INGRIngredion Inc
Grain Mill Products
- Revenue
- $7.2B
- 2.8% YoY
- Operating margin
- 14.1%
- 18% YoY
- EBITDA
- $1.2B
- 13% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 0.7×
- $835M net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear129% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear35% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear11% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
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
No open-market trades in the last 12 months.
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 |