Tearsheet

Ingredion (INGR)


Market Price (10/22/2025): $120.135 | Market Cap: $7.7 Bil
Sector: Consumer Staples | Industry: Agricultural Products & Services

Ingredion (INGR)


Market Price (10/22/2025): $120.135
Market Cap: $7.7 Bil
Sector: Consumer Staples
Industry: Agricultural Products & Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 10%
Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -30%
Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%, Rev Chg QQuarterly Revenue Change % is -2.4%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
  
2 Low stock price volatility
Vol 12M is 25%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 10%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2 Low stock price volatility
Vol 12M is 25%
3 Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -30%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3%, Rev Chg QQuarterly Revenue Change % is -2.4%

Market Valuation & Key Metrics

INGR Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
INGR Return-13%26%4%14%29%-10%54%
Peers Return14%17%-2%21%19%-18%55%
S&P 500 Return16%27%-19%24%23%15%106%

Monthly Win Rates [3]
INGR Win Rate42%67%42%58%50%22% 
Peers Win Rate42%43%53%55%52%38% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
INGR Max Drawdown-35%-6%-17%-6%-2%-11% 
Peers Max Drawdown-35%-4%-16%-14%-11%-23% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: PPC, POST, DAR, BRBR, AFRI. See INGR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/21/2025 (YTD)

How Low Can It Go

Unique KeyEventINGRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-21.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven27.9%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven113 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-38.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven62.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven600 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-49.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven99.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1897 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-64.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven182.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven751 days1480 days

Compare to PPC, POST, DAR, BRBR, AFRI


In The Past

Ingredion's stock fell -21.8% during the 2022 Inflation Shock from a high on 1/14/2022. A -21.8% loss requires a 27.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ingredion (INGR)

Better Bets than Ingredion (INGR)

Trade Ideas

Select past ideas related to INGR. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.5%0.5%-6.0%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.0%3.0%0.0%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-15.5%-15.5%-21.1%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
8.4%8.4%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-11.8%-11.8%-22.4%
INGR_2292020_Dip_Buyer_FCFYield02292020INGRIngredionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.0%11.9%-27.0%
INGR_12312018_Dip_Buyer_FCFYield12312018INGRIngredionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-9.5%4.7%-18.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.5%0.5%-6.0%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.0%3.0%0.0%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-15.5%-15.5%-21.1%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
8.4%8.4%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-11.8%-11.8%-22.4%
INGR_2292020_Dip_Buyer_FCFYield02292020INGRIngredionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.0%11.9%-27.0%
INGR_12312018_Dip_Buyer_FCFYield12312018INGRIngredionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-9.5%4.7%-18.7%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Ingredion

Financials

INGRPPCPOSTDARBRBRAFRIMedian
NameIngredionPilgrims.Post Darling .BellRing.Forafric. 
Mkt Price120.1737.78107.1930.5633.488.7435.63
Mkt Cap7.89.06.04.84.2-6.0
Rev LTM7,31617,9797,9215,7022,224-7,316
Op Inc LTM1,0881,756822325367-822
FCF LTM8031,380433549127-549
FCF 3Y Avg648571454440169-454
CFO LTM1,1771,846932824132-932
CFO 3Y Avg9701,079848862172-862

Growth & Margins

INGRPPCPOSTDARBRBRAFRIMedian
NameIngredionPilgrims.Post Darling .BellRing.Forafric. 
Rev Chg LTM-5.2%2.4%0.8%-6.8%16.3%-0.8%
Rev Chg 3Y Avg-0.3%4.6%12.4%2.7%18.6%-4.6%
Rev Chg Q-2.4%2.3%1.9%1.8%6.2%-1.9%
QoQ Delta Rev Chg LTM-0.6%0.6%0.5%0.5%1.5%-0.5%
Op Mgn LTM14.9%9.8%10.4%5.7%16.5%-10.4%
Op Mgn 3Y Avg12.4%6.4%9.7%7.0%17.4%-9.7%
QoQ Delta Op Mgn LTM0.2%0.8%0.4%0.2%-3.3%-0.2%
CFO/Rev LTM16.1%10.3%11.8%14.4%5.9%-11.8%
CFO/Rev 3Y Avg12.7%6.1%11.3%13.8%9.2%-11.3%
FCF/Rev LTM11.0%7.7%5.5%9.6%5.7%-7.7%
FCF/Rev 3Y Avg8.6%3.2%6.0%7.1%9.1%-7.1%

