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Ingredion Inc (INGR) stock

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NYSE: INGR NYSE Agricultural Products & Services Next results ~November 5, 2026

B Fundamentals grade

Ingredion Inc is a US-listed company in the agricultural products & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$160

Cash-flow model

Base case. Range ~$120–$220 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 63% above it.

Price used: $97.03, November 3, 2026

Ingredion Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds279 adding, 350 cuttingOf 64 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ingredion files

Where Ingredion stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.21bn, down 1.4% on a year earlier, faster than -2.2% a quarter earlier. That puts it 861 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 4.9% from 11.1% a year earlier. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $162 a share, against a share price of $96.76. At that price, our model says the market is pricing in cash flow shrinking about 6.0% a year for five years, slower than the 0.9% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Ingredion Inc's trailing-twelve-month revenue fell 1.4% year on year, with a free-cash-flow margin of 4.9%. Where it stands out: change in share count of -2.5% ranks 2 of 17 agricultural products & services companies we cover.

Our discounted-cash-flow model values the business at ~$160 per share in the base case (~$120–$220 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 56.1% while net income fell 12.4%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $98.93 is 60% below our value per share of $160.
  • Shrinking share count. Diluted shares fell 2.5% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 1.4% over the last 12 months.
  • Weak cash conversion. Free cash flow was 60% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$2.82 against an average estimate of $2.72: beat by 3.6%
Revenue
$1.85bn, up 0.9% on a year earlier
Share reaction
+2.9% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
reported EPS $9.15 to $9.75 (full-year 2026); adjusted EPS $10.3 to $10.9 (full-year 2026)
Next report
November 5, 2026; average EPS estimate $2.60

Ingredion's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.9%
  • 1 week+2.4%
  • 1 month+1.8%
  • This year-7.3%
  • 1 year-12.2%
  • 5 years+16.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.2B
Operating margin
11.9%
Net margin
8.2%
EPS (TTM, diluted)
$9.20

Growth

Revenue growth
−1.4%
Change in growth rate
+0.8 pts
Share count change
−2.5%

Cash

Free cash flow (TTM)
$355M
FCF margin
4.9%
Stock pay % of revenue
0.5%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Announcement
  5. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ingredion Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 5.7% a year for five years.That is slower than the 0.9% a year revenue growth Ingredion has delivered.

  • Priced in-5.7%
  • Last 12 months-1.4%
  • 3 years a year-4.2%
  • 5 years a year0.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($96.96, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$160
Price used
$96.96close November 3, 2026
Implied change
▲ +64%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ingredion Inc's free cash flow after stock-based pay with after-tax interest added back ($671M, FY2026 Q2 TTM), growing 1.2% and 2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$110–~$220 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ingredion Inc's free cash flow after stock-based pay ( $671M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ingredion Inc as an operating company, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$160 ~$120–$220 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$94–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$190 ~$140–$290 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$210 ~$170–$280 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$120–$210 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ingredion Inc with Agricultural Products & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −24%
  • Last year's free-cash-flow margin change, if it persists ▼ −60%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $137$191$263$358$481$641
8.5% $102$141$193$260$348$462
10% $80$111$150$202$269$355

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$95.77$109.06$72.96$76.39$66.80$84.41$88.18$100.60$129.99$106.77$98.93
Market value$7.1bn$8.0bn$5.2bn$5.1bn$4.5bn$5.7bn$5.9bn$6.7bn$8.7bn$7.0bn$6.4bn
+ Net debt (− = net cash)$1.6bn$1.3bn$1.8bn$1.6bn$1.5bn$1.7bn$2.2bn$1.8bn$834m$760m$835m
Enterprise value$8.6bn$9.3bn$7.0bn$6.7bn$6.0bn$7.4bn$8.2bn$8.5bn$9.5bn$7.7bn$7.2bn
Multiples
Price / sales 1.2x1.3x0.8x0.8x0.8x0.8x0.7x0.8x1.2x1.0x0.9x
Price / earnings 14.6x15.4x11.8x12.5x13.0x48.9x12.0x10.5x13.4x9.5x10.8x
Price / free cash flow 14.6x17.6x14.8x14.6x9.2x62.2x—9.1x7.6x13.6x17.9x
EV / EBITDA 8.6x8.9x7.4x7.6x7.6x14.0x8.3x7.3x8.7x6.2x6.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Ingredion's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.4% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 21.3%, moving by 2.2 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 10.6%; its worst year was 5.7%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 4 of 5 years, at a median 4.9% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 4.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $1.8bn and EPS of $2.60 (range $2.53 to $2.64) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.46 −6% $7.2bn −0%
Next $11.23 +7% $7.3bn +2%

Next year's EPS estimate has moved −2.8% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.1% on 90 days ago. In the last 30 days, 0 analysts raised Ingredion Inc's forecast and 1 cut it.

