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Ingredion Incorporated

INGR Consumer Defensive Packaged Foods

Ingredion Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, down 2.84% from fiscal 2024.

Revenue
+0.93%
EPS
−40.8%
Free cash flow
+34.4%
Total debt
−0.22%

Quarter to June 2026, against a year earlier

97.05 0.31 −0.32%
Market cap
$6.1B
P/E
10.4×
Fwd P/E
10.3×
Dividend yield
3.39%
F-score
8/9
Altman Z
3.84
Beneish M
−2.53
Dividend safety
89/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • T&HS
  • F&II–LATAM
  • F&II–U.S./Canada
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 5.95
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 4 2 — — — — 1 — — —
Insider Ownership 2.72%

Capital & Financial Ratios $m

Size
Market Cap 6,140.00
Revenue ttm 7,215.00
Net income ttm 599.00
Free cash flow ttm 482.00
Net debt Q 831.00
Valuation
P/E 10.44
Forward P/E 10.30
Price / sales 0.85
Forward P/S Powerpack
Price / FCF 12.75
Price / book 1.36
Financial health
Current ratio Q 2.80 (at or above 1.5: strong)
Debt / equity Q 0.39 (at or below 0.5: strong)
Interest coverage Q 3.42
Growth
Revenue growth Q +0.93% (above 0%: growing)
Operating income growth Q −30.63% (below 0%: shrinking)
EPS, this year −8.94% (below 0%: weak)
EPS, next year A +6.34%
Revenue, next year A −0.30% (below 0%: weak)
EPS, past 5 yrs +16.77% (at or above 15%: strong)
EPS, next 5 yrs A +1.30%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.2×; over the ten years it ranged from 0.9× in 2026 to 2.0× in 2016.
P/E against its own 10 years 5.61%
10-year low 10-year high
P/S against its own 10 years 19.44%
10-year low 10-year high
P/B against its own 10 years 1.03%
10-year low 10-year high
EV/Sales against its own 10 years 1.25%
10-year low 10-year high
EV/FCF against its own 10 years 20.92%
10-year low 10-year high

Dividends raised 2 years running

Yield
3.39%
Annual rate
3.29
Payout ratio
35.9%
Growth, 2018–26
+3.75%/yr
  1. 2.45 ’18
  2. 2.51 ’19 +2
  3. 2.54 ’20 +1
  4. 2.58 ’21 +2
  5. 2.72 ’22 +5
  6. 2.98 ’23 +10
  7. 2.36 ’24 −21
  8. 3.22 ’25 +36
  9. 3.29 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 409 1,008 1,033 952
Receivables 1,279 1,093 1,185 1,386
Inventory 1,450 1,187 1,227 1,109
Other — — — —
3,399 3,355 3,505 3,523
2023 2024 2025 Q'26
Payables 778 604 693 651
ST’ Debt 448 44 48 41
Other — — — —
1,772 1,281 1,316 1,259

Compound Annual Growth %

10y 5y 3y
Sales 2.53% 3.81% (3.15%)
Cash Flow 3.24% 2.63% 83.81%
Earnings 6.13% 15.94% 14.00%
Book Value 7.02% 7.64% 10.74%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.73 Actual 2.82

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.73 2.75 Beat by 0.02
Q4 FY25 2.59 2.53 Miss by 0.06
Q1 FY26 2.44 2.34 Miss by 0.10
Q2 FY26 2.73 2.82 Beat by 0.09
Q3 FY26 2.55 — Reports 5 November 2026

EPS $

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
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,792 1,850 — — —
’25 1,813 1,833 1,816 1,757 7,219
’24 1,882 1,878 1,870 1,800 7,430
’23 2,137 2,069 2,033 1,921 8,160
’22 1,892 2,044 2,023 1,987 7,946
’21 1,614 1,762 1,763 1,755 6,894
’20 1,543 1,349 1,502 1,593 5,987
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 33 90 — — —
’25 77 185 277 405 944
’24 209 312 479 436 1,436
’23 (51) 330 368 410 1,057
’22 (52) 48 84 72 152
’21 22 107 130 133 392
’20 65 229 268 267 829
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (77) 129 — — —
’25 (15) 96 160 270 511
’24 144 257 429 311 1,141
’23 (126) 252 290 327 743
’22 (132) (9) 25 (25) (141)
’21 (41) 68 46 37 110
’20 (33) 152 193 184 496
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 1.6% a year for ten years. It grew 6.5% a year over the last ten.

