Cash conversion efficiency has deteriorated significantly, with the operating cash flow to net income ratio falling to 0.23 in 2026Q1 alongside a negative 4.3% free cash flow margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 900M | 944M | 1.44B | 1.06B | 152M | 392M | 829M | 680M | 703M | 769M | 771M | 686M | 731M | 619M | 732M | 300M | 394M | 586M | -79M | 258M | 230M | 245M | 166M | 236M | 206M | 171M | 212M | 198M | 90M | 215M |
| Operating CF Margin % | - | 13.08% | 19.33% | 12.95% | 1.91% | 5.69% | 13.85% | 10.95% | 11.18% | 12.44% | 12.8% | 11.51% | 12.19% | 9.3% | 10.66% | 4.82% | 9.02% | 15.96% | -2% | 7.61% | 8.78% | 10.38% | 7.27% | 11.23% | 11.01% | 9.06% | 11.37% | 11.41% | 6.22% | 15.16% |
| Operating CF Growth % | -147.13% | -34.26% | 35.86% | 595.39% | -61.22% | -52.71% | 21.91% | -3.27% | -8.58% | -0.26% | 12.39% | -6.16% | 18.09% | -15.44% | 144% | -23.86% | -32.76% | 841.77% | -130.62% | 12.17% | -6.12% | 47.59% | -29.66% | 14.56% | 20.47% | -19.34% | 7.07% | 120% | -58.14% | - |
| Net Income | 674M | 729M | 647M | 643M | 502M | 117M | 348M | 413M | 454M | 532M | 496M | 412M | 363M | 403M | 433M | 423M | 176M | 47M | 267M | 198M | 124M | 90M | 94M | 76M | 63M | 57M | 48M | 77M | 43M | -72M |
| Depreciation & Amortization | 222M | 222M | 214M | 219M | 215M | 220M | 213M | 220M | 247M | 209M | 196M | 194M | 195M | 194M | 211M | 211M | 155M | 130M | 128M | 125M | 114M | 106M | 102M | 101M | 103M | 127M | 135M | 122M | 95M | 103M |
| Stock-Based Compensation | -12M | 0 | 46M | 20M | 29M | 23M | 23M | 18M | 21M | 26M | 28M | 21M | 19M | 17M | 18M | 0 | 6M | 5M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 9M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6M | 6M | -15M | -6M | -3M | 0 | 0 | 0 | -23M | 67M | -5M | -6M | -11M | 30M | -3M | 18M | -30M | -5M | 12M | 7M | -6M | -16M | -9M | 4M | -6M | 2M | 15M | 7M | 10M | 10M |
| Other Non-Cash Items | 98M | 127M | 74M | 119M | 73M | 538M | 219M | 134M | 142M | 73M | 87M | 104M | 56M | 79M | 31M | 12M | 42M | 152M | -33M | 1M | 4M | 5M | 27M | 9M | -7M | 3M | 18M | 0 | 0 | 120M |
| Working Capital Changes | -91M | -140M | 470M | 62M | -664M | -506M | 26M | -105M | -118M | -121M | -8M | -24M | 84M | -57M | 33M | -304M | 45M | 257M | -458M | -59M | -29M | 60M | -48M | 46M | 53M | -18M | -4M | -8M | -58M | 54M |
| Change in Receivables | 130M | -51M | 148M | 77M | -310M | -162M | -3M | -61M | -70M | -44M | -131M | -29M | -15M | -69M | 22M | -134M | -45M | -3M | -43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 20M | 3M | 228M | 69M | -468M | -312M | -14M | -43M | -50M | -34M | -19M | 9M | -6M | 76M | -69M | -149M | -51M | 82M | -91M | -86M | -57M | 5M | -34M | -11M | -6M | 20M | -12M | -28M | -32M | 34M |
| Change in Payables | -1M | -27M | 20M | -79M | 158M | 0 | 0 | 0 | -3M | -49M | 150M | 20M | 21M | -7M | 47M | 283M | 96M | -79M | -29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -461M | -444M | -47M | -329M | -320M | -335M | -571M | -374M | -361M | -326M | -689M | -649M | -294M | -274M | -322M | -273M | -1.43B | -145M | -219M | -232M | -210M | -141M | -149M | -130M | -73M | -171M | -262M | -271M | -60M | -133M |
| Capital Expenditures | -153M | -433M | -301M | -316M | -300M | -300M | -340M | -328M | -349M | -306M | -283M | -277M | -271M | -295M | -304M | -260M | -156M | -141M | -219M | -177M | -171M | -143M | -104M | -83M | -78M | -94M | -143M | -280M | -122M | -116M |
