MGP Ingredients, Inc. (MGPI) 10-Year Financial Performance & Capital Metrics

MGPI • • Industrial / General

Consumer DefensiveWineries & DistilleriesPremium Spirits & Whiskey ProducersPremium Whiskey & Bourbon Specialists

AboutMGP Ingredients, Inc., together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products. This segment also provides fuel-grade alcohol for blending with gasoline; distillers feed and related co-products, such as distillers feed and corn oil; and warehouse services, including barrel put away, storage, and retrieval services, as well as blending services. The Branded Spirits segment provides ultra-premium, premium, mid, and value branded distilled spirits. The Ingredient Solutions segment provides specialty wheat starches for food applications under the Fibersym, Resistant Starch, and FiberRite RW Resistant Starch names; specialty wheat proteins for food applications under the Arise and Proterra names; gluten-free textured pea proteins; commodity wheat starch for food and non-food applications; and commodity wheat proteins. The company sells its products directly or through distributors to manufacturers and processors of finished packaged goods or to bakeries primarily in the United States, the United Kingdom, Japan, Thailand, Mexico, and Canada. MGP Ingredients, Inc. was founded in 1941 and is headquartered in Atchison, Kansas.Show more

Revenue $704M -15.9%
EBITDA $96M -43.5%
Net Income $35M -67.7%
EPS (Diluted) 1.56 -67.5%
Gross Margin 40.69% +11.7%
EBITDA Margin 13.7% -32.9%
Operating Margin 10.58% -40.5%
Net Margin 4.93% -61.7%
ROE 4.12% -69.4%
ROIC 4.9% -54.4%
Debt/Equity 0.41 +14.7%
Interest Coverage 8.82 -60.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.2%
✓Healthy 5Y average net margin of 11.3%
✓Trading at only 0.7x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.42%

5Y14.17%

3Y3.93%

TTM-22.65%

Profit (Net Income) CAGR

10Y3.89%

5Y-2.23%

3Y-27.59%

TTM-106.86%

EPS CAGR

10Y1.68%

5Y-7.23%

3Y-28.79%

TTM-107.18%

ROCE

10Y Avg18.18%

5Y Avg14.3%

3Y Avg11.12%

Latest5.74%

Peer Comparison

Premium Whiskey & Bourbon Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGPIMGP Ingredients, Inc.	529.38M	24.86	15.94	-15.89%	-1.09%	-0.79%	5.87%	0.41
BF-BBrown-Forman Corporation	8.08B	27.42	14.90	-4.86%	20.83%	19.59%	5.34%	0.68

