Darling Ingredients Inc (DAR) is overvalued and McCormick & Co Inc (MKC) is slightly undervalued.
Against our estimates of intrinsic value, MKC trades at the wider discount: a margin of safety of +19%, against -40% for DAR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.7% (average of 3 methods) values the shares at $43.98; the price of $61.63 is 40% above that value, and 77% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $60.69; the price of $49.42 is 19% below that value, and 80% of that value comes from beyond year five.
Leak Score 81/100 on 3 of 12 signals
| Metric | DAR | MKC |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $61.63 | $49.42 |
| Intrinsic value | $43.98 | $60.69 |
| Margin of safety | -40% | +19% |
| Leak Score | 14/100 (3/12) | 81/100 (3/12) |
| Market cap | $9.7B | $13.3B |
| Revenue growth, 5 years | 11.4% | 4.1% |
| Operating margin | 8.9% | 16.7% |
| Net margin | 9.1% | 21.9% |
| Return on equity | 12.1% | 25.7% |
| Debt to equity | 0.80 | 0.71 |
| P/E | 16.6x | 8.2x |
| Forward P/E | 10.1x | 15.0x |
| P/B | 1.9x | 1.9x |
| Dividend yield | — | 3.9% |