Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

<ul><li>Meta teams up with Overview Energy to get up to 1 GW of solar power from satellites in space, aiming to run its US data centers non-stop by 2030. </li><li>Billions in federal EV charger money sits mostly unused due to red tape and delays, while extreme weather slashes car range up to 39%. </li><li>Louisiana Bill HB79 pushes to ditch the $250K limit on carbon storage accident payouts for fairer rules. </li></ul>

Meta teams up with Overview Energy to get up to 1 GW of solar power from satellites in space, aiming to run its US data centers non-stop by 2030. Billions in federal EV charger money sits mostly unused due to red tape and delays, while extreme weather slashes car range up to 39%. Louisiana Bill HB79 pushes to ditch the $250K limit on carbon storage accident payouts for fairer rules. 

Sustainable Investing Surveyor : Focus on Darling Ingredients, Inc. (DAR) - 4 May 2026

<div><ul><li>Darling Ingredients, Inc. (NYSE: DAR) is a global leader in sustainable solutions. </li><li>The company transforms animal by-products, used cooking oil, and food waste into ingredients for food, feed, and fuel.</li><li>Its Diamond Green Diesel (DGD) JV with Valero (VLO) is the largest US renewable fuels producer, with 1.2 billion gallons of renewable diesel (RD) and sustainable aviation fuel (SAF) capacity.</li></ul></div>

Darling Ingredients, Inc. (NYSE: DAR) is a global leader in sustainable solutions. The company transforms animal by-products, used cooking oil, and food waste into ingredients for food, feed, and fuel.Its Diamond Green Diesel (DGD) JV with Valero (VLO) is the largest US renewable fuels producer, with 1.2 billion gallons of renewable diesel (RD) and sustainable aviation fuel (SAF) capacity.

DAR: 1Q26 Beats, Policy Tailwinds Persist, and Strait of Hormuz Reshapes Renewables Outlook

Thematic (Sector/Industry)

<div><ul><li>The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. </li><li>Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.</li><li>In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.</li></ul></div>

The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

<div><ul><li>Darling Ingredients, Inc. (NYSE: DAR) is a global leader in sustainable solutions, transforming animal by-products, used cooking oil, and food waste into ingredients for food, feed, and fuel. </li><li>The company’s Diamond Green Diesel (DGD) JV with Valero (VLO) is the largest renewable fuels producer in the US, with 1.2 billion gallons of renewable diesel (RD) and sustainable aviation fuel (SAF) capacity.</li><li>DAR results beat expectations, with 4Q25 Combined Adjusted EBITDA of $336 million ($279 million FactSet consensus). By business segment: Feed EBITDA $193 million ($169 million consensus), Food EBITDA $82 million ($72 million consensus), and Fuel EBITDA $85 million (including DGD) ($45.5 million consensus).</li></ul></div>

Darling Ingredients, Inc. (NYSE: DAR) is a global leader in sustainable solutions, transforming animal by-products, used cooking oil, and food waste into ingredients for food, feed, and fuel. The company’s Diamond Green Diesel (DGD) JV with Valero (VLO) is the largest renewable fuels producer in the US, with 1.2 billion gallons of renewable diesel (RD) and sustainable aviation fuel (SAF) capacity.DAR results beat expectations, with 4Q25 Combined Adjusted EBITDA of $336 million ($279 million FactSet consensus). By business segment: Feed EBITDA $193 million ($169 million consensus), Food EBITDA $82 million ($72 million consensus), and Fuel EBITDA $85 million (including DGD) ($45.5 million consensus).

DAR: 4Q25 a Beat Across Feed, Food, and Fuel; Constructive 2026 Outlook

<ul><li>Global clean energy trends show accelerating momentum with regional divergences.</li><li>UBS forecasts a five-year boom in energy storage as AI-driven data center demand surges, while US solar project delays continue to ease with 32 GW expected through late 2026.</li><li>EV markets split sharply, China and Europe posted strong October sales, but US demand plunged after tax credits expired. T</li></ul>

Global clean energy trends show accelerating momentum with regional divergences.UBS forecasts a five-year boom in energy storage as AI-driven data center demand surges, while US solar project delays continue to ease with 32 GW expected through late 2026.EV markets split sharply, China and Europe posted strong October sales, but US demand plunged after tax credits expired. T

Sustainable Investing Surveyor : Focus on Darling Ingredients, Inc. - 17 November 2025

United States

Darling Ingredients Inc. collects and recycles animal processing by-products and used restaurant cooking oil.  The Company also provides grease trap collection services to restaurants.  Darling processes such raw materials into finished products such as tallow, meat and bone meal, and yellow grease for sale in the United States and overseas.

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Darling Ingredients (DAR US)

Sustainable Investing Surveyor : Focus on Darling Ingredients, Inc. (DAR) - 4 May 2026

Meta teams up with Overview Energy to get up to 1 GW of solar power from satellites in space, aiming to run its US data centers non-stop by 2030.

Water Tower Research

DAR: 1Q26 Beats, Policy Tailwinds Persist, and Strait of Hormuz Reshapes Renewables Outlook

Its Diamond Green Diesel (DGD) JV with Valero (VLO) is the largest US renewable fuels producer, with 1.2 billion gallons of renewable...

Water Tower Research

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance...

Water Tower Research

DAR: 4Q25 a Beat Across Feed, Food, and Fuel; Constructive 2026 Outlook

Darling Ingredients, Inc. (NYSE: DAR) is a global leader in sustainable solutions, transforming animal by-products, used cooking oil, and food...

Water Tower Research

Sustainable Investing Surveyor : Focus on Darling Ingredients, Inc. - 17 November 2025

UBS forecasts a five-year boom in energy storage as AI-driven data center demand surges, while US solar project delays continue to ease with 32 GW...

Water Tower Research

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