Ingredion Incorporated (INGR) 10-Year Financial Performance & Capital Metrics

INGR • • Industrial / General

Consumer DefensivePackaged FoodsIngredients & Food ProcessingFood Ingredients & Starches

AboutIngredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. It operates through four segments: North America; South America; Asia-Pacific; and Europe, Middle East and Africa. The company offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, and glucose syrup solids, as well as food-grade and industrial starches, biomaterials, and nutrition ingredients. It also provides edible corn oil; refined corn oil to packers of cooking oil and to producers of margarine, salad dressings, shortening, mayonnaise, and other foods; and corn gluten feed used as protein feed for chickens, pet food, and aquaculture, as well as fruit and vegetable products, such as concentrates, purees and essences, pulse proteins, and hydrocolloids systems and blends. The company's products are derived primarily from processing corn and other starch-based materials, such as tapioca, potato, and rice. It serves food, beverage, brewing, and animal nutrition industries. 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.Show more

Revenue $7.43B -8.9%
EBITDA $1.1B -6.7%
Net Income $647M +0.6%
EPS (Diluted) 9.71 +1.1%
Gross Margin 24.1% +12.5%
EBITDA Margin 14.76% +2.4%
Operating Margin 11.88% +1.3%
Net Margin 8.71% +10.5%
ROE 17.16% -7.8%
ROIC 12.52% -1.0%
Debt/Equity 0.52 -20.5%
Interest Coverage 22.64 +169.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 15.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 17.0%
✓Healthy dividend yield of 2.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.16%

5Y3.66%

3Y2.53%

TTM-3.83%

Profit (Net Income) CAGR

10Y6.19%

5Y9.39%

3Y76.84%

TTM-3.51%

EPS CAGR

10Y7.43%

5Y9.64%

3Y77.72%

TTM-2.15%

ROCE

10Y Avg13.9%

5Y Avg12.34%

3Y Avg14.97%

Latest14.68%

Peer Comparison

Food Ingredients & Starches

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MKCMcCormick & Company, Incorporated	17.4B	68.70	23.53	0.92%	11.46%	13.45%	3.72%	0.85
MKC-VMcCormick & Company, Incorporated	1.03B	68.25	23.37	0.92%	11.46%	13.45%	62.63%	0.86
DARDarling Ingredients Inc.	6.4B	40.43	23.37	-15.81%	1.84%	2.26%	7.92%	0.95
INGRIngredion Incorporated	7.42B	116.74	12.02	-8.95%	9.07%	15.45%	15.3%	0.52