Consensus EPS forecast Ingredion Inc, last 90 days
$10.00 $10.50 $11.00 $11.50 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.79 Current fiscal year, 60 days ago: $10.57 Current fiscal year, 30 days ago: $10.57 Current fiscal year, 7 days ago: $10.50 Current fiscal year, Now: $10.46 $10.46 Next fiscal year, 90 days ago: $11.55 Next fiscal year, 60 days ago: $11.35 Next fiscal year, 30 days ago: $11.35 Next fiscal year, 7 days ago: $11.25 Next fiscal year, Now: $11.23 $11.23

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.79$11.55
60 days ago $10.57$11.35
30 days ago $10.57$11.35
7 days ago $10.50$11.25
Now $10.46$11.23

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.72 $2.82 +3.6%
Mar 2026 $2.47 $2.34 −5.3%
Dec 2025 $2.61 $2.53 −3.1%
Sept 2025 $2.89 $2.75 −4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • reported EPS full-year 2026 $9.15 to $9.75 GAAP Maintained
    “The Company expects its full-year 2026 reported EPS to be in the range of $9.15 to $9.75, and its adjusted EPS to be in the range of $10.30 to $10.90.” source
  • adjusted EPS full-year 2026 $10.30 to $10.90 Non-GAAP Maintained
    “The Company expects its full-year 2026 reported EPS to be in the range of $9.15 to $9.75, and its adjusted EPS to be in the range of $10.30 to $10.90.” source
  • reported effective tax rate full-year 2026 27.4% to 28.9% GAAP
    “For full-year 2026, the Company expects a reported effective tax rate of 27.4% to 28.9% and still expects an adjusted effective tax rate of 26.0% to 27.5%.” source
  • adjusted effective tax rate full-year 2026 26% to 27.5% Non-GAAP Maintained
    “For full-year 2026, the Company expects a reported effective tax rate of 27.4% to 28.9% and still expects an adjusted effective tax rate of 26.0% to 27.5%.” source
  • Cash from operations the full year 2026 $700m to $800m
    “Cash from operations for the full year 2026 is now expected to be in the range of $700 million to $800 million.” source
  • Capital expenditures the full year $450m to $490m
    “Capital expenditures for the full year are now expected to be approximately $450 to $490 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Ingredion Inc's revenue by +1.2% next year and +2.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+0.8%, weight 66%) and the company's own record (+2.0%, weight 34%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy229%
Hold571%
Sell00%

Monthly trend

  1. Oct 20261157
  2. Sep 20261157
  3. Aug 20261157

Counts of recommendations published by analysts covering Ingredion Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.3%
of tradable shares
Days to cover
7.04
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.9%
of shares
Employees
11,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −11.5%

$111.76 on October 31, 2025 to $98.93

ThenNowEffect
Revenue (last 12 months) $7.3bn $7.2bn −1.4%
Net margin 9.2% 8.2% −11.2%
P/E multiple 10.9x 10.8x −1.4%
Share count 66m 64m +2.5%

Biggest factor: net margin.

Last 3 years +12.1%

$88.25 on November 3, 2023 to $98.93

ThenNowEffect
Revenue (last 12 months) $8.2bn $7.2bn −12.2%
Net margin 7.0% 8.2% +17.4%
P/E multiple 10.3x 10.8x +4.6%
Share count 67m 64m +4.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
INGR+26%+5%+14%+29%−18%−7%
Industry peers (median)+1%−26%−19%−1%+3%−5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INGR67%42%58%50%25%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INGR−13%−21%−19%−11%−24%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 56% from January 26, 2018 to March 18, 2020. Getting back needed a 128% gain, reached on July 29, 2024, 1594 days after the low.

