Ingredion Incorporated

INGR

NYSE · Packaged Foods

$91.72

At close - USD

Market Cap$5.78B

P/E8.2x

52W High$123.49

Volume1.34M

VCP Research Verdict2026Q2

Margin Compression and Cash Strain Warrant Caution

Ingredion's persistent revenue decline, now eight consecutive quarters, coupled with a 500 basis point operating margin compression from 15.2% in 2025Q1 to 10.2% in 2026Q2, signals eroding pricing power and operational leverage.

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MARKET ACTION

INGR price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue has declined year-over-year for eight consecutive quarters, with the latest quarter showing a 0.9% dip, while operating margin compressed from 15.2% in 2025Q1 to 10.2% in 2026Q2, a 500 basis point decline.

Analyst Consensus+19.4% target

Hold(21 analysts)

8 Buy12 Hold1 Sell

The Bull Case

Upside Catalysts

Strong financial performance

Ingredion reported condensed consolidated financial results for the year ended December 31, 2025, indicating robust performance.

Strategic vision presentation

The company presented its strategic vision and financial performance at the Consumer Analyst Group of New York Conference (CAGNY) 2026.

Bullish analyst thesis

A bullish thesis on Ingredion was highlighted by Quality Value Investing's Substack, suggesting positive investor sentiment.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

INGR-13.46%

S&P 500 (^GSPC)+7.63%

1-Year Return

INGR-10.75%

S&P 500 (^GSPC)+9.69%

3-Year Return

INGR+6.01%

S&P 500 (^GSPC)+60.91%

5-Year Return

INGR+7.99%

S&P 500 (^GSPC)+49.35%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

10.4x

Forward P/EExpansion

8.8x

EV/EBITDA20th %ile

6.3x

FCF YieldCash Flow

11.4%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

10.4x

13.3x

20th· Low

EV/EBITDA

6.3x

9.2x

20th· Low

Price/FCF

8.8x

14.1x

25th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$87.50-4.6%

Base (Fair)$152.93+66.7%

Bull$283.87+209.5%

$87.50 Bear$152.93 Base$283.87 Bull

Current Market Price: $91.72

Trades at a 40.0% discount to Base DCF ($152.93)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$7.22B-2.8% YoY

Net income FY25

$729M+12.7% YoY

Free cash flow FY25

$511M-55.0% YoY

Operating margin FY25

14.4%+2.5 pts YoY

ROIC (FY25)15.5%

Avg ROIC 5Y-

ROE (FY25)17.7%

Piotroski Score8 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate9/12 (75%)

Revenue Beat Rate2/12 (17%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 5, 2026	$2.28-12.0% vs $2.59	$1.8B-0.5% vs $1.8B
Q3 2026 Aug 4, 2026	$2.82+4.1% vs $2.71	$1.9B+0.9% vs $1.8B
Q2 2026 May 5, 2026	$2.34-4.1% vs $2.44	$1.8B+0.2% vs $1.8B
Q1 2026 Feb 3, 2026	$2.53-2.3% vs $2.59	$1.8B-1.6% vs $1.8B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·17h ago

Ingredion Incorporated (INGR) Q3 2026 Earnings Call Transcript

Ingredion Incorporated ( INGR ) Q3 2026 Earnings Call November 5, 2026 9:00 AM EST Company Participants Noah Weiss - Vice President of Investor Relations James Zallie - Chairman, President & CEO Diego Reynoso - Executive VP & CFO Conference Call Participants Benjamin Theurer - Barclays Bank PLC, Research Division Kristen Owen - Oppenheimer & Co. Inc., Research Division Benjamin Klieve - StoneX Financial, Inc., Research Division Pooran Sharma - Stephens Inc., Research Division Andrew Strelzik - BMO Capital Markets Equity Research Presentation Operator Good day, and thank you for standing by. Welcome to the Third Quarter 2026 Ingredion Inc. Earnings Conference Call.

MarketBeat·20h ago

What Ingredion (INGR) Said on Its Q3 Earnings Call

Ingredion NYSE: INGR lowered its full-year outlook after third-quarter profit fell short of expectations, as higher manufacturing costs at its Argo facility, expensive inputs and softer North American demand weighed on results.

Zacks Investment Research·1d ago

INGR Q3 Earnings Miss Estimates as Higher Costs Hurt Margins

Ingredion's Q3 earnings lag estimates as higher manufacturing costs and softer demand squeeze margins, prompting a cut to its 2026 earnings outlook.