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.96B	6.02B	6.18B	6.29B	6.21B	5.99B	6.89B	7.95B	8.16B	7.43B
Revenue Growth %	-0.01%	0.01%	0.03%	0.02%	-0.01%	-0.04%	0.15%	0.15%	0.03%	-0.09%
Cost of Goods Sold+	4.72B	4.68B	4.77B	4.92B	4.9B	4.71B	5.56B	6.45B	6.41B	5.64B
COGS % of Revenue	0.79%	0.78%	0.77%	0.78%	0.79%	0.79%	0.81%	0.81%	0.79%	0.76%
Gross Profit+	1.24B	1.4B	1.47B	1.37B	1.31B	1.27B	1.33B	1.49B	1.75B	1.79B
Gross Margin %	0.21%	0.23%	0.24%	0.22%	0.21%	0.21%	0.19%	0.19%	0.21%	0.24%
Gross Profit Growth %	0.11%	0.13%	0.05%	-0.07%	-0.04%	-0.03%	0.05%	0.12%	0.17%	0.02%
Operating Expenses+	582M	595M	636M	665M	648M	690M	1.02B	732M	792M	908M
OpEx % of Revenue	0.1%	0.1%	0.1%	0.11%	0.1%	0.12%	0.15%	0.09%	0.1%	0.12%
Selling, General & Admin	555M	579M	0	0	0	0	0	0	0	0
SG&A % of Revenue	0.09%	0.1%	-	-	-	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	27M	16M	636M	665M	648M	690M	1.02B	732M	792M	908M
Operating Income+	660M	806M	836M	703M	664M	582M	310M	762M	957M	883M
Operating Margin %	0.11%	0.13%	0.14%	0.11%	0.11%	0.1%	0.04%	0.1%	0.12%	0.12%
Operating Income Growth %	0.14%	0.22%	0.04%	-0.16%	-0.06%	-0.12%	-0.47%	1.46%	0.26%	-0.08%
EBITDA+	854M	1B	1.04B	950M	884M	795M	530M	977M	1.18B	1.1B
EBITDA Margin %	0.14%	0.17%	0.17%	0.15%	0.14%	0.13%	0.08%	0.12%	0.14%	0.15%
EBITDA Growth %	0.1%	0.17%	0.04%	-0.09%	-0.07%	-0.1%	-0.33%	0.84%	0.2%	-0.07%
D&A (Non-Cash Add-back)	194M	196M	209M	247M	220M	213M	220M	215M	219M	214M
EBIT	668M	815M	848M	702M	663M	587M	322M	767M	953M	970M
Net Interest Income+	-55M	-63M	-68M	-72M	-81M	-81M	-74M	-99M	-114M	-39M
Interest Income	14M	10M	11M	9M	7M	0	0	0	0	0
Interest Expense	69M	73M	79M	81M	88M	81M	74M	99M	114M	39M
Other Income/Expense	-61M	-64M	-67M	-82M	-82M	-76M	-62M	-94M	-118M	48M
Pretax Income+	598.6M	741.8M	769M	621M	582M	506M	248M	668M	839M	931M
Pretax Margin %	0.1%	0.12%	0.12%	0.1%	0.09%	0.08%	0.04%	0.08%	0.1%	0.13%
Income Tax+	186.9M	245.7M	237M	167M	158M	152M	123M	166M	188M	277M
Effective Tax Rate %	0.67%	0.65%	0.67%	0.71%	0.71%	0.69%	0.47%	0.74%	0.77%	0.69%
Net Income+	402.2M	484.9M	519M	443M	413M	348M	117M	492M	643M	647M
Net Margin %	0.07%	0.08%	0.08%	0.07%	0.07%	0.06%	0.02%	0.06%	0.08%	0.09%
Net Income Growth %	0.13%	0.21%	0.07%	-0.15%	-0.07%	-0.16%	-0.66%	3.21%	0.31%	0.01%
Net Income (Continuing)	412M	496M	532M	454M	424M	354M	125M	502M	651M	654M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	36M	30M	26M	20M	21M	91M	89M	67M	57M	26M
EPS (Diluted)+	5.51	6.55	7.06	6.17	6.13	5.15	1.73	7.34	9.60	9.71
EPS Growth %	0.16%	0.19%	0.08%	-0.13%	-0.01%	-0.16%	-0.66%	3.24%	0.31%	0.01%
EPS (Basic)	5.62	6.70	7.21	6.25	6.17	5.18	1.74	7.43	9.74	9.88
Diluted Shares Outstanding	73M	74.1M	73.5M	71.8M	67.4M	67.6M	67.8M	67M	67M	66.6M
Basic Shares Outstanding	71.6M	72.3M	72M	70.9M	66.9M	67.2M	67.1M	66.2M	66M	65.5M
Dividend Payout Ratio	0.31%	0.29%	0.32%	0.41%	0.42%	0.49%	1.57%	0.37%	0.3%	0.32%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.95B	2.25B	2.42B	2.14B	2.16B	2.65B	2.7B	3.31B	3.4B	3.35B