Price behaviour

52-week range
$93.08 – $117.47
From 52-week high
−15.8%
vs 50-day average
+1.1%
vs 200-day average
−4.9%
Volatility (1 year)
18%
Beta vs S&P 500
0.05

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.0%
After a week
7 up, 5 down
typical move ±4.4%
After a month
6 up, 6 down
typical move ±5.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +2.9% +1.6% +4.2% +2.2%
May 5, 2026 −0.5% +2.2% −0.1% −6.9%
February 3, 2026 +2.3% −1.3% +1.2% −3.8%
November 4, 2025 −5.6% −0.8% −4.2% −5.2%
August 1, 2025 −3.8% −0.1% −4.0% −2.4%
May 6, 2025 +1.5% −0.4% +3.0% +2.3%
February 4, 2025 −6.3% +1.1% −4.5% −2.7%
November 5, 2024 +12.3% +3.7% +12.1% +10.3%
August 6, 2024 +5.3% +0.2% +8.1% +12.4%
May 8, 2024 +2.9% +0.6% +0.9% −0.5%
February 6, 2024 +0.1% +1.1% −2.0% +5.2%
November 7, 2023 +4.6% +0.4% +7.9% +11.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ingredion Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ingredion Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ingredion Inc
$7B $7.5B $8B $8.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $8.2B Revenue (TTM), FY23 Q4: $8.2B Revenue (TTM), FY24 Q1: $7.9B Revenue (TTM), FY24 Q2: $7.7B Revenue (TTM), FY24 Q3: $7.6B Revenue (TTM), FY24 Q4: $7.4B Revenue (TTM), FY25 Q1: $7.4B Revenue (TTM), FY25 Q2: $7.3B Revenue (TTM), FY25 Q3: $7.3B Revenue (TTM), FY25 Q4: $7.2B Revenue (TTM), FY26 Q1: $7.2B Revenue (TTM), FY26 Q2: $7.2B $7.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $8.2B
FY23 Q4 $8.2B
FY24 Q1 $7.9B
FY24 Q2 $7.7B
FY24 Q3 $7.6B
FY24 Q4 $7.4B
FY25 Q1 $7.4B
FY25 Q2 $7.3B
FY25 Q3 $7.3B
FY25 Q4 $7.2B
FY26 Q1 $7.2B
FY26 Q2 $7.2B
Revenue growth, TTM YoY Ingredion Inc
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.6% Revenue growth, TTM YoY, FY23 Q4: 2.7% Revenue growth, TTM YoY, FY24 Q1: -3.5% Revenue growth, TTM YoY, FY24 Q2: -6.1% Revenue growth, TTM YoY, FY24 Q3: -8.2% Revenue growth, TTM YoY, FY24 Q4: -8.9% Revenue growth, TTM YoY, FY25 Q1: -6.9% Revenue growth, TTM YoY, FY25 Q2: -5.2% Revenue growth, TTM YoY, FY25 Q3: -3.8% Revenue growth, TTM YoY, FY25 Q4: -2.8% Revenue growth, TTM YoY, FY26 Q1: -2.2% Revenue growth, TTM YoY, FY26 Q2: -1.4% -1.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.6%
FY23 Q4 2.7%
FY24 Q1 -3.5%
FY24 Q2 -6.1%
FY24 Q3 -8.2%
FY24 Q4 -8.9%
FY25 Q1 -6.9%
FY25 Q2 -5.2%
FY25 Q3 -3.8%
FY25 Q4 -2.8%
FY26 Q1 -2.2%
FY26 Q2 -1.4%
Operating margin (TTM) Ingredion Inc
11% 12% 13% 14% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.1% Operating margin (TTM), FY23 Q4: 11.7% Operating margin (TTM), FY24 Q1: 11.1% Operating margin (TTM), FY24 Q2: 11.3% Operating margin (TTM), FY24 Q3: 12.2% Operating margin (TTM), FY24 Q4: 11.9% Operating margin (TTM), FY25 Q1: 12.9% Operating margin (TTM), FY25 Q2: 13.4% Operating margin (TTM), FY25 Q3: 13.2% Operating margin (TTM), FY25 Q4: 14.1% Operating margin (TTM), FY26 Q1: 13.1% Operating margin (TTM), FY26 Q2: 11.9% 11.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.1%
FY23 Q4 11.7%
FY24 Q1 11.1%
FY24 Q2 11.3%
FY24 Q3 12.2%
FY24 Q4 11.9%
FY25 Q1 12.9%
FY25 Q2 13.4%
FY25 Q3 13.2%
FY25 Q4 14.1%
FY26 Q1 13.1%
FY26 Q2 11.9%
FCF margin (TTM) Ingredion Inc
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 4.7% FCF margin (TTM), FY23 Q4: 9.1% FCF margin (TTM), FY24 Q1: 12.8% FCF margin (TTM), FY24 Q2: 13.2% FCF margin (TTM), FY24 Q3: 15.3% FCF margin (TTM), FY24 Q4: 15.4% FCF margin (TTM), FY25 Q1: 13.3% FCF margin (TTM), FY25 Q2: 11.1% FCF margin (TTM), FY25 Q3: 7.6% FCF margin (TTM), FY25 Q4: 7.1% FCF margin (TTM), FY26 Q1: 6.2% FCF margin (TTM), FY26 Q2: 4.9% 4.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 4.7%
FY23 Q4 9.1%
FY24 Q1 12.8%
FY24 Q2 13.2%
FY24 Q3 15.3%
FY24 Q4 15.4%
FY25 Q1 13.3%
FY25 Q2 11.1%
FY25 Q3 7.6%
FY25 Q4 7.1%
FY26 Q1 6.2%
FY26 Q2 4.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ingredion took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $7.2B
  2. Cost of revenue $5.4B · 74.7%
  3. Gross profit $1.8B · 25.3%
  4. Research and development $71M · 1.0%
  5. Other operating costs $741M · 10.3%
  6. Operating income $1B · 14.1%
  7. Income tax $238M · 3.3%
  8. Interest and other $49M · 0.7%
  9. Net income $729M · 10.1%