Implied
1.6%
10 years, reported
6.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,704 6,244 6,289 6,209 5,987 6,894 7,946 8,160 7,430 7,219 7,215 +2.7% 7,197 7,346 7,499 +1.3%
Gross margin, % 24.56 23.57 21.75 21.13 21.25 19.31 18.80 21.43 24.10 25.32 23.73 +0.8 pt
EBT 742 769 621 582 506 248 668 839 931 974 817 +3.1%
EBT margin, % 13.01 12.32 9.87 9.37 8.45 3.60 8.41 10.28 12.53 13.49 11.32 +0.5 pt
Net income 496 532 454 424 354 125 502 651 654 736 599 +4.5%
Per share, $
Per share, $ Revenue 78.89 86.72 88.70 92.81 89.09 102.74 120.03 123.64 113.44 112.45 113.98 +4.0%
Earnings 6.70 7.21 6.25 6.17 5.18 1.74 7.43 9.74 9.88 11.36 9.30 +6.0%
Cash flow 10.66 10.68 9.92 10.16 12.34 5.84 2.30 16.02 21.92 14.70 12.72 +3.6%
Capex (3.89) (4.25) (4.92) (4.87) (4.96) (4.20) (4.43) (4.76) (4.50) (6.74) (5.10) +6.3%
Free cash flow 6.78 6.43 4.99 5.29 7.38 1.64 (2.13) 11.26 17.42 7.96 7.61 +1.8%
Book value 35.89 40.51 33.96 40.97 44.23 46.47 47.78 53.82 58.37 66.90 71.47 +7.2%
Shares, m 72 72 71 67 67 67 66 66 66 64 64 (1.3%)
Valuation, ×
Valuation, × P/E 18.83 19.41 14.65 15.04 15.19 55.22 13.13 11.26 13.92 9.72 10.44 18.6
P/S 1.59 1.61 1.03 1.00 0.88 0.94 0.81 0.89 1.21 0.98 0.85 1.1
P/B 3.49 3.45 2.69 2.27 1.78 2.08 2.04 2.04 2.36 1.65 1.36 2.4
EV/Sales 1.84 1.82 1.31 1.26 1.14 1.19 1.09 1.11 1.32 1.09 0.97 1.3
EV/FCF 21.44 24.49 23.29 22.03 13.73 74.53 (61.64) 12.14 8.62 15.33 14.47 15.4
Cash, $m
Cash, $m Operating cash flow 771 769 703 680 829 392 152 1,057 1,436 944 805 +2.3%
Capex (281) (306) (349) (326) (333) (282) (293) (314) (295) (433) (323) +4.9%
Free cash flow 490 463 354 354 496 110 (141) 743 1,141 511 482 +0.5%
Balance, $m
Balance, $m Working capital 1,274 1,458 1,192 1,193 1,189 1,185 1,427 1,627 2,074 2,189 2,264 +6.2%
Net debt 1,440 1,260 1,766 1,580 1,521 1,714 2,244 1,779 823 757 831 (6.9%)
Shareholders’ equity 2,595 2,917 2,408 2,741 2,972 3,118 3,163 3,552 3,823 4,295 4,524 +5.8%
Returns, %
Returns, % ROA 8.94 8.75 7.50 7.02 5.40 1.69 6.76 8.46 8.58 9.50 7.47 +0.6 pt
ROIC 12.48 12.51 10.53 9.60 8.10 4.01 8.81 11.22 11.88 12.57 10.04 +0.1 pt
ROE 20.31 18.83 16.64 16.04 12.18 3.84 15.67 19.15 17.55 17.96 13.54 (2.3) pt
People
People Employees 11,000 11,000 11,000 11,000 12,000 12,000 11,700 11,600 11,200 11,200 — +0.2%
Revenue/emp, $m 0.52 0.57 0.57 0.56 0.50 0.57 0.68 0.70 0.66 0.64 — +2.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Ingredion makes ingredients from corn and other plant materials for companies that manufacture foods, beverages, animal nutrition products and industrial goods. Founded in 1959 and headquartered in Westchester, it is led by Chairman, President and Chief Executive Officer James P. Zallie.