Cash & Short-Term Investments	440M	516M	604M	334M	268M	665M	332M	239M	409M	1.01B
Cash Only	434M	512M	595M	327M	264M	665M	328M	236M	401M	997M
Short-Term Investments	6M	4M	9M	7M	4M	0	4M	3M	8M	11M
Accounts Receivable	775M	923M	961M	951M	977M	1.01B	1.13B	1.41B	1.28B	1.09B
Days Sales Outstanding	47.48	55.95	56.76	55.19	57.43	61.64	59.83	64.81	57.21	53.69
Inventory	715M	789M	823M	824M	861M	917M	1.17B	1.6B	1.45B	1.19B
Days Inventory Outstanding	55.34	61.52	62.95	61.12	64.17	70.99	76.9	90.34	82.55	76.83
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	3.12B	3.53B	3.67B	3.59B	3.88B	4.21B	4.3B	4.25B	4.24B	4.09B
Property, Plant & Equipment	1.99B	2.12B	2.22B	2.2B	2.46B	2.46B	2.42B	2.41B	2.37B	2.26B
Fixed Asset Turnover	3.00x	2.85x	2.79x	2.86x	2.53x	2.44x	2.85x	3.30x	3.44x	3.28x
Goodwill	601M	784M	803M	791M	801M	902M	914M	900M	918M	906M
Intangible Assets	410M	502M	493M	460M	437M	444M	434M	401M	385M	358M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	117M	121M	143M	131M	172M	387M	531M	544M	570M	561M
Total Assets+	5.07B	5.78B	6.08B	5.73B	6.04B	6.86B	7B	7.56B	7.64B	7.44B
Asset Turnover	1.17x	1.04x	1.02x	1.10x	1.03x	0.87x	0.98x	1.05x	1.07x	1.00x
Asset Growth %	-0%	0.14%	0.05%	-0.06%	0.05%	0.14%	0.02%	0.08%	0.01%	-0.03%
Total Current Liabilities+	742M	978M	957M	946M	967M	1.46B	1.51B	1.88B	1.77B	1.28B
Accounts Payable	423M	440M	493M	452M	504M	599M	774M	873M	778M	604M
Days Payables Outstanding	32.74	34.31	37.71	33.53	37.57	46.37	50.78	49.39	44.29	39.1
Short-Term Debt	19M	106M	120M	169M	82M	438M	308M	543M	448M	44M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	84M	107M	101M	81M	93M	96M	105M	112M	172M	124M
Current Ratio	2.63x	2.30x	2.52x	2.26x	2.23x	1.82x	1.78x	1.76x	1.92x	2.62x
Quick Ratio	1.66x	1.50x	1.66x	1.39x	1.34x	1.19x	1.01x	0.91x	1.10x	1.69x
Cash Conversion Cycle	70.08	83.16	82	82.79	84.04	86.25	85.94	105.77	95.47	91.43
Total Non-Current Liabilities+	2.15B	2.21B	2.21B	2.37B	2.3B	2.33B	2.26B	2.42B	2.22B	2.27B
Long-Term Debt	1.81B	1.85B	1.74B	1.93B	1.76B	1.75B	1.74B	1.94B	1.74B	1.79B
Capital Lease Obligations	0	0	0	0	120M	136M	154M	146M	157M	145M
Deferred Tax Liabilities	135M	171M	199M	189M	195M	217M	165M	145M	116M	136M
Other Non-Current Liabilities	201M	191M	264M	253M	221M	227M	205M	186M	207M	205M
Total Liabilities	2.89B	3.19B	3.16B	3.32B	3.27B	3.79B	3.77B	4.3B	3.99B	3.55B
Total Debt+	1.83B	1.95B	1.86B	2.1B	2.01B	2.37B	2.25B	2.68B	2.4B	2.04B
Net Debt	1.4B	1.44B	1.27B	1.77B	1.74B	1.7B	1.92B	2.44B	2B	1.04B
Debt / Equity	0.84x	0.75x	0.64x	0.87x	0.72x	0.77x	0.70x	0.82x	0.66x	0.52x
Debt / EBITDA	2.14x	1.95x	1.78x	2.21x	2.27x	2.98x	4.24x	2.74x	2.04x	1.86x
Net Debt / EBITDA	1.64x	1.44x	1.21x	1.87x	1.97x	2.14x	3.62x	2.50x	1.70x	0.95x
Interest Coverage	9.57x	11.04x	10.58x	8.68x	7.55x	7.19x	4.19x	7.70x	8.39x	22.64x
Total Equity+	2.18B	2.6B	2.92B	2.41B	2.77B	3.07B	3.23B	3.26B	3.65B	3.89B