Shares of revenue. Source: Ingredion's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2008 Dec 2008 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3,944 3,672 4,367 6,219 6,532 5,704 6,244 6,289 6,209 5,987 6,894 7,946 8,160 7,430 7,219 7,215
Gross profit 705 520 724 1,126 1,238 1,401 1,472 1,368 1,312 1,272 1,331 1,494 1,749 1,791 1,828 1,712
EBITDA 562 283 494 882 879 1,002 1,045 950 884 795 530 977 1,176 1,097 1,238 1,084
Operating income 434 153 339 671 668 806 836 703 664 582 310 762 957 883 1,016 860
Net income 267 41 169 416 428 485 519 443 413 348 117 492 643 647 729 592
Diluted EPS $3.52 $0.54 $2.20 $5.32 $5.47 $6.55 $7.06 $6.17 $6.13 $5.15 $1.73 $7.34 $9.60 $9.71 $11.18 $9.20
Growth (year on year)
Revenue — −6.9% +18.9% +42.4% +5.0% −12.7% +9.5% +0.7% −1.3% −3.6% +15.1% +15.3% +2.7% −8.9% −2.8% −1.4%
EBITDA — −49.6% +74.6% +78.5% −0.3% +14.0% +4.3% −9.1% −6.9% −10.1% −33.3% +84.3% +20.4% −6.7% +12.9% −9.1%
Operating income — −64.7% +121.6% +97.9% −0.4% +20.7% +3.7% −15.9% −5.5% −12.3% −46.7% +145.8% +25.6% −7.7% +15.1% −12.0%
Net income — −84.6% — +146.2% +2.9% +13.3% +7.0% −14.6% −6.8% −15.7% −66.4% — +30.7% +0.6% +12.7% −12.4%
Diluted EPS — −84.7% — +141.8% +2.8% +19.7% +7.8% −12.6% −0.6% −16.0% −66.4% — +30.8% +1.1% +15.1% −10.2%
Margins
Gross margin 17.9% 14.2% 16.6% 18.1% 19.0% 24.6% 23.6% 21.8% 21.1% 21.2% 19.3% 18.8% 21.4% 24.1% 25.3% 23.7%
EBITDA margin 14.2% 7.7% 11.3% 14.2% 13.5% 17.6% 16.7% 15.1% 14.2% 13.3% 7.7% 12.3% 14.4% 14.8% 17.1% 15.0%
Operating margin 11.0% 4.2% 7.8% 10.8% 10.2% 14.1% 13.4% 11.2% 10.7% 9.7% 4.5% 9.6% 11.7% 11.9% 14.1% 11.9%
Net margin 6.8% 1.1% 3.9% 6.7% 6.6% 8.5% 8.3% 7.0% 6.7% 5.8% 1.7% 6.2% 7.9% 8.7% 10.1% 8.2%
Free-cash-flow margin −7.8% 12.0% 5.4% 0.6% 6.4% 8.5% 7.3% 5.6% 5.7% 8.2% 1.3% −1.9% 9.1% 15.4% 7.1% 4.9%
Cash flow
Cash from operations −79 586 394 300 732 771 769 703 680 829 392 152 1,057 1,436 944 805
Capital spending 228 146 159 263 313 284 314 350 328 340 300 300 314 295 433 450
Free cash flow −307 440 235 37 419 487 455 353 352 489 92 −148 743 1,141 511 355
Stock-based pay — — 8 11 18 28 26 21 18 23 23 29 33 37 40 34
Free cash flow after stock pay — — 227 26 401 459 429 332 334 466 69 −177 710 1,104 471 321
Balance sheet
Cash 107 175 302 401 609 512 595 327 264 665 328 236 401 997 1,030 948
Total debt 0 544 1,769 1,949 1,800 2,062 1,864 2,100 1,848 2,186 2,046 2,483 2,188 1,831 1,790 1,783
Net debt (negative = net cash) −107 369 1,467 1,548 1,191 1,550 1,269 1,773 1,584 1,521 1,718 2,247 1,787 834 760 835
Diluted shares 76m 76m 77m 78m 78m 74m 74m 72m 67m 68m 68m 67m 67m 67m 65m 64m
Returned to shareholders
Dividends 42 45 45 50 69 141 165 182 174 178 184 181 194 210 211 210
Buybacks 1 3 5 48 18 8 123 — — — — — — — — —
Total returned 43 48 50 98 87 149 288 182 174 178 184 181 194 210 211 210

