MGP Ingredients, Inc. produces and supplies distilled spirits, branded spirits, and food ingredients worldwide. It operates in three segments: Distillery Solutions, Branded Spirits, and Ingredient Solutions. The Distillery Solutions segment processes corn and other grains, including rye, barley, wheat, barley malt, and milo into food grade alcohol and distillery co-products, such as dried distillers' grain; and offers food-grade alcohol for beverage applications, that include bourbon, rye, and other whiskeys, as well as grain neutral spirits, including vodka and gin. This segment also offers warehouse services, including barrel put away, barrel storage, and barrel retrieval services; and blending services. The Branded Spirits segment provides Tequila under the premium plus, ultra-premium, super premium, premium price tiers under the Penelope Bourbon, Yellowstone Bourbon, Rebel Bourbon, Remus Bourbon, Blood Oath Bourbon, Ezra Brooks Bourbon, Minor Case Straight Rye Whiskey, Rossville Union Straight Rye Whiskey, The Quiet Man Irish Whiskey, Green Hat Gin, Everclear grain alcohol, El Mayor Tequila, and Dos Primos names; mid branded spirits under the Brady's Irish Cream, Saint Brendan's Irish Cream Liqueur, Pearl Vodka, Lord Calvert Canadian Whisky, and Exotico Tequila names; and value branded spirits under the Arrow Cordials, Canada House Canadian Whisky, Lady Bligh Rum, and Juarez Tequila names, as well as private label products. The Ingredient Solutions segment provides specialty wheat starches for food applications, such as Fibersym, a resistant wheat starch; specialty wheat proteins for food applications under the Arise and Proterra names; gluten-free textured pea and soy proteins; commodity wheat starch for food and non-food applications; and commodity wheat proteins. It sells its products directly or through distributors to manufacturers and processors of finished packaged goods or to bakeries. The company was founded in 1941 and is based in Atchison, Kansas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $536M | $-69M | $-108M | $76M | -15.0% | -23.8% | -411.0% |
| 2024 | $704M | $99M | $35M | $31M | 4.2% | -15.9% | -67.7% |
| 2023 | $837M | $171M | $107M | $29M | 12.7% | 6.9% | -1.8% |
| 2022 | $782M | $167M | $109M | $44M | 14.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 782.36 | 836.52 | 703.62 | 536.38 |
| Cost Of Revenue | 529.05 | 531.81 | 417.31 | 336.97 |
| Gross Profit | 253.31 | 304.71 | 286.32 | 199.41 |
| Operating Expense | 104.34 | 129.61 | 121.90 | 115.90 |
| Operating Income | 148.97 | 175.10 | 164.42 | 83.51 |
| EBITDA | 167.08 | 170.51 | 98.87 | -69.22 |
| EBIT | 145.62 | 148.39 | 76.88 | -93.31 |
| Pretax Income | 140.17 | 141.75 | 68.44 | -100.35 |
| Tax Provision | 31.30 | 34.62 | 33.98 | 7.48 |
| Net Income | 109.46 | 107.47 | 34.66 | -107.81 |
| Net Income Common Stockholders | 108.59 | 106.40 | 34.29 | -106.51 |
| Total Expenses | 633.39 | 661.42 | 539.21 | 452.87 |
| Interest Expense | 5.45 | 6.65 | 8.44 | 7.04 |
| Selling General And Administration | 104.34 | 129.61 | 121.90 | 115.90 |
| Normalized EBITDA | 167.08 | 197 | 188.86 | 108.90 |
| Normalized Income | 109.46 | 127.50 | 105.76 | 32.91 |
| Basic EPS | 4.94 | 4.82 | 1.56 | -4.99 |
| Diluted EPS | 4.92 | 4.80 | 1.56 | -4.99 |
| Tax Effect Of Unusual Items | 0 | -6.46 | -18.90 | -37.41 |
| Tax Rate For Calcs | 0.22 | 0.24 | 0.21 | 0.21 |
| Total Unusual Items | 0 | -26.49 | -89.99 | -178.12 |
| Total Unusual Items Excluding Goodwill | 0 | -26.49 | -89.99 | -178.12 |
| Net Income From Continuing Operation Net Minority Interest | 109.46 | 107.47 | 34.66 | -107.81 |
| Reconciled Depreciation | 21.45 | 22.11 | 21.99 | 24.09 |
| Reconciled Cost Of Revenue | 529.05 | 531.81 | 417.31 | 336.97 |
| Net Interest Income | -5.45 | -6.65 | -8.44 | -7.04 |
| Net Income From Continuing And Discontinued Operation | 109.46 | 107.47 | 34.66 | -107.81 |
| Total Operating Income As Reported | 148.97 | 148.61 | 74.43 | -94.61 |
| Diluted Average Shares | 22.05 | 22.17 | 22.02 | 21.36 |
| Basic Average Shares | 22 | 22.06 | 22.02 | 21.36 |
| Diluted NI Availto Com Stockholders | 108.59 | 106.40 | 34.29 | -106.51 |
| Otherunder Preferred Stock Dividend | 0.87 | 1.07 | 0.37 | -1.29 |
| Minority Interests | 0.59 | 0.34 | 0.20 | 0.02 |
| Net Income Including Noncontrolling Interests | 108.87 | 107.13 | 34.47 | -107.83 |
| Net Income Continuous Operations | 108.87 | 107.13 | 34.47 | -107.83 |
| Other Income Expense | -3.34 | -26.71 | -87.54 | -176.81 |
| Other Non Operating Income Expenses | -3.34 | -0.22 | 2.46 | 1.31 |
| Special Income Charges | 0 | -26.49 | -89.99 | -178.12 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 19.39 | 73.89 | 152.62 |
| Restructuring And Mergern Acquisition | 0 | 7.10 | 16.10 | 25.50 |
| Net Non Operating Interest Income Expense | -5.45 | -6.65 | -8.44 | -7.04 |
| Interest Expense Non Operating | 5.45 | 6.65 | 8.44 | 7.04 |
| Selling And Marketing Expense | 29.71 | 38.21 | 40.51 | 31.08 |
| General And Administrative Expense | 74.63 | 91.39 | 81.39 | 84.82 |
| Other Gand A | 74.63 | 91.39 | 81.39 | 84.82 |
| Operating Revenue | 782.36 | 836.52 | 703.62 | 536.38 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MGP Ingredients, Inc.this co. | MGPI | - | - | - | -15.0% | - |
| Waldencast plc | WALD | $98M | - | 0.20 | -45.9% | -42.73 |
| Solesence, Inc. | SLSN | $92M | 65.00 | 5.20 | 10.2% | 46.52 |
| Zevia PBC | ZVIA | $90M | - | 1.65 | -27.9% | -5.05 |
| FitLife Brands, Inc. | FTLF | $87M | 14.70 | 1.99 |
| 14.5% |
| 9.60 |
| Ispire Technology Inc. | ISPR | $76M | - | -9.85 | -6489.3% | -1.88 |
| LifeVantage Corporation | LFVN | $65M | 8.42 | 1.96 | 28.3% | 5.53 |
| Skillsoft Corp. | SKIL | $60M | - | -1.97 | 462.6% | 7.01 |
| The Hain Celestial Group, Inc. | HAIN | $58M | - | 0.18 | -111.8% | 8.05 |
| Peer Median | - | 14.70 | 0.92 | -8.9% | 6.27 | |