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Converts corn and other grains into starches, sweeteners and specialty ingredients for food and industrial customers.
Converts corn and other grains into starches, sweeteners and specialty ingredients for food and industrial customers.
Buys corn and processes it into starch, sweeteners and co-products such as corn oil and animal feed, so profit is the margin over corn costs, and by-product sales offset part of the grain price. Contracts often pass corn cost changes on to customers. Specialty starches earn more per tonne than commodity sweeteners.
Moat: narrow (scale, cost advantage). Large-scale wet-milling plants give cost advantages versus smaller ingredient processors.
Headquarters: Westchester, Illinois, US · Founded: 1906 · Employees: 11,200
Size Ingredion (INGR) is a United States Consumer Staples company (Food: Specialty/Candy) with a market value of $5.78B, the 1088th largest of 3,117 United States companies the cockpit tracks. Shares closed at $91.72 on 6 Nov 2026.
Performance Over six months the shares fell 14.6%, against +3.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 1.4% over the last twelve months (peer median +9.4%); the operating margin is 12.2% (peer median 9.6%).
Valuation It trades at 9.7× forward earnings against a peer median of 16.9× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.7 points above its cost of capital (7.4% WACC).
Credit Ingredion has 1 bond outstanding ($600M), rated BBB by the agencies and trading like A at a weighted spread of 62 bp.
Short interest Short interest is 7.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.21B | $7.22B | $7.43B | $8.16B | $7.95B |
| Revenue growth | — | -3% | -9% | +3% | — |
| Gross profit | $1.70B | $1.87B | $1.98B | $2.00B | $1.49B |
| EBITDA | $1.11B | $1.28B | $1.41B | $1.43B | $994M |
| Net income | $592M | $729M | $647M | $643M | $492M |
| Free cash flow | $355M | $511M | $1.14B | $741M | -$148M |
| Capital expenditure | $450M | $433M | $301M | $316M | $300M |
| Total debt | $1.78B | $1.97B | $2.04B | $2.40B | $2.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ingredion INGR | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% |
| Archer Daniels Midland ADM | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% |
| Tate & Lyle TATE.L | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% |
| Bunge Global BG | $19.0B | -20% | +55% | 4% | 9.2× | n/a |
| Suedzucker SZU.DE | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% |
| International Flavors & Fragrances IFF | $20.7B | +2% | -17% | 11% | 23.4× | 17.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INGR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.6% | +8.0% | 4th lowest of 21 |
| 6-month return | -14.6% | +3.2% | 7th lowest of 21 |
| Distance from 52-week high | -25.7% | -16.5% | 8th lowest of 21 |
| Revenue growth (TTM) | -1.4% | +9.4% | 2nd lowest of 21 |
| Operating margin | 12.2% | 9.6% | 6th highest of 21 |
| Forward P/E | 9.7× | 16.9× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.8% | 1.0% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +3.8% | +10.0% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -11.6 pp | -8.6 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | +5.7 pp | +2.3 pp | 6th highest of 21 |
| EV / EBITDA | 6.0× | 9.8× | 2nd cheapest of 18 |
| Net debt / EBITDA | 0.8× | 2.4× | 8th least indebted of 18 |
| Bond spread | 62 bp | 133 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ingredion INGR | United States | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% | +3.8% |
| Nissin Foods 2897.T | Japan | $5.73B | +9% | +5% | 6% | 17.9× | n/a | n/a |
| Balchem BCPC | United States | $5.54B | +8% | +9% | 22% | 30.9× | 14.5% | +8.1% |
| Yamazaki Baking 2212.T | Japan | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% | +5.3% |
| Sensient Technologies SXT | United States | $5.07B | +1% | +10% | 15% | 25.0× | n/a | n/a |
| Angel Yeast 600298.SS | China | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% | +13.4% |
| Toyo Suisan Kaisha 2875.T | Japan | $6.74B | -4% | +7% | 17% | 14.5× | -5.0% | +9.5% |
| Aak AAK.ST | Sweden | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% | +10.5% |
| Campbell's CPB | United States | $6.90B | +11% | -5% | 11% | 13.7× | -3.6% | +2.8% |
| Meiji 2269.T | Japan | $7.35B | +14% | +4% | 8% | 17.2× | n/a | n/a |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |
| Darling Ingredients DAR | United States | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% | +11.4% |
| Barry Callebaut BARN.SW | Switzerland | $8.33B | +5% | +9% | 5% | 23.7× | -8.4% | +16.5% |
| Anjoy Foods 2648.HK | Hong Kong | $3.83B | -20% | +24% | 12% | 11.6× | -2.9% | +17.5% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
| Vita Coco COCO | United States | $3.56B | -13% | +26% | 20% | 30.2× | 8.4% | +14.4% |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
Ingredion has 1 bond outstanding with $600M face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 5.19%, a spread of 62 bp over government bonds.