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 | 12.6% | 6.9% | -1.8% |
| 2022 | $782M | $167M | $109M | $44M | 14.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 782.36 | 836.52 | 703.62 | 536.38 |
| Operating 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 |
| Selling General And Administration | - | 104.34 | 129.61 | 121.90 | 115.90 |
| Total Expenses | - | 633.39 | 661.42 | 539.21 | 452.87 |
| Operating Income | - | 148.96 | 175.10 | 164.42 | 83.51 |
| Total Operating Income As Reported | - | 148.96 | 148.61 | 74.43 | -94.62 |
| EBITDA | - | 167.08 | 170.51 | 98.87 | -69.22 |
| Normalized EBITDA | - | 167.08 | 197 | 188.86 | 108.90 |
| EBIT | - | 145.62 | 148.39 | 76.88 | -93.31 |
| Interest Expense | - | 5.45 | 6.65 | 8.44 | 7.04 |
| Net Interest Income | - | -5.45 | -6.65 | -8.44 | -7.04 |
| Other Non Operating Income Expenses | - | -3.34 | -0.22 | 2.46 | 1.31 |
| Other Income Expense | - | -3.34 | -26.71 | -87.54 | -176.81 |
| Interest Expense Non Operating | - | 5.45 | 6.65 | 8.44 | 7.04 |
| Net Non Operating Interest Income Expense | - | -5.45 | -6.65 | -8.44 | -7.04 |
| Pretax Income | - | 140.17 | 141.75 | 68.44 | -100.35 |
| Tax Provision | - | 31.30 | 34.62 | 33.98 | 7.48 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -6.46 | -18.90 | -37.41 |
| Net Income Continuous Operations | - | 108.87 | 107.13 | 34.47 | -107.83 |
| Net Income From Continuing And Discontinued Operation | - | 109.46 | 107.48 | 34.66 | -107.81 |
| Net Income From Continuing Operation Net Minority Interest | - | 109.46 | 107.48 | 34.66 | -107.81 |
| Net Income | - | 109.46 | 107.48 | 34.66 | -107.81 |
| Net Income Common Stockholders | - | 108.59 | 106.40 | 34.29 | -106.51 |
| Net Income Including Noncontrolling Interests | - | 108.87 | 107.13 | 34.47 | -107.83 |
| Normalized Income | - | 109.46 | 127.50 | 105.76 | 32.91 |
| Diluted NI Availto Com Stockholders | - | 108.59 | 106.40 | 34.29 | -106.51 |
| Basic Average Shares | - | 22 | 22.06 | 22.02 | 21.36 |
| Diluted Average Shares | - | 22.05 | 22.17 | 22.02 | 21.36 |
| Reconciled Depreciation | - | 21.46 | 22.11 | 21.99 | 24.09 |
| Reconciled Cost Of Revenue | - | 529.05 | 531.81 | 417.31 | 336.97 |
| Total Unusual Items | - | 0 | -26.49 | -89.99 | -178.12 |
| Total Unusual Items Excluding Goodwill | - | 0 | -26.49 | -89.99 | -178.12 |
| Minority Interests | - | 0.59 | 0.34 | 0.20 | 0.02 |
| Special Income Charges | - | 0 | -26.49 | -89.99 | -178.12 |
| Other Special Charges | -16.32 | - | - | - | - |
| Impairment Of Capital Assets | - | 0 | 19.39 | 73.89 | 152.62 |
| Restructuring And Mergern Acquisition | - | 0 | 7.10 | 16.10 | 25.50 |
| General And Administrative Expense | - | 74.63 | 91.40 | 81.39 | 84.82 |
| Other Gand A | - | 74.63 | 91.40 | 81.39 | 84.82 |
| Selling And Marketing Expense | - | 29.71 | 38.21 | 40.51 | 31.08 |
| Otherunder Preferred Stock Dividend | - | 0.87 | 1.07 | 0.37 | -1.30 |
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 | $348M | -3.23 | 0.48 | -15.0% | -8.61 |
| Beyond Meat, Inc. | BYND | $405M | 2.28 | -406.28 | -17854.8% | 2.67 |
| The Honest Company, Inc. | HNST | $362M | -23.09 | 2.13 | -9.2% | -60.30 |
| Lifeway Foods, Inc. | LWAY | $356M | 25.66 | 4.14 | 16.1% | 14.76 |
| Nature's Sunshine Products, Inc. | NATR | $346M |
| - |
| - |
| - |
| - |
| - |
| 17.73 |
| 2.14 |
| 12.1% |
| 6.20 |
| USANA Health Sciences, Inc. | USNA | $335M | 31.11 | 0.63 | 2.0% | 2.39 |
| B&G Foods, Inc. | BGS | $321M | - | 0.71 | -9.6% | 12.03 |
| European Wax Center, Inc. | EWCZ | $319M | 36.76 | 4.03 | 11.0% | 9.88 |
| Alico, Inc. | ALCO | $300M | -2.03 | 2.91 | -143.0% | -78.12 |
| Peer Median | - | 17.73 | 2.14 | -3.6% | 4.43 | |