Valuation

INGRPPCPOSTDARBRBRAFRIMedian
NameIngredionPilgrims.Post Darling .BellRing.Forafric. 
Mkt Cap7.89.06.04.84.2-6.0
P/S1.10.50.80.81.9-0.8
P/EBIT7.95.27.415.911.5-7.9
P/E11.57.416.345.918.6-16.3
P/CFO6.64.96.45.932.2-6.4
Total Yield11.5%13.5%6.1%2.2%5.4%-6.1%
Dividend Yield2.7%0.0%0.0%0.0%0.0%-0.0%
FCF Yield 3Y Avg8.2%4.8%7.7%6.5%2.6%-6.5%
D/E0.20.41.20.90.2-0.4
Net D/E0.10.21.10.90.2-0.2

Returns

INGRPPCPOSTDARBRBRAFRIMedian
NameIngredionPilgrims.Post Darling .BellRing.Forafric. 
1M Rtn-1.3%-7.2%3.3%-4.3%-7.0%-4.5%-4.4%
3M Rtn-9.8%-19.6%-1.1%-15.5%-39.4%13.1%-12.6%
6M Rtn-6.9%-30.7%-7.2%-0.3%-55.6%2.6%-7.1%
12M Rtn-8.1%-4.5%-5.3%-20.0%-49.3%-15.3%-11.7%
3Y Rtn55.0%95.4%25.8%-60.7%49.3%-19.2%37.5%
1M Excs Rtn-1.5%-8.9%3.8%-2.7%-8.7%-2.3%-2.5%
3M Excs Rtn-15.7%-27.3%-6.2%-23.0%-44.8%6.1%-19.4%
6M Excs Rtn-34.3%-58.1%-34.6%-27.7%-82.9%-24.8%-34.4%
12M Excs Rtn-24.0%-21.5%-22.8%-33.2%-64.3%-31.1%-27.5%
3Y Excs Rtn-29.8%11.3%-63.7%-146.8%-30.6%-106.6%-47.1%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Food & Industrial Ingredients (F&II) - Latin America (LATAM)2,6682,628   
Texture & Healthful Solutions (T&HS)2,5662,527   
Food & Industrial Ingredients (F&II)- United States(U.S.) /Canada2,4292,303   
All Other743893   
Corporate00   
Intersegment sales-246-405   
Single Segment  6,8945,9876,209
Total8,1607,9466,8945,9876,209


Operating Income by Segment
$ Mil20242023202220212020
Food & Industrial Ingredients (F&II) - Latin America (LATAM)452437   
Texture & Healthful Solutions (T&HS)394297   
Food & Industrial Ingredients (F&II)- United States(U.S.) /Canada298209   
Acquisition/integration costs0-1   
Other matters-1-20   
Restructuring and resegmentation costs-1-4   
All Other-2-6   
Impairment charge-100   
Corporate-173-150   
Total957762   


Price Behavior

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity2,077,109
Short Interest: % Change Since 91520253.5%
Average Daily Volume720,805
Days-to-Cover Short Interest2.88
Basic Shares Quantity64,500,000
Short % of Basic Shares3.2%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/1/2025-3.9%-4.0%-1.5%
5/6/20253.6%2.7%2.7%
2/4/2025-5.6%-5.3%-4.1%
11/5/202415.5%11.7%11.5%
8/6/20246.6%6.9%12.2%
5/8/20241.6%1.3%-0.3%
2/6/2024-0.8%-1.4%5.2%
11/7/20236.5%6.9%10.6%
...
SUMMARY STATS   
# Positive131412
# Negative111012
Median Positive4.3%4.6%9.7%
Median Negative-3.3%-3.7%-3.6%
Max Positive15.5%16.1%18.7%
Max Negative-13.2%-10.0%-12.7%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025811202510-Q 6/30/2025
3312025509202510-Q 3/31/2025
12312024220202510-K 12/31/2024
93020241108202410-Q 9/30/2024
6302024808202410-Q 6/30/2024
3312024509202410-Q 3/31/2024
12312023221202410-K 12/31/2023
93020231107202310-Q 9/30/2023
6302023808202310-Q 6/30/2023
3312023508202310-Q 3/31/2023
12312022221202310-K 12/31/2022
93020221107202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022506202210-Q 3/31/2022
12312021222202210-K 12/31/2021
93020211105202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Fernandes LarrySVP, Chief Comm & Sust Officer8052025Sell128.39850109,1314,002,025Form
1Fernandes LarrySVP, Chief Comm & Sust Officer5082025Sell135.612,040276,6444,387,758Form
2Zallie James P.President and CEO2202025Sell125.8810,8151,361,3494,295,716Form
3Zallie James P.President and CEO2182025Sell126.9139,3294,991,0476,695,199Form
4Fernandes LarrySVP, Chief Comm & Sust Officer11182024Sell140.666,122861,165 Form