Ingredion Incorporated (INGR) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Ingredion Incorporated $173, price $96.82, upside +78.5%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $70.63 – $147.62 · fair‑value band $107.52 – $245.84 · the $96.82 price screens below the $172.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Ingredion Incorporated, together with its subsidiaries, engages in the manufacture and sale of sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries worldwide.
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Ingredion Incorporated, together with its subsidiaries, engages in the manufacture and sale of sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries worldwide. The company operates in Texture & Healthful Solutions; Food & Industrial Ingredients"LATAM; and Food & Industrial Ingredients"U.S./CANADA segments. It offers starch products for use in a range of processed foods; cornstarch; specialty paper starches for enhanced drainage, fiber retention, oil and grease resistance, improved printability, and biochemical oxygen demand control; starches and specialty starches for textile industry; industrial starches are used in the production of construction materials, textiles, adhesives, pharmaceuticals, and cosmetics, as well as in mining and water filtration; and specialty industrial starches for use in biomaterial applications, including biodegradable plastics, fabric softeners and detergents, hair and skin care applications, dusting powders for surgical gloves, and in the production of glass fiber and insulation. The company provides sweetener products comprising glucose syrups, high maltose syrup, high fructose corn syrup, dextrose, polyols, maltodextrin, glucose syrup solids, and non-genetically modified organism syrups for applications in food and beverage products, such as baked goods, snack foods, canned fruits, condiments, candy and other sweets, dairy products, ice cream, jams and jellies, prepared mixes, table syrups, and beverages. In addition, the company sells refined corn oil, corn gluten feed, and corn gluten meal; and other products. 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.
Stock analysis
Ingredion Incorporated (INGR) currently trades at $96.82, while our model-based Fair Value estimate is $172.79, implying the stock looks roughly 44.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $196.53 per share, and 20 of the 25 models we run sit above the $96.82 price.
Bear case: the Dividend Discount group reads lowest at $42.32, and 5 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: $107.52 (bear) to $245.84 (bull), the price of $96.82 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Ingredion Incorporated reported revenue of $7.2B in FY2025 versus $6.9B in FY2021, a compound +1.2%/yr. Reported net income was $729M in FY2025, compounding +58.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $6.3B · P/E ratio 9.3 · P/S ratio 0.94 · EPS (TTM) $10.40 · Dividend yield 3.4% · Net margin 10.1% · Return on equity 16.2% · Return on assets (EBIT) 10.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −2% fair-value upside, at 78%, INGR screens cheaper than that median.
Fair Value models
Bear $107.52Fair Value $172.79Bull $245.84
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($5.22 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−2.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.8%
Start year 2020 (pandemic). Over 10 years: +1.9% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+20.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.8%
Dividend (yield on the price)3.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17% vs 7%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 14%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −1.8% a year for the price and −0.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 667 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+79% · Top 25%
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)9% · Top 25%
Operating margin (TTM)12% · Top 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)3.4% · Above median
Balance sheet
Debt / equity0.40× · Highest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Ingredion Incorporated Fair Value". https://www.fairvalue-calculator.com/stock/INGR
Frequently asked questions
Is Ingredion Incorporated (INGR) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $172.79 versus a price of $96.82, about +78% upside (undervalued).
What is the fair value of INGR?
Our model-based fair value for Ingredion Incorporated is $172.79 (as of Sep 23, 2026), built from audited fundamentals. The current price: $96.82.
What is the quality score of INGR?
Ingredion Incorporated has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ingredion Incorporated (INGR)?
Our model-based price target is the fair value of $172.79 (as of Sep 23, 2026) from 25 valuation models. Cautious scenario $107.52, optimistic scenario $245.84. It is a calculation from audited fundamentals, not an analyst target.
What is the Ingredion Incorporated stock forecast for 2026?
Our models put fair value at $172.79, about +78% upside versus a price of $96.82 (undervalued). Cautious scenario $107.52, optimistic scenario $245.84. The calculation is refreshed regularly with new filings.
What is the revenue of Ingredion Incorporated (INGR)?
Ingredion Incorporated reported trailing-twelve-month revenue of about $7.2B (latest available figure, as of Sep 23, 2026).
Does Ingredion Incorporated pay a dividend?
Ingredion Incorporated currently shows a dividend yield of about 3.37% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Ingredion Incorporated (INGR)?
