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. In the quarter to June 2026, revenue was flat, EPS fell 40.8%, free cash flow grew 34.4% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Ingredion Incorporated (INGR) Altman Z-score
Ingredion Incorporated's Altman Z-score for fiscal 2025 is 3.84, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.84 | (0.33) |
| FY2024 | 4.17 | 0.53 |
| FY2023 | 3.64 | 0.37 |
| FY2022 | 3.27 | 0.16 |
| FY2021 | 3.12 | 0.13 |
| FY2020 | 2.99 | (0.65) |
| FY2019 | 3.63 | (0.15) |
| FY2018 | 3.79 | (0.64) |
| FY2017 | 4.43 | 0.31 |
| FY2016 | 4.11 | 0.16 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.33 | |
| Retained earnings / total assets | 0.71 | — | 0.99 | |
| EBIT / total assets | 0.13 | — | 0.42 | |
| Market value of equity / total liabilities | 1.97 | — | 1.18 | |
| Sales / total assets | 0.91 | — | 0.91 | |
| Altman Z-score | Safe zone | 3.84 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.25 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INGR Ingredion Incorporated | 3.8× |
| PPC Pilgrim's Pride Corporation compare | 3.6× |
| SFD Smithfield Foods, Inc. compare | 3.4× |
| HRL Hormel Foods Corporation compare | 3.3× |
| LW Lamb Weston compare | 2.5× |
| DAR Darling Ingredients Inc. compare | 1.9× |
| CPB The Campbell's Company compare | 1.5× |
| POST Post Holdings, Inc. compare | 1.5× |
| CAG Conagra Brands compare | 1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets