Ingredion IncorporatedINGR
NYSE•Consumer Defensive•Packaged Foods
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 IngredientsLATAM; and Food & Industrial IngredientsU.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.
Ingredion Incorporated (INGR) reported trailing twelve months revenue of $7.20B as of March 2026, a 2.2% decline year-over-year. Quarterly revenue reached $1.79B, reflecting a contraction in sales.
Ingredion Incorporated generated $674.00M in TTM net income, with quarterly EBITDA of $258.00M. The operating margin contracted from 15.2% to 11.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (11.3%) and net margin (7.9%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 10.9% a year ago, reflecting increased costs or interest expense.
INGR trades at a P/E of 9.3x (below the broader market average) and a P/S of 0.9x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company reported negative free cash flow of $-77.00M, indicating cash consumption over the period. The balance sheet shows $7.93B in total assets with $1.74B in long-term debt against $4.38B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~13.0%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 16.5% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~13.1% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue declined in 7 of the last 7 quarters — persistent contraction signals a fundamental problem.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 3.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation