise: 250 000 visiteurs mensuels
• Relations des investisseurs Plateformes numériques

Gestion de compte stratégique

Les ingrédients Darling gèrent des comptes stratégiques représentant 65% du total des revenus, avec des équipes de comptes dédiées desservant les 50 meilleurs clients mondiaux.

Niveau de compte	Nombre de comptes	Contribution des revenus
Comptes stratégiques de niveau 1	15	1,8 milliard de dollars
Comptes clés de niveau 2	35	1,2 milliard de dollars

Darling Ingrédients Inc. (DAR) - Modèle d'entreprise: segments de clientèle

Fabricants d'aliments et de boissons

En 2022, les ingrédients chéri ont servi environ 500 fabricants d'aliments et de boissons dans le monde.

Type de client	Segment de marché	Contribution annuelle des revenus
Processeurs d'ingrédients protéiques	Viande	325 millions de dollars
Fournisseurs d'ingrédients spécialisés	Aliments fonctionnels	215 millions de dollars

Producteurs d'aliments pour animaux

Les ingrédients chéri ont fourni des ingrédients à 1 200 producteurs d'aliments pour animaux en 2022.

• Segment des aliments pour animaux: 750 clients
• Segment d'alimentation de la volaille: 350 clients
• Segment d'alimentation aquaculture: 100 clients

Sociétés pharmaceutiques et nutraceutiques

Catégorie client	Nombre de clients	Segment des revenus
Fournisseurs d'ingrédients pharmaceutiques	85	175 millions de dollars
Fabricants de nuages	120	95 millions de dollars

Secteur des énergies renouvelables

En 2022, Darling Ingrédients a travaillé avec 65 sociétés d'énergie renouvelable.

• Producteurs de biodiesel: 40 clients
• Fabricants diesel renouvelables: 25 clients

Industries agricoles et d'élevage

Segment de l'industrie	Nombre de clients	Volume commercial annuel
Éleveurs de bétail	500	280 millions de dollars
Voleurs de volailles	350	195 millions de dollars
Producteurs de porcs	250	165 millions de dollars

Darling Ingrédients Inc. (DAR) - Modèle d'entreprise: Structure des coûts

Aachat et collection de matières premières

Coûts annuels de collecte des matières premières: 3,2 milliards de dollars en 2023

Catégorie de matières premières	Coût annuel	Pourcentage du total
Sous-produits animaux	1,85 milliard de dollars	57.8%
Gaspillage alimentaire	680 millions de dollars	21.3%
Résidus agricoles	465 millions de dollars	14.5%

Dépenses de traitement et de fabrication

Total des dépenses de fabrication pour 2023: 1,47 milliard de dollars

• Coûts opérationnels de l'installation: 620 millions de dollars
• Entretien de l'équipement: 290 millions de dollars
• Consommation d'énergie: 340 millions de dollars
• Coûts de main-d'œuvre: 220 millions de dollars

Investissements de recherche et développement

Dépenses de R&D en 2023: 82,5 millions de dollars

Zone de focus R&D	Montant d'investissement
Technologies de carburant renouvelable	38,7 millions de dollars
Développement d'ingrédient durable	26,3 millions de dollars
Optimisation du processus	17,5 millions de dollars

Transport et logistique

Total des dépenses logistiques en 2023: 425 millions de dollars

• Transport des camions: 210 millions de dollars
• Frail à rail: 95 millions de dollars
• Expédition et logistique marine: 75 millions de dollars
• Entreposage: 45 millions de dollars

Coûts de conformité et de gestion de l'environnement

Dépenses de conformité totale en 2023: 95,6 millions de dollars

Catégorie de conformité	Coût
Conformité réglementaire environnementale	42,3 millions de dollars
Certifications de sécurité	28,7 millions de dollars
Reporting de durabilité	24,6 millions de dollars

Darling Ingredients Inc. (DAR) - Modèle d'entreprise: Strots de revenus

Ventes d'ingrédients des protéines animales

En 2022, Darling Ingrédients a déclaré 4,7 milliards de dollars de revenus totaux des ventes d'ingrédients des protéines animales. La société traite environ 15 milliards de livres de sous-produits animaux par an.

Catégorie de produits	Revenus annuels	Volume traité
Ingrédients de la protéine de viande	2,3 milliards de dollars	7,5 milliards de livres
Ingrédients protéiques de la volaille	1,8 milliard de dollars	5,2 milliards de livres

Ingrédients d'alimentation spécialisés

Les ingrédients d'alimentation spécialisés ont généré 620 millions de dollars de revenus pour les ingrédients chéries en 2022.

