DAR vs GIS: Darling Ingredients and General Mills compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- General Mills is the larger company, worth $17.3B, about 1.8 times Darling Ingredients.
- Darling Ingredients grew revenue faster over the last year (+16.4% vs -2.8%).
- Darling Ingredients keeps more of each dollar of revenue as operating profit (14.5% vs -1.1%).
- Darling Ingredients's price assumes faster free cash flow growth: about 0% a year, against -3% for General Mills (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DAR | GIS |
|---|---|---|
| Market cap | $9.6B | $17.3B |
| Share price | $60.26 | $32.29 |
| Revenue (last fiscal year) | $6.1B | $18.4B |
| Free cash flow (last fiscal year) | $679M | $1.6B |
| Revenue growth, last year | +16.4% | -2.8% |
| Revenue growth per year, last 5 fiscal years | +6.7% | -0.8% |
| Operating margin | 14.5% | -1.1% |
| Net margin | 9.1% | -4.9% |
| Return on equity | 11.4% | -12.0% |
| P/E (trailing) | 43.7x | — |
| Price / free cash flow | 14.1x | 7.55x |
| EV / EBITDA | 9.24x | 281.7x |
| FCF growth the price implies | 0.43% | -3.3% |
| Dividend yield | — | 7.6% |
| Debt / equity | 1.08x | 3.06x |
| Fundamental grade | C | F |
| Superinvestors holding it | 4 | 7 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Darling Ingredients
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.7B | $430M | 18.7% |
| 2022 | $6.5B | $422M | 15.8% |
| 2023 | $6.8B | $344M | 14.0% |
| 2024 | $5.7B | $507M | 8.2% |
| 2025 | $6.1B | $679M | 4.5% |
General Mills
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $19.0B | $2.7B | 18.3% |
| 2023 | $20.1B | $2.1B | 17.1% |
| 2024 | $19.9B | $2.5B | 17.3% |
| 2025 | $19.5B | $2.3B | 17.0% |
| 2026 | $18.4B | $1.6B | 4.8% |
Where the revenue comes from
Darling Ingredients · by segments, 2025
Feed Ingredients$4.0B65%
Food Ingredients$1.5B25%
Fuel Ingredients$601M10%
General Mills · by products, 2026
Snacks$4.1B22%
Cereal$3.1B17%
Convenient meals$2.9B16%
Pet$2.8B15%
Dough$2.4B13%
Baking mixes and ingredients$1.9B10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DAR in InvestinglyQuestions
Which is bigger, Darling Ingredients or General Mills?
General Mills (GIS), at $17.3B against $9.6B.
Which grows faster, DAR or GIS?
Darling Ingredients: revenue grew +16.4% over the last year, against -2.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.