Equity Growth %	-0.01%	0.19%	0.12%	-0.17%	0.15%	0.11%	0.05%	0.01%	0.12%	0.07%
Book Value per Share	29.86	35.02	39.69	33.54	41.13	45.44	47.57	48.69	54.48	58.41
Total Shareholders' Equity	2.14B	2.56B	2.89B	2.39B	2.75B	2.98B	3.14B	3.19B	3.59B	3.86B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	2.55B	2.9B	3.26B	3.54B	3.78B	3.96B	3.9B	4.21B	4.65B	5.09B
Treasury Stock	-467M	-413M	-494M	-1.09B	-1.04B	-1.02B	-1.06B	-1.15B	-1.21B	-1.35B
Accumulated OCI	-1.1B	-1.07B	-1.01B	-1.15B	-1.16B	-1.13B	-897M	-1.05B	-1.06B	-1.09B
Minority Interest	36M	30M	26M	20M	21M	91M	89M	67M	57M	26M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	686M	771M	769M	703M	680M	829M	392M	152M	1.06B	1.44B
Operating CF Margin %	0.12%	0.13%	0.12%	0.11%	0.11%	0.14%	0.06%	0.02%	0.13%	0.19%
Operating CF Growth %	-0.06%	0.12%	-0%	-0.09%	-0.03%	0.22%	-0.53%	-0.61%	5.95%	0.36%
Net Income	412M	496M	532M	454M	413M	348M	117M	502M	643M	647M
Depreciation & Amortization	194M	196M	209M	247M	220M	213M	220M	215M	219M	214M
Stock-Based Compensation	21M	28M	26M	21M	18M	23M	23M	29M	20M	46M
Deferred Taxes	-6M	-5M	67M	-23M	0	0	0	-3M	-6M	-15M
Other Non-Cash Items	104M	87M	73M	142M	134M	219M	538M	73M	119M	74M
Working Capital Changes	-24M	-8M	-121M	-118M	-105M	26M	-506M	-664M	62M	470M
Change in Receivables	-29M	-131M	-44M	-70M	-61M	-3M	-162M	-310M	77M	148M
Change in Inventory	9M	-19M	-34M	-50M	-43M	-14M	-312M	-468M	69M	228M
Change in Payables	20M	150M	-49M	-3M	0	0	0	158M	-79M	20M
Cash from Investing+	-649M	-689M	-326M	-361M	-374M	-571M	-335M	-320M	-329M	-47M
Capital Expenditures	-277M	-283M	-306M	-349M	-328M	-340M	-300M	-300M	-316M	-301M
CapEx % of Revenue	0.05%	0.05%	0.05%	0.06%	0.05%	0.06%	0.04%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	38M	3M	8M	1M	-4M	5M	5M	9M	-13M	254M
Cash from Financing+	-116M	0	-375M	-589M	-364M	143M	-373M	103M	-569M	-765M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-126M	-141M	-165M	-173M	-174M	-170M	-184M	-181M	-194M	-210M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8M	-6M	9M	1M	66M	-13M	269M	-37M	18M	6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	409M	488M	463M	354M	352M	489M	92M	-148M	741M	1.14B
FCF Margin %	0.07%	0.08%	0.07%	0.06%	0.06%	0.08%	0.01%	-0.02%	0.09%	0.15%
FCF Growth %	-0.11%	0.19%	-0.05%	-0.24%	-0.01%	0.39%	-0.81%	-2.61%	6.01%	0.53%
FCF per Share	5.60	6.59	6.30	4.93	5.22	7.23	1.36	-2.21	11.06	17.04
FCF Conversion (FCF/Net Income)	1.71x	1.59x	1.48x	1.59x	1.65x	2.38x	3.35x	0.31x	1.64x	2.22x
Interest Paid	0	0	0	0	80M	78M	72M	82M	96M	48M
Taxes Paid	0	0	0	0	0	0	0	187M	157M	169M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	18.34%	20.31%	18.83%	16.64%	15.95%	11.91%	3.72%	15.17%	18.61%	17.16%
Return on Invested Capital (ROIC)	14.12%	15.88%	15.25%	12.6%	11.45%	9.4%	4.69%	10.54%	12.64%	12.52%
Gross Margin	20.84%	23.27%	23.82%	21.75%	21.13%	21.25%	19.31%	18.8%	21.43%	24.1%
