Ingredion (INGR)
NYSE:INGR
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Ingredion
(NYSE:INGR)
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Rating:65Neutral
Price Target:
$114.00
▼(-1.08% Downside)
Action:Reiterated
Date:05/14/26
The score is supported by solid profitability and an improving balance sheet, plus reasonable valuation and a healthy dividend. It is held back primarily by weak technicals and a cautious near-term outlook after the Argo disruption and lowered 2026 expectations, with added uncertainty from restructuring charges and the non-binding Tate & Lyle approach.
Positive Factors
Improving balance sheet and controlled leverage
Ingredion's debt-to-equity near 0.41 and an improving capital structure indicate durable financial flexibility. Lower leverage reduces refinancing and interest risk, supports investment or opportunistic M&A, and underpins sustained dividend and buyback capacity over the next 2–6 months.
Negative Factors
Significant top-line weakness and shrinking revenue
A roughly 29% TTM revenue decline is a material structural headwind. Sustained top-line weakness pressures fixed-cost absorption, limits margin recovery, and heightens reliance on mix and pricing to restore earnings; recovery likely requires sustained demand improvement or successful commercial initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving balance sheet and controlled leverage
Ingredion's debt-to-equity near 0.41 and an improving capital structure indicate durable financial flexibility. Lower leverage reduces refinancing and interest risk, supports investment or opportunistic M&A, and underpins sustained dividend and buyback capacity over the next 2–6 months.
Read all positive factors
Ingredion Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks sales down by product line or region to show where growth is coming from and how reliant the company is on specific markets or products. For retail investors, this helps spot fast-growing specialty businesses versus mature, commodity-exposed lines and assess diversification, seasonal patterns, and geographic risk exposure.
Breaks sales down by product line or region to show where growth is coming from and how reliant the company is on specific markets or products. For retail investors, this helps spot fast-growing specialty businesses versus mature, commodity-exposed lines and assess diversification, seasonal patterns, and geographic risk exposure.
Data provided by:
The Fly
The FlyIngredion (INGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.40B
Dividend Yield2.86%
Average Volume (3M)699.46K
Price to Earnings (P/E)12.6
Beta (1Y)0.34
Revenue Growth-2.21%
EPS Growth9.29%
CountryUS
Employees11,000
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)10.54
Shares Outstanding63,059,060
10 Day Avg. Volume1,118,128
30 Day Avg. Volume699,459
Financial Highlights & Ratios
PEG Ratio0.65
Price to Book (P/B)1.63
Price to Sales (P/S)0.98
P/FCF Ratio13.85
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue1.01
Enterprise Value/Gross Profit4.12
Enterprise Value/Ebitda6.27
Forecast
1Y Price Target
$120.60Price Target Upside4.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)10.84
Revenue Forecast (FY)$7.25B
Ingredion Business Overview & Revenue Model
Company Description
Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. It operates through four segments: North America; South America; Asia-Pacific; and Europe, Middle East and Africa. The compa...
How the Company Makes Money
Ingredion makes money by manufacturing and selling ingredient products to business customers (primarily food and beverage manufacturers) and, to a lesser extent, to industrial and other end markets. Revenue is generated mainly from (1) specialty i...
Ingredion Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Negative
The call presented a mix of positive strategic momentum in higher-value areas (Texture & Healthful Solutions, solutions-led growth, strong growth in pea protein) and substantial near-term operational and financial challenges (Argo operational disruptions, margin compression, FX headwinds, and revised full-year outlook). Management has taken corrective actions and highlighted balance sheet strength and disciplined capital allocation, but the magnitude of the Q1 operating income decline and the significant Argo impact weighed heavily on results and guidance.Positive Updates
Stable Net Sales with Modest Decline
Net sales of $1.8 billion in Q1 2026, down 1% year-over-year, reflecting modest revenue resilience despite operational headwinds.
Negative Updates
Material Operating Income Decline
Adjusted operating income fell 22% year-over-year; reported and adjusted operating income were $203M and $212M respectively, reflecting meaningful margin pressure in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Net Sales with Modest Decline
Net sales of $1.8 billion in Q1 2026, down 1% year-over-year, reflecting modest revenue resilience despite operational headwinds.
