Ingredion Inc INGR

Consumer staples SIC 2040 - Grain Mill Products NAICS Manufacturing › Food Manufacturing derived NYSE

Ingredion Incorporated (together with its consolidated subsidiaries, the "Company," "Ingredion," "we," "us," and "our") is a leading global ingredient solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. Our purpose is to bring the potential of people, nature and technology together to make life better. We develop, produce and sell a variety of food and beverage ingredients, primarily starches and sweeteners, for a broad range of customers in over 60 industries worldwide.

Our innovative ingredient solutions help customers stay on trend with consumer-friendly, in-demand ingredients. Ingredion derives most of our products by processing corn and other starch-based materials, such as tapioca, potato, peas and rice. Our product lines include starches and sweeteners, animal feed products and edible corn oil. Our starch-based products include both food-grade and industrial starches, as well as biomaterials and non-GMO (genetically modified organism) products. Our sweetener products include glucose syrups, high maltose syrups, high fructose corn syrup, caramel color, dextrose, polyols, maltodextrins, glucose and syrup solids, high-intensity sweeteners, and various non-GMO products.

Last close 95.70 2026-10-23
Market cap $6.04B 2026-06-30 share count
52-week range 93.72 - 123.49

Valuation FY2025 figures against the last close

P/S0.8x
P/E8.6x
P/FCF11.8x
EV/EBITDA5.5x
Dividend yield3.5%
Diluted EPS11.18

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • Mexico
  • Others
  • Brazil
  • Canada
  • Germany
  • Colombia
  • Thailand
Revenue by geography, 8 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 2.8B (39.0%) 39% U.S. Mexico, FY2025: 1.4B (19.3%) 19% Mexico Others, FY2025: 982M (13.6%) 14% Others Brazil, FY2025: 572M (7.9%) 8% Brazil Canada, FY2025: 495M (6.9%) 7% Canada Germany, FY2025: 384M (5.3%) 5% Germany Colombia, FY2025: 324M (4.5%) 4% Thailand, FY2025: 255M (3.5%) 4% FY2024 U.S., FY2024: 2.9B (38.6%) 39% Mexico, FY2024: 1.5B (20.2%) 20% Others, FY2024: 986M (13.3%) 13% Brazil, FY2024: 584M (7.9%) 8% Canada, FY2024: 527M (7.1%) 7% Germany, FY2024: 385M (5.2%) 5% Colombia, FY2024: 310M (4.2%) 4% Thailand, FY2024: 265M (3.6%) 4% FY2023 U.S., FY2023: 3.1B (37.6%) 38% Mexico, FY2023: 1.6B (19.3%) 19% Others, FY2023: 1.3B (15.9%) 16% Brazil, FY2023: 669M (8.2%) 8% Canada, FY2023: 548M (6.7%) 7% Germany, FY2023: 413M (5.1%) 5% Colombia, FY2023: 332M (4.1%) 4% Thailand, FY2023: 259M (3.2%)
Region FY2025FY2024FY2023
U.S. $2.81B $2.87B $3.07B
Mexico $1.39B $1.50B $1.57B
Others $982.0M $986.0M $1.30B
Brazil $572.0M $584.0M $669.0M
Canada $495.0M $527.0M $548.0M
Germany $384.0M $385.0M $413.0M
Colombia $324.0M $310.0M $332.0M
Thailand $255.0M $265.0M $259.0M

