Ingles Markets, Incorporated

IMKTA

Consumer DefensiveSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the United States. The company offers food products, such as grocery, meat, and dairy products, produce, frozen food, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items, organic, and locally sourced items. It also owns and operates a milk processing and packaging plant that supplies organic milk, fruit juices, and bottled water products to other retailers, food service distributors, and grocery warehouses. In addition, the company provides home meal replacement items, delicatessens, bakeries, floral departments, and greeting cards, as well as broad selections of local organic, beverage, and health-related items. It operates under the Ingles and Sav-Mor brand names. Ingles Markets, Incorporated was founded in 1963 and is headquartered in Asheville, North Carolina.

Valuation

Market Cap$1.7B

Current Price$89.04

P/E Ratio17.77

P/B Ratio1.03

EV / EBITDA8.78

EV / Sales0.43

Profitability

Operating Margin-

Net Profit Margin1.6%

EBITDA Margin4.7%

Returns

ROE5.2%

ROCE-

ROIC %5.5%

ROA3.3%

Solvency

Current Ratio3.36

Debt / Equity0.34

Debt / Assets0.21

CFO / Net Profit1.84

Price History▲ 43.40% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$5.3B▼ 5.4%

EBITDA$253M

Net Profit$84M▼ 20.8%

Cash from Ops (CFO)$154M

Free Cash Flow (FCF)$40M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

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	$5.3B	$253M	$84M	$40M	5.2%	-5.4%	-20.8%
2024	$5.6B	$283M	$106M	$52M	6.8%	-4.3%	-49.9%
2023	$5.9B	$417M	$211M	$93M	14.4%	3.8%	-22.7%
2022	$5.7B	$501M	$273M	$220M	21.7%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	5,678.84	5,892.78	5,639.61	5,334.03
Cost Of Revenue	4,263.07	4,487.87	4,339.77	4,059.89
Gross Profit	1,415.77	1,404.92	1,299.84	1,274.14
Operating Expense	1,040.19	1,115.38	1,157.30	1,128.54
Operating Income	375.57	289.53	142.54	145.60
EBITDA	500.58	416.55	282.98	252.54
EBIT	382.78	300.57	161.36	129.65
Pretax Income	361.27	278.50	139.50	109.94
Tax Provision	88.51	67.69	33.96	26.34
Net Income	272.76	210.81	105.54	83.59
Net Income Common Stockholders	272.76	210.81	105.54	83.59
Total Expenses	5,303.26	5,603.25	5,497.07	5,188.44
Interest Expense	21.51	22.07	21.86	19.71
Selling General And Administration	10.90	10.60	9.70	7.40
Normalized EBITDA	499.22	413.78	278.38	280.55
Normalized Income	271.73	208.72	102.05	104.89
Basic EPS	14.69	11.35	5.68	4.50
Diluted EPS	14.36	11.10	5.56	4.40
Tax Effect Of Unusual Items	0.33	0.67	1.12	-6.72
Tax Rate For Calcs	0.24	0.24	0.24	0.24
Total Unusual Items	1.36	2.77	4.61	-28.02
Total Unusual Items Excluding Goodwill	1.36	2.77	4.61	-28.02
Net Income From Continuing Operation Net Minority Interest	272.76	210.81	105.54	83.59
Reconciled Depreciation	117.80	115.98	121.62	122.89
Reconciled Cost Of Revenue	4,263.07	4,372.12	4,218.43	3,937.32
Net Interest Income	-21.51	-22.07	-21.86	-19.71
Net Income From Continuing And Discontinued Operation	272.76	210.81	105.54	83.59
Rent Expense Supplemental	10.90	10.60	9.70	7.40
Total Operating Income As Reported	376.93	292.30	147.14	117.58
Diluted Average Shares	18.99	18.99	18.98	19
Basic Average Shares	18.57	18.57	18.58	18.58
Diluted NI Availto Com Stockholders	272.76	210.81	105.54	83.59
Net Income Including Noncontrolling Interests	272.76	210.81	105.54	83.59
Net Income Continuous Operations	272.76	210.81	105.54	83.59
Other Income Expense	7.20	11.04	18.82	-15.95
Other Non Operating Income Expenses	5.85	8.27	14.22	12.07
Special Income Charges	1.36	2.77	4.61	-28.02
Gain On Sale Of Ppe	1.36	2.77	9.11	2.38
Other Special Charges	0	0	0	0
Impairment Of Capital Assets	0	0	4.50	30.40
Net Non Operating Interest Income Expense	-21.51	-22.07	-21.86	-19.71
Interest Expense Non Operating	21.51	22.07	21.86	19.71
Other Operating Expenses	1,029.29	1,104.55	1,147.32	1,120.83
Depreciation Amortization Depletion Income Statement	0	0.23	0.28	0.32
Depreciation And Amortization In Income Statement	0	0.23	0.28	0.32
Amortization	0	0.23	0.28	0.32
Amortization Of Intangibles Income Statement	0	0.23	0.28	0.32
General And Administrative Expense	10.90	10.60	9.70	7.40
Other Gand A	1,040.19	1,115.38	0	0
Rent And Landing Fees	10.90	10.60	9.70	7.40
Operating Revenue	5,678.84	5,892.78	5,639.61	5,334.03

