Archer Daniels Midland vs Ingredion
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The short version
- 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 22.0x against 10.4x for Ingredion.
| Latest fiscal year | ADM · FY25 | INGR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $38.9B | $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 | 22.0x | 10.4x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
ADM $62.3B
INGR $5.7B
FY17
ADM $60.8B
INGR $6.2B
FY18
ADM $64.3B
INGR $6.3B
FY19
ADM $64.7B
INGR $6.2B
FY20
ADM $64.4B
INGR $6.0B
FY21
ADM $85.2B
INGR $6.9B
FY22
ADM $101.6B
INGR $7.9B
FY23
ADM $93.9B
INGR $8.2B
FY24
ADM $85.5B
INGR $7.4B
FY25
ADM $80.3B
INGR $7.2B
ADM
INGR
Operating margin
FY16
ADM —
INGR 14.1%
FY17
ADM —
INGR 13.4%
FY18
ADM —
INGR 11.2%
FY19
ADM —
INGR 10.7%
FY20
ADM —
INGR 9.7%
FY21
ADM —
INGR 4.5%
FY22
ADM —
INGR 9.6%
FY23
ADM —
INGR 11.7%
FY24
ADM —
INGR 11.9%
FY25
ADM —
INGR 14.1%
ADM
INGR
Free cash flow
FY16
ADM −$7.4B
INGR $487M
FY17
ADM −$7.0B
INGR $455M
FY18
ADM −$5.6B
INGR $353M
FY19
ADM −$6.3B
INGR $352M
FY20
ADM −$3.2B
INGR $489M
FY21
ADM $5.4B
INGR $92.0M
FY22
ADM $2.2B
INGR −$148M
FY23
ADM $3.0B
INGR $743M
FY24
ADM $1.2B
INGR $1.1B
FY25
ADM $4.2B
INGR $511M
ADM
INGR
Return on capital
FY16
ADM 6.5%
INGR 14.0%
FY17
ADM 8.0%
INGR 13.9%
FY18
ADM 8.5%
INGR 12.3%
FY19
ADM 6.6%
INGR 11.4%
FY20
ADM 7.4%
INGR 9.7%
FY21
ADM 9.8%
INGR 3.6%
FY22
ADM 14.8%
INGR 12.2%
FY23
ADM 12.5%
INGR 15.2%
FY24
ADM 7.4%
INGR 13.1%
FY25
ADM 5.2%
INGR 16.0%
ADM
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.