Stock Analysis Report

Executive Summary

Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries.

Snowflake Analysis

Established dividend payer and good value.

Similar Companies

Share Price & News

How has Ingredion's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: INGR has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Food


US Market

1 Year Return




US Food


US Market

Return vs Industry: INGR underperformed the US Food industry which returned 12.3% over the past year.

Return vs Market: INGR underperformed the US Market which returned 14% over the past year.

Shareholder returns

7 Day-3.9%-3.3%-4.2%
30 Day1.3%-3.4%-1.8%
90 Day10.3%-0.8%2.6%
1 Year3.4%0.5%15.2%12.3%16.3%14.0%
3 Year-16.9%-22.5%-3.6%-11.3%43.2%34.0%
5 Year26.1%13.4%38.2%22.0%65.9%47.6%

Price Volatility Vs. Market

How volatile is Ingredion's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Ingredion undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: INGR ($93.5) is trading below our estimate of fair value ($195.75)

Significantly Below Fair Value: INGR is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: INGR is good value based on its PE Ratio (15.1x) compared to the Food industry average (22.7x).

PE vs Market: INGR is good value based on its PE Ratio (15.1x) compared to the US market (17.7x).

Price to Earnings Growth Ratio

PEG Ratio: INGR is poor value based on its PEG Ratio (1.5x)

Price to Book Ratio

PB vs Industry: INGR is overvalued based on its PB Ratio (2.3x) compared to the US Food industry average (1.9x).

Next Steps

Future Growth

How is Ingredion forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: INGR's forecast earnings growth (10.4% per year) is above the savings rate (1.7%).

Earnings vs Market: INGR's earnings (10.4% per year) are forecast to grow slower than the US market (13.1% per year).

High Growth Earnings: INGR's earnings are forecast to grow, but not significantly.

Revenue vs Market: INGR's revenue (1.6% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: INGR's revenue (1.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: INGR's Return on Equity is forecast to be low in 3 years time (16.9%).

Next Steps

Past Performance

How has Ingredion performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: INGR has high quality earnings.

Growing Profit Margin: INGR's current net profit margins (6.7%) are lower than last year (7%).

Past Earnings Growth Analysis

Earnings Trend: INGR's earnings have grown by 2.4% per year over the past 5 years.

Accelerating Growth: INGR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: INGR had negative earnings growth (-6.8%) over the past year, making it difficult to compare to the Food industry average (-5.6%).

Return on Equity

High ROE: INGR's Return on Equity (15.5%) is considered low.

Next Steps

Financial Health

How is Ingredion's financial position?

Financial Position Analysis

Short Term Liabilities: INGR's short term assets ($2.2B) exceed its short term liabilities ($967.0M).

Long Term Liabilities: INGR's short term assets ($2.2B) do not cover its long term liabilities ($2.3B).

Debt to Equity History and Analysis

Debt Level: INGR's debt to equity ratio (67.4%) is considered high.

Reducing Debt: INGR's debt to equity ratio has reduced from 82.8% to 67.4% over the past 5 years.

Debt Coverage: INGR's debt is well covered by operating cash flow (36.8%).

Interest Coverage: INGR's interest payments on its debt are well covered by EBIT (9.1x coverage).

Balance Sheet

Inventory Level: INGR has a high level of physical assets or inventory.

Debt Coverage by Assets: INGR's debt is covered by short term assets (assets are 1.2x debt).

Next Steps


What is Ingredion's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: INGR's dividend (2.7%) is higher than the bottom 25% of dividend payers in the US market (1.48%).

High Dividend: INGR's dividend (2.7%) is low compared to the top 25% of dividend payers in the US market (3.77%).

Stability and Growth of Payments

Stable Dividend: INGR's dividends per share have been stable in the past 10 years.

Growing Dividend: INGR's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (40.7%), INGR's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: INGR's dividends in 3 years are forecast to be well covered by earnings (38.1% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Jim Zallie (58yo)





Mr. James P. Zallie, also known as Jim, has been President and CEO of Ingredion Incorporated since January 1, 2018 and also has been it's Director since September 2017. Mr. Zallie served as Executive Vice ...

CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD6.22M) is about average for companies of similar size in the US market ($USD6.39M).

Compensation vs Earnings: Jim's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

Leadership Team

James Zallie
President2.1yrsUS$6.22m0.049% $3.1m
James Gray
Executive VP & CFO2.9yrsUS$2.00m0.014% $903.0k
Jorgen Kokke
Executive VP of Global Specialties & President of North America2yrsUS$2.07m0.019% $1.2m
Tiffany Willis
VP of Investor Relations & Corporate Communications Officer0.08yrsno datano data
Janet Bawcom
Senior VP0.8yrsno datano data
Elizabeth Adefioye
Senior VP & Chief Human Resources Officer1.9yrsno data0.0027% $168.8k
Anthony DeLio
Senior VP of Corporate Strategy & Chief Innovation Officer6.1yrsno data0.017% $1.1m
Robert Stefansic
Senior VP of Operating Excellence & Information Technology and Chief Supply Chain Officer6.1yrsno data0.0095% $593.5k
Pierre Perez Landazuri
Senior VP & President of EMEA2.1yrsno data0.0015% $96.9k
Larry Fernandes
Senior VP and Chief Commercial & Sustainability Officer0yrsno data0.024% $1.5m


Average Tenure


Average Age

Experienced Management: INGR's management team is considered experienced (2.1 years average tenure).

Board Members

James Zallie
President2.1yrsUS$6.22m0.049% $3.1m
Paul Hanrahan
Independent Director13.9yrsUS$228.00kno data
Barbara Klein
Independent Director15.9yrsUS$220.00k0.0016% $102.6k
Gregory Kenny
Non-Executive Chairman of the Board1.5yrsUS$296.83kno data
Victoria Reich
Independent Director6.3yrsUS$246.25kno data
Luis Aranguren-Trellez
Independent Director16.8yrsUS$220.00k0.0016% $98.2k
Jorge Uribe
Independent Director4.6yrsUS$220.00k0.0092% $572.2k
David Fischer
Independent Director6.8yrsUS$220.00k0.0029% $180.7k
Dwayne Wilson
Independent Director9.8yrsUS$220.00kno data
Rhonda Jordan
Independent Director6.3yrsUS$234.50kno data


Average Tenure


Average Age

Experienced Board: INGR's board of directors are considered experienced (6.5 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: INGR insiders have only sold shares in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Ingredion Incorporated's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Ingredion Incorporated
  • Ticker: INGR
  • Exchange: NYSE
  • Founded: 1906
  • Industry: Agricultural Products
  • Sector: Food, Beverage & Tobacco
  • Market Cap: US$6.253b
  • Shares outstanding: 66.88m
  • Website: https://www.ingredion.com

Number of Employees


  • Ingredion Incorporated
  • 5 Westbrook Corporate Center
  • Westchester
  • Illinois
  • 60154
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
INGRNYSE (New York Stock Exchange)YesCommon StockUSUSDDec 1997
CNPDB (Deutsche Boerse AG)YesCommon StockDEEURDec 1997


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 company offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, glucose and syrup solids, as well as food-grade and industrial starches, biomaterials, and nutrition ingredients. It also provides animal feed products; edible corn oil; refined corn oil to packers of cooking oil and to producers of margarine, salad dressings, shortening, mayonnaise, and other foods; and corn gluten feed used as protein feed for chickens, pet food, and aquaculture. The company’s products are derived primarily from processing corn and other starch-based materials, such as tapioca, potato, and rice. It serves food, beverage, paper and corrugating products, brewing, pharmaceutical, textile, and personal care industries, as well as animal feed markets. The company was formerly known as Corn Products International, Inc. and changed its name to Ingredion Incorporated in June 2012. Ingredion Incorporated was founded in 1906 and is headquartered in Westchester, Illinois. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/24 23:51
End of Day Share Price2020/02/24 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.