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Ingredion Inc
INGR
$6.6B
Mkt Cap
$101.12
+0.87%
Ingredion Inc (INGR) has a current P/E ratio of 9.0, compared to its historical median P/E of 13.2. The stock is currently considered Fair based on its historical valuation range.
Ingredion Inc (INGR) has a 5-year average return on invested capital (ROIC) of 11.4%. This indicates solid capital allocation.
Ingredion Inc (INGR) has a market capitalization of $7.9B. It is classified as a mid-cap stock.
Yes, Ingredion Inc (INGR) pays a dividend with a trailing twelve-month yield of 2.68%.
Based on historical P/E analysis, Ingredion Inc (INGR) appears fair. The current P/E of 9.0 is 31% below its historical median of 13.2. The estimated fair value CAGR (P/E method) is 12.2%.
Ingredion Inc (INGR) operates in the Grain Mill Products industry, within the Consumer Defensive sector.
Ingredion Inc (INGR) reported annual revenue of $7.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Ingredion Incorporated is a leading global ingredient solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. The company derives most of its products by processing corn and other starch-based materials such as tapioca, potato, peas and rice, with starch-based products (food-grade and industrial starches, biomaterials and non-GMO products) representing 50 percent of net sales and sweetener products (glucose syrups, high maltose syrups, high fructose corn syrup, caramel color, dextrose, polyols and high-intensity sweeteners) representing 34 percent of net sales. Ingredion operates through three reportable segments: Texture & Healthful Solutions, which focuses on providing global customers with innovative ingredient solutions for texture and healthful attributes; Food & Industrial Ingredients–Latin America, which serves local markets in the region; and Food & Industrial Ingredients–U.S./Canada, which serves North American customers. The company's starches serve food companies for adhesion, clouding, dusting, expansion, fat replacement, freshness, gelling, glazing, mouthfeel, stabilization and texture, while the paper industry uses starches for strength and adhesion in corrugated boxes, and industrial companies use them in construction materials, textiles, adhesives, pharmaceuticals, cosmetics, mining and water filtration. Sweeteners are used in baked goods, snack foods, canned fruits, condiments, candy, dairy products, ice cream, beverages and brewing applications, with high maltose syrups enabling brewers to increase capacity without adding capital. The company also produces pulse-based protein ingredients from yellow peas, refined corn oil, corn gluten feed and meal for animal feed, and multi-ingredient systems and blends, competing with products made from cane and beet sugar, soybean oil and soybean meal.
【Operational recovery and margin stabilization】 Management expects sequential operating improvements at the Argo facility throughout 2026 following first-quarter operational challenges, with the team focused on executing an achievable recovery plan to restore normal operations. The Texture & Healthful Solutions segment is anticipated to continue delivering positive operating income growth driven by volume gains and clean-label solutions adoption, though manufacturing cost inflation is expected to partially offset margin expansion. The company is pursuing targeted price increases where required and leveraging pricing centers of excellence to manage foreign exchange headwinds, particularly from Mexican peso strength, while enterprise productivity initiatives from network optimization are expected to provide operational and commercial benefits to support margins. Management remains confident in the company's ability to navigate near-term macroeconomic softness and expects to achieve 16%-17% operating income margins in the Food & Industrial Ingredients U.S./Canada segment once Argo's recovery is complete, with the aspiration to recover the majority of margin decline by 2027.
