Archer Daniels Midland vs Ingredion
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KIRA’s take AI analyst
I put Archer Daniels Midland and Ingredion side by side, using each one’s latest annual report. Here is what stands out:
- Archer Daniels Midland is the larger business, with $80.3B of revenue in fiscal 2025 against $7.2B for Ingredion, about 11 times as much.
- Ingredion grew revenue faster (−2.8%, against −6.2%).
- Ingredion turned more of its sales into free cash flow (7.1% FCF margin, against 5.2%).
- Ingredion earned a higher return on the capital invested in it (16.0%, against 5.2%).
- Investors pay more for each dollar of Archer Daniels Midland’s earnings: a P/E of 21.6x against 10.4x for Ingredion.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Archer Daniels Midland
ADM
1/10
5-year growth
Ingredion
INGR
9/10
Revenue growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | ADM FY25 | INGR FY25 |
|---|---|---|
| Size | ||
| Market cap | $38.3B | $6.1B |
| Revenue | $80.3B | $7.2B |
| Free cash flow | $4.2B | $511M |
| Net income | $1.1B | $729M |
| Growth | ||
| Revenue growth | −6.2% | −2.8% |
| 5-year growth | 4.5% | 3.8% |
| Share count change | −1.8% | −2.1% |
| Profitability | ||
| Gross margin | 6.3% | 25.3% |
| Operating margin | — | 14.1% |
| Net margin | 1.3% | 10.1% |
| FCF margin | 5.2% | 7.1% |
| Return on capital | 5.2% | 16.0% |
| Return on equity | 4.8% | 18.1% |
| Balance sheet | ||
| Net debt | $7.4B | $709M |
| Net debt / EBITDA | 2.4x | 0.6x |
| Dividends and buybacks | $987M | $211M |
| Valuation & quality | ||
| P/E | 21.6x | 10.4x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.