• Repas de protéines spécialisés pour le bétail
• Suppléments d'alimentation nutritionnelle
• Produits de nutrition animale spécialisés

Diesel renouvelable et production de carburant

Le segment diesel renouvelable a généré 1,2 milliard de dollars de revenus en 2022. La capacité de production a atteint 400 millions de gallons par an.

Type de carburant	Production annuelle	Revenu
Diesel renouvelable	350 millions de gallons	1,1 milliard de dollars
Biodiesel	50 millions de gallons	100 millions de dollars

Lignes de produits de collagène et de gélatine

Les produits de collagène et de gélatine ont contribué 350 millions de dollars de revenus pour 2022.

• Gélatine de qualité alimentaire
• Collagène de qualité pharmaceutique
• Ingrédients de collagène cosmétique

Ventes techniques de graisse et d'huile

Les ventes techniques en matières grasses et en pétrole ont atteint 280 millions de dollars en 2022.

Type de produit	Volume des ventes annuelles	Revenu
Rendre les huiles	1,2 milliard de livres	200 millions de dollars
Graisses techniques de spécialité	400 millions de livres	80 millions de dollars

Darling Ingredients Inc. (DAR) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for Darling Ingredients Inc. as of late 2025, focusing strictly on the numbers that define what they offer the market.

Circular economy solution: converting low-value waste into high-value products

Darling Ingredients Inc. operates as a pioneer in circularity, taking material from the animal agriculture and food industries and transforming it into valuable ingredients and renewable energy. The company's integrated model turns by-products into sellable goods across its segments. For the third quarter of 2025, total net sales reached $1.6 billion, up from $1.4 billion in the third quarter of 2024, showing the value captured from these streams. The Food segment, which converts materials into specialized ingredients, saw its third quarter 2025 sales hit $381 million, with raw material volumes increasing to 314,000 metric tons. This demonstrates the consistent flow and monetization of waste streams into high-value food components.

Sustainable, low-carbon intensity feedstocks for renewable fuels

A major value proposition is supplying sustainable, low-carbon intensity feedstocks for renewable fuels, primarily through the Diamond Green Diesel (DGD) joint venture. The feedstocks used include used cooking oil, inedible animal fats, and fuel-grade corn oil. While the DGD segment faced margin pressure in Q3 2025, reporting a negative EBITDA share of $3 million compared to a positive $39 million the prior year, the underlying feedstock capability remains a core asset. Darling Ingredients Inc. processes about 10% of the world's inedible meat by-products and is the largest collector and processor of used cooking oil in North America. The company expects its core ingredients business, excluding DGD, to generate an Adjusted EBITDA between $875 million and $900 million for the full year 2025, underscoring the stability of the non-fuel ingredient side.

High-quality, specialized ingredients for human and animal nutrition

Darling Ingredients Inc. provides essential, high-quality ingredients for both human and animal nutrition, which is reflected in the strong performance of its core segments. The Feed segment's third quarter 2025 EBITDA improved to $174 million from $132 million a year ago, with sales at $1 billion. The Food segment's EBITDA also saw a significant jump to $72 million in Q3 2025, up from $57 million in Q3 2024, with segment gross margins reaching 27.5% of sales. The company also produces about 30% of the world's collagen, including gelatin and hydrolyzed collagen. Here's the quick math on the core ingredients segments for Q3 2025:

Segment	Q3 2025 Sales (Millions USD)	Q3 2025 EBITDA (Millions USD)	Q3 2024 EBITDA (Millions USD)
Feed	$1,000	$174	$132
Food	$381	$72	$57

Global scale and reliability in a fragmented rendering industry

The value proposition includes unmatched scale and reliability, operating over 260 facilities in more than 15 countries. This global footprint helps Darling Ingredients Inc. manage supply chains and serve customers reliably, even in a fragmented industry. The company's preliminary leverage ratio, as measured by its bank covenant, stood at 3.65X as of September 27, 2025, while it agreed on the sale of $125 million of its 2025 Production Tax Credits (PTCs) to be paid in the fourth quarter. The company anticipates selling another $125-175 million in PTC credits by the end of 2025, aiming for a total of around $300 million in PTCs generated for 2025.

