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INGM: The Global Hub of the Technology Supply Chain
Blank Capital Research Team
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Executive Summary
Ingram Micro Holding Corp. (INGM) is the world's largest distributor of technology products and services. It acts as the critical link between 1,500+ vendors (like Apple, Microsoft, NVIDIA) and 170,000+ customers.
Investment Thesis
Ingram Micro is a 'picks and shovels' play on global IT spending. They don't take technology risk; they take volume risk. As businesses globally scramble to upgrade their infrastructure for AI and cloud computing, Ingram Micro provides the logistics, financing, and technical support required to deploy that hardware. Their transition toward high-margin cloud services and software distribution is fundamentally altering their margin profile. With a global footprint and an irreplaceable role in the tech ecosystem, INGM is an infrastructure-like asset that offers steady, low-volatility growth.
Key Growth Drivers
Critical Ecosystem Role
Vendors rely on Ingram for its massive customer reach, and customers rely on Ingram for financing and technical expertise, creating a dual-sided moat.
High-Margin Cloud Transition
The growth of the 'Ingram Micro Cloud' marketplace allows the company to capture recurring SaaS revenue, structurally improving its traditionally thin distribution margins.
Global IT Super-Cycle
The multi-year buildout of AI and 5G infrastructure guarantees a steady and growing volume of high-end hardware flowing through Ingram's logistics hubs.
Valuation & Financial Modeling
INGM trades at an attractive multiple of its free cash flow. We believe the market is mispricing its successful transition from hardware distribution to software services. The stock offers a defensive, low-P/E entrance into the tech sector.
Risk Factors & Bear Case
As a low-margin business, Ingram is sensitive to interest rates (due to its large working capital and financing needs). Furthermore, any significant disruption in global trade or tech manufacturing would impact volumes.
Conclusion
Ingram Micro is a world-class technology logistics franchise. It offers safety, scale, and a clear path to margin expansion. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative to Consumer Staples Sector Median (N=180)
Metric
INGM
Benchmark
P/E Ratio
21.2x
-36%
EV/EBITDA
10.8x
+57%
Price / Book
1.4x
Implied Value Audit
UNDERVALUED
Implied Fair Value (vs Sector)
+42.6%
$38.74Spot: $27.17
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Staples sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 37.2GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
6.7%
Sector: 7.7%
Dividend Analysis audit
GROWTH
1.10%
Trailing Yield
$1.10
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
23%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Ingram Micro Holding Corp (INGM) receives a "Hold" rating with a composite score of 47.4/100, ranked #1017 out of 4446 stocks. Key factor scores: Quality 37/100, Value 71/100, Momentum 59/100. This is quantitative analysis only — not investment advice.
Ingram Micro Holding Corp (INGM) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Ingram Micro Holding Corp Do?
Ingram Micro is a leading solutions provider by revenue for the global information technology (“IT”) ecosystem helping power the world’s leading technology brands. With our vast infrastructure and focus on client and endpoint solutions (formerly referred to as commercial & consumer, as described elsewhere in this prospectus), advanced solutions offerings and cloud-based solutions, we enable our business partners to scale and operate more efficiently in the markets they serve. We deliver customized solutions to our vendor, reseller and retailer partners, enabling them to provide excellent business outcomes to the companies and consumers they serve. Through our global reach and broad portfolio of products, professional services offerings, software, cloud and digital solutions, we remove complexity and maximize the value of the technology products our partners make, sell or use, providing the world more ways to realize the promise of technology. In the face of significant economic uncertainty and volatility in commercial markets globally, we believe that our business remains well-positioned to benefit from technology megatrends, including cloud migration, enhanced security, Internet-of-Things (“IoT”), hybrid work and 5G. As one of the world’s largest technology distributors by revenue and/or by global footprint, we have positioned Ingram Micro as an integral link in the global technology value chain, providing technology solutions and services from more than 1,500 vendor partners to a broad array of customers. With operations in 57 countries and 134 logistics and service centers worldwide, we serve as a solutions aggregator that we believe based on our experience in the industry enables us, together with our vendor partners, to reach nearly 90% of the global population with technology. Original Equipment Manufacturers (“OEMs”) and software providers rely on us to simplify global sales channels, gain operational efficiencies and address complex technology deployments. Our highly diversified base of more than 161,000 customers includes value-added resellers, system integrators, telecommunications companies and managed service providers. We provide our customers with broad product availability, technical expertise and a full suite of professional services to simplify their deployment and maximize their use of technology, including data-driven business and market insights, pre-sales engineering, post-sales integration, technical support and financing solutions. We manage more than 850 million units of technology products across more than 220,000 unique SKUs every year and handle, on average, in excess of 12,000 technical engineering calls monthly. Additionally, we provide resellers, retailers and OEMs with our IT Asset Disposition (“ITAD”) and Reverse Logistics and Repairs services to advance environmental sustainability through responsibly collecting and beneficially repurposing e-waste through remanufacturing, recycling, refurbishing and reselling