1、Morningstar Equity Company Report|Report as of 1 Aug 2025 17:50,UTC|Reporting Currency:USD|Trading Currency:USD|Exchange:NEW YORK STOCK EXCHANGE,INC.Page 1 of 24?Ingredion Inc INGR QQQ 31 Jul 2025 21:29,UTCLast Price131.54 USD31 Jul 2025Fair Value Estimate140.00 USD7 May 2025 01:59,UTCPrice/FVE0.94M

2、arket Cap8.20 USD Bil1 Aug 2025Economic MoatTMNarrowEquity Style Box7 Small ValueUncertaintyMediumCapital AllocationExemplaryESG Risk Rating Assessment1;4 Jun 2025 05:00,UTCSeth Goldstein,CFASenior Equity AnalystMorningstar+1 312 384 Abby WeimerAssociate Equity AnalystMContentsAnalyst Note(1 Aug 202

3、5)Business DescriptionBusiness Strategy&Outlook(1 Aug 2025)Bulls Say/Bears Say(1 Aug 2025)Fair Value and Profit Drivers(1 Aug 2025)Economic Moat(7 May 2025)Risk and Uncertainty(6 Aug 2024)Financial Strength(1 Aug 2025)Capital Allocation(7 May 2025)FinancialsESG RiskRecent Analyst NotesResearch Metho

4、dology for Valuing CompaniesImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ primary a

5、nalyst covering this company does not own its stock.Reporting Currency:USD|Trading Currency:USDCurrency amounts expressed with$are in U.S.dollars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.Ingredion Earnings:Stock Slides on Guid

6、ance Below Consensus;We Maintain Our Fair Value EstimateAnalyst Note Seth Goldstein,CFA,Senior Equity Analyst,1 Aug 2025Ingredion reported solid second-quarter earnings.Operating income grew 13%year over year driven by unit cost reductions in excess of price declines.Ingredion shares were down 3%at