Ingredion Incorporated
- Open
- 100.19
- Day high
- 101.44
- Day low
- 99.69
- Prev close
- 100.25
- Volume
- 371K
- Mkt cap
- $6.4B
- P/E (TTM)
- 9.6
- EPS (TTM)
- $10.54
- P/B
- 1.4
- P/S
- 0.9
- Yield
- 3.24%
- Per share
- $3.28
Ingredion Incorporated (INGR) is a Consumer Defensive company listed on NYSE. The stock is down 24% over the past year. Drillr has 1 published research article covering INGR.
Ingredion Incorporated (INGR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
INGR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $2.44 | $2.34 | -4.1% | $1.8B | +0.2% |
| Feb 3, 2026 | $2.59 | $2.53 | -2.3% | $1.8B | -2.0% |
| Nov 4, 2025 | $2.73 | $2.75 | +0.7% | $1.8B | -0.6% |
| Aug 1, 2025 | $2.78 | $2.87 | +3.2% | $1.8B | -3.8% |
| Feb 4, 2025 | $2.54 | $2.63 | +3.5% | $1.8B | -3.2% |
| May 3, 2023 | $2.01 | $2.80 | +39.3% | $2.1B | -8.4% |
| Feb 8, 2023 | $1.45 | $1.65 | +13.8% | $2.0B | -2.4% |
| Nov 3, 2022 | $1.62 | $1.73 | +6.8% | $2.0B | -0.2% |
| May 5, 2022 | $1.81 | $1.95 | +7.7% | $1.9B | +7.1% |
| Feb 3, 2022 | $1.29 | $1.09 | -15.5% | $1.8B | +0.4% |
| Nov 2, 2021 | $1.45 | $1.67 | +15.2% | $1.8B | +3.0% |
| May 4, 2021 | $1.62 | $1.85 | +14.2% | $1.6B | +1.4% |
INGR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 16, 2026 | Seip David Ericofficer: SVP, Global Ops and CSCO | Grant | 18 | — |
| Jul 16, 2026 | Leonard Michael Jofficer: SVP, CIO & Head of Prot. Fort. | Grant | 34 | — |
| Jul 2, 2026 | Escoe T. Kennethdirector | Grant | 1,516 | $98.97 |
| Jul 1, 2026 | Magro Charles V.director | Grant | 265 | — |
| Jul 1, 2026 | Leonard Michael Jofficer: SVP, CIO & Head of Prot. Fort. | Grant | 36 | — |
| Jul 1, 2026 | Seip David Ericofficer: SVP, Global Ops and CSCO | Grant | 18 | — |
| Jun 16, 2026 | Seip David Ericofficer: SVP, Global Ops and CSCO | Grant | 17 | — |
| Jun 16, 2026 | Leonard Michael Jofficer: SVP, CIO & Head of Prot. Fort. | Grant | 34 | — |
| Jun 2, 2026 | Leonard Michael Jofficer: SVP, CIO & Head of Prot. Fort. | Grant | 34 | — |
| Jun 2, 2026 | Seip David Ericofficer: SVP, Global Ops and CSCO | Grant | 17 | — |
| May 22, 2026 | Suever Catherine Adirector | Grant | 1,797 | $107.34 |
| May 22, 2026 | Wilson Dwayne Andreedirector | Grant | 1,797 | $107.34 |
| May 22, 2026 | Magro Charles V.director | Grant | 1,797 | $107.34 |
| May 22, 2026 | Verduin Patriciadirector | Grant | 1,797 | $107.34 |
| May 22, 2026 | REICH VICTORIAdirector | Grant | 1,797 | $107.34 |
Source: INGR SEC Form 4 filings, latest Jul 16, 2026. For informational purposes only — not investment advice.
See the full INGR insider & 13F page →INGR research & analysis
Ingredion Incorporated company profile
Overview
Ingredion Incorporated (NYSE:INGR) is a leading global ingredient solutions provider founded in 1906 and headquartered in Westchester, Illinois. Originally known as Corn Products International, Inc., the company rebranded to Ingredion in 2012 to better reflect its expanded portfolio beyond traditional corn-based products. With over a century of operations, Ingredion has evolved from a simple corn processing company into a diversified ingredient manufacturer serving food, beverage, brewing, and animal nutrition industries across four major geographic segments: North America, South America, Asia-Pacific, and Europe, Middle East and Africa.