Its main products are starches and sweeteners. Food manufacturers use its starches to change properties such as texture, freshness and stability. Its sweeteners can add sweetness as well as body and other functional properties. The company also makes protein ingredients from yellow peas, sells corn oil and animal feed products, and combines ingredients into customized blends.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
T&HS 2,429 33.65%
F&II–LATAM 2,392 33.13%
F&II–U.S./Canada 2,121 29.38%
Other, not broken out 277 3.84%
Gross margin 25.32%
Operating margin 14.07%
Pre-tax margin 13.49%

Revenue by segment since 2009

Ingredion Incorporated vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DAR Darling Ingredients Inc. $8.0B 9.5× 8.2× +14.52% (above 0%: growing) +1,323.67% (above 0%: growing) +428.22% (above 0%: growing) 26.66% 18.61% Compare
SFD Smithfield Foods, Inc. $7.7B 8.5× 10.5× −8.27% (below 0%: shrinking) −63.32% (below 0%: shrinking) +160.00% (above 0%: growing) 9.11% 3.70% Compare
LW Lamb Weston $7.6B 29.9× 20.3× +0.66% (above 0%: growing) −54.35% (below 0%: shrinking) −47.29% (below 0%: shrinking) 15.96% 4.92% Compare
CAG Conagra Brands $7.4B — (loss-making) 10.2× −1.39% (below 0%: shrinking) +5.88% (above 0%: growing) −464.50% (below 0%: shrinking) 23.83% 10.34% Compare
CPB The Campbell's Company $7.0B 17.5× 12.5× −7.93% (below 0%: shrinking) n/m +5.43% (above 0%: growing) 27.28% 0.19% Compare
PPC Pilgrim's Pride Corporation $6.8B 21.3× 20.3× −2.23% (below 0%: shrinking) −65.97% (below 0%: shrinking) −101.15% (below 0%: shrinking) 7.17% 4.12% Compare
INGR Ingredion Incorporated $6.1B 10.4× 10.3× +0.93% (above 0%: growing) −40.79% (below 0%: shrinking) +34.38% (above 0%: growing) 23.03% 10.16%
POST Post Holdings, Inc. $3.7B 14.2× 11.8× −1.83% (below 0%: shrinking) −27.69% (below 0%: shrinking) +69.65% (above 0%: growing) 29.07% 9.72% Compare
FRPT Freshpet, Inc. $3.1B 24.3× 34.4× +10.04% (above 0%: growing) −70.50% (below 0%: shrinking) +19.86% (above 0%: growing) 44.46% 11.05% Compare
Median of peers $7.2B 17.5× 12.2× −1.61% −54.35% +12.65% 25.25% 7.32%

All 68 Packaged Foods stocks →

From the latest earnings call

Updated

  • James Zallie said Argo’s refinery issues had been addressed and oil processing was back at historical run rates, with targeted investment planned to improve reliability.
  • Jason Payant said Ingredion’s underlying full-year expectations were otherwise unchanged after the Pakistan sale, with better Texture & Healthful Solutions performance offset by softer U.S./Canada performance.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.47%
Held by the ten largest 47.34%
Holder Shares Stake Change
Vanguard 8.27m 13.11% +280.05k
BlackRock 6.53m 10.36% +183.92k
Dimensional Fund Advisors 3.36m 5.32% +242.13k
LSV ASSET MANAGEMENT 2.27m 3.59% +130.20k
State Street 2.23m 3.54% +67.55k
Fidelity (FMR) 1.56m 2.47% +30.62k
AQR Capital Management 1.50m 2.38% −703.35k
YACKTMAN ASSET MANAGEMENT LP 1.47m 2.33% +31.15k
First Trust 1.38m 2.18% −1.67m
Geode Capital Management 1.30m 2.06% +12.46k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 8 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.93m 5.26m 159.83
2024 11.90m 26.60m 194.60
2023 11.10m 19.41m 150.60
2022 9.48m 14.45m 132.01
2021 10.33m 14.16m 126.35

Ownership

Directors and executive officers, together 1.60%
BlackRock, Inc.50 Hudson YardsNew York, NY 10.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ingredion Incorporated (INGR) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · StockStory
Impact 3 · · GlobeNewswire

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · StockStory

21 Oct

Impact 4 · · packaging-gateway.com
Impact 4 · · Zacks

7 Oct

Impact 4 · · Zacks

2 Oct

Impact 3 · · Zacks

30 Sep

Impact 3 · · Insider Monkey
Impact 3 · · StockStory

24 Sep

Impact 4 · · Zacks

23 Sep

Impact 4 · · Simply Wall St.

22 Sep

Impact 4 · · Simply Wall St.

21 Sep

Impact 4 · · Insider Monkey
Impact 3 ·

17 Sep

Impact 4 · · fooddive.com

10 Sep

Impact 3 ·

18 Aug

Impact 4 ·

12 Aug

Impact 3 ·

11 Aug

Impact 3 · · The Motley Fool transcript

5 Aug

Impact 3 ·
Impact 3 · · MarketBeat

4 Aug

Impact 3 · · Moby transcript
Impact 3 · transcript
Impact 3 ·
Impact 3 ·

3 Aug

Impact 4 ·
Impact 3 ·

28 Jul

Impact 4 ·

INGR metrics, ten years each

stockrow.com/INGR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com