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	327.6M	318.26M	347.45M	376.09M	362.75M	395.52M	626.72M	782.36M	836.52M	703.63M
Revenue Growth %	0.05%	-0.03%	0.09%	0.08%	-0.04%	0.09%	0.58%	0.25%	0.07%	-0.16%
Cost of Goods Sold+	269.07M	252.98M	271.43M	292.49M	286.21M	296.71M	427.75M	529.05M	531.81M	417.31M
COGS % of Revenue	0.82%	0.79%	0.78%	0.78%	0.79%	0.75%	0.68%	0.68%	0.64%	0.59%
Gross Profit+	58.53M	65.28M	76.02M	83.6M	76.53M	98.81M	198.97M	253.31M	304.71M	286.32M
Gross Margin %	0.18%	0.21%	0.22%	0.22%	0.21%	0.25%	0.32%	0.32%	0.36%	0.41%
Gross Profit Growth %	1.06%	0.12%	0.16%	0.1%	-0.08%	0.29%	1.01%	0.27%	0.2%	-0.06%
Operating Expenses+	25.68M	23.31M	33.11M	33.45M	29.29M	44.56M	72.6M	104.34M	156.1M	211.89M
OpEx % of Revenue	0.08%	0.07%	0.1%	0.09%	0.08%	0.11%	0.12%	0.13%	0.19%	0.3%
Selling, General & Admin	25.68M	26.69M	33.11M	33.45M	29.29M	44.56M	88.93M	104.34M	129.61M	121.9M
SG&A % of Revenue	0.08%	0.08%	0.1%	0.09%	0.08%	0.11%	0.14%	0.13%	0.15%	0.17%
Research & Development	748K	916K	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	0%	-	-	-	-	-	-	-	-
Other Operating Expenses	0	3.38M	0	0	0	0	-16.32M	0	26.49M	89.99M
Operating Income+	32.85M	41.98M	42.91M	50.15M	47.24M	54.24M	126.36M	148.97M	148.61M	74.43M
Operating Margin %	0.1%	0.13%	0.12%	0.13%	0.13%	0.14%	0.2%	0.19%	0.18%	0.11%
Operating Income Growth %	0.98%	0.28%	0.02%	0.17%	-0.06%	0.15%	1.33%	0.18%	-0%	-0.5%
EBITDA+	45.23M	53.23M	54.22M	61.51M	58.81M	67.2M	145.46M	170.42M	170.73M	96.42M
EBITDA Margin %	0.14%	0.17%	0.16%	0.16%	0.16%	0.17%	0.23%	0.22%	0.2%	0.14%
EBITDA Growth %	0.56%	0.18%	0.02%	0.13%	-0.04%	0.14%	1.16%	0.17%	0%	-0.44%
D&A (Non-Cash Add-back)	12.38M	11.25M	11.31M	11.36M	11.57M	12.96M	19.09M	21.45M	22.11M	21.99M
EBIT	32.85M	38.59M	42.91M	50.15M	47.24M	54.24M	125.13M	145.62M	148.39M	76.88M
Net Interest Income+	-534K	-1.29M	-1.18M	-1.17M	-1.3M	-2.27M	-4.04M	-5.45M	-6.65M	-8.44M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	534K	1.29M	1.18M	1.17M	1.3M	2.27M	4.04M	5.45M	6.65M	8.44M
Other Income/Expense	5.57M	2.74M	9.85M	-1.17M	-1.3M	-1.64M	-5.27M	-8.79M	-6.87M	-5.98M
Pretax Income+	38.42M	44.72M	52.76M	48.98M	45.94M	52.6M	121.1M	140.17M	141.75M	68.44M
Pretax Margin %	0.12%	0.14%	0.15%	0.13%	0.13%	0.13%	0.19%	0.18%	0.17%	0.1%
Income Tax+	12.23M	13.53M	10.94M	11.7M	7.14M	12.26M	30.28M	31.3M	34.62M	33.98M
Effective Tax Rate %	0.68%	0.7%	0.79%	0.76%	0.84%	0.77%	0.75%	0.78%	0.76%	0.51%
Net Income+	26.19M	31.18M	41.82M	37.28M	38.79M	40.34M	91.31M	109.46M	107.47M	34.66M
Net Margin %	0.08%	0.1%	0.12%	0.1%	0.11%	0.1%	0.15%	0.14%	0.13%	0.05%
Net Income Growth %	0.11%	0.19%	0.34%	-0.11%	0.04%	0.04%	1.26%	0.2%	-0.02%	-0.68%
Net Income (Continuing)	26.19M	31.18M	41.82M	37.28M	38.79M	40.34M	90.82M	108.87M	107.13M	34.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	-490K	-1.08M	-1.43M	-1.62M
EPS (Diluted)+	1.48	1.82	2.44	2.21	2.27	2.37	4.32	4.92	4.80	1.56
EPS Growth %	0.12%	0.23%	0.34%	-0.09%	0.03%	0.04%	0.82%	0.14%	-0.02%	-0.68%
EPS (Basic)	1.48	1.82	2.44	2.21	2.27	2.37	4.37	4.94	4.82	1.56
Diluted Shares Outstanding	17.12M	16.64M	16.75M	16.87M	17.01M	16.94M	20.98M	22.05M	22.17M	22.02M
Basic Shares Outstanding	17.12M	16.64M	16.75M	16.87M	17.01M	16.94M	20.72M	22M	22.06M	22.02M
Dividend Payout Ratio	0.04%	0.07%	0.42%	0.15%	0.18%	0.2%	0.11%	0.1%	0.1%	0.31%