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $8.1bn
Short-term assets $3.5bnLonger-term assets $4.5bn
What it owes, and who funded it · $8.0bn
Short-term liabilities $1.3bnLonger-term liabilities $2.2bnShareholders' equity $4.5bn
  • Short-term assets cover short-term liabilities $3.5bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.5bn short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt $948m of cash against $1.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 39% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 56% to 39% over five years.
  • A year's operating cash flow covers at least 20% of debt $805m of operating cash flow against $1.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ingredion Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$210M
Diluted share count
−2.5%
year over year
Total shareholder yield
3.3%
dividends 3.3% + buybacks 0.0% of market value
Dividend payout ratio
36%
of net income paid out
Days sales outstanding
70 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in agricultural products & services
Last 12 months unless stated INGR DAR ANDE AGRO CHSCL AVO Median
Revenue, last 12 months $7.2bn $6.5bn $10.9bn $1.4bn $37.4bn $1.3bn $149m
Revenue growth, last 12 months −1.4% 14.9% −5.2% −6.0% 3.8% −6.2% −1.1%
Revenue growth, 3-year average −4.2% −2.5% −13.3% — −8.9% 12.7% −0.1%
Revenue growth, latest quarter 0.9% 16.4% −1.2% — 18.6% 25.8% 6.8%
Gross margin 23.7% 26.3% 7.2% 24.6% 3.1% 11.4% 17.6%
Operating margin 11.9% 14.5% — 6.6% 0.1% 1.8% −5.9%
Operating margin, 3-year average 12.2% 9.9% — 15.1% 0.7% 3.4% 2.8%
Net margin 8.2% 9.1% 1.6% −0.6% 1.5% 0.1% −0.2%
Cash from operations / revenue 11.2% 20.6% 2.9% 21.6% 3.9% 3.1% 3.2%
Free-cash-flow margin 4.9% 12.6% 0.5% 3.0% 2.5% −0.2% 2.3%
Free-cash-flow margin, 3-year average 9.7% 8.2% 2.1% 6.7% 1.2% 2.1% 3.0%
Stock pay / revenue 0.5% 0.6% 0.1% 0.8% — 0.6% 0.7%
Change in share count −2.5% 0.5% −0.1% −0.6% — 4.0% 2.3%

Median of all 20 companies we cover in agricultural products & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 agricultural products & services companies
Measure Company Peer median Rank
Revenue growth Growth -1.4% -0.8% 11 of 20
Change in growth rate Growth +0.8pp -0.5pp 8 of 20
Gross margin Profitability 23.7% 11.4% 9 of 19
Operating margin Profitability 11.9% -5.9% 4 of 17
Net margin Profitability 8.2% 0.1% 3 of 20
Free-cash-flow margin Cash generation 4.9% 2.5% 6 of 20
Stock pay as % of revenue Cash generation 0.5% 0.8% 5 of 17
Long-term debt as % of assets Balance sheet 21.6% 16.2% 12 of 18
Change in share count Balance sheet -2.5% 2.4% 2 of 17
Days sales outstanding Balance sheet 70 days 56 days 10 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Texture and Healthful Solutions $2.4B ▲ 1.3%
Food and Industrial Ingredients LATAM $2.3B ▼ 4.4%
Food and Industrial Ingredients U.S.Canada $2B ▼ 6.6%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $2.8B 39.0% ▼ 1.9%
Mexico $1.4B 19.3% ▼ 7.4%
Other Countries $982M 13.6% ▼ 0.4%
Brazil $572M 7.9% ▼ 2.1%
Canada $495M 6.9% ▼ 6.1%
Germany $384M 5.3% ▼ 0.3%
CO $324M 4.5% ▲ 4.5%
TH $255M 3.5% ▼ 3.8%