| CapEx % of Revenue | 2.13% | 6% | 4.05% | 3.87% | 3.78% | 4.35% | 5.68% | 5.28% | 5.55% | 4.95% | 4.7% | 4.65% | 4.52% | 4.43% | 4.43% | 4.18% | 3.57% | 3.84% | 5.55% | 5.22% | 6.52% | 6.06% | 4.56% | 3.95% | 4.17% | 4.98% | 7.67% | 16.14% | 8.43% | 8.18% |
| Acquisitions | 5M | 12M | 0 | 0 | -29M | -40M | -236M | -42M | -15M | -17M | -409M | -434M | -5M | 0 | 0 | -15M | -1.27B | -4M | 0 | -59M | -42M | -5M | -68M | -48M | -42M | -79M | -120M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -303M | -3M | 254M | -13M | 9M | 5M | 5M | -4M | 1M | 8M | 3M | 38M | 5M | 2M | -9M | 2M | 0 | -4M | 0 | 4M | 3M | 7M | 1M | 1M | 47M | 2M | 1M | 9M | 62M | -17M |
| Cash from Financing | -378M | -491M | -765M | -569M | 103M | -373M | 143M | -364M | -589M | -375M | 0 | -116M | -388M | -353M | -197M | 86M | 1.16B | -375M | 230M | 15M | -6M | -91M | 13M | -73M | -159M | 27M | 50M | 75M | -79M | -29M |
| Debt Issued (Net) | 39M | -44M | -345M | -292M | 433M | -390M | 326M | -256M | 249M | -96M | 120M | 22M | 18M | -32M | -150M | 160M | 1.21B | -332M | 257M | 83M | 16M | -44M | 6M | -58M | -144M | 46M | 132M | 100M | -96M | 0 |
| Equity Issued (Net) | -207M | -224M | -216M | -101M | -112M | -68M | 0 | 0 | -657M | -123M | 21M | -20M | -284M | -214M | 16M | -30M | 17M | 1M | 10M | -39M | -2M | -25M | 30M | 5M | 4M | 4M | -44M | -19M | -1M | 0 |
| Dividends Paid | -211M | -211M | -210M | -194M | -181M | -184M | -170M | -174M | -173M | -165M | -141M | -126M | -128M | -112M | -69M | -50M | -45M | -45M | -42M | -33M | -26M | -22M | -23M | -20M | -19M | -23M | -14M | -13M | -3M | 0 |
| Share Repurchases | -207M | -224M | -216M | -101M | -112M | -68M | 0 | 0 | -657M | -123M | -8M | -41M | -304M | -228M | -18M | -48M | -5M | -3M | -1M | -55M | -23M | -25M | 0 | 0 | 0 | 0 | -44M | -19M | -1M | 0 |
| Other Financing | 1M | -12M | 6M | 18M | -37M | 269M | -13M | 66M | 1M | 9M | -6M | 8M | 6M | 5M | 6M | 6M | -32M | -2M | 1M | 0 | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21M | -29M |
| Net Change in Cash | 77M | 33M | 596M | 165M | -92M | -337M | 401M | -63M | -268M | 83M | 78M | -146M | 6M | -35M | 208M | 99M | 127M | 68M | -68M | 44M | 15M | 15M | 31M | 34M | -29M | 24M | 0 | 5M | -49M | 53M |
| Free Cash Flow | 747M | 511M | 1.14B | 741M | -148M | 92M | 489M | 352M | 354M | 463M | 488M | 409M | 460M | 324M | 428M | 40M | 238M | 445M | -298M | 81M | 59M | 102M | 62M | 153M | 128M | 77M | 69M | -82M | -32M | 99M |
| FCF Margin % | 10.38% | 7.08% | 15.28% | 9.08% | -1.86% | 1.33% | 8.17% | 5.67% | 5.63% | 7.49% | 8.1% | 6.86% | 7.67% | 4.87% | 6.23% | 0.64% | 5.45% | 12.12% | -7.56% | 2.39% | 2.25% | 4.32% | 2.72% | 7.28% | 6.84% | 4.08% | 3.7% | -4.73% | -2.21% | 6.98% |
| FCF Growth % | -23.46% | -54.98% | 53.17% | 600.68% | -260.87% | -81.19% | 38.92% | -0.56% | -23.54% | -5.12% | 19.32% | -11.09% | 41.98% | -24.3% | 970% | -83.19% | -46.52% | 249.33% | -467.9% | 37.29% | -42.16% | 64.52% | -59.48% | 19.53% | 66.23% | 11.59% | 184.15% | -156.25% | -132.32% | - |
| FCF per Share | 11.60 | 7.84 | 17.04 | 11.06 | -2.21 | 1.36 | 7.23 | 5.22 | 4.93 | 6.30 | 6.59 | 5.60 | 6.14 | 4.14 | 5.47 | 0.51 | 3.10 | 5.89 | -3.93 | 1.06 | 0.78 | 1.35 | 0.83 | 2.11 | 1.79 | 1.08 | 0.98 | -1.10 | -0.44 | 1.39 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.29x | 2.22x | 1.64x | 0.31x | 3.35x | 2.38x | 1.65x | 1.59x | 1.48x | 1.59x | 1.71x | 2.06x | 1.56x | 1.71x | 0.72x | 2.33x | 14.26x | -0.30x | 1.30x | 1.85x | 2.72x | 1.77x | 3.11x | 3.27x | 3.00x | 4.42x | 2.57x | 2.09x | -2.87x |
