Ingram Micro Holding Corp (INGM)

Price$27.24Cached quoteAs of 2026-09-22 21:17 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because stronger earnings are offset by uneven cash generation.

At the observed market value, Ingram Micro is worth about $6.8 billion. The last four quarters produced about $431 million of net income, so the shares trade near 16 times recent earnings. Adding roughly $3.0 billion of net debt gives an enterprise value—stock-market value plus net debt—near $9.7 billion, about 8.2 times recent cash operating earnings. That is not a bargain price for a thin-margin distributor, but it is reasonable if growth and efficiency persist. Because cash conversion remains volatile, the evidence supports Fair-priced, not a clear discount.

Big pictureSales and profits are improving, but cash generation has not proved consistently durable.

Sales have reaccelerated, but the cash record is uneven. Fiscal 2025 revenue rose 9.5% to $52.6 billion and net income reached $327.9 million, while the latest four quarters produced about $56.0 billion of sales and $430.6 million of profit. Yet free cash flow—cash left after running and investing in the business—swung from about negative $143 million in 2023 to $191 million in 2024 and $785 million in 2025. The first half of 2026 then used $1.51 billion of operating cash as inventory and working capital expanded.

Business strengthThe company has scale and financial flexibility, but debt still limits downside protection.

The balance sheet can support the business, but it is not conservative. At June 2026, current assets were $18.5 billion versus $14.2 billion of current liabilities, while cash was $0.81 billion and debt was $3.80 billion. First-half operating profit of about $459 million was just over three times $147 million of interest expense. Capital returns are modest: dividends are small, and $105 million of 2026 repurchases bought 4.7 million shares from the sponsor. Even so, shares outstanding edged higher from year-end, so buybacks have not yet created durable per-share shrinkage.

What could change the storyThe story improves if growth turns into cash and weakens if inventory keeps absorbing funding.

The bull case needs recent sales growth to turn into year-end cash. Management expects third-quarter sales to rise 7.5% to 10.7%, and stronger HPE distribution plus Xvantage adoption could support that. The bear case is visible in working capital: it rose to $4.90 billion from $3.55 billion at year-end, pushing first-half operating cash flow deeply negative and net debt back near $3.0 billion. The current valuation works if inventory unwinds and cash rebounds. It weakens if debt stays elevated, cash remains poor, or the unresolved financial-control weakness persists.

AI: News

Record second quarterRecord quarterly growth beat expectations, but heavy inventory funding kept investors cautious about cash quality.

On July 30, 2026, Ingram Micro reported second-quarter sales of $14.5 billion, up 13.6% year over year, and net income of $110.9 million, nearly triple the prior-year quarter. Third-quarter sales guidance called for 7.5% to 10.7% growth. The next trading session fell about 7.2%. That timing is consistent with investors focusing on the $1.51 billion first-half operating cash outflow and inventory build, but the price move alone does not prove why shares fell.

Sponsor stake salesLarge sponsor share sales increased public ownership without issuing new shares, but created a visible supply overhang.

In May 2026, Platinum Equity sold 14.47 million shares in a secondary offering; Ingram Micro bought back 1.20 million of those shares for $30 million. On June 15, Platinum sold another 5.17 million shares in a $150 million block trade, with no proceeds going to the company. The May pricing was followed by a roughly 5.6% stock decline on unusually heavy volume. The sales did not issue new shares, so they were not direct dilution, but the sponsor’s still-large holding remains a potential supply overhang.

HPE role expandsHPE expanded Ingram Micro’s global role, opening more networking, cloud, and artificial intelligence sales opportunities.

