Ingram Micro Hldg.

Ingram Micro moved $52.6B of tech and still trades at 7.7x earnings.

If you own INGM, you should care about a 3.0% profit margin and $3.1B of debt.

ingm

technology mid cap updated mar 20, 2026
$22.24
market cap ~$5B · 52-week range $14–$26
xvary composite: 55 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
Ingram Micro is a middleman that moves smartphones, computers, and cloud gear from 1,500 vendors to 165,000 customers.
how it gets paid
Last year Ingram Micro Hldg made $52.6B in revenue. North America was the main engine at $18.9B, or 36% of sales.
why it's growing
Revenue grew 9.5% last year. Enterprise customers remained strong, and the small and medium-sized business category showed sequential growth for the fourth consecutive quarter.
what just happened
Revenue hit $37.7B, and EPS beat the $0.58 estimate by a wide gap.
At a glance
B+ balance sheet — decent shape, but not bulletproof
7.7x trailing p/e — the market's not buying it — or you found a deal
1.6% dividend yield — cash in your pocket every quarter
11.0% return on capital — nothing to write home about
$3.60 fy2027 eps est
xvary composite: 55/100 — below average
What they do
Ingram Micro is a middleman that moves smartphones, computers, and cloud gear from 1,500 vendors to 165,000 customers.
It sits between 1,500 vendors and 165,000 clients. You would have to rebuild both sides to leave. Operating margin → profit after day-to-day costs → so what: 3.0% means tiny mistakes matter, but scale still keeps the machine moving.
technology mid-cap distribution enterprise-it value
How they make money
$52.6B annual revenue · their business grew +9.5% last year
North America
$18.9B
+9.3%
EMEA
$15.3B
n/a
Asia-Pacific
$14.7B
+14.6%
Latin America
$3.7B
n/a
The products that matter
global technology distribution
Distribution engine
$52.6B · whole-company revenue
this page does not have a clean segment split, so you are buying the whole machine at once. the number that matters is not product mix. it is whether the company keeps volume high without letting a 3.0% operating margin slip.
scale model
vendor and cloud channel
Vendor network
roughly 1,500 vendors
roughly 1,500 vendors feed the platform. That breadth helps keep boxes moving and cloud seats flowing, but it still produced only a 1.8% net margin on $52.6B of revenue. Breadth is useful. It is not the same thing as pricing power.
breadth over margin
what the data does not show cleanly
Segment detail
thin disclosure on this page
here's the honest part: this snapshot is light on segment-level profit detail. If you own the stock, you should care less about buzz and more about where margin is actually earned. That split is thin here, so quarterly execution matters even more.
data gap
Key numbers
7.7x
trailing p/e
You pay $7.70 for each $1 of past profit. Cheap only works if the earnings stay intact.
$52.6B
annual revenue
That is the size of the machine. A 1% swing is about $526M.
3.0%
operating margin
Three cents of operating profit on each dollar leaves almost no cushion.
$3.1B
long-term debt
A 1% rate move on that debt is about $31M a year.
Financial health
B+
strength
  • balance sheet grade B+ — solid but not elite
  • risk rank 3 — safer than 50% of stocks
  • long-term debt $3.1B (37% of capital)
  • net profit margin 1.8% — keeps 2 cents of every dollar in revenue
  • return on equity 16% — $0.16 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market

Return history isn't available for INGM right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $37.7B, and EPS beat the $0.58 estimate by a wide gap.
The company posted $37.7B of revenue and $0.96 of EPS in the latest reported quarter. Gross margin was 6.7%, so the win came from volume more than fat pricing.
$37.7B
revenue
$0.96
eps
6.7%
gross margin
the number that mattered
The $0.96 EPS print mattered most because it beat the $0.58 estimate by 65.52%, even though gross margin stayed thin at 6.7%.
source: company earnings report, 2026

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What could go wrong

INGM's risk profile is unusually simple and unusually unforgiving. When you run a $52.6B distribution business on a 1.8% net margin, the bad quarter does not need to be dramatic to hurt you.

∘
med
3.0% operating margin leaves very little cushion
Operating margin is what the business keeps before interest and taxes. At 3.0%, small pricing misses, freight pressure, or mix changes can do outsized damage to earnings.
A move from 3.0% to lower matters fast because net margin already sits at only 1.8%.
∘
med
$3.1B of long-term debt reduces flexibility
The balance sheet is rated B+, not A+. Debt equals 37% of capital, which looks manageable while operations are steady and looks heavier if cash generation softens.
If earnings dip at the same time working capital gets tighter, debt stops being background and starts shaping management's options.
∘
med
the growth path has to stay intact
The street expects revenue to move from $52.6B now to $65B by fy2029. That sounds reasonable. It still has to happen, and it has to happen without a weaker profit mix.
If revenue stalls well short of that number, the idea that the stock is simply misunderstood gets much weaker.
∘
med
cheap stocks stay cheap when the business earns it
A 7.7x trailing p/e looks inexpensive. The market is not missing the 1.8% net margin. It is discounting it.
The $24 target midpoint is only about 8% above the current price, so you do not have much room for disappointment before "undervalued" turns into "fairly priced."
This is a low-margin machine, not a wide-moat fairy tale. You get scale, but one bad mix shift can bite fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
net margin holding around 1.8%
This is the number that matters most. When you keep less than two cents of every sales dollar, even minor slippage can erase the appeal of a 7.7x multiple.
growth path
revenue moving from $52.6B toward $65B
The long-range model assumes scale keeps building. If the revenue path stalls, the stock starts to look correctly priced instead of overlooked.
debt load
$3.1B of debt staying manageable
Debt is 37% of capital. Fine in a steady business. Less fine if margins tighten and cash conversion weakens at the same time.
earnings
fy2027 EPS staying on track for $3.60
That estimate is the easiest real-world scorecard for the thesis. Miss it, and the market will say the single-digit multiple was earned all along.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
source: institutional data
Institutional activity

institutions have been net buying for 3 consecutive quarters — 57 buyers vs. 20 sellers in 4q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.

source: institutional data · 2q2025-4q2025
source: institutional data
Price targets
3-5 year target range
$17 $31
$22 current price
$24 target midpoint · +8% from current · 3-5yr high: $31
source: institutional data · analyst targets

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