Ingredion Inc INGR

Consumer StaplesFood & TobaccoUnited States of America

Last close 98.93 USD on Nov 2, 2026, −7.4% year to date

Quant rating

Quant rating B Rank 46 of 124 in Consumer Staples

Growth C 73 of 124
Valuation A 14 of 124
Quality B 22 of 124
Revisions C 76 of 124
Momentum D 89 of 124

Wall Street consensus Hold (2.75)Average target 119.65 USD +20.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.2B
Enterprise value: 7.1B
52-week range: 93.35 – 123.48
3-year range: 93.35 – 154.86
Dividend yield: 3.42%
Beta (5 years): 0.62
Shares outstanding: 63.1M
Next earnings: Nov 5, 2026

About the company

Ingredion Incorporated is a global ingredient solutions provider that transforms grains, fruits, vegetables and other plant-based materials into ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. The Company operates through three segments, which include Texture & Healthful Solutions (T&HS), Food & Industrial Ingredients (F&II)–Latin America (LATAM), and F&II–U.S./Canada. The Texture & Healthful Solutions segment primarily manufactures texturizing food ingredients. The Food & Industrial Ingredients segment primarily manufactures food, ingredient, and industrial products, which are processed from raw materials that primarily source within South America and Mexico. The Food & Industrial Ingredients–United States/Canada segment primarily manufactures food, ingredients, and industrial products. The Company's Benicaros is a patented, prebiotic fiber made from upcycled carrot pomace clinically to support immune health.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,219	7,430	8,160	7,946	6,894	–
Revenue growth	−2.8%	−8.9%	2.7%	15.3%	15.1%	3.8%
EPS (basic, normalized)	11.13	10.65	9.42	7.45	6.67	–
EPS growth	4.5%	13.1%	26.4%	11.7%	–	–
Gross margin	25.3%	24.1%	21.4%	18.8%	19.3%	21.8%
Net margin	10.1%	8.7%	7.9%	6.2%	1.7%	6.9%
ROE	18.0%	17.6%	19.2%	15.8%	3.9%	14.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	952
Current ratio	2.80x
Long-term debt (mil)	1,742
Net debt (mil)	831
Total equity (mil)	4,524
Net debt / equity	0.18x
Net debt / EBITDA	0.66x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,219	−2.8%	1.0x	1,250	+1.3%	5.7x	11.13	+4.5%	8.9x
2026	7,203	−0.2%	1.0x	1,153	−7.8%	6.1x	10.46	−6.1%	9.5x
2027	7,331	+1.8%	1.0x	1,249	+8.3%	5.7x	11.23	+7.4%	8.8x
2028	7,486	+2.1%	0.9x	1,305	+4.5%	5.4x	11.91	+6.1%	8.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,203	−0.1%	−0.4%	−1.0%	10.46	−1.1%	−2.5%	−4.0%
2027	7,331	+0.2%	−0.7%	−2.2%	11.23	−1.0%	−2.5%	−3.7%
2028	7,486	+0.2%	−0.6%	−3.7%	11.91	−1.1%	−2.9%	−5.2%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,882	1,878	1,870	1,800	1,813	1,833	1,816	1,757	1,792	1,850
Sales mean (mil)	2,011	1,980	1,946	1,873	1,838	1,889	1,902	1,783	1,789	1,835
Surprise	−6.4%	−5.1%	−3.9%	−3.9%	−1.4%	−3.0%	−4.5%	−1.5%	+0.2%	+0.8%
EPS reported	2.08	2.87	3.05	2.63	2.97	2.87	2.75	2.53	2.34	2.82
EPS mean	2.06	2.49	2.58	2.57	2.41	2.79	2.89	2.61	2.47	2.72
Surprise	+1.0%	+15.3%	+18.0%	+2.5%	+23.1%	+2.9%	−4.7%	−3.1%	−5.3%	+3.6%

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
INGR Ingredion Inc	6.2B	0.66x	10.1%	1.38x	9.5x	8.8x	6.1x	5.7x
VYLR Vylor Inc.	49.1B	–	5.8%	2.87x	32.0x	28.5x	16.9x	15.7x
ADM Archer-Daniels-Midland Co	36.5B	1.97x	1.3%	1.55x	13.7x	13.0x	9.3x	9.0x
HSY The Hershey Company	34.4B	1.80x	7.6%	5.14x	19.7x	17.9x	12.7x	11.8x
IFF International Flavors & Fragrances Inc.	24.1B	2.48x	−3.3%	1.73x	29.6x	24.4x	18.5x	17.3x
BG Bunge Global SA	18.1B	5.43x	1.2%	1.13x	10.1x	8.7x	8.4x	7.6x
Mean		2.47x	3.8%	2.30x	19.1x	16.9x	12.0x	11.2x
Median		1.97x	3.6%	1.64x	16.7x	15.5x	11.0x	10.4x

