# Ingredion (INGR.US)

Canonical: https://gigainvestors.com/s/INGR

Analysis as of: 2026-10-16T07:29:20.609Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $97.27 per share; close as of 2026-10-15.

Estimated value: low $102.54 per share, central $114.91 per share, high $131.38 per share. Buy at or below the central value $114.91 per share. Valuation as of 2026-10-16T07:29:20.609Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.10×

- FY2021: 0.04×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.14×

- LTM to Jun 2026: 0.12×

### moat: pass

- ROIC, median of available years: 15.5%

- ROIC, second-lowest year: 10.9%

- Typical minus recent gross margin: -2.5 pp

- Typical gross margin (annual median): 21.6%

- Recent gross margin (lower of latest and 3-year median): 24.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 9.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.8%

- FY2017: 17.3%

- FY2018: 15.3%

- FY2019: 13.2%

- FY2020: 10.9%

- FY2021: 4.9%

- FY2022: 12.2%

- FY2023: 16.1%

- FY2024: 15.8%

- FY2025: 19.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.3B

- Net income, five-year total: $2.6B

- Return on incremental invested capital: 33.4%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 20.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.97×

- FY2024: 0.87×

- FY2025: 0.71×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.8% vs 16.1%

- Per-share earnings: 6.54 to 9.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: -$1.9B

- Cumulative retained earnings: $2.7B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.1%

- Per-share value change: $3.17

- Per-share value, starting three-year median: $6.54

- Per-share value, ending three-year median: $9.71

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 2.4%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $402M

- Cumulative net income, 10 years: $4.8B

- ROIC, first three-year median: 16.8%

- ROIC, last three-year median: 16.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $6.54

- FY2017: $7.06

- FY2018: $6.17

- FY2019: $6.13

- FY2020: $5.15

- FY2021: $1.73

- FY2022: $7.34

- FY2023: $9.60

- FY2024: $9.71

- FY2025: $11.18

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.1%

- FY2018: -4.5%

- FY2019: -4.4%

- FY2020: -7.0%

- FY2021: -3.9%

- FY2022: 4.5%

- FY2023: -5.4%

- FY2024: -10.6%

- FY2025: -2.7%

## Holders

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 34% since Nov 2024 · "Will Argo Disruptions and Lowered 2026 Outlook Change Ingredion's (INGR) Margin Resilience Narrative?" (finance.yahoo.com, May 2026) · sales -0.1%

Story as of 2026-10-16T09:58:56.991Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.5% a year for ten years

- 2025-05-06: Ingredion Incorporated Reports Strong First Quarter Results and Improves Full-Year Outlook ([globenewswire.com](https://www.globenewswire.com/news-release/2025/05/06/3074833/0/en/Ingredion-Incorporated-Reports-Strong-First-Quarter-Results-and-Improves-Full-Year-Outlook.html))

### Sales · FY2025–2026

sales -0.1%; source https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm; observed 2026-02-17.

- FY2017: $6.2B 

- FY2018: $6.3B 

- FY2019: $6.2B 

- FY2020: $6.0B 

- FY2021: $6.9B 

- FY2022: $7.9B 

- FY2023: $8.2B 

- FY2024: $7.4B 

- FY2025: $7.2B 

- FY2026: $7.2B 

### Gross margin · FY2025

gross margin 25.3%; source https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm; observed 2026-02-17.

- FY2016: 23.3% 

- FY2017: 23.8% 

- FY2018: 21.8% 

- FY2019: 21.1% 

- FY2020: 21.2% 

- FY2021: 19.3% 

- FY2022: 18.8% 

- FY2023: 21.4% 

- FY2024: 24.1% 

- FY2025: 25.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are USD 7.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm (filed 2026-02-17); FY2025: revenue 7219000000; grossProfit 1828000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INGR.US: Ingredion Incorporated, together with its subsidiaries, engages in the manufacture and sale of sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries worldwide. The company operates in Texture & Healthful Solutions; Food & Industrial Ingredients"LATAM; and Food & Industrial Ingredients"U.S./CANADA segments. It offers starch products for use in a range of processed foods; cornstarch; specialty paper starches for enhanced drainage, fiber retention, oil and grease resistance, improved printability, and biochemical oxygen demand control; starches and specialty starches for textile industry; industrial starches are used in the production of construction materials, textiles, adhesives, pharmaceuticals, and cosmetics, as well as in mining and water filtration; and specialty industrial starches for use in biomaterial applications, including biodegradable plastics, fabric softeners and detergents, hair and skin care applications, dusting powders for surgical gloves, and in the production of glass fiber and insulation. The company provides sweetener products comprising glucose syrups, high maltose syrup, high fructose corn syrup, dextrose, polyols, maltodextrin, glucose syrup solids, and non-genetically modified organism syrups for applications in food and beverage products, such as baked goods, snack foods, canned fruits, condiments, candy and other sweets, dairy products, ice cream, jams and jellies, prepared mixes, table syrups, and beverages. In addition, the company sells refined corn oil, corn gluten feed, and corn gluten meal; and other products. The company was formerly known as Corn Products International, Inc. and changed its name to Ingredion Incorporated in June 2012. Ingredion Incorporated was founded in 1906 and is headquartered in Westchester, Illinois.

