INGR
Ingredion Incorporated
INGR's fundamentals are mixed: it turned 4.8% of its revenue into free cash flow, but its operating margin fell 2 points to 11%. At 11x earnings, it's trading below its usual 13x. Its downside scenario is about three times its upside.
INGR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Healthy |
INGR's balance sheet is currently healthy, and its revenue, profitability and cash flow are stable.
INGR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.6x | $92.72 | — |
| Cheap | 11x | $99.63 | +7.4% |
| Current | 11x | $92.72 | — |
| Fair | 13x | $118 | +27% |
| Expensive | 17x | $150 | +62% |
Historical ranges are pointers, not guarantees.
INGR's PE is in its cheap range at 11x. On analysts' estimates for next year's earnings, today's price would be 9.6x.
INGR Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Decline | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect INGR's earnings and profitability to decline, with its revenue holding steady.
INGR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.63 | +9.5% |
| Q3 2026 | $8.79 | -12% |
| Q2 2026 | $9.17 | -11% |
| Q1 2026 | $10.38 | +9.5% |
| Q4 2025 | $11.16 | +15% |
| Q3 2025 | $10.03 | -2.1% |
| Q2 2025 | $10.25 | +4.8% |
| Q1 2025 | $9.48 | -5% |
| Q4 2024 | $9.71 | +1.1% |
INGR earned $8.79 per share over the past year, down 12% from the year before.
INGR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.8B | -1.3% |
| Q2 2026 | $1.9B | +0.9% |
| Q1 2026 | $1.8B | -1.2% |
| Q4 2025 | $1.8B | -2.4% |
| Q3 2025 | $1.8B | -2.9% |
| Q2 2025 | $1.8B | -2.4% |
| Q1 2025 | $1.8B | -3.7% |
| Q4 2024 | $1.8B | -6.3% |
INGR's revenue fell from its 2023 peak and has held roughly level since: $1.8B last quarter, down 1.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -2.5 points |
| Q2 2026 | 10% | -4.6 points |
| Q1 2026 | 11% | -3.9 points |
| Q4 2025 | 13% | +3.5 points |
| Q3 2025 | 14% | -0.6 points |
| Q2 2025 | 15% | +2 points |
| Q1 2025 | 15% | +3.9 points |
| Q4 2024 | 9% | -1.5 points |
INGR's operating margin was 11% last quarter, down 2.5 points from the same quarter a year ago.
INGR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $163M | -5.2% |
| Q2 2026 | -$10M | -112% |
| Q1 2026 | -$77M | -$62M |
| Q4 2025 | $270M | -11% |
| Q3 2025 | $172M | -60% |
| Q2 2025 | $84M | -67% |
| Q1 2025 | -$15M | -110% |
| Q4 2024 | $305M | -6.7% |
INGR still generates free cash flow, though less than at its 2024 peak: $346M over the past year.
INGR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -200K shares |
| 1 year | -2.6% | -1.7M shares |
| 3 years | -4.9% | -3.3M shares |
| 5 years | -5.8% | -3.9M shares |
| Available history | -5.5% | -3.7M shares |
INGR has 64M diluted shares, down 2.6% from a year ago.
INGR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.8x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.8x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 0.8x | Very low |
INGR's net debt is less than a year of its operating earnings (EBITDA).
INGR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.4 | Neutral |
| Stochastic | 15.9 | Oversold |
INGR's weekly RSI is 35 (neutral) and its Stochastic is 16 (oversold).
INGR PE vs Consumer Defensive Sector
| Metric | INGR | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 19x | 46% below |
| PE % | 8 | 18 | 10 pts below |
INGR is trading at 11x earnings, a 46% discount to the Consumer Defensive sector's median of 19x.
INGR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $95.3 | 2.7% below |
| 20 week MA | $99.1 | 6.4% below |
| 50 week MA | $105.9 | 12% below |
| 100 week MA | $117.5 | 21% below |
| 200 week MA | $115.4 | 20% below |
INGR is in a downtrend: it's below all five of its weekly moving averages, and 20% below its 200-week average.
INGR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $94.2 | $79.4 | -16% |
| 2021 | $79.4 | $94.8 | +19% |
| 2022 | $94.8 | $98.9 | +4.3% |
| 2023 | $98.9 | $108.5 | +9.8% |
| 2024 | $108.5 | $138.6 | +28% |
| 2025 | $138.6 | $111.4 | -20% |
| 2026 YTD | $111.4 | $92.7 | -17% |
INGR has finished higher in four of the last six years. It's down 17% so far in 2026.