Technical analysis

1M+3.8%
3M+0.3%
1Y−11.5%
3Y+13.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ingredion Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,219	7,430	8,160	7,946	6,894	5,987
Cost of revenue	5,391	5,639	6,411	6,452	5,563	4,715
Gross profit	1,828	1,791	1,749	1,494	1,331	1,272
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	21.0	37.0	11.0	4.0	387	98.0
Other operating expenses	791	781	781	728	634	597
Operating income	1,016	973	957	762	310	577
Net interest income (expense)	−37.0	−39.0	−114	−99.0	−74.0	−76.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−5.0	−3.0	−4.0	5.0	12.0	5.0
Net income before taxes	974	931	839	668	248	506
Provision for taxes	238	277	188	166	123	152
Minority interest	−7.0	−7.0	−8.0	−10.0	−8.0	−6.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	729	647	643	492	117	348
Extraordinary items	–	–	–	–	–	–
Net income	729	647	643	492	117	348
EBIT, normalized	1,028	1,016	969	767	697	675
EBITDA, normalized	1,250	1,230	1,188	982	918	888
Basic EPS, normalized	11.13	10.65	9.42	7.45	6.67	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ingredion Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,033	1,008	409	239	332	665
Receivables	1,185	1,093	1,279	1,411	1,130	1,011
Total inventory	1,227	1,187	1,450	1,597	1,172	917
Prepaid expenses	60.0	67.0	261	62.0	63.0	54.0
Other current assets	0	0	0	0	0	0
Total current assets	3,505	3,355	3,399	3,309	2,697	2,647
Property, plant & equipment	2,703	2,463	2,578	2,594	2,616	2,628
Goodwill	922	906	918	900	914	902
Intangibles	347	358	385	401	434	444
Long-term investments	150	131	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	270	231	362	357	338	237
Total assets	7,897	7,444	7,642	7,561	6,999	6,858
Liabilities
Accounts payable	693	604	778	–	–	–
Payable/accrued	–	–	–	873	774	599
Accrued expenses	523	578	444	419	386	352
Short-term debt	48.0	44.0	448	543	308	438
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	52.0	55.0	102	47.0	44.0	69.0
Total current liabilities	1,316	1,281	1,772	1,882	1,512	1,458
Long-term debt	1,742	1,787	1,740	1,940	1,738	1,748
Minority interest	28.0	26.0	57.0	67.0	89.0	91.0
Other liabilities	537	546	535	525	560	610
Total liabilities	3,623	3,640	4,104	4,414	3,899	3,907
Shareholders' equity
Preferred stock	0	0	0	0	–	–
Common stock	1.0	1.0	1.0	1.0	1.0	1.0
Additional paid-in capital	1,155	1,152	1,146	1,132	1,158	1,150
Retained earnings (accumulated deficit)	5,610	5,092	4,654	4,210	3,899	3,957
Treasury stock	−1,555	−1,355	−1,207	−1,148	−1,061	−1,024
Other equity	−937	−1,086	−1,056	−1,048	−897	−1,133
Total equity	4,274	3,804	3,538	3,147	3,100	2,951
Total liabilities & shareholders' equity	7,897	7,444	7,642	7,561	6,999	6,858

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ingredion Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	736	654	651	502	125	354
Depreciation, depletion & amortization	222	214	219	215	220	213
Deferred taxes	6.0	−15.0	−6.0	−3.0	−61.0	−7.0
Non-cash items	120	113	131	112	403	20.0
Changes in working capital	−140	470	62.0	−674	−295	249
Cash from operations	944	1,436	1,057	152	392	829
Investing activities
Capital expenditures	−433	−301	−316	−300	−300	−340
Other investing cash flows	−11.0	254	−13.0	−20.0	−35.0	−231
Cash from investing	−444	−47.0	−329	−320	−335	−571
Financing activities
Financing cash flow items	0	−40.0	−2.0	−46.0	0	−9.0
Cash dividends paid	−211	−210	−194	−181	−184	−178
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−280	−515	−373	330	−189	330
Cash from financing	−491	−765	−569	103	−373	143
Foreign exchange effects	24.0	−28.0	6.0	−27.0	−21.0	0
Net change in cash	33.0	596	165	−92.0	−337	401
Free cash flow	511	1,135	741	−148	92.0	489

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.