Dole vs Ingredion
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The short version
- Dole is the larger business, with $9.2B of revenue in fiscal 2025 against $7.2B for Ingredion.
- Dole grew revenue faster (8.2%, against −2.8%).
- Ingredion kept more of each dollar of sales as operating profit (14.1% operating margin, against 2.4%).
- Ingredion turned more of its sales into free cash flow (7.1% FCF margin, against 0.0%).
- Ingredion earned a higher return on the capital invested in it (16.0%, against 6.3%).
| Latest fiscal year | DOLE · FY25 | INGR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.3B | $6.1B |
| Revenue | $9.2B | $7.2B |
| Free cash flow | $1.7M | $511M |
| Net income | $51.3M | $729M |
| Growth | ||
| Revenue growth | 8.2% | −2.8% |
| 5-year growth | 16.1% | 3.8% |
| Share count change | 0.5% | −2.1% |
| Profitability | ||
| Gross margin | 7.8% | 25.3% |
| Operating margin | 2.4% | 14.1% |
| Net margin | 0.6% | 10.1% |
| FCF margin | 0.0% | 7.1% |
| Return on capital | 6.3% | 16.0% |
| Return on equity | 3.9% | 18.1% |
| Balance sheet | ||
| Net debt | $600M | $709M |
| Net debt / EBITDA | 1.8x | 0.6x |
| Dividends and buybacks | $31.6M | $211M |
| Valuation & quality | ||
| P/E | — | 10.4x |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
DOLE —
INGR $5.7B
FY17
DOLE —
INGR $6.2B
FY18
DOLE —
INGR $6.3B
FY19
DOLE $4.2B
INGR $6.2B
FY20
DOLE $4.3B
INGR $6.0B
FY21
DOLE $5.9B
INGR $6.9B
FY22
DOLE $8.0B
INGR $7.9B
FY23
DOLE $8.2B
INGR $8.2B
FY24
DOLE $8.5B
INGR $7.4B
FY25
DOLE $9.2B
INGR $7.2B
DOLE
INGR
Operating margin
FY16
DOLE —
INGR 14.1%
FY17
DOLE —
INGR 13.4%
FY18
DOLE —
INGR 11.2%
FY19
DOLE 1.1%
INGR 10.7%
FY20
DOLE 1.5%
INGR 9.7%
FY21
DOLE −0.2%
INGR 4.5%
FY22
DOLE 2.2%
INGR 9.6%
FY23
DOLE 3.3%
INGR 11.7%
FY24
DOLE 3.3%
INGR 11.9%
FY25
DOLE 2.4%
INGR 14.1%
DOLE
INGR
Free cash flow
FY16
DOLE —
INGR $487M
FY17
DOLE —
INGR $455M
FY18
DOLE —
INGR $353M
FY19
DOLE $48.3M
INGR $352M
FY20
DOLE $121M
INGR $489M
FY21
DOLE −$42.2M
INGR $92.0M
FY22
DOLE $153M
INGR −$148M
FY23
DOLE $221M
INGR $743M
FY24
DOLE $180M
INGR $1.1B
FY25
DOLE $1.7M
INGR $511M
DOLE
INGR
Return on capital
FY16
DOLE —
INGR 14.0%
FY17
DOLE —
INGR 13.9%
FY18
DOLE —
INGR 12.3%
FY19
DOLE —
INGR 11.4%
FY20
DOLE —
INGR 9.7%
FY21
DOLE −0.4%
INGR 3.6%
FY22
DOLE 7.5%
INGR 12.2%
FY23
DOLE 9.5%
INGR 15.2%
FY24
DOLE 9.1%
INGR 13.1%
FY25
DOLE 6.3%
INGR 16.0%
DOLE
INGR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.