As the company reported it, from the “Segment and Geographical Information - Net Sales to Third-Party Customers by Country (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $7.22B$7.43B$8.16B$7.95B$6.89B$5.99B$6.21B$6.29B$6.24B$5.70B
Cost of revenue $5.39B$5.64B$6.41B$6.45B$5.56B$4.71B$4.90B$4.92B$4.77B$4.30B
Gross profit $1.83B$1.79B$1.75B$1.49B$1.33B$1.27B$1.31B$1.37B$1.47B$1.40B
R&D $71.0M$67.0M$63.0M$52.0M$43.0M$43.0M$44.0M———
SG&A —————————$579.0M
Total operating expenses —————————$594.0M
Operating income $1.02B$883.0M$957.0M$762.0M$310.0M$582.0M$664.0M$703.0M$836.0M$806.0M
Pre-tax income $974.0M$931.0M$839.0M$668.0M$248.0M$506.0M$582.0M$621.0M$769.0M$742.0M
Income tax $238.0M$277.0M$188.0M$166.0M$123.0M$152.0M$158.0M$167.0M$237.0M$246.0M
Net income $729.0M$647.0M$643.0M$492.0M$117.0M$348.0M$413.0M$443.0M$519.0M$485.0M
EPS, basic 11.369.889.747.431.745.186.176.257.216.70
EPS, diluted 11.189.719.607.341.735.156.136.177.066.55
Shares, diluted (wtd. avg.) 65.2M66.6M67.0M67.0M67.8M67.6M67.4M71.8M73.5M74.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.03B$997.0M$401.0M$236.0M$328.0M$665.0M$264.0M$327.0M$595.0M$512.0M
Receivables $1.19B$1.09B$1.28B$1.41B$1.13B$1.01B$977.0M$951.0M$961.0M$923.0M
Inventory $1.23B$1.19B$1.45B$1.60B$1.17B$917.0M$861.0M$824.0M$823.0M$789.0M
Total current assets $3.50B$3.35B$3.40B$3.31B$2.70B$2.65B$2.16B$2.14B$2.42B$2.25B
Property, plant and equipment $2.53B$2.26B$2.37B$2.41B$2.42B$2.46B$2.31B$2.20B$2.22B$2.12B
Goodwill $922.0M$906.0M$918.0M$900.0M$914.0M$902.0M$801.0M$791.0M$803.0M$784.0M
Other intangibles $347.0M$358.0M$385.0M$401.0M$434.0M$444.0M$437.0M$460.0M$493.0M$502.0M
Total assets $7.90B$7.44B$7.64B$7.56B$7.00B$6.86B$6.04B$5.73B$6.08B$5.78B
Accounts payable $693.0M$604.0M$778.0M$873.0M$774.0M$599.0M$504.0M$452.0M$493.0M$440.0M
Short-term debt $48.0M$44.0M$448.0M$543.0M$308.0M$438.0M$82.0M$169.0M$120.0M$106.0M
Total current liabilities $1.32B$1.28B$1.77B$1.88B$1.51B$1.46B$967.0M$946.0M$957.0M$978.0M
Long-term debt $1.74B$1.79B$1.74B$1.94B$1.74B$1.75B$1.77B$1.93B$1.74B$1.85B
Total liabilities $3.53B$3.55B$3.99B$4.30B$3.77B$3.79B$3.27B———
Retained earnings $5.61B$5.09B$4.65B$4.21B$3.90B$3.96B$3.78B$3.54B$3.26B$2.90B
Total equity $4.27B$3.80B$3.54B$3.15B$3.10B$2.95B$2.72B$2.39B$2.89B$2.56B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $944.0M$1.44B$1.06B$152.0M$392.0M$829.0M$680.0M$703.0M$769.0M$771.0M
Depreciation and amortisation $222.0M$214.0M$219.0M$215.0M$220.0M$213.0M$220.0M$247.0M$209.0M$196.0M
Capital expenditure $433.0M$295.0M$314.0M$300.0M$300.0M$340.0M$328.0M$350.0M$314.0M$284.0M
Investing cash flow -$444.0M-$47.0M-$329.0M-$320.0M-$335.0M-$571.0M-$374.0M-$361.0M-$326.0M-$689.0M
Financing cash flow -$491.0M-$765.0M-$569.0M$103.0M-$373.0M$143.0M-$364.0M-$589.0M-$375.0M—
Dividends paid $211.0M$210.0M$194.0M$181.0M$184.0M$178.0M$174.0M$182.0M$165.0M$141.0M
Buybacks ———————$594.0M$123.0M$8.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001046257-26-000151.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 5.7B Gross profit, FY2016: 1.4B Net income, FY2016: 485M Revenue, FY2017: 6.2B Gross profit, FY2017: 1.5B Net income, FY2017: 519M Revenue, FY2018: 6.3B Gross profit, FY2018: 1.4B Net income, FY2018: 443M Revenue, FY2019: 6.2B Gross profit, FY2019: 1.3B Net income, FY2019: 413M Revenue, FY2020: 6B Gross profit, FY2020: 1.3B Net income, FY2020: 348M Revenue, FY2021: 6.9B Gross profit, FY2021: 1.3B Net income, FY2021: 117M Revenue, FY2022: 7.9B Gross profit, FY2022: 1.5B Net income, FY2022: 492M Revenue, FY2023: 8.2B Gross profit, FY2023: 1.7B Net income, FY2023: 643M Revenue, FY2024: 7.4B Gross profit, FY2024: 1.8B Net income, FY2024: 647M Revenue, FY2025: 7.2B Gross profit, FY2025: 1.8B Net income, FY2025: 729M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $5.70B $6.24B $6.29B $6.21B $5.99B $6.89B $7.95B $8.16B $7.43B $7.22B
Gross profit $1.40B $1.47B $1.37B $1.31B $1.27B $1.33B $1.49B $1.75B $1.79B $1.83B
Net income $485.0M $519.0M $443.0M $413.0M $348.0M $117.0M $492.0M $643.0M $647.0M $729.0M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Item 5.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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