| Interest Paid | 0 | 0 | 48M | 96M | 82M | 72M | 78M | 80M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 169M | 157M | 187M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility exposure
As reported in recent financial statements, Ingredion's operating cash flow to net income ratio has exhibited extreme volatility, dropping to a concerning 0.23 in 2026Q1, which highlights a significant disconnect between accounting profits and the actual cash generated from core manufacturing operations during the most recent quarter.
The sharp decline in cash conversion suggests that earnings are increasingly reliant on non-cash accruals rather than realized cash inflows. Investors should monitor whether this divergence is a temporary timing issue related to seasonal inventory builds or a structural deterioration in the quality of reported net income.
Based on quarterly filings, Ingredion's free cash flow trajectory has turned negative, with the company reporting a -4.3% FCF margin in 2026Q1, a stark reversal from the 15.4% margin achieved in 2025Q4, indicating that capital requirements are currently outpacing the firm's ability to generate surplus cash.
This volatility in free cash flow underscores the difficulty of maintaining consistent liquidity while navigating a contracting revenue environment. The inability to sustain positive FCF margins may limit the company's flexibility to fund dividends and share repurchases without relying on external financing or depleting existing cash reserves.
According to recent SEC filings, Ingredion experienced a substantial $195 million outflow from working capital in 2026Q1, which significantly hampered operating cash flow and suggests that the company is struggling to manage its inventory and receivables cycle effectively amidst a broader slowdown in demand.
The massive working capital swing indicates that cash is being trapped in the balance sheet, likely due to inventory accumulation or delayed collections from customers. This trend warrants further investigation into whether the company is overproducing in anticipation of demand that has yet to materialize.
As indicated by the company's financial data, capital expenditures reached $110 million in 2026Q1, representing 6.1% of revenue, which suggests that Ingredion continues to prioritize heavy investment in its manufacturing infrastructure despite the current pressure on operating cash flow and overall profitability.
The persistent level of capital intensity implies that the company is committed to its specialty ingredient transformation strategy, even when cash generation is strained. Analysts should evaluate whether these investments are yielding the expected returns or if they are merely maintenance costs required to keep aging wet-milling assets operational.
Quick answers to the most common questions about buying INGR stock.
Ingredion Incorporated (INGR) generated $944.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ingredion Incorporated (INGR) generated $511.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ingredion Incorporated (INGR) spent $433.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ingredion Incorporated (INGR) returned $211.0M to shareholders via cash dividends and spent $224.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.