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+	91.18M	110.9M	134.74M	154.62M	184.21M	222.28M	367.1M	454.16M	514.3M	546.14M
Cash & Short-Term Investments	747K	1.57M	3.08M	5.03M	3.31M	21.66M	21.57M	47.89M	18.39M	25.27M
Cash Only	747K	1.57M	3.08M	5.03M	3.31M	21.66M	21.57M	47.89M	18.39M	25.27M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	30.67M	28.79M	36.33M	39.51M	41.92M	56.97M	98.08M	113.59M	145.48M	151.94M
Days Sales Outstanding	34.17	33.02	38.16	38.34	42.18	52.57	57.12	53	63.48	78.82
Inventory	58.7M	78.86M	93.15M	108.77M	136.93M	141.01M	245.94M	289.72M	346.85M	364.94M
Days Inventory Outstanding	79.63	113.78	125.26	135.73	174.62	173.46	209.86	199.88	238.06	319.2
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	103.13M	114.44M	105.59M	123.27M	138.39M	144.29M	674.37M	704.05M	878.05M	859.65M
Property, Plant & Equipment	83.55M	92.79M	103.05M	120.79M	134.91M	137.14M	216.96M	250.67M	276.28M	332.21M
Fixed Asset Turnover	3.92x	3.43x	3.37x	3.11x	2.69x	2.88x	2.89x	3.12x	3.03x	2.12x
Goodwill	0	1.5M	1.5M	0	1.5M	2.74M	226.29M	226.29M	321.54M	247.79M
Intangible Assets	0	350K	0	0	350K	890K	218.84M	216.77M	271.71M	268.45M
Long-Term Investments	18.56M	18.93M	-1.5M	0	-1.85M	0	4.94M	5.53M	5.2M	7.02M
Other Non-Current Assets	1.01M	2.71M	2.52M	804K	1.55M	3.52M	7.34M	4.78M	3.33M	4.17M
Total Assets+	194.31M	225.34M	240.33M	277.89M	322.6M	366.57M	1.04B	1.16B	1.39B	1.41B
Asset Turnover	1.69x	1.41x	1.45x	1.35x	1.12x	1.08x	0.60x	0.68x	0.60x	0.50x
Asset Growth %	0.21%	0.16%	0.07%	0.16%	0.16%	0.14%	1.84%	0.11%	0.2%	0.01%
Total Current Liabilities+	37.66M	36.99M	41.58M	37.46M	39.3M	53.33M	88.8M	105.38M	114.11M	92.45M
Accounts Payable	20.94M	20.34M	30.04M	25.36M	29.51M	30.27M	53.71M	66.43M	73.59M	66.34M
Days Payables Outstanding	28.41	29.35	40.39	31.65	37.63	37.24	45.83	45.83	50.51	58.02
Short-Term Debt	3.35M	4.36M	372K	386K	401K	1.6M	3.23M	5.6M	6.4M	6.4M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-1.45M	0	0	0	0	3.03M	1.43M	5.73M	9.02M	4.02M
Current Ratio	2.42x	3.00x	3.24x	4.13x	4.69x	4.17x	4.13x	4.31x	4.51x	5.91x
Quick Ratio	0.86x	0.87x	1.00x	1.22x	1.20x	1.52x	1.36x	1.56x	1.47x	1.96x
Cash Conversion Cycle	85.39	117.44	123.03	142.43	179.17	188.79	221.15	207.05	251.02	339.99
Total Non-Current Liabilities+	40.49M	42.05M	30.02M	38.99M	52.26M	50.72M	308.4M	307.19M	429.18M	480.79M
Long-Term Debt	30.11M	31.64M	24.18M	31.63M	40.66M	38.27M	230.17M	224.74M	280.85M	317.14M
Capital Lease Obligations	0	0	0	0	4.27M	3.06M	7M	11.62M	11.29M	11.94M
Deferred Tax Liabilities	2.76M	3.43M	12K	1.68M	1.93M	2.3M	66.1M	67.11M	63.07M	63.43M
Other Non-Current Liabilities	4.21M	4M	3.67M	4.12M	4.17M	7.09M	5.13M	3.72M	73.96M	88.28M
Total Liabilities	78.15M	79.04M	71.6M	76.45M	91.55M	104.05M	397.2M	412.57M	543.28M	573.24M
Total Debt+	33.46M	36M	24.55M	32.01M	47.57M	45.04M	243.26M	245.76M	301.86M	339.64M
Net Debt	32.71M	34.43M	21.47M	26.99M	44.26M	23.38M	221.69M	197.88M	283.47M	314.37M
Debt / Equity	0.29x	0.25x	0.15x	0.16x	0.21x	0.17x	0.38x	0.33x	0.36x	0.41x
Debt / EBITDA	0.74x	0.68x	0.45x	0.52x	0.81x	0.67x	1.67x	1.44x	1.77x	3.52x
Net Debt / EBITDA	0.72x	0.65x	0.40x	0.44x	0.75x	0.35x	1.52x	1.16x	1.66x	3.26x
Interest Coverage	61.52x	32.44x	36.24x	42.93x	36.20x	23.93x	31.30x	27.33x	22.36x	8.82x
Total Equity+	116.16M	146.29M	168.73M	201.44M	231.04M	262.53M	644.26M	745.64M	849.07M	832.54M
Equity Growth %	0.11%	0.26%	0.15%	0.19%	0.15%	0.14%	1.45%	0.16%	0.14%	-0.02%
Book Value per Share	6.78	8.79	10.08	11.94	13.58	15.50	30.70	33.81	38.29	37.82
Total Shareholders' Equity	116.16M	146.29M	168.73M	201.44M	231.04M	262.53M	644.75M	746.72M	850.49M	834.17M
Common Stock	6.71M	6.71M	6.71M	6.71M	6.71M	6.71M	6.71M	6.71M	6.71M	6.71M
Retained Earnings	114.56M	142.65M	167.13M	198.91M	230.78M	262.94M	344.24M	443.06M	539.88M	563.93M
Treasury Stock	-15.97M	-16.98M	-18.72M	-19.4M	-20.24M	-23.13M	-22.36M	-21.59M	-21.17M	-68.02M
Accumulated OCI	-500K	-373K	-311K	-164K	-246K	486K	354K	-304K	-397K	-658K
Minority Interest	0	0	0	0	0	0	-490K	-1.08M	-1.43M	-1.62M