technology devices. As of June 29, 2024, we had approximately 24,150 full-time associates. More than a decade ago, we embarked on a journey from being a traditional IT products distributor to creating an integrated marketplace for customized solutions. Since then, even in the midst of the recent global softening in demand for certain of our traditional offerings, including our client and endpoint solutions, we have invested more than $2 billion in technical resources, intellectual property, digital processes and systems, advanced solutions, specialty markets and professional services. From its inception, this organic evolution, aided by a number of key acquisitions, has focused on creating a one-stop-shop experience for our thousands of customers to seamlessly procure and manage a comprehensive suite of technology solutions and services. The anything-as-a-service (“XaaS”) market has now been a rapidly expanding market and a key growth driver for several years, leading to our accelerated development of highly integrated solutions, services and marketplaces. First launched in 2010, our cloud marketplace has been a transformative part of our journey, enabling leading software vendors to connect with thousands of customers, who in turn support millions of end users, in what we believe to be the world’s largest cloud ecosystem. Today, our cloud marketplace hosts more than 200 cloud solutions, aggregates 29 marketplaces and manages over 36 million seats for more than 33,000 customers. Building on our successful cloud marketplace, our proprietary CloudBlue digital commerce platform, and other acquired and organically developed intellectual property, in 2022 we launched Ingram Micro Xvantage, our fully automated, self-learning and innovative digital platform, which is now live in key countries around the globe. We believe that our customers will increasingly experience a “single pane of glass” through which we offer a full menu of IT devices, software solutions, cloud-based subscriptions, and technology services across hundreds of vendors and brands as we migrate our cloud marketplace and other marketplaces to Ingram Micro Xvantage and continuously integrate additional capabilities to the platform. Through Ingram Micro Xvantage, many tasks that previously took hours or even days, such as order status updates, price quotes and vendor catalog management activities, can now be accomplished by the platform in a few minutes, driving significant efficiency gains for our vendors, customers and associates. We believe that we offer our third-party partners the industry’s first comprehensive and streamlined distribution experience in a single integrated digital platform. Harnessing the insights gained from hundreds of millions of transactions over the past decade, Ingram Micro Xvantage is a significant milestone in our evolution benefiting from many years of investment and IT distribution experience. As our dynamic business model continues to evolve and we continue our transition to becoming more of a platform company, we will be better able to adapt to customer demands in the constantly shifting IT landscape. Our focus on successful business outcomes for our partners and their clients, together with the investments described above, have enabled us to deliver solid financial results and expand our advanced solutions and cloud businesses even in the midst of the recent global softening in demand for certain of our traditional offerings, including our client and endpoint solutions. Advanced Solutions generated net sales of $7,329 million for the Predecessor 2021 Period, $8,309 million for the Successor 2021 Period, $17,354 million for Fiscal Year 2022 (Successor), $17,883.3 million for Fiscal Year 2023 (Successor) and $8,164.9 million for the Unaudited 2024 Interim Period (Successor). Cloud generated net sales of $125.9 million for the Predecessor 2021 Period, $161.7 million for the Successor 2021 Period, $326.0 million for Fiscal Year 2022 (Successor), $383.3 million for Fiscal Year 2023 (Successor) and $226.1 million for the Unaudited 2024 Interim Period (Successor). Our business was founded in 1979 as Micro D Inc. Ingram Micro Holding Corporation (formerly known as Imola Holding Corporation) was incorporated on September 28, 2020 to serve as a holding company in connection with the Imola Mergers. Ingram Micro Holding Corporation had immaterial operations from September 28, 2020 to the Acquisition Closing Date. Our principal offices are located at 3351 Michelson Drive, Suite 100, Irvine, CA. Ingram Micro Holding Corp (INGM) is classified as a mid-cap stock in the Consumer Staples sector, specifically within the Wholesale industry. The company is led by CEO Paul Bay, headquartered in BEVERLY HILLS, California. With a market capitalization of $5.6B, INGM is one of the notable companies in the Consumer Staples sector.
As of April 2026, Ingram Micro Holding Corp receives a Hold rating with a composite score of 47.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.INGM ranks #1,017 out of 4,446 stocks in our coverage universe. Within the Consumer Staples sector, Ingram Micro Holding Corp ranks #34 of 180 stocks, placing it in the top quartile of its Consumer Staples peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
INGM Stock Price and 52-Week Range
Ingram Micro Holding Corp (INGM) currently trades at $27.17. The stock gained $0.47 (1.8%) in the most recent trading session. The 52-week high for INGM is $26.38, which means the stock is currently trading 3.0% from its annual peak. The 52-week low is $14.25, putting the stock 90.7% above its annual trough. Recent trading volume was 807K shares, suggesting relatively thin trading activity.
Is INGM Overvalued or Undervalued? — Valuation Analysis
Ingram Micro Holding Corp (INGM) carries a value factor score of 71/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 21.18x, compared to the Consumer Staples sector average of 33.11x — a discount of 36%. The price-to-book ratio stands at 1.41x, versus the sector average of 1.74x. The price-to-sales ratio is 0.12x, compared to 0.35x for the average Consumer Staples stock. On an enterprise value basis, INGM trades at 10.85x EV/EBITDA, versus 6.93x for the sector.
