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) Beneish M-score
Ingredion Incorporated's Beneish M-score for fiscal 2025 is −2.53; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.53 | 0.60 |
| FY2024 | −3.13 | (0.29) |
| FY2023 | −2.85 | (0.75) |
| FY2022 | −2.10 | 0.38 |
| FY2021 | −2.48 | 0.30 |
| FY2020 | −2.78 | (0.22) |
| FY2019 | −2.56 | 0.14 |
| FY2018 | −2.70 | (0.12) |
| FY2017 | −2.58 | (0.05) |
| FY2016 | −2.53 | 0.13 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.03) | — | −0.12 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.53 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CAG Conagra Brands compare | −3.5× |
| DAR Darling Ingredients Inc. compare | −2.9× |
| LW Lamb Weston compare | −2.9× |
| CPB The Campbell's Company compare | −2.6× |
| HRL Hormel Foods Corporation compare | −2.6× |
| INGR Ingredion Incorporated | −2.5× |
| POST Post Holdings, Inc. compare | −2.5× |
| PPC Pilgrim's Pride Corporation compare | −2.4× |
| SFD Smithfield Foods, Inc. compare | −1.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI