INGRIngredion Inc
Grain Mill Products
- Revenue
- $7.2B
- 2.8% YoY
- Operating margin
- 14.1%
- 18% YoY
- EBITDA
- $1.2B
- 13% YoY
- Market cap
- $6.3B
- Employees
- 11,200
- $645K revenue each
- Net debt / EBITDA
- 0.7×
- $835M net debt
- AI in 10-K
- 2.8
- mentions per 10K words
Takeover score 0 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo129% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo35% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo11% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$645K · 41st pctBottom quartile of its SIC industry
- Quiet on AINo2.8 per 10K words · 68th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.9B | $7.9B | $8.2B | $7.4B | $7.2B | 2.8% |
| Operating income | $310M | $762M | $957M | $883M | $1.0B | 15% |
| Net income | $117M | $492M | $643M | $647M | $729M | 13% |
| Operating cash flow | $392M | $152M | $1.1B | $1.4B | $944M | 34% |
| Capex | $300M | $300M | $314M | $295M | $433M | 47% |
| Stock-based comp | $23M | $29M | $33M | $37M | $40M | 8.1% |
| Dividends | $184M | $181M | $194M | $210M | $211M | 0.5% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 8
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $13M | $5M | 160 | 134 |
| FY2024 | $12M | $27M | 195 | 125 |
| FY2023 | $11M | $19M | 151 | 121 |
| FY2022 | $9M | $14M | 132 | 126 |
| FY2021 | $10M | $14M | 126 | 116 |