DAR
Darling Ingredients Inc.
Is DAR Halal?
Darling's renewable-fuels and non-porcine processing activities are generally permissible, but disclosed porcine exposure and a debt/assets ratio above the examined asset-based limits make the current result doubtful.
What You Should Know
Darling Ingredients' April 4, 2026 Form 10-Q reports $10,641.061 million of total assets, $4,125.787 million of interest-bearing debt, $116.015 million of cash, $637.372 million of net receivables and $1,550.821 million of quarterly revenue. Those inputs produce debt/assets of 38.77%, liquidity of 1.09% and receivables plus cash/assets of 7.08%. Debt fails the examined FTSE Yasaar, MSCI and Malaysia asset-based limits. The filing also explicitly describes porcine raw materials in Feed Ingredients and Food Ingredients, while the porcine-revenue share is not quantified; this is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •Debt/assets of 38.77% exceeds the examined 33% asset-based limits; the calculation uses current and long-term debt and excludes operating leases
- •Porcine fat, protein, collagen and gelatin are explicitly described in Feed Ingredients and Food Ingredients; the filing does not provide a universal porcine-revenue numerator
- •Diamond Green Diesel renewable fuels, food-waste recycling and bovine or poultry processing are generally permissible but coexist with the porcine-exposed businesses
- •The filing presents interest expense net of interest income but does not separately quantify Q1 interest income, so no unsupported income ratio is estimated
- •UPI Bovinos acquisition activity, DGD investment and distributions, RFS/RIN/45Z policy exposure and commodity derivatives remain qualitative diligence topics
- •Assets held for sale include grease-trap environmental services; the disposal is not treated as discontinued operations
- •Market-cap denominator methods are not calculated without a licensed historical market-cap series
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-04; calculated 2026-07-13.
4,125.787 / 10,641.061
116.015 / 10,641.061
753.387 / 10,641.061
- Financial
- Fails
- Overall
- Fails
Debt is 38.77%, above the examined 33.333% asset limit; liquidity is 1.09% and receivables plus cash are 7.08%. The overall result also fails because porcine-exposed activity is material and not reduced to an unsupported percentage.
- Financial
- Fails
- Overall
- Fails
Debt is 38.77%, above the examined MSCI 33.33% total-assets limit; liquidity and receivables plus cash are below their examined limits. The consolidated business-activity review independently fails because porcine exposure is explicitly disclosed. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 38.77%, above the examined 33% Malaysia SAC financial limit; identifiable liquidity is 1.09%. The issuer also has a material porcine-exposed business activity that is not quantified into a fabricated revenue percentage. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored, and a different denominator cannot cure the separately failed business-activity review.
Business-activity disclosure
Darling combines feed-ingredient rendering, food-grade collagen and gelatin, fats and proteins, and renewable fuels. The Q1 filing explicitly describes pork-derived raw materials in Feed Ingredients and Food Ingredients, including porcine collagen and gelatin, so the consolidated issuer has a material prohibited-activity exposure even though bovine, poultry, food-waste and renewable-fuel operations are generally permissible.
Limitation: The filing provides segment descriptions and volumes but does not allocate a reproducible porcine-revenue numerator by species, product or customer. No unsupported haram-revenue percentage is estimated; the qualitative business-activity concern is retained while the quantitative business screen remains incomplete.
Purification
Purification is not calculated because the filing does not disclose a separately quantified non-compliant income numerator and porcine-exposed rendering and food-ingredient activity remains a material qualitative concern.
Inputs, assumptions and primary sources
- Assets use Darling's consolidated total assets of $10,641.061 million at April 4, 2026.
- Interest-bearing debt uses $75.098 million of current long-term debt plus $4,050.689 million of long-term debt, or $4,125.787 million. Operating leases, pension and other liabilities are not silently added.
- Cash uses $116.015 million of cash and cash equivalents. Restricted cash is not added, and the filing does not separately report an interest-bearing securities balance.
- Receivables use $632.246 million of net accounts receivable plus $5.126 million due from related-party Diamond Green Diesel; other current assets and held-for-sale assets are not silently added.
- Quarterly total net sales are $1,550.821 million. The filing presents other expense net and says it includes interest expense net of interest income, but does not separately quantify interest income in the Q1 statements, so no unsupported income ratio is estimated.
- The filing does not provide a universal porcine-revenue numerator. It explicitly describes porcine raw materials in Feed Ingredients and Food Ingredients, including Rousselot collagen and gelatin, so business-activity status remains a qualitative failure rather than an invented percentage.
- Darling classified $128.043 million of assets held for sale and $23.298 million of related liabilities; the grease-trap environmental-services sale is expected to close by year-end 2026 and is not treated as discontinued operations.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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