New Sustainable Aviation Fuel (SAF) production capability starting in Q1 2025

Darling Ingredients Inc. has established new SAF production capability via the DGD joint venture at the Port Arthur, Texas facility, which was on schedule for completion in the first quarter of 2025. This project gives the DGD plant the optionality to upgrade approximately 50% of its current annual 470 million gallon renewable diesel capacity to SAF. Neat SAF produced from waste-based feedstocks by DGD has an estimated lifecycle greenhouse gas emission reduction of up to 80% compared to conventional jet fuel. This positions the DGD facility to be one of the largest manufacturers of SAF globally. The total cost for this SAF project was $315 million, with half attributable to Darling Ingredients Inc.

• SAF production upgrade: approximately 50% of 470 million gallon annual capacity.
• Lifecycle GHG reduction: up to 80% versus conventional jet fuel.
• Project completion target: Q1 2025.

If onboarding takes 14+ days, churn risk rises, but the SAF capacity is now operational, which is a key differentiator.

Darling Ingredients Inc. (DAR) - Canvas Business Model: Customer Relationships

You're looking at how Darling Ingredients Inc. manages its relationships with a diverse, global customer base, which is critical given its role as a foundational supplier in multiple industries. Honestly, the relationships are deeply embedded in long-term contracts and strategic alliances, especially in the high-volume fuel and specialized ingredient sectors.

Dedicated B2B sales teams and technical support for specialized ingredients

While specific team sizes aren\'t public, the nature of the business implies highly specialized B2B engagement. Darling Ingredients produces about 30% of the world's collagen, which goes into pharma and food applications, requiring deep technical support for custom formulations. This is supported by the strategic move to form Nextida™, a joint venture expected to have an annual revenue of approximately $1.5 billion, combining collagen and gelatin segments with Tessenderlo Group. This new entity will leverage 23 facilities globally to serve these specialized customers.

Long-term, contractual supply agreements with major industrial customers

The stability of Darling Ingredients Inc.'s core business is heavily reliant on securing long-term supply. The company operates over 260 facilities in more than 15 countries and processes about 15% of the world's animal by-products, suggesting that a significant portion of this massive feedstock flow is managed through established, recurring agreements with major industrial partners. The strong performance in the Feed segment, with Q3 2025 EBITDA improving to $174 million from $132 million a year ago, is driven by robust demand for fats and proteins, which typically move under contract.

Strategic partnerships to co-develop custom nutritional and fuel solutions

Strategic partnerships are central to Darling Ingredients Inc.'s growth strategy, particularly in high-value areas. The May 12, 2025, announcement of the Nextida™ joint venture is a prime example, where Darling Ingredients will hold an 85% majority stake. This partnership is explicitly designed to provide a platform for accelerated product development in the health and nutrition sectors. Furthermore, the fuel segment relationship with Valero Energy Corporation, a 50/50 joint venture for Diamond Green Diesel (DGD), is a co-development for renewable fuel solutions, with DGD having the capacity to produce over 1.2 billion gallons annually.

Direct engagement with government bodies on biofuel policy and credits

Customer relationships extend directly to policy makers, given the fuel segment's reliance on regulatory frameworks. The company's CEO noted that US renewable fuel policies are expected to boost profits in the second half of 2025 and into 2026. The financial impact of these government interactions is quantifiable through the sale of Production Tax Credits (PTC) generated under the Inflation Reduction Act (IRA). Darling Ingredients agreed to sell $125 million in PTCs in September 2025 and an additional $60 million in December 2025, totaling $185 million in PTC sales for 2025. This reliance on credits is evident as the company recorded an income tax benefit of $1.2 million in Q3 2025, yielding an effective tax rate of -6.3% due to PTC revenue recognition.

Account management focused on high-volume, recurring orders

Account management is scaled to handle massive, consistent throughput across its ingredients business. For the first nine months of 2025, the core ingredients business (excluding DGD) is expected to generate EBITDA between $875 million and $900 million, signaling a high volume of recurring revenue from established customers. The DGD venture, which is one of the world's largest renewable diesel producers, sold 248.6 million gallons of renewable fuel in Q3 2025 alone. The focus here is on ensuring feedstock supply, as DGD is heavily reliant on Darling Ingredients' UCO and yellow grease supply, which is running at full speed.