On May 14, 2026, HPE named Ingram Micro and TD SYNNEX its two global distribution partners. Ingram Micro gained broader territory reach and access to HPE’s full portfolio, including networking, cloud, and artificial intelligence products. That can lift sales and improve mix if partners buy more higher-value infrastructure through Ingram Micro. HPE did not disclose a revenue commitment, so the financial upside remains unquantified. The shares moved only modestly that day, making any immediate market attribution uncertain.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$52.56B	$47.98B	$48.04B	$50.82B
Gross profit	$3.50B	$3.44B	$3.55B	$3.69B
Gross margin	6.67%	7.18%	7.38%	7.27%
Operating expenses	$2.63B	$2.63B	$2.60B	$444.5M
Operating income	$876.9M	$817.9M	$944.3M	$3.25B
Operating margin	1.67%	1.70%	1.97%	6.39%
EBITDA	$1.07B	$1.01B	$1.13B	$3.45B
EBITDA margin	2.04%	2.10%	2.35%	6.78%
Net income	$327.9M	$264.2M	$352.7M	$2.39B
Net profit margin	0.62%	0.55%	0.73%	4.71%
Basic EPSper basic share	$1.40	$1.18	$1.59	$10.77
Diluted EPSper diluted share	$1.39	$1.18	$1.59	$10.77

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈75.40%of listed shares

Platinum Equity InvestCo, L.P. / Ingram Holdco, LLC / Platinum Equity Investment Holdings V, LLC / Imola JV Holdings, L.P. / Gores Tom / Platinum Equity Investment Holdings IC (Cayman), LLC / PLATINUM EQUITY, LLC / Platinum Equity Investment Holdings, LLC / Platinum Equity Partners V, LLC / Platinum Equity Partners V, L.P.177.47M shares · Jun 15, 2026

View holders

Top 20 reported holders of INGM
Holder	% owned
Platinum Equity InvestCo, L.P. / Ingram Holdco, LLC / Platinum Equity Investment Holdings V, LLC / Imola JV Holdings, L.P. / Gores Tom / Platinum Equity Investment Holdings IC (Cayman), LLC / PLATINUM EQUITY, LLC / Platinum Equity Investment Holdings, LLC / Platinum Equity Partners V, LLC / Platinum Equity Partners V, L.P.	≈75.40%177.47M shares
Platinum Equity Advisors, LLC/DE	≈75.40%177.47M shares
AMERICAN CENTURY COMPANIES INC	≈1.91%4.5M shares
D. E. Shaw & Co., Inc.	≈1.55%3.64M shares
Capital World Investors	≈1.53%3.59M shares
Lind Value II ApS	≈1.16%2.73M shares
VICTORY CAPITAL MANAGEMENT INC	≈1.14%2.67M shares
MILLENNIUM MANAGEMENT LLC	≈1.12%2.63M shares
GOLDMAN SACHS GROUP INC	≈0.82%1.93M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈0.81%1.91M shares
FIRST TRUST ADVISORS LP	≈0.76%1.79M shares
River Road Asset Management, LLC	≈0.68%1.61M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈0.64%1.51M shares
AQR CAPITAL MANAGEMENT LLC	≈0.64%1.5M shares
Qube Research & Technologies Ltd	≈0.60%1.41M shares
MONIE ALAIN	≈0.57%1.35M shares
BlackRock, Inc.	≈0.55%1.3M shares
MORGAN STANLEY	≈0.48%1.14M shares
WELLINGTON MANAGEMENT GROUP LLP	≈0.47%1.12M shares
Invenomic Capital Management LP	≈0.46%1.08M shares

Percentages use 235.37M shares of this listed class outstanding on Jun 27, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys7$8.21M disclosed value

Sells (SEC code S)8$1.02B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Platinum Equity InvestCo, L.P. +9TenPercentOwner	SellCommon Stock · indirect	5.17M	$29.03	$150.00M	177.47M
Jun 15, 2026Form 4 · 10b5-1	Aragone AugustoExecutive VP, Secretary & GC	SellCommon Stock	10.0K	$30.00	$300.0K	140.5K
Jun 12, 2026Form 4 · 10b5-1	Aragone AugustoExecutive VP, Secretary & GC	SellCommon Stock	50.0K	$29.30	$1.47M	150.5K
May 7, 2026Form 4	PLATINUM EQUITY, LLC +9TenPercentOwner	SellCommon Stock · indirect	14.47M	$24.96	$361.20M	182.63M
Mar 30, 2026Form 4	Ingram Holdco, LLC +9TenPercentOwner	SellCommon Stock · indirect	1.35M	$21.36	$28.80M	197.10M

Review ownership filings at SEC.gov ↗

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