Ingredion Inc Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-2.10B | $-33.31 |
| Liquid Liquidation Value | $-747.00M | $-11.82 |
| Operating Liquidation Value | $436.00M | $6.90 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $914.00M |
| Accounts Receivable | $1.36B |
| Inventory | $1.18B |
| Current Liabilities | $1.28B |
| Long-term Debt (?) | $1.74B |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 63.2M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $914.00M | $1.36B | $1.18B | $613.00M | $1.28B | $1.74B | N/A | N/A |
| 2025-12-31 | $1.03B | $1.19B | $1.23B | $693.00M | $1.32B | $1.74B | $118.00M | N/A |
| 2025-09-30 | $915.00M | $1.31B | $1.23B | $652.00M | $1.28B | $1.74B | N/A | N/A |
| 2025-06-30 | $861.00M | $1.36B | $1.22B | $666.00M | $1.26B | $1.74B | N/A | N/A |
| 2025-03-31 | $837.00M | $1.28B | $1.17B | $634.00M | $1.18B | $1.74B | N/A | N/A |
| 2024-12-31 | $997.00M | $1.09B | $1.19B | $604.00M | $1.28B | $1.79B | $145.00M | N/A |
| 2024-09-30 | $877.00M | $1.17B | $1.23B | $604.00M | $1.25B | $1.74B | N/A | N/A |
| 2024-06-30 | $505.00M | $1.29B | $1.24B | $606.00M | $1.23B | $1.74B | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-08 | View |
| 2025-12-31 | 10-K | 2026-02-17 | View |
| 2025-09-30 | 10-Q | 2025-11-07 | View |
| 2025-06-30 | 10-Q | 2025-08-11 | View |
| 2025-03-31 | 10-Q | 2025-05-09 | View |
| 2024-12-31 | 10-K | 2025-02-20 | View |
| 2024-09-30 | 10-Q | 2024-11-08 | View |
| 2024-06-30 | 10-Q | 2024-08-08 | View |
AI Insights
Ingredion Inc (INGR) as of March 31, 2026 shows a recovery posture consistent with a capital-intensive going concern that would return deeply negative equity to a liquidating creditor structure under cash liquidation assumptions, but marginally positive recovery under an operating liquidation scenario. MFFAIS reports a cash liquidation value of negative $2.1B, a liquid liquidation value of negative $747M, and an operating liquidation value of positive $436M—confirming that tangible asset recovery is insufficient to cover face-value liabilities without the going-concern franchise premium.
Asset side: Total assets are $7.9B. Cash and equivalents of $914M recover at par. Net AR of $1.36B (trade AR $1.19B, other $0.18B) applies a 90-95% haircut, yielding roughly $1.27B-$1.29B. Inventory of $1.18B at 60% haircut yields approximately $709M. PP&E net of $2.56B at a 50-70% haircut yields $1.28B-$1.79B. Intangibles of $339M and goodwill of $920M are zeroed out, eliminating $1.26B of book value with no liquidation credit. Other non-current assets of $583M (includes equity method investments of $126M, deferred tax assets, and Brazil tax incentives) have limited liquidation value.
Liability side at face: Total liabilities of $3.48B include current liabilities of $1.28B, long-term debt of $1.74B (face, not fair value which is $1.63B), and other non-current liabilities of $463M including pension and deferred tax. Supply chain finance obligations of $131M sit within accounts payable and accrued liabilities. The AOCL of negative $927M reflects primarily cumulative translation adjustments of negative $893M, which would not extinguish on liquidation but is an equity contra rather than a liability.
Material developments this quarter: (1) Post-period subsequent events disclosed as of May 8, 2026 materially shift the PP&E and inventory picture: the Cabo, Brazil facility closure (committed May 1, 2026) is expected to generate approximately $43M in pre-tax charges, of which approximately $36M relates to fixed asset impairments and inventory write-downs. The Argo (Bedford Park, IL) thermal event on April 10, 2026 is expected to generate approximately $20M in direct costs from inventory write-downs and machinery repairs, to be recognized in Q2 2026. Neither charge was recognized in Q1 2026 financials. (2) A new operating lease for a Global Innovation headquarters in Bridgewater, NJ was entered November 2025—construction estimated at $145M with a 25-year lease commencing first half 2028; this ASC 842 lease has not yet commenced and is not on the balance sheet but represents a material future liability. Filing does not separately tag the Bridgewater lease ROU asset or liability in XBRL as the lease has not commenced. (3) Restructuring charges of $11M in Q1 2026 relate primarily to legal entity restructuring, elevated from $1M in Q1 2025. (4) F&II-U.S./Canada segment operating income collapsed 63% YoY to $34M from $92M, driven by Argo production challenges preceding the thermal event. (5) Total debt is $1.83B; $1.74B classified as long-term despite some 2026 maturities due to management's stated intent and ability to refinance.
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