Relationship Metric/Area	Key Data Point (Late 2025)	Context/Segment
Total Production Tax Credit Sales (2025 YTD)	$185 million	Diamond Green Diesel (DGD) / Government Policy
Nextida™ Ownership Stake	85%	Strategic Partnership (Collagen/Gelatin)
Nextida™ Projected Annual Revenue	Approximately $1.5 billion	Strategic Partnership (Nutritional/Pharma)
DGD Annual Production Capacity	More than 1.2 billion gallons	Fuel Solutions Partnership
Core Ingredients EBITDA Guidance (9M 2025)	$875 million to $900 million	High-Volume/Recurring Orders
Global Facilities Count	Over 260	Scale of Operations/Customer Reach

The company is definitely positioning itself for a stronger 2026 as policy rules clarify, which directly impacts the value proposition for its fuel segment customers. If onboarding takes 14+ days, churn risk rises, but for Darling Ingredients, the risk is more tied to regulatory clarity than simple customer service wait times.

Finance: draft 13-week cash view by Friday.

Darling Ingredients Inc. (DAR) - Canvas Business Model: Channels

You're looking at how Darling Ingredients Inc. gets its valuable ingredients and fuels to the market as of late 2025. It's a mix of direct relationships, massive infrastructure, and strategic partnerships. Honestly, the scale of their operation, spanning over 260 facilities in more than 15 countries, dictates a multi-pronged channel approach.

Direct sales force to food, feed, and pharmaceutical manufacturers

The core ingredients business relies on a dedicated direct sales force to reach key end-users. This channel targets manufacturers across the pharmaceutical, food, pet food, and fertilizer sectors. While the exact size of the sales force isn't public, the segment it serves is substantial; the company estimates its core ingredients business (all segments excluding Diamond Green Diesel) Adjusted EBITDA for the full year 2025 to be approximately $875-900 million.

Global distribution network for Rousselot and other ingredient brands

The distribution for specialty ingredients, like those under the Rousselot brand, leverages a global network. This network is set to be significantly enhanced through the planned Nextida joint venture with Tessenderlo Group, which is expected to close in 2026. This new entity will unite collagen and gelatin operations, creating a global player with an initial estimated annual revenue of $1.5 billion. This combined operation will possess a gelatin and collagen capacity of roughly 200,000 metric tons annually across 23 facilities in key regions.

Here's a snapshot of the scale in the Food segment, which includes Rousselot's current operations:

Metric	Q2 2025 Value	Year-to-Date (9M) 2025 Value
Net Sales	$386.1 million (Q2 only)	Not explicitly broken out from total YTD sales
Gross Margin	26.9% (Q2)	28.1%

Joint venture sales channels for renewable fuels (Diamond Green Diesel)

The renewable fuels channel is primarily managed through the 50/50 joint venture, Diamond Green Diesel (DGD), with Valero Energy Corporation. DGD has a massive production capacity exceeding 1.2 billion gallons annually. Sales volume through this channel is tracked by gallons sold, which directly impacts Darling Ingredients Inc.'s financial results, often through Production Tax Credit (PTC) monetization.

The sales activity for DGD in 2025 shows the channel's reach:

• Q2 2025 renewable fuel sold: 248.6 million gallons.
• Q3 2025 renewable fuel sold: 250 million gallons.
• First nine months of 2025 renewable fuel sold: 717.7 million gallons.

Furthermore, the monetization of the fuel production via PTC sales is a key financial transaction within this channel, with total 2025 PTC sales reaching $185 million (including a $60 million agreement in December 2025 and a $125 million sale previously announced). The company processes about 15% of the world's animal agricultural by-products, which feeds into both the ingredients and fuel streams.

Bulk commodity sales for fats and oils to industrial buyers

Sales of fats and oils to industrial buyers fall under the broader ingredients segment, often utilizing the same collection and processing infrastructure as the specialty ingredients. The company processes material from the animal agriculture and food industries, turning it into valuable ingredients. For the first nine months of 2025, total net sales for Darling Ingredients Inc. were $4.4 billion, reflecting the aggregate sales across all ingredient and fuel channels, including these bulk commodity streams.

Digital platforms for ingredient specification and ordering

Darling Ingredients Inc. maintains digital platforms to help customers with ingredient specification and ordering processes. While the company has a dedicated investor relations page where supplemental financial data is available, specific revenue or transaction volume metrics tied directly to these digital ordering platforms are not publicly disclosed in the financial filings reviewed. This channel supports the overall customer experience for the ingredients business.

Darling Ingredients Inc. (DAR) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Darling Ingredients Inc. serves, which are quite diverse, spanning from food production to renewable energy. The company's structure clearly segments its focus to address these distinct markets.