Business
Ingredion operates in the food ingredients industry, which serves as a critical intermediary between agricultural raw materials and finished consumer products. The company transforms basic agricultural commodities—primarily corn, but also tapioca, potato, and rice—into specialized ingredients that food and beverage manufacturers use to enhance texture, taste, nutrition, and shelf-life of their products. The company's business is organized into three main segments based on product sophistication and geographic focus: Texture and Healthful Solutions represents the company's highest-value segment, accounting for approximately 34% of consolidated net sales. This division produces specialty ingredients including clean label solutions, plant-based proteins, stevia sweeteners through its PureCircle subsidiary, hydrocolloids, and advanced texture systems. These products command premium pricing because they solve specific formulation challenges for food manufacturers, such as creating gluten-free products, reducing sugar content, or improving mouthfeel in plant-based alternatives. Food and Industrial Ingredients LATAM focuses on traditional starch-based ingredients and sweeteners across Latin American markets. This segment produces glucose syrups, high fructose corn syrups, dextrose, and industrial starches primarily for local and regional customers. The business benefits from lower raw material costs and strong local market positions. Food and Industrial Ingredients U.S./Canada serves the North American market with both commodity and specialty ingredients, including sweeteners for beverage manufacturers, starches for paper and packaging industries, and corn gluten feed for animal nutrition. This segment has been transitioning toward higher-value products and multi-year customer contracts to improve margin stability. The ingredients Ingredion produces are essential components that most consumers never see but encounter daily. For example, high fructose corn syrup sweetens soft drinks, modified starches provide the smooth texture in yogurt, and specialty proteins enable the meat-like texture in plant-based burgers. The company's clean label solutions help manufacturers reformulate products to meet consumer demand for simpler, more natural ingredient lists.
Revenue model
Ingredion generates revenue primarily through direct product sales to food and beverage manufacturers, with three distinct business models across its portfolio. The traditional ingredients business operates on a cost-plus model where prices fluctuate with underlying commodity costs, particularly corn. The company maintains extensive hedging programs to manage input cost volatility and typically passes raw material price changes through to customers via monthly pricing adjustments or fee-based contracts. The specialty ingredients business commands premium pricing based on functionality rather than commodity costs. These products, including clean label solutions, plant-based proteins, and stevia sweeteners, generate higher margins because they solve specific technical challenges for customers. Pricing power in this segment depends on innovation, regulatory approvals, and the difficulty of substitution. The company's customers include major food and beverage manufacturers like beverage companies requiring high fructose corn syrup, snack food producers needing specialty starches for texture, and emerging plant-based food companies seeking protein ingredients. Industrial customers include paper manufacturers using corn-based adhesives and animal feed producers purchasing corn gluten meal. Several factors influence Ingredion's profitability margins. Corn prices represent the most significant input cost, with lower corn prices directly improving margins in the traditional ingredients business. Customer mix affects profitability, as specialty ingredients generate margins of 15-20% compared to single-digit margins for commodity products. Capacity utilization impacts fixed cost absorption, making volume growth critical for margin expansion. Currency fluctuations affect international operations, particularly in Latin America where local currency weakness can compress dollar-denominated margins. Competition from generic ingredient suppliers pressures pricing in commodity segments, while regulatory changes around food labeling and health claims can create opportunities in specialty segments. The company's ongoing "Cost to Compete" program targeting $50 million in annual savings demonstrates management's focus on operational efficiency to maintain competitive positioning.