Peer Comparison

Consumer Defensive sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Ingles Markets, Incorporatedthis co.	IMKTA	$1.7B	17.77	1.03	5.2%	8.78
Spectrum Brands Holdings, Inc.	SPB	$1.9B	19.26	1.00	5.2%	9.88
Weis Markets, Inc.	WMK	$1.7B	18.99	1.27	6.9%	7.02
Strategic Education, Inc.	STRA	$1.7B	13.20	1.02	7.7%	6.71
Herbalife Ltd.	HLF	$1.7B

Learn while you research

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$5.3B

$253M

$84M

$40M

5.2%

-5.4%

-20.8%

2024

$5.6B

$283M

$106M

$52M

6.8%

-4.3%

-49.9%

2023

$5.9B

$417M

$211M

$93M

14.4%

3.8%

-22.7%

2022

$5.7B

$501M

$273M

$220M

21.7%

Metric

2022

2023

2024

2025

Total Revenue

5,678.84

5,892.78

5,639.61

5,334.03

Cost Of Revenue

4,263.07

4,487.87

4,339.77

4,059.89

Gross Profit

1,415.77

1,404.92

1,299.84

1,274.14

Operating Expense

1,040.19

1,115.38

1,157.30

1,128.54

Operating Income

375.57

289.53

142.54

145.60

EBITDA

500.58

416.55

282.98

252.54

EBIT

382.78

300.57

161.36

129.65

Pretax Income

361.27

278.50

139.50

109.94

Tax Provision

88.51

67.69

33.96

26.34

Net Income

272.76

210.81

105.54

83.59

Net Income Common Stockholders

272.76

210.81

105.54

83.59

Total Expenses

5,303.26

5,603.25

5,497.07

5,188.44

Interest Expense

21.51

22.07

21.86

19.71

Selling General And Administration

10.90

10.60

9.70

7.40

Normalized EBITDA

499.22

413.78

278.38

280.55

Normalized Income

271.73

208.72

102.05

104.89

Basic EPS

14.69

11.35

5.68

4.50

Diluted EPS

14.36

11.10

5.56

4.40

Tax Effect Of Unusual Items

0.33

0.67

1.12

-6.72

Tax Rate For Calcs

0.24

Total Unusual Items

1.36

2.77

4.61

-28.02

Total Unusual Items Excluding Goodwill

1.36

2.77

4.61

-28.02

Net Income From Continuing Operation Net Minority Interest

272.76

210.81

105.54

83.59

Reconciled Depreciation

117.80

115.98

121.62

122.89

Reconciled Cost Of Revenue

4,263.07

4,372.12

4,218.43

3,937.32

Net Interest Income

-21.51

-22.07

-21.86

-19.71

Net Income From Continuing And Discontinued Operation

272.76

210.81

105.54

83.59

Rent Expense Supplemental

10.90

10.60

9.70

7.40

Total Operating Income As Reported

376.93

292.30

147.14

117.58

Diluted Average Shares

18.99

18.98

Basic Average Shares

18.57

18.58

Diluted NI Availto Com Stockholders

272.76

210.81

105.54

83.59

Net Income Including Noncontrolling Interests

272.76

210.81

105.54

83.59

Net Income Continuous Operations

272.76

210.81

105.54

83.59

Other Income Expense

7.20

11.04

18.82

-15.95

Other Non Operating Income Expenses

5.85

8.27

14.22

12.07

Special Income Charges

1.36

2.77

4.61

-28.02

Gain On Sale Of Ppe

1.36

2.77

9.11

2.38

Other Special Charges

Impairment Of Capital Assets

4.50

30.40

Net Non Operating Interest Income Expense

-21.51

-22.07

-21.86

-19.71

Interest Expense Non Operating

21.51

22.07

21.86

19.71

Other Operating Expenses

1,029.29

1,104.55

1,147.32

1,120.83

Depreciation Amortization Depletion Income Statement

0.23

0.28

0.32

Depreciation And Amortization In Income Statement

0.23

0.28

0.32

Amortization

0.23

0.28

0.32

Amortization Of Intangibles Income Statement

0.23

0.28

0.32

General And Administrative Expense

10.90

10.60

9.70

7.40

Other Gand A

1,040.19

1,115.38

Rent And Landing Fees

10.90

10.60

9.70

7.40

Operating Revenue

5,678.84

5,892.78

5,639.61

5,334.03

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Ingles Markets, Incorporatedthis co.

IMKTA

$1.7B

17.77

1.03

5.2%

8.78

Spectrum Brands Holdings, Inc.

SPB

$1.9B

19.26

1.00

5.2%

9.88

Weis Markets, Inc.

WMK

$1.7B

18.99

1.27

6.9%

7.02

Strategic Education, Inc.

STRA

$1.7B

13.20

1.02

7.7%

6.71

Herbalife Ltd.

HLF

$1.7B

Ingles Markets, Incorporated

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Ingles Markets, Incorporated

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on