### Why customers stay

Margins ranged from 21.4% to 25.3% during 2023–25; it earns 15.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 24.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 25.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.167506398106767],[2017,0.17279686445521347],[2018,0.1527789744974256],[2019,0.13220520131596622],[2020,0.10852077837801392],[2021,0.04913435747378688],[2022,0.122228541849066],[2023,0.16100585403471485],[2024,0.1580334822497554],[2025,0.190704733386871]]; median 0.15540622837359053. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 224 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 21128461.13690746; upkeep 261871538.86309254; owner earnings 419028461.13690746. Growth capex / owner earnings = 0.05042249655209994.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 54356664.28932017; upkeep 251643335.71067983; owner earnings 476356664.2893202. Growth capex / owner earnings = 0.11410917147640888.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 37911939.08317989; upkeep 311088060.9168201; owner earnings 378911939.0831799. Growth capex / owner earnings = 0.10005474933017972.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 328000000; owner earnings 305000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 333000000; owner earnings 228000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 80000000; upkeep 220000000; owner earnings 117000000. Growth capex / owner earnings = 0.6837606837606838.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 85000000; upkeep 215000000; owner earnings 492000000. Growth capex / owner earnings = 0.17276422764227642.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 74925549.12917164; upkeep 241074450.87082836; owner earnings 620925549.1291716. Growth capex / owner earnings = 0.12066752484939998.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 301000000; owner earnings 560000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 433000000; owner earnings 518000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,141000000],[2017,165000000],[2018,173000000],[2019,174000000],[2020,178000000],[2021,184000000],[2022,181000000],[2023,194000000],[2024,210000000],[2025,211000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 224000000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INGR.US SharesStats.PercentInsiders = 0.89 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm (filed 2026-02-17); seek to mitigate these risks through diversification, risk management, and contingency planning, such efforts may not be successful. Any of the foregoing developments could materially and adversely affect our results of operations, financial condition, and cash flows.

Economic conditions may adversely impact demand for our products, reduce our access to credit, affect our investment returns and cause our customers and others with whom we do business to suffer financial hardship.

General business and economic conditions that could affect us include barriers to trade (including as a result of tariffs, duties and border taxes, among other factors), the strength of the economies in which we operate, unemployment, inflation, interest rates, tighter or uneven credit conditions, and fluctuations in debt and equity markets. While currently these conditions have not impaired our ability to access credit and equity markets to finance our operations, we are subject to the risk of further deterioration in the financial markets, including their impacts on our suppliers, customers, and consumers.

These economic developments could negatively affect our operations through reduced consumer demand for our products, pressure to extend our customers’ payment terms, insolvency of our customers and increased provisions for credit losses, product order delays or cancellations, less advantageous supplier finance terms and conditions, and counterparty failures.

In connection with our defined benefit pension plans, adverse changes in investment returns earned on pension assets and discount rates used to calculate pension and related liabilities or changes in required pension funding levels may have an unfavorable impact on future pension expenses and cash flows.

Volatile worldwide economic conditions and market instability may make it difficult for us, our customers and our suppliers to accurately forecast future product demand trends, which could cause us to produce products in excess of demand, increase our inventory carrying costs, and incur additional charges for aged, obsolete or spoiled inventory. This forecasting difficulty also may cause a shortage of products that could affect our ability to satisfy the demand for our products.

Our reliance on certain industries for a significant portion of our sales could have a material adverse effect on our business.

Of our 2025 net sales, approximately 58 percent were generated by sales to the food industry, approximately 9 percent by sales to the beverage industry, approximately 7 percent by sales to the animal nutrition industry, and approximately 7 percent by sales to the brewing industry. If our customers in any of these industries were to substantially decrease their purchases, our business might be materially adversely affected.

Operating difficulties at our manufacturing facilities and liabilities relating to pro

### What the price says

The price assumes cash profits shrink 1.5% yearly over ten years; actual growth was 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate -0.033660230215148856. Price 97.27; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.372602739726028 → FY2025 7.9447852760736195. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $131.17 per share

