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Ingredion Inc key statistics and ratios

In fiscal 2025, Ingredion Inc had return on equity of 18.0%, an operating margin of 14.1%, debt equal to 41.9% of equity and a current ratio of 2.66. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2008Dec 20082009Dec 20092010Dec 20102011Dec 20112012Dec 20122016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin17.9%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%
Operating margin11.0%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 margin6.8%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%
Return on equity—2.4%9.2%20.4%18.9%19.4%19.0%16.8%16.2%12.3%3.9%15.8%19.2%17.6%18.0%13.5%
Return on assets—1.4%4.2%8.0%7.8%8.5%8.8%7.5%7.0%5.4%1.7%6.8%8.5%8.6%9.5%7.4%
Asset turnover—1.241.091.201.201.001.051.071.060.930.991.091.070.980.940.90
Current ratio—1.852.012.272.532.302.522.262.231.821.781.761.922.622.662.80
Debt to equity—32.4%89.6%92.6%73.9%80.4%64.5%87.9%67.9%74.1%66.0%78.9%61.8%48.1%41.9%39.4%
Effective tax rate—59.1%36.0%28.7%27.8%33.2%30.8%26.9%27.1%30.0%49.6%24.9%22.4%29.8%24.4%26.7%
R&D as % of revenue————————0.7%0.7%0.6%0.7%0.8%0.9%1.0%—
SG&A as % of revenue7.0%6.7%8.5%8.7%8.5%10.2%——————————
Capital spending as % of revenue5.8%4.0%3.6%4.2%4.8%5.0%5.0%5.6%5.3%5.7%4.4%3.8%3.8%4.0%6.0%6.2%
Free cash flow ÷ net income−115.0%>999%139.1%8.9%97.9%100.4%87.7%79.7%85.2%140.5%78.6%−30.1%115.6%176.4%70.1%60.0%
Dividends ÷ net income15.7%109.8%26.6%12.0%16.1%29.1%31.8%41.1%42.1%51.1%157.3%36.8%30.2%32.5%28.9%35.5%
Dividends and buybacks ÷ free cash flow—10.9%21.3%264.9%20.8%30.6%63.3%51.6%49.4%36.4%200.0%—26.1%18.4%41.3%59.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Ingredion Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ingredion Inc.