# Ingredion Incorporated (INGR)

> Source: Nexqual · https://nexqual.com/INGR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ingredion Incorporated (INGR), nexqual.com/INGR" · informational, not investment advice.

**Price:** USD 97.18 (+1.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 95.68 · day 95.62–97.67 · 52w 93.72–123.49 · market cap $6.13B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.21B, net income $592M (8.2% margin), free cash flow $355M (SEC filings).
- Valuation: P/E 10.4x (avg 11.8x at the last 3 fiscal year-ends), EV/EBITDA 6.4x, net debt $835M.
- 1 of 80 tracked superinvestors hold INGR (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 2.57 on a 1–5 scale) (7 analysts), mean target USD 119.5 (range 104–150).
- Total return with dividends: 1Y -15.8% vs S&P 500 +14.9%; 5Y +15.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.6, revenue estimate $1.80B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.89B | $7.95B | $8.16B | $7.43B | $7.22B | $7.21B |
| Gross profit | $1.33B | $1.49B | $1.75B | $1.79B | $1.83B | — |
| Operating income | $310M | $762M | $957M | $883M | $1.02B | $860M |
| Net income | $117M | $492M | $643M | $647M | $729M | $592M |
| EPS (diluted) | $1.73 | $7.34 | $9.60 | $9.71 | $11.18 | — |
| Free cash flow | $92.0M | -$148M | $743M | $1.14B | $511M | $355M |
| Gross margin | 19.3% | 18.8% | 21.4% | 24.1% | 25.3% | — |
| Operating margin | 4.5% | 9.6% | 11.7% | 11.9% | 14.1% | 11.9% |
| Net margin | 1.7% | 6.2% | 7.9% | 8.7% | 10.1% | 8.2% |
| Revenue growth | +15.1% | +15.3% | +2.7% | -8.9% | -2.8% | — |
| Cash + short-term investments | $328M | $236M | $401M | $997M | $1.03B | — |
| Total debt | $2.05B | $2.48B | $2.19B | $1.83B | $1.79B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.4x · P/S 0.8x · EV/EBITDA 6.4x · EV/Sales 1.0x · P/FCF 17.3x · P/B 1.4x · FCF yield 5.79% · Earnings yield 9.66% · Dividend yield (paid, TTM) 3.43% · Net debt $835M · EV $6.96B
P/E at fiscal year-ends: Dec 2025 9.9x, Dec 2024 14.2x, Dec 2023 11.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold INGR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 1.72% | $139M | Added +2.2% |

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 7 analysts; mean target USD 119.5 (low 104, high 150).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Barclays | Target lowered | Equal-Weight | $118 → $115 |
| 2026-10-05 | UBS | Target lowered | Neutral | $108 → $104 |
| 2026-08-05 | UBS | Target raised | Neutral | $104 → $108 |
| 2026-08-05 | Barclays | Target lowered | Equal-Weight | $120 → $118 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.8% | +15.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.9% | +2.9% |
| Volatility (annualized) | 18.3% | 19.4% |
| Max drawdown | -20.8% (Feb 2026→Jun 2026) | -33.6% (Nov 2024→Oct 2026) |

## Peers (Packaged Foods)
CPB (The Campbell's Company) USD 21.26 +8.69% · PPC (Pilgrim's Pride Corporation) USD 28.09 +1.23% · CAG (ConAgra Brands, Inc.) USD 15.07 +7.34% · SFD (Smithfield Foods, Inc.) USD 18.81 +2.79% · LW (Lamb Weston Holdings, Inc.) USD 55.18 +3.90% · DAR (Darling Ingredients Inc.) USD 55.64 -5.84%

## More
Full page: https://nexqual.com/INGR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INGR's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1046257/000162828026008603/ingr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | B3 | "Our pricing is determined through reference to the Chicago Board of Trade, a U.S. futures exchange, for corn we purchase from suppliers in the U.S., and through reference to B3 S.A., a Brazilian stock exchange and over-t…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| T&HS | $662.0M | 35.8% | +8.9% |
| F&II–LATAM | $622.0M | 33.6% | +2.0% |
| F&II–U.S./Canada | $536.0M | 29.0% | -2.5% |
| Total revenue | $1.85B | 100% | — |
The lines above cover 98.4% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. Plans | $2.81B | 39.0% | -1.9% |
| Mexico | $1.39B | 19.3% | -7.4% |
| Other Countries | $982.0M | 13.6% | -0.4% |
| Brazil | $572.0M | 7.9% | -2.1% |
| Canada | $495.0M | 6.9% | -6.1% |
| Germany | $384.0M | 5.3% | -0.3% |
| Colombia | $324.0M | 4.5% | +4.5% |
| Thailand | $255.0M | 3.5% | -3.8% |
| Total revenue | $7.22B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.60 | $2.89 | -10.1% | $1.80B | 6 |
| Next quarter (ends 2026-12-31) | $2.67 | $2.82 | -5.3% | $1.75B | 6 |
| Current fiscal year (ends 2026-12-31) | $10.46 | $10.79 | -3.1% | $7.20B | 7 |
| Next fiscal year (ends 2027-12-31) | $11.23 | $11.55 | -2.8% | $7.35B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±7.0%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.3% | ±7.0% |
| 2026-12-18 | 56 | 26.8% | ±8.5% |
| 2027-01-15 | 84 | 25.2% | ±10.0% |
| 2027-04-16 | 175 | 25.4% | ±14.0% |