Net Margin	6.75%	8.05%	8.4%	7.04%	6.65%	5.81%	1.7%	6.19%	7.88%	8.71%
Debt / Equity	0.84x	0.75x	0.64x	0.87x	0.72x	0.77x	0.70x	0.82x	0.66x	0.52x
Interest Coverage	9.57x	11.04x	10.58x	8.68x	7.55x	7.19x	4.19x	7.70x	8.39x	22.64x
FCF Conversion	1.71x	1.59x	1.48x	1.59x	1.65x	2.38x	3.35x	0.31x	1.64x	2.22x
Revenue Growth	-0.66%	1.06%	2.63%	1.76%	-1.27%	-3.58%	15.15%	15.26%	2.69%	-8.95%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
E M E A	530M	538M	556M	584M	592M	593M	-	-	-	-
E M E A Growth	-	1.51%	3.35%	5.04%	1.37%	0.17%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	2.51B	2.98B	-	2.87B
UNITED STATES Growth	-	-	-	-	-	-	-	18.69%	-	-
MEXICO	-	-	-	-	-	-	1.17B	1.44B	-	1.5B
MEXICO Growth	-	-	-	-	-	-	-	23.42%	-	-
Other Countries	1.3B	1.27B	1.51B	1.58B	1.63B	1.61B	1.85B	1.94B	-	986M
Other Countries Growth	-	-2.16%	19.09%	4.77%	2.84%	-0.98%	14.65%	4.82%	-	-
BRAZIL	-	-	-	-	-	-	586M	720M	-	584M
BRAZIL Growth	-	-	-	-	-	-	-	22.87%	-	-
CANADA	-	-	-	-	-	-	459M	512M	-	527M
CANADA Growth	-	-	-	-	-	-	-	11.55%	-	-
GERMANY	-	-	-	-	-	-	-	-	-	385M
GERMANY Growth	-	-	-	-	-	-	-	-	-	-
COLOMBIA	-	-	-	-	-	-	-	-	-	310M
COLOMBIA Growth	-	-	-	-	-	-	-	-	-	-
THAILAND	-	-	-	-	-	-	-	-	-	265M
THAILAND Growth	-	-	-	-	-	-	-	-	-	-
North America	-	-	-	-	-	-	-	-	5.19B	-
North America Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	-	-	-	-	-	-	1.09B	-
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
South America	-	-	-	-	-	-	-	-	1.06B	-
South America Growth	-	-	-	-	-	-	-	-	-	-
EMEA	-	-	-	-	-	-	-	-	821M	-
EMEA Growth	-	-	-	-	-	-	-	-	-	-
KOREA, REPUBLIC OF	-	-	-	-	-	-	323M	356M	-	-
KOREA, REPUBLIC OF Growth	-	-	-	-	-	-	-	10.22%	-	-
U	1.98B	2.12B	2.19B	2.13B	2.37B	2.28B	-	-	-	-
U Growth	-	6.76%	3.50%	-2.65%	11.02%	-3.55%	-	-	-	-
M	945M	955M	952M	997M	1.07B	984M	-	-	-	-
M Growth	-	1.06%	-0.31%	4.73%	7.82%	-8.47%	-	-	-	-
C	417M	375M	385M	381M	390M	393M	-	-	-	-
C Growth	-	-10.07%	2.67%	-1.04%	2.36%	0.77%	-	-	-	-
K	276M	266M	275M	286M	270M	268M	-	-	-	-
K Growth	-	-3.62%	3.38%	4.00%	-5.59%	-0.74%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ingredion Incorporated (INGR) has a price-to-earnings (P/E) ratio of 12.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ingredion Incorporated (INGR) reported $7.26B in revenue for fiscal year 2024. This represents a 17% increase from $6.22B in 2011.

Ingredion Incorporated (INGR) saw revenue decline by 8.9% over the past year.

Yes, Ingredion Incorporated (INGR) is profitable, generating $659.0M in net income for fiscal year 2024 (8.7% net margin).

Dividend & Returns

Yes, Ingredion Incorporated (INGR) pays a dividend with a yield of 2.70%. This makes it attractive for income-focused investors.

Ingredion Incorporated (INGR) has a return on equity (ROE) of 17.2%. This is reasonable for most industries.

Ingredion Incorporated (INGR) generated $844.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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