Based on these multiples, Ingram Micro Holding Corp appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
Ingram Micro Holding Corp (INGM) earns a quality factor score of 37/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 6.7%, compared to the Consumer Staples sector average of 7.7%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 1.3% versus the sector average of 3.1%.
On a margin basis, Ingram Micro Holding Corp reports gross margins of 6.9%, compared to 26.2% for the sector. The operating margin is 1.6% (sector: 2.9%). Net profit margin stands at 0.6%, versus 1.6% for the average Consumer Staples stock. Revenue growth is running at 11.2% on a trailing basis, compared to 3.1% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
INGM Debt, Balance Sheet, and Financial Health
Ingram Micro Holding Corp has a debt-to-equity ratio of 75.0%, compared to the Consumer Staples sector average of 72.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.33x, suggesting adequate working capital coverage. Total debt on the balance sheet is $3.20B. Cash and equivalents stand at $803M.
INGM has a beta of 1.39, meaning it is more volatile than the broader market — a $10,000 investment in INGM would be expected to move 38.7% more than the S&P 500 on any given day. The stability factor score for Ingram Micro Holding Corp is 47/100, reflecting average volatility within the normal range for its sector.
Ingram Micro Holding Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, Ingram Micro Holding Corp reported revenue of $49.44B and earnings per share (EPS) of $1.40. Net income for the quarter was $283M. Gross margin was 6.9%. Operating income came in at $785M.
In FY 2025, Ingram Micro Holding Corp reported revenue of $52.56B and earnings per share (EPS) of $1.40. Net income for the quarter was $328M. Gross margin was 6.7%. Revenue grew 9.5% year-over-year compared to FY 2024. Operating income came in at $877M.
In Q3 2025, Ingram Micro Holding Corp reported revenue of $12.60B and earnings per share (EPS) of $0.42. Net income for the quarter was $99M. Gross margin was 6.9%. Revenue grew 7.2% year-over-year compared to Q3 2024. Operating income came in at $224M.
In Q2 2025, Ingram Micro Holding Corp reported revenue of $12.79B and earnings per share (EPS) of $0.16. Net income for the quarter was $38M. Gross margin was 6.6%. Operating income came in at $143M.
Over the past 8 quarters, Ingram Micro Holding Corp has demonstrated a growth trajectory, with revenue expanding from $11.33B to $49.44B. Investors analyzing INGM stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
INGM Dividend Yield and Income Analysis
Ingram Micro Holding Corp (INGM) currently pays a dividend yield of 1.1%. At this yield, a $10,000 investment in INGM stock would generate approximately $$110.00 in annual dividend income. This compares to the Consumer Staples sector average dividend yield of 0.4%, meaning INGM offers above-average income for its sector.
INGM Momentum and Technical Analysis Profile
Ingram Micro Holding Corp (INGM) has a momentum factor score of 59/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 29/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 34/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
INGM vs Competitors — Consumer Staples Sector Ranking and Peer Comparison
Comparing INGM against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full INGM vs S&P 500 (SPY) comparison to assess how Ingram Micro Holding Corp stacks up against the broader market across all factor dimensions.
INGM Next Earnings Date
No upcoming earnings date has been announced for Ingram Micro Holding Corp (INGM) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy INGM? — Investment Thesis Summary
Ingram Micro Holding Corp presents a balanced picture with arguments on both sides. The quality score of 37/100 flags below-average profitability. The value score of 71/100 suggests attractive pricing relative to fundamentals.
In summary, Ingram Micro Holding Corp (INGM) earns a Hold rating with a composite score of 47.4/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on INGM stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
11.2%
Sector: 3.1%
+256% VS SCTR
Gross Margin
Core pricing power
6.9%
Sector: 26.2%
-74% VS SCTR
Operating Margin
Operating efficiency
1.6%
Sector: 2.9%
-44% VS SCTR
Net Margin
Bottom-line conversion
0.6%
Sector: 1.6%
-65% VS SCTR
Return on Equity
Equity capital efficiency
6.7%
Sector: 7.7%
-13% VS SCTR
Return on Assets
Asset base utilization
1.3%
Sector: 3.1%
-58% VS SCTR
Debt/Equity
Financial leverage load
75.0%
Sector: 72.0%
IN LINE
Dividend Yield
Direct cash return
1.1%
Sector: 0.4%
+189% VS SCTR
-19%
Price / Sales
0.1x
-66%
Ingram Micro Holding Corp exhibits a 16% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
1.3%
Sector: 3.1%
Gross Margin
Pricing power and cost efficiency
6.9%
Sector: 26.2%
Operating Margin
Core business profitability
1.6%
Sector: 2.9%
Net Margin
Bottom-line profitability
0.6%
Sector: 1.6%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.38%
Yield Delta+189%
Income Projection audit
A $10,000 investment would generate approximately $110 annually in dividends at the current trailing rate.