| Metric | Target | Period |
|---|---|---|
| Net sales | flat to up low single digits | FY2026 |
| Adjusted operating income | flat to down low single digits | FY2026 |
| Adjusted earnings per share | $10.45-$11.15 | FY2026 |
| Cash from operations | $725 million-$825 million | FY2026 |
| Capital expenditures | $400 million-$440 million | FY2026 |
| Financing costs | $35 million-$45 million | FY2026 |
| Effective tax rate (reported and adjusted) | 26%-27.5% | FY2026 |
| Texture & Healthful Solutions operating income | up low single digits | FY2026 |
| Food & Industrial Ingredients LATAM operating income | down low single digits | FY2026 |
| Food & Industrial Ingredients U.S./Canada net sales | down low single digits | FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.2B | 7.2B | 7.4B | 8.2B | 7.9B | 6.9B |
| Net Income | 674M | 729M | 647M | 643M | 492M | 117M |
| EPS | $8.66 | $11.18 | $9.71 | $9.60 | $7.34 | $1.73 |
| Free Cash Flow | 449M | 511M | 1.1B | 743M | -148M | 92M |
| ROIC | 13.4% | 16.1% | 12.7% | 13.5% | 10.6% | 3.8% |
| Gross Margin | 24.5% | 25.3% | 24.1% | 21.4% | 18.8% | 19.3% |
| Debt/Equity | 0.42 | 0.46 | 0.45 | 0.66 | 0.90 | 0.81 |
| Dividends/Share | $2.71 | $3.24 | $3.15 | $2.90 | $2.70 | $2.72 |
| Operating Income | 943M | 1.0B | 883M | 957M | 762M | 310M |
| Operating Margin | 13.1% | 14.1% | 11.9% | 11.7% | 9.6% | 4.5% |
| ROE | 15.4% | 18.0% | 17.6% | 19.2% | 15.8% | 3.9% |
| Shares Outstanding | 78M | 65M | 67M | 67M | 67M | 68M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.7B | 5.6B | 5.7B | 6.2B | 6.3B | 6.2B | 6.0B | 6.9B | 7.9B | 8.2B | 7.4B | 7.2B | 7.2B |
| Gross Margin | 19.7% | 22.1% | 24.6% | 23.6% | 21.8% | 21.1% | 21.2% | 19.3% | 18.8% | 21.4% | 24.1% | 25.3% | 24.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | 44M | 43M | 43M | 52M | 63M | 67M | 71M | 71M |
| SG&A | 525M | 555M | 579M | 636M | 665M | 648M | 690M | 1.0B | 732M | 792M | 908M | 812M | 812M |
| EBIT | 581M | 660M | 806M | 836M | 703M | 664M | 582M | 310M | 762M | 957M | 883M | 1.0B | 943M |
| Op. Margin | 10.3% | 11.7% | 14.1% | 13.4% | 11.2% | 10.7% | 9.7% | 4.5% | 9.6% | 11.7% | 11.9% | 14.1% | 13.1% |
| Net Income | 355M | 402M | 485M | 519M | 443M | 413M | 348M | 117M | 492M | 643M | 647M | 729M | 674M |
| Net Margin | 6.3% | 7.2% | 8.5% | 8.3% | 7.0% | 6.7% | 5.8% | 1.7% | 6.2% | 7.9% | 8.7% | 10.1% | 9.4% |
| Non-Recurring | 66M | 61M | 19M | 38M | 64M | 57M | 93M | 47M | 4.0M | 11M | 217M | 21M | 23M |
| Returns on Capital | |||||||||||||
| ROIC | 11.9% | 12.7% | 14.0% | 14.0% | 12.4% | 11.1% | 9.0% | 3.8% | 10.6% | 13.5% | 12.7% | 16.1% | 13.4% |
| ROE | 16.3% | 18.8% | 20.6% | 19.0% | 16.8% | 16.2% | 12.3% | 3.9% | 15.8% | 19.2% | 17.6% | 18.0% | 15.4% |
| ROA | 7.0% | 7.9% | 8.9% | 8.8% | 7.5% | 7.0% | 5.4% | 1.7% | 6.8% | 8.5% | 8.6% | 9.5% | 8.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 731M | 686M | 771M | 769M | 703M | 680M | 829M | 392M | 152M | 1.1B | 1.4B | 944M | 900M |
| Free Cash Flow | 455M | 406M | 487M | 455M | 353M | 352M | 489M | 92M | -148M | 743M | 1.1B | 511M | 449M |
| Owner Earnings | 517M | 484M | 547M | 534M | 435M | 442M | 594M | 149M | -92M | 805M | 1.2B | 682M | 641M |
| CapEx | 276M | 280M | 284M | 314M | 350M | 328M | 340M | 300M | 300M | 314M | 295M | 433M | 451M |
| Maint. CapEx | 195M | 194M | 196M | 209M | 247M | 220M | 213M | 220M | 215M | 219M | 214M | 222M | 222M |
| Growth CapEx | 81M | 86M | 88M | 105M | 103M | 108M | 127M | 80M | 85M | 95M | 81M | 211M | 229M |
| D&A | 195M | 194M | 196M | 209M | 247M | 220M | 213M | 220M | 215M | 219M | 214M | 222M | 222M |
| CapEx/OCF | 37.8% | 40.8% | 36.8% | 40.8% | 49.8% | 48.2% | 41.0% | 76.5% | 197.4% | 29.9% | 20.5% | 45.9% | 50.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 128M | 126M | 141M | 165M | 182M | 174M | 178M | 184M | 181M | 194M | 210M | 211M | 211M |
