Ingredion Incorporated enters a deal with Tate & Lyle to capitalize on the reformulation boom. Deal with Tate & Lyle represents a major strategic move likely to significantly boost Ingredion's trajectory in the reformulation market.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | 2 | — | 4 | 2 | — | — | — | — | 1 | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 3.50 |
—
—
—
|
| 2025 | 3.22 |
—
—
—
—
|
| 2024 | 2.36 |
—
—
—
|
| 2023 | 2.98 |
—
—
—
—
|
| 2022 | 2.72 |
—
—
—
—
|
| 2021 | 2.58 |
—
—
—
—
|
| 2020 | 2.54 |
—
—
—
—
|
| 2019 | 2.51 |
—
—
—
—
|
| 2018 | 2.45 |
—
—
—
—
|
| 2017 | 2.20 |
—
—
—
—
|
| 2016 | 1.90 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 409.00 | 1,008.00 | 1,033.00 | 952.00 |
| Receivables | 1,279.00 | 1,093.00 | 1,185.00 | 1,386.00 |
| Inventory | 1,450.00 | 1,187.00 | 1,227.00 | 1,109.00 |
| Other | — | — | — | — |
| 3,399.00 | 3,355.00 | 3,505.00 | 3,523.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 778.00 | 604.00 | 693.00 | 651.00 |
| ST’ Debt | 448.00 | 44.00 | 48.00 | 41.00 |
| Other | — | — | — | — |
| 1,772.00 | 1,281.00 | 1,316.00 | 1,259.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,792.00 | 1,850.00 | — | — |
—
|
| ’25 | 1,813.00 | 1,833.00 | 1,816.00 | 1,757.00 |
7,219.00
|
| ’24 | 1,882.00 | 1,878.00 | 1,870.00 | 1,800.00 |
7,430.00
|
| ’23 | 2,137.00 | 2,069.00 | 2,033.00 | 1,921.00 |
8,160.00
|
| ’22 | 1,892.00 | 2,044.00 | 2,023.00 | 1,987.00 |
7,946.00
|
| ’21 | 1,614.00 | 1,762.00 | 1,763.00 | 1,755.00 |
6,894.00
|
| ’20 | 1,543.00 | 1,349.00 | 1,502.00 | 1,593.00 |
5,987.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 33.00 | 90.00 | — | — |
—
|
| ’25 | 77.00 | 185.00 | 277.00 | 405.00 |
944.00
|
| ’24 | 209.00 | 312.00 | 479.00 | 436.00 |
1,436.00
|
| ’23 | (51.00) | 330.00 | 368.00 | 410.00 |
1,057.00
|
| ’22 | (52.00) | 48.00 | 84.00 | 72.00 |
152.00
|
| ’21 | 22.00 | 107.00 | 130.00 | 133.00 |
392.00
|
| ’20 | 65.00 | 229.00 | 268.00 | 267.00 |
829.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (77.00) | 129.00 | — | — |
—
|
| ’25 | (15.00) | 96.00 | 160.00 | 270.00 |
511.00
|
| ’24 | 144.00 | 257.00 | 429.00 | 311.00 |
1,141.00
|
| ’23 | (126.00) | 252.00 | 290.00 | 327.00 |
743.00
|
| ’22 | (132.00) | (9.00) | 25.00 | (25.00) |
(141.00)
|
| ’21 | (41.00) | 68.00 | 46.00 | 37.00 |
110.00
|
| ’20 | (33.00) | 152.00 | 193.00 | 184.00 |
496.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2.22 | 1.78 | — | — |
—
|
| ’25 | 3.00 | 2.99 | 2.61 | 2.56 |
11.18
|
| ’24 | 3.23 | 2.22 | 2.83 | 1.43 |
9.71
|
| ’23 | 2.85 | 2.42 | 2.36 | 1.97 |
9.60
|
| ’22 | 1.92 | 2.12 | 1.59 | 1.71 |
7.34
|
| ’21 | (3.66) | 2.62 | 1.75 | 0.99 |
1.73
|
| ’20 | 1.11 | 0.98 | 1.36 | 1.70 |
5.15
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 78.81 | 89.54 | 106.03 | 102.31 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 101.89 | 113.46 | 155.44 | 141.78 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,700 | 11,600 | 11,200 | 11,200 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.68 | 0.70 | 0.66 | 0.64 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7,946.00 | 8,160.00 | 7,430.00 | 7,219.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.80% | 21.43% | 24.10% | 25.32% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 668.00 | 839.00 | 931.00 | 974.00 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.41% | 10.28% | 12.53% | 13.49% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 502.00 | 651.00 | 654.00 | 736.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 215.00 | 219.00 | 214.00 | 222.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 120.03 | 123.64 | 113.44 | 112.45 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 7.43 | 9.74 | 9.88 | 11.36 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.30 | 16.02 | 21.92 | 14.70 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.43) | (4.76) | (4.50) | (6.74) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.13) | 11.26 | 17.42 | 7.96 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 47.78 | 53.82 | 58.37 | 66.90 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 66.20 | 66.00 | 65.50 | 64.20 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.13 | 11.26 | 13.92 | 9.72 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.81 | 0.89 | 1.21 | 0.98 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.04 | 2.04 | 2.36 | 1.65 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.09 | 1.11 | 1.32 | 1.09 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (61.64) | 12.14 | 8.62 | 15.33 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 152.00 | 1,057.00 | 1,436.00 | 944.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (293.00) | (314.00) | (295.00) | (433.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (141.00) | 743.00 | 1,141.00 | 511.00 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,427.00 | 1,627.00 | 2,074.00 | 2,189.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,483.00 | 2,188.00 | 1,831.00 | 1,790.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,244.00 | 1,779.00 | 823.00 | 757.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,163.00 | 3,552.00 | 3,823.00 | 4,295.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.76% | 8.46% | 8.58% | 9.50% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.81% | 11.22% | 11.88% | 12.57% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.67% | 19.15% | 17.55% | 17.96% | ‡‡‡‡‡ | — | — |
ROE
|
Ingredion Incorporated (INGR), a global leader in corn-derived starches, sweeteners, and specialty ingredients, has shown impressive resilience amid macroeconomic challenges like COVID-19 and commodity inflation, growing revenue from $5.7 billion in 2016 to a 2023 peak of $8.16 billion at a 4.1% CAGR through strategic shifts to higher-margin specialties via acquisitions like PureCircle and divestitures of low-margin units. Despite a 9% revenue contraction in 2024 to $7.43 billion due to normalizing input costs and destocking, fundamentals are rebounding strongly: gross margins hit 24.1% (up 28% from 2022), EBT margins reached 12.5%, and free cash flow per share surged to $17.42 from negative territory, fueling 63% net debt reduction to $823 million.
Trading at forward P/E of 10-11x—40% below historical averages—and EV/FCF of 15x versus sector medians, INGR appears deeply undervalued relative to its cash generation and projected EPS growth to $11.83 by 2027 (+20% from 2024), driven by 1.5-3% revenue CAGR and specialty demand in plant-based foods and sustainable packaging. While insider selling ($10.4 million over 12 months) tempers short-term enthusiasm, low debt, high ROIC (11.9%), and a base-case 5-8% annualized return potential position Ingredion for steady mid-single-digit growth with attractive upside skew.
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