Ingredion Inc INGR
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 11.36 | 9.88 | 9.74 | 7.43 | 1.74 | 5.18 | 6.17 | 6.25 | 7.21 | 6.70 |
| EPS, diluted | 11.18 | 9.71 | 9.60 | 7.34 | 1.73 | 5.15 | 6.13 | 6.17 | 7.06 | 6.55 |
| Shares, diluted (wtd. avg.) | $65.2M | $66.6M | $67.0M | $67.0M | $67.8M | $67.6M | $67.4M | $71.8M | $73.5M | $74.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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