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+	18.66M	19.72M	33.47M	33.48M	19.72M	53.26M	88.26M	88.94M	83.78M	102.28M
Operating CF Margin %	0.06%	0.06%	0.1%	0.09%	0.05%	0.13%	0.14%	0.11%	0.1%	0.15%
Operating CF Growth %	0.18%	0.06%	0.7%	0%	-0.41%	1.7%	0.66%	0.01%	-0.06%	0.22%
Net Income	26.19M	31.18M	41.82M	37.28M	38.79M	40.34M	90.82M	108.87M	107.13M	34.47M
Depreciation & Amortization	12.38M	11.25M	11.31M	11.36M	11.57M	12.96M	19.09M	21.45M	22.11M	21.99M
Stock-Based Compensation	1.41M	2.4M	2.57M	3.1M	3.3M	3M	5.55M	5.5M	10.63M	4.02M
Deferred Taxes	1.35M	681K	-3.42M	1.67M	252K	593K	6.77M	1.01M	-4.04M	359K
Other Non-Cash Items	-5.65M	-1.84M	-3.84M	47.88M	-116K	494K	-14.57M	2.41M	27.56M	88.63M
Working Capital Changes	-17.02M	-23.96M	-14.97M	-19.93M	-34.08M	-4.14M	-19.4M	-50.32M	-79.61M	-47.18M
Change in Receivables	2M	4.58M	-8.26M	-4.45M	-2.13M	-5.42M	-4.17M	-16.79M	-34.91M	-4.38M
Change in Inventory	-24.26M	-20.11M	-14.29M	-15.62M	-28.16M	-3.89M	-14.21M	-44.35M	-46.92M	-18.16M
Change in Payables	2.61M	-2.12M	6.19M	-2.54M	2.11M	1.82M	5.3M	10.63M	-2.41M	-9.1M
Cash from Investing+	-30.53M	-17.68M	1.78M	-31.05M	-17.93M	-19.65M	-182.62M	-47.81M	-159.24M	-71.56M
Capital Expenditures	-30.53M	-17.92M	-21.05M	-31.05M	-16.73M	-19.7M	-47.39M	-45.32M	-55.27M	-71.18M
CapEx % of Revenue	0.09%	0.06%	0.06%	0.08%	0.05%	0.05%	0.08%	0.06%	0.07%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	1.44M	34.21M	0	0	2.8M	15.24M	3.13M	-263K	-377K
Cash from Financing+	6.97M	-1.22M	-33.73M	-494K	-3.51M	-15.26M	94.29M	-14.76M	45.92M	-23.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.09M	-2.07M	-17.38M	-5.5M	-6.86M	-8.19M	-10.02M	-10.65M	-10.68M	-10.63M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-348K	-114K	-377K	0	-76K	-1.15M	-7.05M	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-11.86M	1.8M	12.42M	2.44M	2.99M	33.55M	40.87M	43.61M	28.52M	31.1M
FCF Margin %	-0.04%	0.01%	0.04%	0.01%	0.01%	0.08%	0.07%	0.06%	0.03%	0.04%
FCF Growth %	-2.34%	1.15%	5.9%	-0.8%	0.23%	10.21%	0.22%	0.07%	-0.35%	0.09%
FCF per Share	-0.69	0.11	0.74	0.14	0.18	1.98	1.95	1.98	1.29	1.41
FCF Conversion (FCF/Net Income)	0.71x	0.63x	0.80x	0.90x	0.51x	1.32x	0.97x	0.81x	0.78x	2.95x
Interest Paid	0	0	0	0	0	0	3.46M	5.95M	9.24M	10.57M
