INGRNYSEGrain Mill ProductsFiscal year ends December 31
Ingredion Inc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$96.27−1.66 (-1.70%)
Close on Oct 19, 2026
- Market cap
- $6.15B
- P/E (TTM)
- 10.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
25.3%+4.1 pts over 5 years
Operating margin
14.1%+4.4 pts over 5 years
Net margin
10.1%+4.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.8% | -3.1% | +3.8% | +2.5% | |
| Gross profit | +2.1% | +7.0% | +7.5% | +3.9% | |
| Operating income | +15.1% | +10.1% | +11.8% | +4.4% | |
| Net income | +12.7% | +14.0% | +15.9% | +6.1% | |
| EPS, diluted | +15.1% | +15.1% | +16.8% | +7.3% | |
| Free cash flow | -55.2% | – | +0.9% | +2.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 20.6% | 12.3% | 18.0% | |
| Return on assets | 8.9% | 5.4% | 9.5% | |
| Current ratio | 2.30 | 1.82 | 2.66 | |
| Debt to equity | 0.76 | 0.74 | 0.42 | |
| Net debt to EBITDA | 1.44× | 1.91× | 0.61× | |
| Inventory turnover | 5.7× | 5.3× | 4.5× | |
| Capex to revenue | 5.0% | 5.7% | 6.0% | |
| Diluted shares | 74M | 68M | 65M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ingredion generated $3.98B from operations and spent $2.62B on capital expenditure, dividends and share buybacks. 63% of that went back into the business.
Generated
$3.98B
Used
$2.62B
Capital expenditure$1.64B63%Dividends$980.00M37%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.1%
×Asset turnover0.94×
×Equity multiplier1.90×
=Return on equity, FY202518.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.1% | 0.94× | 1.90× | 18.0% |
| FY2024 | 8.7% | 0.99× | 2.05× | 17.6% |
| FY2023 | 7.9% | 1.07× | 2.27× | 19.2% |
| FY2022 | 6.2% | 1.09× | 2.33× | 15.8% |
| FY2021 | 1.7% | 1.00× | 2.29× | 3.9% |
| FY2020 | 5.8% | 0.93× | 2.27× | 12.3% |
| FY2019 | 6.7% | 1.06× | 2.30× | 16.2% |
| FY2018 | 7.0% | 1.07× | 2.24× | 16.8% |
| FY2017 | 8.3% | 1.05× | 2.17× | 19.0% |
| FY2016 | 8.5% | 1.05× | 2.31× | 20.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$729.00M
- Cash generatingOperating cash flow above zero$944.00M
- Return on assets improvedROA up on the prior year8.5% → 9.8%
- Earnings backed by cashOperating cash flow above net income$944.00M vs $729.00M
- Less leverageLong-term debt to assets fell24.0% → 22.1%
- Better liquidityCurrent ratio rose2.62 → 2.66
- No dilutionShare count did not rise67M → 65M
- Gross margin improvedGross margin up on the prior year24.10% → 25.32%
- More efficientAsset turnover rose0.97 → 0.97