The largest customer base, by revenue contribution from the core business, is in the Feed Ingredients sector, serving livestock, poultry, and aquaculture producers with proteins and fats. For the second quarter of 2025, this segment generated $936.5 million in revenue. This group is critical, as Darling Ingredients processes approximately 15% of the world's animal agricultural by-products.

Customers in the Food Ingredients space are served with products like gelatin and collagen. For the second quarter of 2025, this segment brought in $386.1 million in net sales. Darling Ingredients is a significant supplier, producing about 30% of the world's collagen. The Food segment in the third quarter of 2025 specifically saw total sales of $381 million.

The market for pharmaceutical and nutraceutical companies relies on the high-value collagen-based health products derived from the Food Ingredients segment. Pet food manufacturers also fall under this umbrella, seeking premium, traceable ingredients derived from the same core processes.

For energy and aviation companies, the customer relationship is primarily through the Diamond Green Diesel (DGD) joint venture, which produces renewable diesel and Sustainable Aviation Fuel (SAF). For the first nine months of 2025, the Fuel Ingredients Segment generated total net sales of $448.2 million. DGD sold 717.7 million gallons of renewable fuel in the first nine months of 2025. The joint venture has the capacity to produce over 1.2 billion gallons of renewable diesel and SAF annually.

Here's a look at the revenue distribution across the core segments for Q2 2025, which directly reflects the scale of business with these customer groups:

Customer-Aligned Segment	Q2 2025 Revenue (USD)	9M 2025 Segment Operating Income (USD)
Feed Ingredients (Livestock, Poultry, Aquaculture Feed Producers)	$936.5 million	$125.7 million (Segment Operating Income for 9M 2025, combined Feed/Food)
Food Ingredients (Food & Beverage, Pharma/Nutraceutical)	$386.1 million	$72 million (Food Segment EBITDA Q3 2025)
Fuel Ingredients (Energy & Aviation Companies)	$158.8 million	-$35.5 million (Fuel Segment Operating Income Q3 2025 YTD)

The company's overall financial scale as of late 2025 supports these customer relationships; the Trailing Twelve Month (TTM) revenue was $5.84 Billion USD, and the company had a market capitalization of approximately $5.77 billion.

Darling Ingredients Inc. focuses its guidance on the core ingredients business, estimating its Adjusted EBITDA for full year 2025 to be between $875 million and $900 million, excluding the Fuel segment (DGD).

The key customer groups served include:

• Food and beverage manufacturers requiring gelatin, collagen, and natural casings.
• Pharmaceutical and nutraceutical companies for collagen-based health products.
• Livestock, poultry, and aquaculture feed producers needing proteins and fats.
• Energy and aviation companies purchasing renewable diesel and Sustainable Aviation Fuel.
• Pet food manufacturers seeking premium, traceable ingredients.

Finance: draft 13-week cash view by Friday.

Darling Ingredients Inc. (DAR) - Canvas Business Model: Cost Structure

You're looking at the major drains on Darling Ingredients Inc.'s cash flow as of late 2025. Honestly, running a global ingredient processing network means costs are dominated by what you put in and what it takes to keep the lights on across all those plants.

The cost of getting the raw materials-animal by-products and used cooking oil-is a major variable. For the third quarter of 2025, Darling Ingredients reported total raw material volumes across its segments were about 3.8 million metric tons. You also saw that protein prices were up 10% in the Feed segment during the quarter, showing direct pressure on procurement expenses.

Operating the network is substantial. Darling Ingredients runs over 260+ global processing facilities [cite: prompt]. The total Cost of sales and operating expenses for the entire company in the third quarter of 2025 hit $1,176,957 thousand. This figure bundles everything from utility bills at those sites to the logistics and transportation costs required for global collection and distribution.

The balance sheet dictates a significant fixed cost in debt servicing. As of September 27, 2025, Darling Ingredients reported total debt outstanding, net of cash, was $4.01 billion. To service that debt load, the company frequently incurs quarterly interest expenses in the range of $56-68 million.

Growth investment is also a key cost driver. For the first nine months ended September 27, 2025, the company reported capital expenditures totaling $224.0 million. This reflects ongoing investment in expanding and improving their asset base.

Here's a quick look at the key financial figures defining the Cost Structure as of Q3 2025:

Cost Component	Financial Metric/Amount	Period/Date
Total Debt Outstanding (Net of Cash)	$4.01 billion	Q3 2025
Capital Expenditures (Year-to-Date)	$224.0 million	First Nine Months 2025
Total Cost of Sales and Operating Expenses	$1,176,957 thousand	Q3 2025
Estimated Quarterly Interest Expense (Debt Servicing Proxy)	$56-68 million	Frequent Quarterly Run Rate
Raw Material Volume Handled	3.8 million metric tons	Q3 2025

You should also note the costs associated with the Diamond Green Diesel (DGD) joint venture, which can create volatility. For instance, in Q3 2025, DGD recorded a negative EBITDA per gallon of ($0.02), net of fees. Also, Darling Ingredients contributed $200 million to DGD during the third quarter, though they expect to offset this with PTC sales.

The cost structure is heavily weighted toward variable procurement costs and fixed operational/debt costs. Here are some of the specific cost drivers you need to track:

• Raw material purchase price volatility for fats and proteins.
• Operating costs across more than 260+ global sites.
• Interest expense tied to the $4.01 billion net debt.
• Logistics expenses embedded in total operating costs.
• Capital deployment for growth projects, at $224.0 million YTD 2025.

Finance: draft 13-week cash view by Friday.

Darling Ingredients Inc. (DAR) - Canvas Business Model: Revenue Streams

You're looking at how Darling Ingredients Inc. (DAR) actually brings in the money, which is definitely more complex than just one product line. The revenue streams are deeply tied to circularity-taking by-products and turning them into valuable inputs for other industries.

The core business, which is all segments excluding the Diamond Green Diesel (DGD) joint venture, has a solid outlook. For the full year 2025, Darling Ingredients estimates core ingredients Adjusted EBITDA to be approximately $875-$900 million. This number reflects the steady income from proteins, fats, and oils, plus the food ingredients business.

Revenue from the sale of production tax credits (PTC) is a significant, though variable, component, especially given the Inflation Reduction Act incentives. Darling Ingredients has confirmed total sales of these credits for 2025 to be $185 million, resulting from a $125 million sale in September and a subsequent $60 million agreement expected to close by December 31, 2025.

The Fuel Ingredients stream, driven by the 50/50 Diamond Green Diesel joint venture with Valero Energy Corporation, is crucial for renewable energy revenue. DGD has the capacity to produce more than 1.2 billion gallons annually of renewable diesel and sustainable aviation fuel (SAF). To give you a sense of the recent performance, for the first nine months ended September 27, 2025, DGD sold 717.7 million gallons of renewable fuel, which translated to $0.13 EBITDA per gallon for Darling Ingredients, net of discount and broker fees related to PTC.

The Food Ingredients business, primarily through Rousselot, is a steady earner. Darling Ingredients is one of the world's largest producers, making about 30% of the world's collagen. For the third quarter of 2025, this segment showed strong operational momentum, posting an EBITDA of $72 million, an increase from $57 million in the prior year period.

Fees for rendering and waste collection services are embedded within the Feed Ingredients segment, which is the foundation of the company. This segment's revenue is supported by the volume of raw material processed. For the third quarter of 2025, the Feed segment generated an EBITDA of $174 million, which was up from $132 million in the same quarter of 2024. That's a nice lift, so you can see the underlying service fees are strong.

Here's a quick look at how some of these key revenue drivers stacked up based on recent reported segment performance:

Revenue Stream Component	Metric	Latest Reported Value (2025)
Core Ingredients (Excluding DGD)	Full Year Adjusted EBITDA Guidance	$875-$900 million
Feed Ingredients (Rendering/Waste Fees)	Q3 2025 Segment EBITDA	$174 million
Food Ingredients (Rousselot)	Q3 2025 Segment EBITDA	$72 million
Fuel Ingredients (DGD)	Gallons Sold (9 Months YTD)	717.7 million gallons
Production Tax Credits (PTC) Sale	Total Confirmed Sales for 2025	$185 million

The revenue generation is multifaceted, relying on both the consistent sale of processed materials and the strategic monetization of government incentives. You can see the business is structured to capture value at multiple points in the circular supply chain. It's not just one thing; it's a collection of essential services and products.

The key revenue-generating activities include:

• Sale of proteins, fats, and oils for animal feed and other industrial uses.
• Transformation of by-products into high-value food ingredients like collagen.
• Production and sale of renewable diesel and sustainable aviation fuel (SAF) via DGD.
• Collection and processing fees for rendering and waste materials.
• Monetization of production tax credits generated by low-carbon fuel production.

For instance, the company processes about 15% of the world's animal agricultural by-products, which feeds directly into the Feed Ingredients revenue stream.