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Ingredion Incorporated

Rank #317Value

INGR · NYSE · Consumer Defensive

Ingredion Incorporated (INGR) — Rank #317 by gross profitability (GP/assets 0.23) · ROE 16.1% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · 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

Price History

INGR+31.3% · +5.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$6.23B

P/E (annual)

8.8

P/S (annual)

0.9

P/B

1.4

P/OCF (annual)

6.6

Shareholder Yield

5.5%

Employees

11,000

Industry

Packaged Foods

Exchange

NYSE

Signal Flags

3 green1 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year

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%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

1.4%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -2.1% — per-share value needs a total required return of -0.7% once share-count change is priced in.

vs. own 6-year median revenue growth: -0.1%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-2.6%

r = 10% (base)

1.4%

r = 12%

4.8%

Net debt / market cap: 12.9%

Base FCF: $511M3Y mean FCF: $795.7M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

10.4xCheap
10.4xmed 13.9x51.3x

P / S

Price / revenue per share

1.1xFair
0.8xmed 1.0x1.2x

P / B

Price / book value per share

1.8xCheap
1.8xmed 2.2x2.8x

P / GP

Price / gross profit per share

4.2xCheap
4.2xmed 4.7x4.9x

P / FCF

Price / free cash flow per share

14.9xFair
7.4xmed 14.9x65.5x

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

Profitability

Gross profitability (GP / assets)

0.23

Primary signal (Novy-Marx).

9th of 18 SIC 20 peers

Return on equity

16.1%

Gross margin

25.3%

10th of 18 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)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.77

13th of 18 SIC 20 peers (best = lowest)

Current ratio

2.80×

12th of 18 SIC 20 peers

Quick ratio

1.86×

Net cash

-$831.00M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$511.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.30

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

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

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Value
Capital Return
View full financial statements →