Quality Investor

Ingredion Incorporated

Rank #303ValueWatchlistCompare with other stocks

INGR · NYSE · Consumer Defensive

Ingredion Incorporated (INGR) — Rank #303 by gross profitability (GP/assets 0.23) · ROE 16.1% · Piotroski F-Score 8 / 9.

As-of 2026-10-30 · CIK 0001046257 · all metrics point-in-time as of the filing date.

About

Ingredion Incorporated, together with its subsidiaries, engages in the manufacture and sale of sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries worldwide.

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The company operates in Texture & Healthful Solutions; Food & Industrial Ingredients–LATAM; and Food & Industrial Ingredients–U.S./CANADA segments. It offers starch products for use in a range of processed foods; cornstarch; specialty paper starches for enhanced drainage, fiber retention, oil and grease resistance, improved printability, and biochemical oxygen demand control; starches and specialty starches for textile industry; industrial starches are used in the production of construction materials, textiles, adhesives, pharmaceuticals, and cosmetics, as well as in mining and water filtration; and specialty industrial starches for use in biomaterial applications, including biodegradable plastics, fabric softeners and detergents, hair and skin care applications, dusting powders for surgical gloves, and in the production of glass fiber and insulation. The company provides sweetener products comprising glucose syrups, high maltose syrup, high fructose corn syrup, dextrose, polyols, maltodextrin, glucose syrup solids, and non-genetically modified organism syrups for applications in food and beverage products, such as baked goods, snack foods, canned fruits, condiments, candy and other sweets, dairy products, ice cream, jams and jellies, prepared mixes, table syrups, and beverages. In addition, the company sells refined corn oil, corn gluten feed, and corn gluten meal; and other products. The company was formerly known as Corn Products International, Inc. and changed its name to Ingredion Incorporated in June 2012.

Ingredion Incorporated was founded in 1906 and is headquartered in Westchester, Illinois.

Industry
Packaged Foods
Sector
Consumer Defensive
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

11,000

Industry

Packaged Foods

Exchange

NYSE

10/12

Flags passed

INGR fails 1 critical flag

Passes 10 of 12 quality flags, 1 caution

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • CAUTION
    Disclosure regression

    A previously-disclosed line item is no longer reported — worth checking the filing for why

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.23
Return on equity
16.1%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.77
Current ratio
2.80×
Net cash
-$831.00M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.6%

Growth

1/2 pass
Revenue growth
-2.8%
Piotroski F-Score
8 / 9
Share dilution
-2.1%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.23

Gross profitability (GP / assets)

0.23

Primary signal (Novy-Marx).

8th of 13 SIC 20 peers

Return on equity

16.1%

Gross margin

25.3%

9th of 13 SIC 20 peers

Revenue growth (YoY)

-2.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-3.1%

Revenue CAGR (5Y)

3.8%

Earnings CAGR (3Y)

14.0%

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 30% below net income

Free cash flow

$511.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-29.9%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $831.00M, F-Score 8/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.77

9th of 13 SIC 20 peers (best = lowest)

Current ratio

2.80×

8th of 13 SIC 20 peers

Quick ratio

1.86×

Net cash

-$831.00M

Cash & equivalents minus total debt.

Piotroski F-Score

8 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Dividend safety

Composite score

3.2 / 5

Good
Payout ratio
28.9%5/5 Strong
FCF coverage
2.42×4/5 Strong
Dividend growth streak
3 yr2/5 Fair
Balance-sheet health
D/E 0.77 · IC N/A2/5 Fair

Capital allocation quality

Composite score

3.0 / 5

Good
Share count trend(net buybacks)
-2.1%4/5 Strong
Buyback timing
N/AN/A
Dividend growth consistency
3 yr2/5 Fair
Net debt trajectory(deleveraging)
0.8%3/5 Good

Lifecycle Phase History

20202025
Value
Capital Return

Price History

INGR+28.3% · +5.1% CAGRSPY+82.9% · +12.8% CAGR