Taxes Paid	0	0	0	0	0	0	29.05M	35.14M	35.14M	36.07M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.75%	23.76%	26.55%	20.14%	17.94%	16.35%	20.14%	15.75%	13.48%	4.12%
Return on Invested Capital (ROIC)	19.11%	19.1%	17.35%	17.97%	14.07%	14.5%	16.46%	12.35%	10.74%	4.9%
Gross Margin	17.87%	20.51%	21.88%	22.23%	21.1%	24.98%	31.75%	32.38%	36.43%	40.69%
Net Margin	7.99%	9.8%	12.04%	9.91%	10.69%	10.2%	14.57%	13.99%	12.85%	4.93%
Debt / Equity	0.29x	0.25x	0.15x	0.16x	0.21x	0.17x	0.38x	0.33x	0.36x	0.41x
Interest Coverage	61.52x	32.44x	36.24x	42.93x	36.20x	23.93x	31.30x	27.33x	22.36x	8.82x
FCF Conversion	0.71x	0.63x	0.80x	0.90x	0.51x	1.32x	0.97x	0.81x	0.78x	2.95x
Revenue Growth	4.53%	-2.85%	9.17%	8.24%	-3.55%	9.04%	58.45%	24.83%	6.92%	-15.89%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Distilling Solutions	-	-	-	-	-	428.48M	450.85M	332.2M
Distilling Solutions Growth	-	-	-	-	-	-	5.22%	-26.32%
Branded Spirits	-	-	-	-	183.57M	237.94M	253.93M	240.82M
Branded Spirits Growth	-	-	-	-	-	29.62%	6.72%	-5.17%
Ingredient Solutions	56.44M	28.59M	65.51M	78.06M	90.65M	115.94M	131.74M	130.6M
Ingredient Solutions Growth	-	-49.34%	129.11%	19.16%	16.12%	27.90%	13.62%	-0.86%
Distillery Products	291.01M	12.93M	297.23M	317.46M	352.5M	-	-	-
Distillery Products Growth	-	-95.56%	2198.96%	6.80%	11.04%	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
Non-US	-	-	19.37M	23.91M	42.59M	56.72M	49.82M	36.24M
Non-US Growth	-	-	-	23.40%	78.18%	33.17%	-12.16%	-27.26%

Frequently Asked Questions

Valuation & Price

MGP Ingredients, Inc. (MGPI) has a price-to-earnings (P/E) ratio of 15.9x. This is roughly in line with market averages.

Growth & Financials

MGP Ingredients, Inc. (MGPI) reported $609.4M in revenue for fiscal year 2024. This represents a 146% increase from $247.9M in 2011.

MGP Ingredients, Inc. (MGPI) saw revenue decline by 15.9% over the past year.

MGP Ingredients, Inc. (MGPI) reported a net loss of $6.7M for fiscal year 2024.

Dividend & Returns

Yes, MGP Ingredients, Inc. (MGPI) pays a dividend with a yield of 1.94%. This makes it attractive for income-focused investors.

MGP Ingredients, Inc. (MGPI) has a return on equity (ROE) of 4.1%. This is below average, suggesting room for improvement.

MGP Ingredients, Inc. (MGPI) generated $59.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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