- 2016-11: $117.38 per share

- 2016-12: $124.96 per share

- 2017-01: $128.19 per share

- 2017-02: $120.89 per share

- 2017-03: $120.43 per share

- 2017-04: $123.82 per share

- 2017-05: $114.09 per share

- 2017-06: $119.21 per share

- 2017-07: $123.32 per share

- 2017-08: $123.82 per share

- 2017-09: $120.64 per share

- 2017-10: $125.35 per share

- 2017-11: $138.48 per share

- 2017-12: $139.80 per share

- 2018-01: $143.64 per share

- 2018-02: $130.64 per share

- 2018-03: $128.92 per share

- 2018-04: $121.09 per share

- 2018-05: $111.39 per share

- 2018-06: $110.70 per share

- 2018-07: $101.30 per share

- 2018-08: $101.07 per share

- 2018-09: $104.96 per share

- 2018-10: $101.18 per share

- 2018-11: $104.46 per share

- 2018-12: $91.40 per share

- 2019-01: $99.00 per share

- 2019-02: $92.45 per share

- 2019-03: $94.69 per share

- 2019-04: $94.75 per share

- 2019-05: $76.16 per share

- 2019-06: $82.49 per share

- 2019-07: $77.29 per share

- 2019-08: $77.27 per share

- 2019-09: $81.74 per share

- 2019-10: $79.00 per share

- 2019-11: $83.17 per share

- 2019-12: $92.95 per share

- 2020-01: $88.00 per share

- 2020-02: $83.30 per share

- 2020-03: $75.50 per share

- 2020-04: $81.20 per share

- 2020-05: $84.23 per share

- 2020-06: $83.00 per share

- 2020-07: $86.50 per share

- 2020-08: $80.44 per share

- 2020-09: $75.68 per share

- 2020-10: $70.89 per share

- 2020-11: $77.15 per share

- 2020-12: $78.67 per share

- 2021-01: $75.47 per share

- 2021-02: $90.20 per share

- 2021-03: $89.92 per share

- 2021-04: $93.41 per share

- 2021-05: $94.93 per share

- 2021-06: $90.50 per share

- 2021-07: $87.81 per share

- 2021-08: $87.86 per share

- 2021-09: $89.01 per share

- 2021-10: $95.23 per share

- 2021-11: $93.13 per share

- 2021-12: $96.64 per share

- 2022-01: $94.70 per share

- 2022-02: $88.74 per share

- 2022-03: $87.15 per share

- 2022-04: $85.11 per share

- 2022-05: $94.69 per share

- 2022-06: $88.16 per share

- 2022-07: $90.98 per share

- 2022-08: $87.07 per share

- 2022-09: $80.52 per share

- 2022-10: $89.12 per share

- 2022-11: $97.97 per share

- 2022-12: $97.93 per share

- 2023-01: $102.80 per share

- 2023-02: $99.40 per share

- 2023-03: $101.73 per share

- 2023-04: $106.17 per share

- 2023-05: $104.60 per share

- 2023-06: $105.95 per share

- 2023-07: $111.26 per share

- 2023-08: $102.91 per share

- 2023-09: $98.40 per share

- 2023-10: $93.58 per share

- 2023-11: $102.49 per share

- 2023-12: $108.53 per share

- 2024-01: $107.57 per share

- 2024-02: $117.63 per share

- 2024-03: $116.85 per share

- 2024-04: $114.59 per share

- 2024-05: $117.58 per share

- 2024-06: $114.70 per share

- 2024-07: $124.37 per share

- 2024-08: $134.31 per share

- 2024-09: $137.43 per share

- 2024-10: $132.76 per share

- 2024-11: $147.34 per share

- 2024-12: $137.56 per share

- 2025-01: $136.44 per share

- 2025-02: $130.61 per share

- 2025-03: $135.21 per share

- 2025-04: $132.82 per share

- 2025-05: $139.12 per share

- 2025-06: $135.62 per share

- 2025-07: $131.54 per share

- 2025-08: $129.54 per share

- 2025-09: $122.11 per share

- 2025-10: $115.41 per share

- 2025-11: $107.54 per share

- 2025-12: $110.26 per share

- 2026-01: $118.10 per share

- 2026-02: $117.46 per share

- 2026-03: $112.66 per share

- 2026-04: $111.74 per share

- 2026-05: $101.44 per share

- 2026-06: $94.71 per share

- 2026-07: $99.46 per share

- 2026-08: $103.46 per share

- 2026-09: $95.81 per share

- 2026-10: $97.27 per share

## Annual estimated value (USD per share)

- FY2016: low $52.92 per share, central $59.48 per share, high $68.22 per share

- FY2017: low $61.80 per share, central $77.54 per share, high $89.52 per share

- FY2018: low $66.49 per share, central $83.06 per share, high $96.49 per share

- FY2019: low $70.85 per share, central $91.25 per share, high $106.33 per share

- FY2020: low $66.39 per share, central $74.43 per share, high $85.14 per share

- FY2021: low $57.46 per share, central $64.99 per share, high $75.01 per share

- FY2022: low $68.39 per share, central $82.11 per share, high $95.45 per share

- FY2023: low $74.38 per share, central $91.02 per share, high $105.56 per share

- FY2024: low $94.04 per share, central $112.48 per share, high $129.01 per share

- FY2025: low $100.47 per share, central $112.44 per share, high $128.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.