Defense World·1d ago

Ingredion (NYSE:INGR) Hits New 1-Year Low on Disappointing Earnings

Ingredion Incorporated (NYSE: INGR - Get Free Report) reached a new 52-week low on Thursday following a weaker than expected earnings announcement. The stock traded as low as $90.00 and last traded at $92.3230, with a volume of 54,360 shares trading hands. The stock had previously closed at $97.36. The company reported $2.28 earnings per share

Filtered for Ingredion IncorporatedMore Headlines

Compare before deciding

Benchmark INGR against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Ingredion Incorporated (INGR)

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Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
INGRIngredion IncorporatedCurrent	$91.72	$5.78B	8.20	-2.84%	10.1%	17.66%	3.53%
ADMArcher-Daniels-Midland Company	$69.97	$33.72B	31.38	-6.15%	2.95%	10.55%	2.91%
AVYAvery Dennison Corporation	$186.78	$14.29B	21.27	1.14%	7.56%	30.62%	1.99%
RPMRPM International Inc.	$103.31	$13.2B	19.98	6.66%	8.66%	21.12%	2.06%
BGBunge Global S.A.	$99.10	$19.04B	20.14	32.43%	1.24%	6.61%	2.78%
CALMCal-Maine Foods, Inc.	$64.60	$3.03B	9.74	-31.68%	2.32%	2.21%	7.5%

Compare INGR vs Peers

Ingredion Incorporated (INGR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ADM

Most directly comparable listed peer for INGR.

Scale Benchmark

vs DE

Larger-name benchmark to compare INGR against a more recognizable public peer.

Peer Set

Compare Top 5

vs ADM, AVY, RPM, BG

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

INGR SEC Filings & Documents

Ingredion Incorporated (INGR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Aug 4, 2026·SEC

Material company update

Jul 28, 2026·SEC

Material company update

Jul 6, 2026·SEC

10-K Annual Reports

FY 2026

Feb 17, 2026·SEC

10-Q Quarterly Reports

FY 2026

Aug 7, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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INGR Frequently Asked Questions

Ingredion Incorporated (INGR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Ingredion Incorporated's revenue?

Ingredion Incorporated (INGR) reported $7.22B in revenue in fiscal year 2025, which is also its trailing twelve months. That is 409% more than the $1.42B of fiscal year 1997.

How fast is Ingredion Incorporated growing?

Ingredion Incorporated (INGR) revenue fell by 2.8% in fiscal year 2025, compared with the prior fiscal year.

Is INGR profitable?

Yes. Ingredion Incorporated (INGR) earned $592.0M in net income over the trailing twelve months (a 8.2% net margin).

Dividend & Returns

Does INGR pay dividends?

Yes. Ingredion Incorporated (INGR) pays a dividend that yields 3.53% at the current price, a moderate yield.

What is INGR's return on equity?

Ingredion Incorporated (INGR) had a return on equity (ROE) of 17.7% in fiscal year 2025. That is above the market's typical 10-15%.

What is Ingredion Incorporated's free cash flow?

Ingredion Incorporated (INGR) generated $653.0M in free cash flow over the trailing twelve months.

What if you invested $1,000 in INGR back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 5, 2026

$2.28-12.0%

vs $2.59

$1.8B-0.5%

vs $1.8B

Q3 2026

Aug 4, 2026

$2.82+4.1%

vs $2.71

$1.9B+0.9%

vs $1.8B

Q2 2026

May 5, 2026

$2.34-4.1%

vs $2.44

$1.8B+0.2%

vs $1.8B

Q1 2026

Feb 3, 2026

$2.53-2.3%

vs $2.59

$1.8B-1.6%

vs $1.8B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

INGRIngredion IncorporatedCurrent

$91.72

$5.78B

8.20

-2.84%

10.1%

17.66%

3.53%

ADMArcher-Daniels-Midland Company

$69.97

$33.72B

31.38

-6.15%

2.95%

10.55%

2.91%

AVYAvery Dennison Corporation

$186.78

$14.29B

21.27

1.14%

7.56%

30.62%

1.99%

RPMRPM International Inc.

$103.31

$13.2B

19.98

6.66%

8.66%

21.12%

2.06%

BGBunge Global S.A.

$99.10

$19.04B

20.14

32.43%

1.24%

6.61%

2.78%

CALMCal-Maine Foods, Inc.

$64.60

$3.03B

9.74

-31.68%

2.32%

2.21%

7.5%