| Dividend Yield | 3.1% | 2.6% | 2.1% | 2.3% | 2.8% | 3.6% | 3.8% | 3.4% | 3.3% | 3.0% | 2.6% | 2.6% | 2.7% |
| Share Buybacks | 304M | 41M | 8.0M | 123M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 6.2% | 0.8% | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 19M | 8.0M | 28M | 26M | 21M | 18M | 22M | 23M | 29M | 33M | 37M | 40M | 37M |
| Debt Repayment | 0 | 0 | 6.0M | 0 | 0 | 0 | 9.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 1.2B | 1.4B | 1.5B | 1.3B | 1.8B | 1.8B | 1.8B | 2.2B | 2.6B | 1.9B | 700M | 938M | 907M |
| Cash & Equiv. | 580M | 434M | 512M | 595M | 327M | 264M | 665M | 328M | 236M | 401M | 997M | 1.0B | 918M |
| Long-Term Debt | 1.8B | 1.8B | 1.9B | 1.7B | 1.9B | 1.8B | 1.7B | 1.7B | 1.9B | 1.7B | 1.8B | 1.7B | 1.7B |
| Debt/Equity | 0.85 | 0.87 | 0.80 | 0.64 | 0.88 | 0.77 | 0.82 | 0.81 | 0.90 | 0.66 | 0.45 | 0.46 | 0.42 |
| Interest Coverage | N/A | N/A | 13.7 | 10.9 | 351.5 | 8.3 | 7.5 | 4.3 | 9.3 | 10.0 | 18.4 | 27.5 | 27.5 |
| Equity | 2.2B | 2.1B | 2.6B | 2.9B | 2.4B | 2.7B | 3.0B | 3.1B | 3.1B | 3.5B | 3.8B | 4.3B | 4.4B |
| Total Assets | 5.1B | 5.1B | 5.8B | 6.1B | 5.7B | 6.0B | 6.9B | 7.0B | 7.6B | 7.6B | 7.4B | 7.9B | 7.9B |
| Total Liabilities | 2.9B | 2.9B | 3.2B | 3.2B | 3.3B | 3.3B | 3.8B | 3.8B | 4.3B | 4.0B | 3.6B | 3.5B | 3.5B |
| Intangibles | 290M | 410M | 502M | 493M | 460M | 437M | 444M | 434M | 401M | 385M | 358M | 347M | 339M |
| Retained Earnings | 2.3B | 2.6B | 2.9B | 3.3B | 3.5B | 3.8B | 4.0B | 3.9B | 4.2B | 4.7B | 5.1B | 5.6B | 5.7B |
| Working Capital | 1.4B | 1.2B | 1.3B | 1.5B | 1.2B | 1.2B | 1.2B | 1.2B | 1.4B | 1.6B | 2.1B | 2.2B | 2.2B |
| Current Assets | 2.1B | 1.9B | 2.3B | 2.4B | 2.1B | 2.2B | 2.6B | 2.7B | 3.3B | 3.4B | 3.4B | 3.5B | 3.5B |
| Current Liabilities | 721M | 742M | 978M | 957M | 946M | 967M | 1.5B | 1.5B | 1.9B | 1.8B | 1.3B | 1.3B | 1.3B |
| Per Share Data | |||||||||||||
| EPS | 4.74 | 5.51 | 6.55 | 7.06 | 6.17 | 6.13 | 5.15 | 1.73 | 7.34 | 9.60 | 9.71 | 11.18 | 8.66 |
| Owner EPS | 6.90 | 6.63 | 7.39 | 7.26 | 6.06 | 6.56 | 8.79 | 2.20 | -1.37 | 12.02 | 17.78 | 10.46 | 8.24 |
| Book Value | 29.07 | 29.39 | 34.64 | 39.33 | 33.26 | 40.37 | 43.67 | 45.84 | 46.95 | 52.82 | 57.09 | 65.55 | 56.34 |
| Cash Flow/Share | 9.76 | 9.40 | 10.41 | 10.46 | 9.79 | 10.09 | 12.27 | 5.80 | 2.27 | 15.78 | 21.55 | 14.48 | 11.52 |
| Dividends/Share | 1.71 | 1.73 | 1.90 | 2.24 | 2.53 | 2.58 | 2.63 | 2.72 | 2.70 | 2.90 | 3.15 | 3.24 | 2.71 |
| Shares Out. | 74.9M | 73.0M | 74.0M | 73.5M | 71.8M | 67.4M | 67.6M | 67.6M | 67.0M | 67.0M | 66.6M | 65.2M | 77.8M |
| Valuation | |||||||||||||
| P/E Ratio | 13.8 | 13.5 | 14.9 | 15.8 | 12.0 | 12.9 | 13.5 | 50.0 | 12.2 | 10.7 | 13.8 | 9.9 | 11.7 |
| P/FCF | 10.8 | 13.3 | 14.9 | 18.0 | 15.1 | 15.1 | 9.6 | 63.6 | N/A | 9.3 | 7.8 | 14.1 | 17.5 |
| EV/EBIT | 10.6 | 7.9 | 10.9 | 11.3 | 10.1 | 10.5 | 10.3 | 25.4 | 11.6 | 9.5 | 11.1 | 7.9 | 9.3 |
| Price/Book | 2.3 | 2.5 | 2.8 | 2.8 | 2.2 | 2.0 | 1.6 | 1.9 | 1.9 | 1.9 | 2.4 | 1.7 | 1.8 |
| Price/Sales | 0.7 | 0.8 | 1.2 | 1.2 | 1.0 | 0.8 | 0.8 | 0.8 | 0.7 | 0.8 | 1.1 | 1.1 | 1.1 |
| FCF Yield | 9.3% | 7.5% | 6.7% | 5.6% | 6.6% | 6.6% | 10.4% | 1.6% | -2.5% | 10.8% | 12.8% | 7.1% | 5.7% |
| Market Cap | 4.9B | 5.4B | 7.2B | 8.2B | 5.3B | 5.3B | 4.7B | 5.9B | 6.0B | 6.9B | 8.9B | 7.2B | 7.9B |
| Avg. Price | 55.22 | 65.40 | 92.52 | 97.83 | 91.44 | 70.98 | 69.55 | 79.70 | 81.51 | 95.58 | 119.07 | 125.13 | 101.12 |
| Year-End Price | 65.49 | 74.20 | 97.91 | 111.38 | 74.00 | 78.77 | 69.33 | 86.57 | 89.88 | 102.68 | 134.22 | 110.57 | 101.12 |
Ingredion Inc passes 6 of 9 quality checks, suggesting mixed fundamentals.
