Ingredion Inc

Consumer Staples
Packaged Foods
www.ingredion.com

Earnings Score
Moat Score
Safety Score

Market Cap $8.94B
PE 14
Debt $1.83B
Cash $997.00M
EV $9.78B
FCF $1.14B

Earnings

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Sales & Net Margins

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Earnings	$647.00M
EBIT	$931.00M
ROE	17%
ROA	13%
FCF	$1.14B
Equity	$3.82B
Growth Stability	29%
PE	13.82
PEG	0.38
PB	2.34
P/FCF	7.88
P/S	1.2
Price/Cash	0.11
Debt/Equity	0.48
Debt/FCF	1.61
Net Margins	9%
Gross Margins	24%
Op. Margins	13%
Earnings CAGR	1%
Sales Growth YoY	-6%
Sales Growth QoQ	-4%
Sales CAGR	5%
FCF CAGR	2%
Equity CAGR	5%
Earnings Stability	0
Earnings Growth YoY	-27%
Earnings Growth QoQ	-49%
Earnings CAGR 5Y	37%

Sales CAGR 5Y	7%
FCF CAGR 5Y	15%
Equity CAGR 5Y	8%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	138%
Equity CAGR 3Y	9%
Market Cap	$8.94B
Revenue	$7.43B
Dividend Yield	2%
Payout Ratio	32%
Assets	$7.44B
Total Debt	$1.83B
Cash	$997.00M
Shares Outstanding	64.49M
EV	9.78B
Earnings Score	6%
Moat Score	92%
Safety Score	65%
Final Score	55%
Working Capital	2.07B
Current Ratio	2.62
Gross Profit	$1.79B
Shares Growth 3y	-1%
Equity Growth QoQ	-4%
Equity Growth YoY	8%

Assets & ROA

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Stockholders Equity & ROE

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Ingredion manufactures ingredients for the food, beverage, paper, and personal-care industries. Sweeteners (syrups, maltodextrins, dextrose, and polyols) account for about 35% of sales, starches (for food and industrial use) around 45%, and co-products the balance. Value-added, specialty ingredients account for roughly one third of sales, with the balance being commodity-grade ingredients. With the majority of sales outside the U.S., Ingredion is a global player with good exposure to developing markets, including Latin America and Asia-Pacific.

SEC Filings

Direct access to Ingredion Inc (INGR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Ingredion Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Ingredion Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 1%

Stability 0%

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Ingredion Inc Discounted Cash Flow

Fully customizable DCF calculator online for Ingredion Inc.

Years

Calculation mode

= $13B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.1B	$1.2B	$1.2B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.4B	$1.4B	$1.4B	$14B
DCF		$1.1B	$983M	$915M	$852M	$793M	$738M	$686M	$639M	$595M	$553M	$5.5B
Value	$13B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	7%	9%	9%	8%	7%	6%	2%	6%	8%	9%	9%
ROA	-	14%	14%	12%	11%	8%	4%	10%	13%	13%	13%
ROE	-	19%	18%	18%	15%	12%	4%	16%	18%	17%	17%

Net Margins (8.71%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	4.02	4.36	5.95	5.25	4.47	22.24	-16.78	2.95	1.61	1.61
Debt over Equity	0.84	0.75	0.68	0.87	0.67	0.74	0.66	0.79	0.62	0.48	0.48
Growth Stability	-	-	-	95%	86%	76%	29%	100%	100%	100%	29%

Good Debt/FCF ratio (1.61)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.48)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (29%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	1%	2%	0%	6%	-4%	15%	15%	3%	-9%	7%
Earnings YoY growth	-	21%	7%	-15%	-7%	-16%	-66%	321%	31%	1%	37%
Equity YoY growth	-	19%	12%	-17%	14%	8%	5%	1%	12%	8%	8%
FCF YoY growth	-	20%	-7%	-22%	-0%	39%	-81%	-261%	-601%	53%	15%