Ingredion Incorporated (INGR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+205.7%

$301.10

vs $98.51 price

Levered DCF

$436.93

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.61

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.71×	13.92×	11.14×	13.18×	55.54×	15.19×	15.06×	14.62×
P/B	1.63×	2.33×	1.99×	2.03×	2.07×	1.77×	2.26×	2.71×
P/S	0.98×	1.21×	0.88×	0.82×	0.94×	0.88×	1×	1.03×
EV / EBITDA	6.36×	8.49×	7.82×	9.09×	15.5×	8.74×	9.02×	8.7×
Gross margin	25.3%	24.1%	21.4%	18.8%	19.3%	21.2%	21.1%	21.8%
Operating margin	14.4%	11.9%	11.7%	9.6%	4.5%	9.7%	10.7%	11.2%
Net margin	10.1%	8.7%	7.9%	6.2%	1.7%	5.8%	6.7%	7.0%
Current ratio	2.66×	2.62×	1.92×	1.76×	1.78×	1.82×	2.23×	2.26×
Debt / equity	0.41×	0.53×	0.67×	0.84×	0.72×	0.79×	0.73×	0.88×
Interest coverage	28.03×	22.64×	8.39×	7.7×	4.19×	7.19×	7.55×	8.68×
Dividend yield	3.0%	2.3%	2.7%	2.8%	2.8%	3.2%	2.8%	2.7%
Payout ratio	28.9%	32.5%	30.2%	36.8%	157.3%	48.9%	42.1%	39.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	16.7%	17.9%	15.4%	3.7%	11.7%	15.0%	18.6%
Return on invested capital	11.8%	9.9%	11.6%	9.1%	2.7%	6.9%	9.3%	10.4%
Return on assets	9.2%	8.7%	8.4%	6.5%	1.7%	5.1%	6.8%	7.7%
Free cash flow yield	7.2%	12.6%	10.3%	-2.3%	1.4%	9.2%	5.7%	5.5%
Earnings yield	10.3%	7.2%	9.0%	7.6%	1.8%	6.6%	6.6%	6.8%
Enterprise value	$7.8B	$10B	$9.2B	$8.9B	$8.4B	$7B	$8B	$8.3B
Net debt / EBITDA	0.62×	0.88×	1.71×	2.49×	3.54×	2.13×	1.98×	1.87×
Cash conversion cycle (days)	49	91	95	106	86	86	84	83