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Ingredion

INGR NYSE Agricultural Products & Services Financials FY2016–FY2025

Ingredion's revenue fell 2.8% to $7.2 billion in fiscal 2025. Its operating margin was 14.1%, up from 11.9% a year earlier. Free cash flow was $511 million, down 55.2%. It paid out $211 million in dividends and buybacks, 41% of free cash flow. The diluted share count fell 2.1%.

Last close · Oct 23, 2026

$95.70

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$7.2B
2.8% vs prior year
Operating margin Operating income as a share of revenue.
14.1%
2.2 pts
Net income Profit after all expenses, interest and tax.
$729M
12.7%
Free cash flow Cash from operations minus capital spending.
$511M
55.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.0%
2.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.4x
On $9.17 EPS (TTM)

What Ingredion does

No business description yet.

Legal name
INGREDION INCORPORATED
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-008603
0001046257

Revenue and margins

Ingredion had $7.2B of revenue in fiscal 2025, down 2.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $511M in fiscal 2025, 7.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ingredion returned $211M to shareholders in fiscal 2025, 41% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ingredion yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$709M and divides by 65.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 10.4x · peers 23.0x · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ingredion can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $332M$239M$409M$1.0B$1.0B
Debt incl. finance leases $1.7B$1.9B$1.7B$1.8B$1.7B
Net debt / EBITDA 2.7x1.7x1.1x0.7x0.6x
Debt / equity 0.6x0.6x0.5x0.5x0.4x
Interest coverage 4.3x9.3x10.0x18.4x27.5x
Current ratio 1.8x1.8x1.9x2.6x2.7x
Quick ratio 1.0x0.9x1.1x1.7x1.7x
Total assets $7.0B$7.6B$7.6B$7.4B$7.9B
Total liabilities $3.8B$4.3B$4.0B$3.6B$3.5B
Shareholders' equity $3.1B$3.1B$3.5B$3.8B$4.3B
Net debt (− = net cash) $1.4B$1.7B$1.3B$779M$709M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.0M

5 insiders

Of sales under plans

96%

$5.7M

DateInsiderTradeSharesPriceValueFiling
Aug 5, 2026 David B FischerDirector Sold 1,662 $102.31 $0.2M Form 4
Mar 31, 2026 Jorge A. UribeDirector Sold 1 $112.66 $0.0M Form 4
Mar 18, 2026 Davida Marie GableVP Corp. Controller, Finance Sold 375 $112.44 $0.0M Form 4
Feb 18, 2026 James P. ZalliePresident and CEO, Director Sold plan 9,958 $116.55 $1.2M Form 4
Feb 18, 2026 Larry FernandesSVP, Chief Comm & Sust Officer Sold plan 1,125 $116.55 $0.1M Form 4
Feb 11, 2026 James P. ZalliePresident and CEO, Director Sold plan 33,597 $119.66 $4.0M Form 4
Feb 11, 2026 Larry FernandesSVP, Chief Comm & Sust Officer Sold plan 3,630 $118.40 $0.4M Form 4
Dec 5, 2025 Jorge A. UribeDirector Sold 1 $107.70 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 8 / 96 / 98 / 9
Accruals ratio −5.5%−10.5%−2.8%
Altman Z'' 5.165.986.28