Read all positive updates
Company Guidance
Ingredion updated 2026 guidance expecting full-year net sales to be flat to up low single digits and adjusted operating income to be down high single digits, with adjusted diluted EPS of $10.45–$11.15 (based on 63.5–64.5 million diluted shares); estimated financing costs of $35–$45 million; a reported and adjusted effective tax rate of 26.0%–27.5%; cash from operations of $725–$825 million; and capital expenditures of $400–$440 million (guidance assumes current tariff levels and excludes acquisition integration or impairment costs). The outlook reflects the Q1 results that drove the revision: Q1 net sales of $1.8 billion (down 1%), gross margin 22.4%, reported operating income $203 million and adjusted operating income $212 million, a $40 million Argo-related Q1 impact (vs. $10–$15 million expected), YTD cash from operations $33 million, YTD CapEx $110 million, $52 million of dividends and $14 million of share repurchases, and adjusted EPS headwinds of $0.63 year‑over‑year (including $0.71 margin and $0.14 volume impacts, offset in part by $0.07 FX and $0.08 other income). Segment-level guidance: Texture & Healthful Solutions net sales unchanged with operating income up low single digits; Food & Industrial Ingredients LatAm net sales flat to down low single digits and operating income down low single digits; Food & Industrial Ingredients U.S./Canada net sales down low single digits and operating income down low double digits; All Other operating income to improve $5–$10 million; the outlook assumes sequential Argo recovery (germ processing returning in Q2) and reflects FX and higher energy/logistics pressures.Ingredion Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.20B | 7.22B | 7.43B | 8.16B | 7.95B | 6.89B |
| Gross Profit | 1.76B | 1.83B | 1.79B | 1.75B | 1.49B | 1.33B |
| EBITDA | 1.16B | 1.23B | 1.18B | 1.17B | 982.00M | 542.00M |
| Net Income | 674.00M | 729.00M | 647.00M | 643.00M | 492.00M | 117.00M |
Balance Sheet | ||||||
| Total Assets | 7.93B | 7.90B | 7.44B | 7.64B | 7.56B | 7.00B |
| Cash, Cash Equivalents and Short-Term Investments | 918.00M | 1.03B | 1.01B | 409.00M | 239.00M | 332.00M |
| Total Debt | 1.82B | 1.79B | 2.04B | 2.40B | 2.68B | 2.25B |
| Total Liabilities | 3.48B | 3.53B | 3.55B | 3.99B | 4.30B | 3.77B |
| Stockholders Equity | 4.42B | 4.34B | 3.86B | 3.59B | 3.19B | 3.14B |
Cash Flow | ||||||
| Free Cash Flow | 747.00M | 511.00M | 1.14B | 741.00M | -148.00M | 92.00M |
| Operating Cash Flow | 900.00M | 944.00M | 1.44B | 1.06B | 152.00M | 392.00M |
| Investing Cash Flow | -461.00M | -444.00M | -47.00M | -329.00M | -320.00M | -335.00M |
| Financing Cash Flow | -378.00M | -491.00M | -765.00M | -569.00M | 103.00M | -373.00M |
Ingredion Technical Analysis
Negative
115.25
Price Trends
110.40
Negative
112.48
Negative
114.32
Negative
Market Momentum
-2.80
Positive
21.37
Positive
11.94
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INGR, the sentiment is Negative. The current price of 115.25 is above the 20-day moving average (MA) of 107.94, above the 50-day MA of 110.40, and above the 200-day MA of 114.32, indicating a bearish trend. The MACD of -2.80 indicates Positive momentum. The RSI at 21.37 is Positive, neither overbought nor oversold. The STOCH value of 11.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INGR.
Ingredion Risk Analysis
Ingredion disclosed 26 risk factors in its most recent earnings report. Ingredion reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ingredion Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $9.87B | 19.01 | 4.72% | ― | 11.11% | 30.83% | |
65 Neutral | $6.40B | 12.61 | 15.57% | 2.86% | -2.21% | 9.29% | |
63 Neutral | $4.51B | 14.47 | 9.40% | ― | 7.16% | 6.00% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | $1.37B | 225.07 | 6.24% | 3.53% | -2.04% | -23.39% | |
62 Neutral | $6.75B | 21.94 | 24.19% | ― | 3.30% | -26.64% |
* Consumer Defensive Sector Average
INGR
Ingredion
100.34
-34.27
-25.46%
DAR
Darling Ingredients
59.95
28.45
90.32%
JJSF
J & J Snack Foods
72.55
-37.35
-33.99%
PPC
Pilgrim's Pride
28.40
-20.27
-41.65%
POST
Post Holdings
97.69
-11.15
-10.24%
Ingredion Corporate Events
Business Operations and StrategyM&A Transactions
Ingredion makes non-binding all-cash bid for Tate & Lyle
Positive
May 14, 2026
On May 14, 2026, Ingredion announced it had made a non-binding, indicative all-cash proposal to acquire Tate Lyle PLC at 595 pence per share, covering the entire issued and to be issued share capital. The potential terms would allow Tate Lyle to...
Business Operations and StrategyFinancial Disclosures
Ingredion Announces Brazil Plant Closure and Impairment Charges
Negative
May 5, 2026
On May 1, 2026, Ingredion announced it will cease operations at its Cabo, Brazil manufacturing facility as of June 30, 2026, and intends to sell the plant and underlying real estate. The decision reflects a significant restructuring move in its La...
Executive/Board Changes
Ingredion Names Jason Payant Interim Chief Financial Officer
Neutral
Mar 25, 2026
On March 18, 2026, Ingredion’s board elected long-time executive Jason Payant as interim chief financial officer, effective April 1, 2026, following the previously reported resignation of Executive Vice President and CFO James D. Gray, effec...
Executive/Board Changes
Ingredion announces board retirement and new director appointment
Positive
Mar 23, 2026
On March 20, 2026, long-serving board member Gregory B. Kenny informed Ingredion that he would retire from its Board of Directors effective March 23, 2026, after serving since 2005, and the company stated that his decision was not due to any disag...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.