INGR
Ingredion Inc
Consumer Staples • CIK: 0001046257
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Market Cap
$7.08B
P/E (TTM)
9.7x
Rev Growth (TTM)
-2.8%
Net Margin (TTM)
10.1%
FCF Yield (TTM)
7.2%
FCF Margin (TTM)
7.1%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$511M
Q4 '25
$270M+57%
Q3 '25
$172M+105%
FCF Margin
TTM7.1%
Q4 '2515.4%+62%
Sector: 6.9%Above Avg
OCF Margin13.1%
OCF/NI1.29x
CapEx Coverage2.2x
FCF Yield7.2%
FCF Growth (2Y)–
Cash Conversion Cycle
102 days
DSO: 64+DIO: 82−DPO: 44
Capital Allocation & Returns
Balanced
Total Shareholder YieldEst.
Est.2.9%
Div Yield2.9%
+Est. Buyback2.6%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)2.9%
FCF Payout Ratio40.7%
Free Cash Flow (TTM)$511.0M
Capital Return / FCF41.3%
Est. Dividends Paid (TTM)$208.1M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
13.0%
Stable
+0.2% YoY+1.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
10.6%
8Q: 9.9%
Asset Turnover
0.94x
8Q: 0.97x
Leverage (1+D/E)
1.42x
D/E: 0.42x
DuPont: 14.2% ≈ 13.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
3.05x
8Q:3.17x
-32.2%
Invested Cap Turn
1.40x
8Q:1.42x
-10.0%
CapEx Intensity
8.4%
8Q:7.7%
CapEx/Depreciation
1.95x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $7.2B | $1.8B↓3.2% | $1.8B↓0.9% | $1.8B↑1.1% | $1.8B↑0.7% | $1.8B↓3.7% | $1.9B↓0.4% | $1.9B↓0.2% | $1.9B |
Operating Income | $1.0B | $220.0M↓11.6% | $249.0M↓8.1% | $271.0M↓1.8% | $276.0M↑70.4% | $162.0M↓39.6% | $268.0M↑11.7% | $240.0M↑12.7% | $213.0M |
Net Income | $729.0M | $165.0M↓3.5% | $171.0M↓12.8% | $196.0M↓0.5% | $197.0M↑107.4% | $95.0M↓49.5% | $188.0M↑27.0% | $148.0M↓31.5% | $216.0M |
Operating Cash Flow | $944.0M | $405.0M↑46.2% | $277.0M↑49.7% | $185.0M↑140.3% | $77.0M↓82.3% | $436.0M↓9.0% | $479.0M↑53.5% | $312.0M↑49.3% | $209.0M |
Free Cash Flow | $511.0M | $270.0M↑57.0% | $172.0M↑104.8% | $84.0M↑660.0% | $-15.0M↓104.8% | $311.0M↓27.5% | $429.0M↑66.9% | $257.0M↑78.5% | $144.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
9.7x
Volatile
8Q: 45.3x-293%
Valuation Lenses
Earnings
9.7x
vs – sector
Cash Flow
15.6x
EV/FCF vs –
Growth-Adj
0.7xPEG
Undervalued for growth
Quality-Adj
0.7P/E per %ROIC
ROIC: 13.0%
Shareholder Returns
Dividend
2.9%
Buyback
–
Total Yield
2.9%
Market Cap$7.08B
EV$7.97B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
87/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
17.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
13.0%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 10.6%
Asset Turnover: 0.94x
Earnings Quality
Cash Conversion
1.29x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin25.3%
Capital Efficiency
Invested Capital Turnover1.40x
Working Capital
Cash Conversion Cycle102 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
47/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-2.8%
OpInc Growth YoY
35.8%
EPS Growth YoY
14.9%
FCF 3Y CAGR
N/A
Growth Quality Analysis
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
25.3%
Operating
14.1%
Top 25% in sector
Net
10.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-3.0 pts
FCF: 7.1% | Net: 10.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $760.00M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.42x
Balance sheet risk & solvency analysis