Competitive moat
Ingredion's competitive moat is moderate and varies significantly across its business segments. In the traditional corn processing business, the company benefits from scale economies and geographic positioning near corn-growing regions, which provide cost advantages in raw material procurement and logistics. The company's extensive network of processing facilities creates barriers to entry due to the capital-intensive nature of ingredient manufacturing and the importance of proximity to both agricultural supplies and customer markets. The specialty ingredients segment offers stronger defensive characteristics through technical expertise and customer relationships. Ingredion's application laboratories and technical support services create switching costs for customers who rely on the company's formulation expertise. Multi-year contracts with major food manufacturers provide revenue visibility and relationship stickiness. The company's PureCircle stevia business benefits from proprietary extraction processes and regulatory approvals that competitors must replicate. However, the moat faces several challenges. The traditional ingredients business remains largely commoditized, with limited differentiation and price competition from regional processors. Substitution risk exists as customers can often switch between different starch sources or sweetener types based on cost considerations. Large food manufacturers maintain multiple suppliers to avoid dependence, limiting Ingredion's pricing power. Emerging competition comes from several directions: agricultural cooperatives expanding into ingredient processing, specialty chemical companies entering food ingredients, and biotechnology firms developing novel protein and sweetener alternatives. The plant-based protein segment faces particular competitive pressure from both established players and venture-funded startups with potentially superior technology platforms. The company's strongest moat exists in its applications expertise and customer technical support, which becomes more valuable as food manufacturers face increasingly complex formulation challenges around clean labeling, nutritional enhancement, and cost optimization. However, this advantage requires continuous investment in R&D and talent retention to maintain relevance.
Risks & safety
Ingredion demonstrates solid financial stability with moderate leverage and strong cash generation capabilities, though recent capital investments have temporarily pressured free cash flow. • Liquidity position: Strong with $837 million in cash and short-term investments as of Q1 2025, providing substantial financial flexibility • Debt levels: Debt-to-equity ratio of 0.44, indicating conservative leverage that supports investment-grade credit profile • Cash flow generation: Operating cash flow of $1.4 billion in 2024 demonstrates strong underlying cash generation, though free cash flow turned negative in Q1 2025 due to heavy capital investments • Current ratio: 2.85 indicates strong short-term liquidity coverage • Valuation metrics: Trading at 11.1x P/E ratio and 7.3x EV/EBITDA, suggesting reasonable valuation relative to earnings power • Solvency risk: Minimal given strong balance sheet, consistent profitability, and essential nature of products • Capital allocation: Management maintaining dividend payments while investing $400-450 million annually in capacity expansion and efficiency improvements • Cyclical considerations: Food ingredients demand remains relatively stable through economic cycles, providing defensive characteristics
Recent development
Over the past several years, Ingredion has executed a significant strategic transformation focused on shifting from commodity ingredients toward higher-value specialty solutions. The company completed a major organizational restructuring in 2024, moving from geographic segments to product-focused divisions that better align with customer needs and market dynamics. The specialty ingredients expansion represents the company's primary growth initiative. Management increased ownership in PureCircle, its stevia sweetener subsidiary, to 98%, providing greater control over this high-growth clean label sweetener business. The plant-based protein segment, while still losing money, achieved 118% sales growth in 2022 and continues receiving investment as the market develops. The company has also expanded its texture solutions capabilities with a $100 million investment in its Indianapolis facility and $50 million in Cedar Rapids, Iowa. Operational excellence initiatives include the "Cost to Compete" program launched in 2024, which exceeded first-year targets by achieving $23 million in savings against an $18 million goal. The program focuses on network optimization, facility consolidation, and process improvements, with a target of $50 million in annual run-rate savings by end of 2025. The company has closed smaller, less efficient facilities in the U.K., Brazil, and Canada while investing in core manufacturing sites. Customer relationship management has evolved toward longer-term partnerships, with successful renewal of multi-year contracts that provide revenue stability and improved margin visibility. The company has also enhanced its digital capabilities, expanding online customer portals and improving supply chain forecasting accuracy. Sustainability initiatives have become increasingly important for customer relationships and regulatory compliance. Ingredion achieved 67% sustainable sourcing for Tier-1 priority crops and reduced global Scope 1 and 2 emissions by 22%, supporting customer sustainability goals and potentially qualifying for premium pricing with environmentally conscious brands.
INGR company profile · for informational purposes only — not investment advice.
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