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ingredion INGR $6.1B −2.8% 14.1% 7.1% 16.0% 10.4x 8
Darling Ingredients DAR $9.0B 7.4% 4.5% 11.1% 3.2% 15.2x 7 Compare →
Dole DOLE $1.3B 8.2% 2.4% 0.0% 6.3% 25.4x 6 Compare →
Bunge Global BG $20.2B 32.4% — −1.3% 6.1% 24.1x 4 Compare →
Archer Daniels Midland ADM $38.9B −6.2% — 5.2% 5.2% 22.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.7B $6.2B $6.3B $6.2B $6.0B $6.9B $7.9B $8.2B $7.4B $7.2B
Gross profit $1.4B $1.5B $1.4B $1.3B $1.3B $1.3B $1.5B $1.7B $1.8B $1.8B
Research and development — — — $44.0M $43.0M $43.0M $52.0M $63.0M $67.0M $71.0M
Operating income $806M $836M $703M $664M $582M $310M $762M $957M $883M $1.0B
Interest expense $59.0M $77.0M $73.0M $80.0M $78.0M $72.0M $82.0M $96.0M $48.0M $37.0M
Pretax income $742M $769M $621M $582M $506M $248M $668M $839M $931M $974M
Income tax $246M $237M $167M $158M $152M $123M $166M $188M $277M $238M
Net income $485M $519M $443M $413M $348M $117M $492M $643M $647M $729M
Diluted EPS $6.55 $7.06 $6.17 $6.13 $5.15 $1.73 $7.34 $9.60 $9.71 $11.18
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $771M $769M $703M $680M $829M $392M $152M $1.1B $1.4B $944M
Capital expenditure $284M $314M $350M $328M $340M $300M $300M $314M $295M $433M
Free cash flow $487M $455M $353M $352M $489M $92.0M −$148M $743M $1.1B $511M
Depreciation and amortization $196M $209M $247M $220M $213M $220M $215M $219M $214M $222M
Stock-based compensation $28.0M $26.0M $21.0M $18.0M $23.0M $23.0M $29.0M $33.0M $37.0M $40.0M
Acquisitions $407M $17.0M $0.0M $42.0M $236M $40.0M $29.0M $0.0M $0.0M $0.0M
Share buybacks $8.0M $123M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $141M $165M $182M $174M $178M $184M $181M $194M $210M $211M
Dividends and buybacks $149M $288M $182M $174M $178M $184M $181M $194M $210M $211M
Balance sheet
Cash and short-term investments $516M $604M $334M $268M $665M $332M $239M $409M $1.0B $1.0B
Total debt $2.1B $1.9B $2.1B $1.8B $1.8B $1.7B $1.9B $1.7B $1.8B $1.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.3B $2.4B $2.1B $2.2B $2.6B $2.7B $3.3B $3.4B $3.4B $3.5B
Current liabilities $978M $957M $946M $967M $1.5B $1.5B $1.9B $1.8B $1.3B $1.3B
Inventory $789M $823M $824M $861M $917M $1.2B $1.6B $1.5B $1.2B $1.2B
Property and equipment, net $2.1B $2.2B $2.2B $2.3B $2.5B $2.4B $2.4B $2.4B $2.3B $2.5B
Total assets $5.8B $6.1B $5.7B $6.0B $6.9B $7.0B $7.6B $7.6B $7.4B $7.9B
Total liabilities $3.2B $3.2B $3.3B $3.3B $3.8B $3.8B $4.3B $4.0B $3.6B $3.5B
Shareholders' equity $2.6B $2.9B $2.4B $2.7B $3.0B $3.1B $3.1B $3.5B $3.8B $4.3B
Margins
Gross margin 24.6% 23.6% 21.8% 21.1% 21.3% 19.3% 18.8% 21.4% 24.1% 25.3%
Operating margin 14.1% 13.4% 11.2% 10.7% 9.7% 4.5% 9.6% 11.7% 11.9% 14.1%
EBITDA margin 17.6% 16.7% 15.1% 14.2% 13.3% 7.7% 12.3% 14.4% 14.8% 17.2%
Net margin 8.5% 8.3% 7.0% 6.7% 5.8% 1.7% 6.2% 7.9% 8.7% 10.1%
FCF margin 8.5% 7.3% 5.6% 5.7% 8.2% 1.3% −1.9% 9.1% 15.4% 7.1%
Returns
Return on capital 14.0% 13.9% 12.3% 11.4% 9.7% 3.6% 12.2% 15.2% 13.1% 16.0%
Return on capital employed 17.6% 16.8% 14.2% 13.5% 11.1% 5.7% 13.7% 16.6% 14.7% 15.9%
Return on equity 20.6% 19.0% 16.8% 16.2% 12.3% 3.9% 15.8% 19.2% 17.6% 18.1%
Return on assets 8.9% 8.8% 7.5% 7.0% 5.4% 1.7% 6.8% 8.5% 8.6% 9.5%
Growth
Revenue growth 1.5% 9.5% 0.7% −1.3% −3.6% 15.2% 15.3% 2.7% −9.0% −2.8%
Net income growth 20.7% 7.0% −14.6% −6.8% −15.7% −66.4% 320.5% 30.7% 0.6% 12.7%
EPS growth 18.9% 7.8% −12.6% −0.7% −16.0% −66.4% 324.3% 30.8% 1.2% 15.1%
FCF growth 20.0% −6.6% −22.4% −0.3% 38.9% −81.2% −260.9% — 53.6% −55.2%
Share count change 1.5% −0.8% −2.3% −6.1% 0.3% 0.3% −1.2% 0.0% −0.6% −2.1%
Financial health
Net debt / EBITDA 1.5x 1.2x 1.9x 1.8x 1.4x 2.7x 1.7x 1.1x 0.7x 0.6x
Debt / equity 0.8x 0.6x 0.9x 0.7x 0.6x 0.6x 0.6x 0.5x 0.5x 0.4x
Interest coverage 13.7x 10.9x 9.6x 8.3x 7.5x 4.3x 9.3x 10.0x 18.4x 27.5x
Current ratio 2.3x 2.5x 2.3x 2.2x 1.8x 1.8x 1.8x 1.9x 2.6x 2.7x
Quick ratio 1.5x 1.7x 1.4x 1.3x 1.2x 1.0x 0.9x 1.1x 1.7x 1.7x
Capital allocation
Capex / revenue 5.0% 5.0% 5.6% 5.3% 5.7% 4.4% 3.8% 3.9% 4.0% 6.0%
Stock comp / revenue 0.5% 0.4% 0.3% 0.3% 0.4% 0.3% 0.4% 0.4% 0.5% 0.6%
Payouts / FCF 30.6% 63.3% 51.6% 49.4% 36.4% 200.0% — 26.1% 18.4% 41.3%
Quality scores
Piotroski F-score 6.0 6.0 4.0 6.0 5.0 5.0 5.0 8.0 6.0 8.0
Altman Z'' 4.9 5.2 5.0 5.0 4.4 4.1 4.5 5.2 6.0 6.3
Accruals ratio −5.3% −4.2% −4.4% −4.5% −7.5% −4.0% 4.7% −5.5% −10.5% −2.8%

Source: SEC EDGAR XBRL filings (CIK 0001046257). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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