The Short Answer
Darling Ingredients (DAR) is doubtful on the current examined quantitative and business-activity screens. Its April 4, 2026 filing reports $4,125.787 million of interest-bearing debt against $10,641.061 million of assets, producing a 38.77% debt/assets ratio above the examined 33% limits. The filing also describes porcine raw materials in Feed Ingredients and Food Ingredients. This is a methodology-based review, not a fatwa or universal certification.
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.
This is a reproducible ZakatInvest calculation from Darling's April 4, 2026 Form 10-Q. Market-cap denominator methods are not estimated without a licensed historical market-cap series.
Sharia Screening Methodology
Islamic equity screens commonly examine business activity, interest-bearing debt, cash and securities, receivables and separately disclosed non-compliant income. Denominators and thresholds vary by methodology, so the named methods are shown separately.
Darling Ingredients' Business Activity
Darling operates Feed Ingredients, Food Ingredients and Fuel Ingredients businesses. The filing describes rendering of beef, pork and poultry byproducts; porcine and bovine collagen and gelatin; food-grade fats and proteins; renewable diesel and sustainable aviation fuel through Diamond Green Diesel; biogas; and food-waste recycling.
The filing does not allocate a reproducible porcine-revenue numerator by species, product or customer. We therefore do not invent a percentage. The explicit porcine processing is retained as a business-activity failure, while the renewable-fuel, bovine, poultry and food-waste activities remain part of the qualitative context.
Qualitative Concerns
1. Porcine-derived products
Darling processes pork-derived raw materials in Feed Ingredients and Food Ingredients, including porcine fat and protein and porcine collagen and gelatin through Rousselot. These products raise direct Sharia concerns. The public filing does not quantify the consolidated porcine share, so the result should not be presented as a fabricated purification percentage.
2. Permissible businesses coexist with the concern
Diamond Green Diesel, sustainable aviation fuel, food-waste recycling and bovine or poultry processing are generally permissible at the activity level. They coexist with the porcine-exposed businesses in the same issuer and do not erase the consolidated business-activity issue.
3. Leverage and cash
Darling reports $4,125.787 million of interest-bearing debt, $116.015 million of cash and $637.372 million of net receivables. Debt/assets fails the examined asset-based limits, while liquidity and receivables-plus-cash remain below the examined thresholds.
4. Renewable-fuel policy and portfolio changes
Diamond Green Diesel economics depend partly on Renewable Fuel Standard, RIN and 45Z policy. The Q1 filing also describes the UPI Bovinos acquisition and held-for-sale grease-trap environmental-services assets. These events can change the operating perimeter and should trigger a fresh review.
Current Financial Ratios (April 4, 2026)
- Interest-bearing debt / assets: 38.77% — above the examined 33% limits ❌
- Cash + interest-bearing securities / assets: 1.09% — below the examined liquidity limits ✅
- Receivables + cash / assets: 7.08% — below the examined 50% limit ✅
- Disclosed interest income / revenue: Not calculated — the filing reports interest expense net of interest income but does not separately quantify Q1 interest income
- Porcine-revenue numerator: Not disclosed; explicit porcine processing makes the business-activity result fail
How to Read the Result
DAR is failing on both the examined debt ratio and the retained business-activity review. Investors using FTSE Yasaar, MSCI total-assets or Malaysia SAC-style limits should treat the current result as doubtful or non-compliant until a later filing changes the balance sheet and the porcine exposure is independently quantified.
- FTSE Yasaar asset-based financial screen — Fails at 38.77% debt/assets ❌
- MSCI Islamic total-assets financial screen — Fails at 38.77% debt/assets ❌
- Malaysia SAC asset-based financial screen — Fails at 38.77% debt/assets ❌
Bottom Line
Darling Ingredients (DAR) is currently doubtful and often treated as non-compliant. Renewable fuels and non-porcine processing are generally permissible, but explicit porcine exposure and debt/assets of 38.77% make this unsuitable for a simple halal label. Investors should consult a qualified Sharia adviser and recheck the next filing.
DAR's renewable-fuel activities are generally permissible, but disclosed porcine processing and debt/assets above the examined limits drive the current result.
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