IN
Ingredion Inc
INGR—
Ingredion Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 14.6% vs industry median 5.2% - nearly 3x advantage in commodity-like food ingredients sector[Operating Margin TTM]
- P/E of 10.0x vs industry median 17.8x despite ROE of 15.9% (nearly 2x median 8.6%) - quality discount[P/E Ratio]
- FCF TTM 546M (7.5% yield on market cap) with debt/equity 0.42 - strong capital return capacity[Free Cash Flow TTM]
Watch Triggers
- Gross Margin TTM: Falls below 23% (from current 25.4%) — Would signal pricing power loss and compress operating margin given fixed cost base
- Inventory: Rises above 1.4B (currently 1.2B) — Inventory build in declining margin environment signals demand weakness
- Free Cash Flow TTM: Falls below 400M — Would pressure dividend coverage (currently 210M paid) and buyback capacity
Bull Case
Valuation disconnect: 10x P/E with 16% ROE and 11% ROIC in defensive food sector. 7.5% FCF yield funds 3.2% dividend with room for buybacks.
P/E RatioROE TTMFree Cash Flow TTM
Operating efficiency moat: 14.6% operating margin vs 5.2% industry median sustained through commodity cycles - structural cost advantage.
Operating Margin TTMAsset Turnover TTM
Bear Case
Margin deterioration underway: gross profit -5% YoY and EPS -8% YoY suggest pricing power erosion or input cost pressure not yet reflected in valuation.
Gross Profit 1yr GrowthEPS Growth 1yr
Working capital of 2.2B (31% of revenue) ties up cash in inventory/receivables - capital-intensive model limits FCF conversion.
Working CapitalInventoryAccounts Receivable
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Margin compression risk as gross profit declined 5% YoY while maintaining high operating leverage
3-12mmed
- Gross profit 1yr growth -5.0% signals input cost pressure
- EPS down 8% YoY despite stable revenue base
- High fixed cost structure amplifies margin moves
Gross Profit 1yr Growth: -5.0%EPS Growth 1yr: -8.0%Operating Margin: 14.6% TTM
Valuation Context
Caveats
Public Strategies Rankings
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INGR Fundamentals
Manufacturing → Food Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$7.51B | — | ||
$8.4B | — | ||
10 | — | ||
$7.26B | -3.8% | — | |
$11.15 | +14.9% | — | |
14.6% | +1.9% | — | |
9.07% | +0.0% | — | |
$546.0M | -52.8% | — | |
0.16 | -2.5% | — | |
Beta 5Y (Monthly) | unknown | — |
INGR Dividend History
104 dividends
2026
$0.820001/02/26$0.8200
2025
$3.220010/01/25$0.8200
07/01/25$0.8000
04/01/25$0.8000
01/02/25$0.8000
2024
$2.360010/01/24$0.8000
07/01/24$0.7800
03/28/24$0.7800
2023
$2.980012/29/23$0.7800
09/29/23$0.7800
06/30/23$0.7100
03/31/23$0.7100
2022
$2.720012/29/22$0.7100
10/05/22$0.7100
06/30/22$0.6500
03/31/22$0.6500
2021
$2.580012/31/21$0.6500
10/01/21$0.6500
06/30/21$0.6400
03/31/21$0.6400
2020
$2.540012/31/20$0.6400
09/30/20$0.6400
06/30/20$0.6300
03/31/20$0.6300
2019
$2.510012/31/19$0.6300
09/30/19$0.6300
06/28/19$0.6250
03/29/19$0.6250
2018
$2.450012/31/18$0.6250
09/28/18$0.6250
06/29/18$0.6000
03/29/18$0.6000
2017
$2.200012/29/17$0.6000
09/29/17$0.6000
06/28/17$0.5000
03/29/17$0.5000
2016
$1.900012/28/16$0.5000
09/29/16$0.5000
06/28/16$0.4500
03/29/16$0.4500
2015
$1.740012/29/15$0.4500
09/28/15$0.4500
06/26/15$0.4200
03/27/15$0.4200
2014
$1.680012/29/14$0.4200
09/26/14$0.4200
06/26/14$0.4200
03/27/14$0.4200
2013
$1.560012/27/13$0.4200
09/26/13$0.3800
06/27/13$0.3800
03/27/13$0.3800
2012
$0.920012/27/12$0.2600
10/01/12$0.2600
06/28/12$0.2000
03/29/12$0.2000
2011
$0.660012/28/11$0.2000
09/29/11$0.1600
06/28/11$0.1600
03/29/11$0.1400
2010
$0.560012/29/10$0.1400
09/28/10$0.1400
06/28/10$0.1400
03/29/10$0.1400
2009
$0.700012/30/09$0.1400
09/28/09$0.1400
06/26/09$0.1400
03/27/09$0.1400
01/06/09$0.1400
2008
$0.510009/30/08$0.1400
06/24/08$0.1400
04/01/08$0.1200
01/02/08$0.1100
2007
$0.380010/02/07$0.1100
06/26/07$0.0900
04/03/07$0.0900
01/03/07$0.0900
2006
$0.240009/27/06$0.0800
06/26/06$0.0800
03/28/06$0.0800
2005
$0.280012/30/05$0.0700
09/28/05$0.0700
06/27/05$0.0700
03/28/05$0.0700
2004
$0.250012/31/04$0.0700
09/28/04$0.0600
06/28/04$0.0600
03/29/04$0.0600
2003
$0.210012/30/03$0.0600
09/26/03$0.0500
06/26/03$0.0500
03/31/03$0.0500
2002
$0.200012/30/02$0.0500
09/26/02$0.0500
06/26/02$0.0500
03/27/02$0.0500
2001
$0.200012/28/01$0.0500
09/26/01$0.0500
06/27/01$0.0500
03/28/01$0.0500
2000
$0.200012/28/00$0.0500
09/27/00$0.0500
06/28/00$0.0500
03/29/00$0.0500
INGR Stock Splits
1 stock split
01/26/050.5:1 split
INGR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/11/25 | 06/30/25 | 10-Q | |
05/09/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/08/23 | 03/31/23 | 10-Q | |
02/21/23 | 12/31/22 | 10-K | |
11/07/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
02/22/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/19/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/02/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
02/25/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
02/21/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
02/22/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
07/29/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
02/19/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/31/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
11/03/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
02/24/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/06/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/08/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/04/09 | 09/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/01/09 | 03/31/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/06/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/07/07 | 06/30/07 | 10-Q | |
05/08/07 | 03/30/07 | Unknown | -- |
02/27/07 | 12/31/06 | 10-K | |
11/06/06 | 09/30/06 | 10-Q | |
08/07/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
03/09/06 | 12/31/05 | 10-K | |
11/07/05 | 09/30/05 | 4 | |
08/05/05 | 06/30/05 | 10-Q | |
05/04/05 | 03/30/05 | Unknown | -- |
03/11/05 | 12/31/04 | 10-K | |
11/05/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/12/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/21/03 | 12/31/02 | 10-K | |
11/12/02 | 09/30/02 | 10-Q | |
08/12/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/30/02 | Unknown | -- |
03/26/02 | 12/31/01 | 10-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/13/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/30/01 | Unknown | -- |
03/27/01 | 12/31/00 | 10-K | |
11/08/00 | 09/30/00 | 10-Q | |
08/04/00 | 06/30/00 | 10-Q | |
05/05/00 | 03/30/00 | Unknown | -- |