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Forafric Global vs Ingredion: revenue, profit, margins and growth compared

Forafric Global brought in $176.5M of revenue in fiscal 2025, Ingredion $7.2B in fiscal 2025. Revenue changed by -35.6% at Forafric Global and -2.8% at Ingredion on the year before, so Ingredion grew faster. Forafric Global kept -8.4% of its revenue as net profit, Ingredion 10.1%. Free cash flow was -$161K at Forafric Global and $511M at Ingredion.

Side by side, latest fiscal year

AFRIINGR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$176.5M$7.2B
Revenue growth-35.6%-2.8%
Net income-$14.9M$729M
Net margin-8.4%10.1%
Free cash flow-$161K$511M
Free cash flow margin-0.1%7.1%
Earnings per share (diluted)n/a$11.18
Cash$14.3M$1B
Debt$26.4M$1.7B
Price to earningsn/a8.7
Market value$295.8M$6.1B
Dividend yieldn/an/a
Rank by revenue in sector#77 of 93 · Consumer staples#31 of 93 · Consumer staples

Over the years

Revenue
AFRI FY2020: $196.6MAFRI FY2022: $261.7MAFRI FY2022: $283.9MAFRI FY2023: $302MAFRI FY2024: $274.2MAFRI FY2025: $176.5MINGR FY2018: $6.3BINGR FY2019: $6.2BINGR FY2020: $6BINGR FY2021: $6.9BINGR FY2022: $7.9BINGR FY2023: $8.2BINGR FY2024: $7.4BINGR FY2025: $7.2BFY18FY19FY20FY21FY22FY23FY24FY25
AFRI $176.5MINGR $7.2B
Net income
AFRI FY2020: -$110KAFRI FY2022: -$8MAFRI FY2022: -$19.1MAFRI FY2023: -$12.7MAFRI FY2024: -$24.3MAFRI FY2025: -$14.9MINGR FY2018: $443MINGR FY2019: $413MINGR FY2020: $348MINGR FY2021: $117MINGR FY2022: $492MINGR FY2023: $643MINGR FY2024: $647MINGR FY2025: $729MFY18FY19FY20FY21FY22FY23FY24FY25
AFRI -$14.9MINGR $729M
Net margin
AFRI FY2020: -0.1%AFRI FY2022: -3.1%AFRI FY2022: -6.7%AFRI FY2023: -4.2%AFRI FY2024: -8.9%AFRI FY2025: -8.4%INGR FY2018: 7.0%INGR FY2019: 6.7%INGR FY2020: 5.8%INGR FY2021: 1.7%INGR FY2022: 6.2%INGR FY2023: 7.9%INGR FY2024: 8.7%INGR FY2025: 10.1%FY18FY19FY20FY21FY22FY23FY24FY25
AFRI -8.4%INGR 10.1%
Revenue growth
AFRI FY2022: +33.1%AFRI FY2022: +8.5%AFRI FY2023: +6.3%AFRI FY2024: -9.2%AFRI FY2025: -35.6%INGR FY2019: -1.3%INGR FY2020: -3.6%INGR FY2021: +15.1%INGR FY2022: +15.3%INGR FY2023: +2.7%INGR FY2024: -8.9%INGR FY2025: -2.8%FY19FY20FY21FY22FY23FY24FY25
AFRI -35.6%INGR -2.8%
Free cash flow
AFRI FY2020: -$12.1MAFRI FY2022: -$30.9MAFRI FY2022: -$62MAFRI FY2023: $23.8MAFRI FY2024: $21.7MAFRI FY2025: -$161KINGR FY2018: $353MINGR FY2019: $352MINGR FY2020: $489MINGR FY2021: $92MINGR FY2022: -$148MINGR FY2023: $743MINGR FY2024: $1.1BINGR FY2025: $511MFY18FY19FY20FY21FY22FY23FY24FY25
AFRI -$161KINGR $511M

Fiscal years as each company reports them; the two may end in different months.

Questions about Forafric Global and Ingredion

Which is bigger by revenue, Forafric Global or Ingredion?

Ingredion is bigger by revenue: $7.2B in fiscal 2025, against $176.5M for Forafric Global in fiscal 2025.

Which keeps more of its revenue as profit, Forafric Global or Ingredion?

Forafric Global had a net margin of -8.4% in fiscal 2025; Ingredion had 10.1% in fiscal 2025.

Which grew revenue faster, Forafric Global or Ingredion?

In their latest fiscal years revenue changed by -35.6% at Forafric Global and -2.8% at Ingredion.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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