Ingredion Inc trades at 9.0x trailing earnings, compared to its 15-year median P/E of 13.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.5x vs a median of 14.9x. The company's 5-year average ROIC is 11.4% with a gross margin of 21.8%. Total shareholder yield (dividends) is 2.7%. At current prices, the estimated annualized return to fair value is +12.8%.
Ingredion Inc (INGR) has a net profit margin of 10.1%. This is a healthy margin.
Ingredion Inc (INGR) generated $511 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Ingredion Inc (INGR) has a debt-to-equity ratio of 0.46. This indicates a conservatively financed balance sheet.
Ingredion Inc (INGR) reported earnings per share (EPS) of $11.18 in its most recent fiscal year.
Ingredion Inc (INGR) has a return on equity (ROE) of 18.0%. This indicates the company generates strong returns for shareholders.
Ingredion Inc (INGR) has a 5-year average gross margin of 21.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for Ingredion Inc (INGR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Ingredion Inc (INGR) has a book value per share of $65.55, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sequential operating improvements at the Argo facility throughout 2026 following first-quarter operational challenges, with the team focused on executing an achievable recovery plan to restore normal operations. The Texture & Healthful Solutions segment is anticipated to continue delivering positive operating income growth driven by volume gains and clean-label solutions adoption, though manufacturing cost inflation is expected to partially offset margin expansion. The company is pursuing targeted price increases where required and leveraging pricing centers of excellence to manage foreign exchange headwinds, particularly from Mexican peso strength, while enterprise productivity initiatives from network optimization are expected to provide operational and commercial benefits to support margins. Management remains confident in the company's ability to navigate near-term macroeconomic softness and expects to achieve 16%-17% operating income margins in the Food & Industrial Ingredients U.S./Canada segment once Argo's recovery is complete, with the aspiration to recover the majority of margin decline by 2027.
Based on recent SEC filings and earnings calls, Ingredion Inc (INGR) has provided the following forward guidance: Net sales: flat to up low single digits (FY2026); Adjusted operating income: flat to down low single digits (FY2026); Adjusted earnings per share: $10.45-$11.15 (FY2026); Cash from operations: $725 million-$825 million (FY2026); Capital expenditures: $400 million-$440 million (FY2026), plus 6 additional metrics.
| Food & Industrial Ingredients U.S./Canada operating income | down low double digits | FY2026 |
Net sales (FY2026): “For the full year 2026, we now anticipate net sales to be flat to up low single digits”
Adjusted operating income (FY2026): “adjusted operating income will be flat to down low single digits”
Adjusted earnings per share (FY2026): “Our full year adjusted earnings per share is now expected to be in the range of $10.45-$11.15”
Cash from operations (FY2026): “We anticipate that our 2026 cash from operations will now be in the range of $725 million-$825 million”
Capital expenditures (FY2026): “Capital expenditures for the full year are now anticipated to be between $400 million-$440 million”
Financing costs (FY2026): “Our 2026 financing cost estimate is in the range of $35 million-$45 million”
Effective tax rate (reported and adjusted) (FY2026): “a reported and adjusted effective tax rate of 26%-27.5%”
Texture & Healthful Solutions operating income (FY2026): “operating income is now expected to be up low single digits”