For today's price to be fair in a discounted-cash-flow model, Ingredion Incorporated would have to grow free cash flow by +0.5 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of INGR use?
Our models discount Ingredion Incorporated at 8.8 %: a base by market capitalisation (mid), damped by beta 0.61, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ingredion Incorporated that is +0.5 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Ingredion Incorporated (INGR) delivered so far?
Over the past 5 years revenue at Ingredion Incorporated grew +3.8 % a year. The price currently implies +0.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ingredion Incorporated (INGR) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Ingredion Incorporated (+0.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ingredion Incorporated (INGR)?
The free-cash-flow yield on the price is 8.09 %: that much free cash flow Ingredion Incorporated produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ingredion Incorporated (INGR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ingredion Incorporated it is $172.79 per share (as of Sep 23, 2026), against a price of $96.82. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Ingredion Incorporated stock overvalued or undervalued in 2026?
As of Sep 23, 2026, INGR trades below its calculated fair value: price $96.82, fair value $172.79, a gap of about +78% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INGR?
No. The price is what the market pays today ($96.82); the fair value is what the company's own numbers justify ($172.79). For Ingredion Incorporated the two are $75.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ingredion Incorporated worth?
The market values Ingredion Incorporated at about $6.3B (market capitalisation, as of Sep 23, 2026). Per share that is $96.82; our models calculate a fair value of $172.79 per share.
What do the bullish and bearish scenarios say about INGR?
Our models span a range for Ingredion Incorporated: cautious scenario $107.52, base $172.79, optimistic $245.84 per share (as of Sep 23, 2026, price $96.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INGR?
Ingredion Incorporated trades at a price-to-earnings ratio of 9.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $172.79 is built from several models across several years. Other multiples: PEG 1.2, P/B 1.5, P/S 0.9, EV/EBITDA 5.9.
What is the PEG ratio of INGR?
The PEG ratio of Ingredion Incorporated is 1.23 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Ingredion Incorporated (INGR)?
Balance-sheet figures for Ingredion Incorporated (as of Sep 23, 2026): return on equity 16.2%, debt of 0.40 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is INGR from its 52-week high?
Ingredion Incorporated trades at $96.82, about 19% below its 52-week high of $118.82 and 3% above the low of $93.89 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $172.79 is for.
Which stocks are comparable to Ingredion Incorporated?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ingredion Incorporated stock attractive at the current price?
The data as of Sep 23, 2026: price $96.82, calculated fair value $172.79 (+78%), Quality Score 65/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INGR calculated?
We run Ingredion Incorporated through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $172.79, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Ingredion Incorporated currently trades 78 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ingredion Incorporated (INGR)?
The closing price on Sep 23, 2026 was $96.82. Our model-based fair value is $172.79, about +78% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ingredion Incorporated right now?
The price is below even our cautious bear case ($107.52). The market is more pessimistic than our downside scenario. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($107.52 to $245.84) leaves room in how you read the outcome.
Where does the earnings growth of Ingredion Incorporated (INGR) come from?
Earnings per share at Ingredion Incorporated grew +6.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.9 %, EBIT margin +1.1 %, tax rate +1.0 %, residual (interest, one-offs) +0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ingredion Incorporated
How large is the market capitalisation of Ingredion Incorporated (INGR)?
The market capitalisation of Ingredion Incorporated is $6.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ingredion Incorporated (INGR)?
The price-to-sales ratio of Ingredion Incorporated is 0.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ingredion Incorporated (INGR)?
Earnings per share at Ingredion Incorporated are $10.40 (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ingredion Incorporated (INGR)?
The dividend yield of Ingredion Incorporated is 3.4% (payout 31.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ingredion Incorporated (INGR)?
The net margin of Ingredion Incorporated is 10.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ingredion Incorporated (INGR)?
The return on equity (ROE) of Ingredion Incorporated is 16.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ingredion Incorporated (INGR)?
On an EBIT basis the return on assets of Ingredion Incorporated is 10.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ingredion Incorporated (INGR)?
The operating margin of Ingredion Incorporated is 11.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ingredion Incorporated (INGR)?
Revenue at Ingredion Incorporated is growing −1.2% versus a year earlier (3y avg −3.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ingredion Incorporated (INGR)?
Earnings per share at Ingredion Incorporated are growing −26.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ingredion Incorporated (INGR) carry?
The net debt of Ingredion Incorporated is $760M (fiscal year 2025, ≈ 1.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 23, 2026