From Ingredion Inc's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.9B
Institutions reporting
611
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
65 / 120

Top buyers and sellers, Q2 2026: 279 institutions bought and 350 sold ; the biggest buyer was American Century Companies Inc (+992K shares) and the biggest seller First Trust Advisors LP (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $619M 6.5M 10.5% ▲ 2.9%
Vanguard Portfolio Management LLC $462M 4.9M 7.8% ▲ 5.0%
Dimensional Fund Advisors LP $318M 3.4M 5.4% ▲ 7.8%
Vanguard Capital Management LLC $269M 2.8M 4.5% ▲ 1.0%
LSV Asset Management $215M 2.3M 3.6% ▲ 6.1%
State Street Corp $211M 2.2M 3.6% ▲ 3.1%
FMR LLC $147M 1.6M 2.5% ▲ 2.0%
AQR Capital Management LLC $142M 1.5M 2.4% ▼ 32.0%
Yacktman Asset Management LP $139M 1.5M 2.4% ▲ 2.2%
First Trust Advisors LP $131M 1.4M 2.2% ▼ 54.7%
Geode Capital Management, LLC $123M 1.3M 2.1% ▲ 1.0%
Massachusetts Financial Services Co $122M 1.3M 2.1% ▼ 1.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ingredion Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6M 9 trades by 5 insiders · 96% under pre-set plans
Net ▼ $6M net selling
Insider Date Trade Shares Price Value
Fischer David B Director August 5, 2026 Sell 1,662 $102.31 $170,039
Uribe Jorge A. Director March 31, 2026 Sell 1 $112.66 $83
Gable Davida Marie VP Corp. Controller, Finance March 18, 2026 Sell 375 $112.44 $42,165
Fernandes Larry SVP, Chief Comm & Sust Officer February 18, 2026 Sell pre-set plan 1,125 $116.55 $131,119
Zallie James P. President and CEO February 18, 2026 Sell pre-set plan 9,958 $116.55 $1.2M
Fernandes Larry SVP, Chief Comm & Sust Officer February 11, 2026 Sell pre-set plan 3,630 $118.40 $429,792
Zallie James P. President and CEO February 11, 2026 Sell pre-set plan 33,597 $119.66 $4M
Uribe Jorge A. Director December 5, 2025 Sell 1 $107.70 $61
Uribe Jorge A. Director December 5, 2025 Sell 0 $107.70 $15

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Ingredion Inc disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 14, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded September 25, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 10, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 3, 2026
  • November 4, 2025
  • August 1, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Ingredion Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ingredion Inc in brief

What does Ingredion Inc do?
Ingredion Inc is a US-listed company in the agricultural products & services industry. Its financial year ends in December.
What is Ingredion Inc's stock ticker?
Ingredion Inc trades under the ticker INGR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ingredion Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ingredion Inc reported revenue of $7.2B, 1.4% lower than a year earlier, according to its SEC filings.
What is Ingredion Inc's free cash flow?
Ingredion Inc's free-cash-flow margin is 4.9% of revenue over the trailing twelve months, ranking 6 of the 20 agricultural products & services companies we cover.
What is Ingredion Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ingredion Inc's free cash flow after stock-based pay gives ~$160 per share in the base case, and ~$120–$220 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ingredion Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ingredion Inc's market cap?
On November 2, 2026, Ingredion Inc's market capitalisation was about $6.4B, with a price-to-earnings ratio of 10.8 and net debt of $835M. Market figures come from third-party market data and may be delayed.
Does Ingredion Inc pay a dividend?
Yes: Ingredion Inc paid $210M in dividends over the trailing twelve months, a dividend yield of 3.32% and a payout ratio of 35.5%.
How much debt does Ingredion Inc have?
Ingredion Inc's debt-to-equity ratio is 39.4%, from its latest balance sheet (56.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ingredion Inc's competitors?
In our Agricultural Products & Services peer group, the companies closest to Ingredion Inc are Darling Ingredients Inc., Andersons, Inc., Adecoagro S.a., CHS Inc and Mission Produce, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ingredion Inc's.
Are insiders buying or selling Ingredion Inc stock?
Over the last 12 months, Ingredion Inc's directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Ingredion Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ingredion Inc announces its own schedule.