Demand and volumemixed · 5 filings
“The decrease was primarily due to lower volumes from production challenges at our Argo facility and unfavorable price mix.”10-Q · Aug 7, 2026 ↗
Ingredion Incorporated
INGR
Market read
Ingredion Incorporated's move is being confirmed by its market group.
The latest filing evidence is available. 13 of 35 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
What changed
- Revenue increased 0.9% versus the comparable filing period.
- Operating margin fell 4.6 percentage points.
Company+0.4% todayVolume comparison unavailable
Market group13 of 35 activePackaged Foods & Beverages · inactive
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 23 of 35 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as HELE begins moving with the group.
Invalidation: The live read weakens if participation falls to 12 of 35 members or fewer.
Research brief
The story so far
The latest filing evidence is available. 13 of 35 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 0.9% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 4.6 percentage points.
- Net income decreased 41.8% versus the comparable filing period.
- Gross margin fell 3.0 percentage points.
What would clarify the read
- At least 23 of 35 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as HELE begins moving with the group.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements122
Verified relationships4
Evidence supporting the case
- Operating margin changed +2.2 percentage points in the latest annual period.
- Net margin changed +1.4 percentage points in the latest annual period.
Evidence challenging the case
- Latest annual revenue changed -2.8% year over year.
- Demand and volume has repeated adverse evidence across 5 filings.
- Foreign exchange has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- Input and raw-material costs has repeated adverse evidence across 4 filings.
- Credit and interest rates has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 90% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 37% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
101.146m-9.0%12m-20.4%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$6.9B+15.1%$1.73+0.3%
2022-12-31$7.9B+15.3%$7.34-1.2%
2023-12-31$8.2B+2.7%$9.60+0.0%
2024-12-31$7.4B-8.9%$9.71-0.6%
2025-12-31$7.2B-2.8%$11.18-2.1%
What management says matters
Persistent and emerging business drivers
Foreign exchangemixed · 5 filings
“The increase was primarily due to acquisition-related foreign exchange hedging losses of $47 million for the pending acquisition of Tate & Lyle.”10-Q · Aug 7, 2026 ↗
Restructuring and cost reductionsnegative · 5 filings
“The effect of the sale was partially offset by impairment charges of $33 million primarily related to the closure of our facility in Cabo, Brazil in year-to-date 2026 compared to $6 million of impairment charges in year-to-date 2025.”10-Q · Aug 7, 2026 ↗
Input and raw-material costsnegative · 4 filings
“The increase was primarily due to lower raw material and manufacturing costs, partially offset by unfavorable price mix.”10-Q · Aug 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.9× · EV/sales 1.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
101.14+0.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for INGR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing shows material pressure
10-Q filed 2026-08-07 against the comparable filing from 2025-08-11.
OperationscautiousEvidence score -1
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Investment load increased
Capital spending consumed more revenue while free-cash-flow margin declined.
- Capital spending YoY
- +8.8%
- Capital spending / revenue
- +5.8%
- Free-cash-flow margin
- -2.4%
- FCF margin change
- -4.3 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 0.9% versus the comparable filing period.
What weakened
- Operating margin fell 4.6 percentage points.
- Net income decreased 41.8% versus the comparable filing period.
- Gross margin fell 3.0 percentage points.
Filing receipts
“The increase was primarily due to higher volumes and favorable foreign exchange impacts, partially offset by unfavorable price mix.”
“The increase was primarily due to favorable foreign exchange impacts, partially offset by lower volumes and lower price mix.”
“The decrease was primarily due to lower volumes from production challenges at our Argo facility as well as softer volumes and price mix.”
Point-in-time filing assessment published from the live pipeline.
Business ecosystem
The relationships behind INGR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
LILIFFiling-linked nameinvesteeFeb 17, 2026 ▾
“South America is a more fragmented market of local producers, but Cargill maintains starch processing operations in Brazil and Argentina.”
ADMArcher-Daniels-Midland CompanypartnerFeb 17, 2026 ▾
“T&HS faces competition globally from Archer-Daniels-Midland Company (“ADM”), Tate & Lyle, Cargill, and Roquette.”
BWBFiling-linked namepartnerFeb 17, 2026 ▾
“On November 17, 2025, we entered into a lease for a new Global Innovation headquarters facility that will be built in Bridgewater, New Jersey, where we currently lease another facility for research and operations.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
INGR is currently a Participant in the organic co-movement group Packaged Foods & Beverages. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.