Ingles Markets, Incorporated (IMKTA) | Investment Case

1. Company Snapshot

1.a. Company Description

Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States.It offers food products, including grocery, meat and dairy products, produce, frozen foods, 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.The company 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, it 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.As of September 25, 2021, the company operated 189 supermarkets under the brand name Ingles, and nine supermarkets under the brand name Sav-Mor in western North Carolina, western South Carolina, northern Georgia, eastern Tennessee, southwestern Virginia, and northeastern Alabama, as well as 111 pharmacies and 107 fuel stations.Ingles Markets, Incorporated was founded in 1963 and is headquartered in Asheville, North Carolina.

Show Full description

1.b. Last Insights on IMKTA

Ingles Markets' recent performance was driven by steady sales, with net sales totaling $1.35 billion for the quarter ended June 28, 2025. The company's ability to deliver value and a great shopping experience for customers contributed to its results. A stable gross profit margin also supported the company's performance. According to its recent earnings release, Ingles Markets' results reflect its continued efforts to meet customer needs. The company has not announced any share buyback initiatives or rating changes from major analysts.

1.c. Company Highlights

Last Price	76.18
Change Percentage	-1.87%
Open	77.1
Previous Close	77.63
Market Cap ( Millions)	1447
Volume	63786
Year High	78.59
Year Low	58.92
M A 50	72.86
M A 200	66.2

FCF Yield	0.57%
Dividend Yield	0.87%
ROE	5.27%
Debt / Equity	31.86%
Net Debt / EBIDTA	58.81%
Price To Book	0.9
Price Earnings Ratio	17.31
Price To FCF	175.44
Price To sales	0.27
EV / EBITDA	6.32

2. Transcript Summary

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3. NewsRoom

Ingles Markets, Incorporated $IMKTA Shares Purchased by Creative Planning

Dec -02

Source: defenseworld.net

Geode Capital Management LLC Acquires 14,424 Shares of Ingles Markets, Incorporated $IMKTA

Nov -29

Source: defenseworld.net

Ingles Markets, Incorporated Reports Results for Fourth Quarter and Fiscal Year 2025

Nov -26

Source: businesswire.com

Ingles Markets (NASDAQ:IMKTA) Reaches New 52-Week High – What’s Next?

Nov -23

Source: defenseworld.net

Ethic Inc. Takes $210,000 Position in Ingles Markets, Incorporated $IMKTA

Nov -01

Source: defenseworld.net

Ingles Market Is Recovering From The Hurricane

Oct -27

Source: seekingalpha.com

Ingles Markets Remains Severely Undervalued

Sep -11

Source: seekingalpha.com

Ingles Markets, Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2025

Aug -07

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Retail

Expected Growth: 3.0%

Ingles Markets' 3.0% retail growth is driven by increasing same-store sales, strategic store remodels, and expansion into new markets. Additionally, the company's focus on private label products, competitive pricing, and efficient supply chain management contribute to its growth. Furthermore, Ingles' strong presence in the Southeastern United States, where population growth is above the national average, also supports its retail segment growth.

Other

Expected Growth: 3.0%

Ingles Markets' 3.0% growth is driven by increasing same-store sales, strategic pricing, and effective cost management. Additionally, the company's focus on private label products, investments in digital transformation, and expansion of its pharmacy services also contribute to its growth momentum.

7. Detailed Products

Grocery Products

Ingles Markets offers a wide range of grocery products, including fresh produce, meat, dairy, bakery, and packaged goods.

Pharmacy Services

Ingles Markets provides pharmacy services, including prescription filling, immunizations, and health screenings.

Fuel Centers

Ingles Markets operates fuel centers that offer gasoline, diesel fuel, and convenience items.

Private Label Products

Ingles Markets offers a range of private label products, including Laura Lynn dairy products, Ingles brand snacks, and PuriBaby baby care items.

Liquor Stores

Ingles Markets operates liquor stores that offer a selection of wine, beer, and spirits.

Floral and Gift Services

Ingles Markets offers floral and gift services, including custom bouquets, arrangements, and gift baskets.

8. Ingles Markets, Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Ingles Markets, Incorporated operates in a highly competitive industry, with many substitutes available to customers. However, the company's strong brand recognition and loyalty programs help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Ingles Markets, Incorporated operates in an industry where customers have a high degree of bargaining power due to the availability of substitutes and the ease of switching between brands.

Bargaining Power Of Suppliers

Ingles Markets, Incorporated has a diverse supplier base, which reduces the bargaining power of individual suppliers. Additionally, the company's large scale of operations gives it negotiating power over suppliers.

Threat Of New Entrants

The grocery retail industry has high barriers to entry, including significant capital requirements and the need for a large scale of operations to achieve economies of scale. This makes it difficult for new entrants to compete with established players like Ingles Markets, Incorporated.

Intensity Of Rivalry

The grocery retail industry is highly competitive, with many established players competing for market share. Ingles Markets, Incorporated faces intense competition from national chains and local retailers, which puts pressure on prices and profit margins.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	27.38%
Debt Cost	5.30%
Equity Weight	72.62%
Equity Cost	7.05%
WACC	6.57%
Leverage	37.71%

11. Quality Control: Ingles Markets, Incorporated passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Universal

A-Score: 7.2/10

Value: 7.8

Growth: 5.9

Quality: 4.0

Yield: 10.0

Momentum: 7.0

Volatility: 8.7

1-Year Total Return ->

Village Super Market

A-Score: 6.7/10

Value: 7.4

Growth: 4.9

Quality: 4.7

Yield: 7.0

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

Weis Markets

A-Score: 6.2/10

Value: 7.6

Growth: 4.7

Quality: 5.1

Yield: 4.0

Momentum: 7.5

Volatility: 8.0

1-Year Total Return ->

Natural Grocers

A-Score: 5.7/10

Value: 4.8

Growth: 6.6

Quality: 4.7

Yield: 6.0

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

Ingles Markets

A-Score: 5.4/10

Value: 5.7

Growth: 4.8

Quality: 4.2

Yield: 2.0

Momentum: 7.0

Volatility: 8.7

1-Year Total Return ->

Krispy Kreme

A-Score: 4.2/10

Value: 9.4

Growth: 6.9

Quality: 4.2

Yield: 3.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

8.87%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.57%

Ingles Markets, Incorporated - US4570301048

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IMKTA

1.c. Company Highlights

Less Volatile

Cheaper

Average Growth

Fairly Valued

Medium Volatility

Stable Momentum

Higher Growth

Average Quality

Average Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Retail

Expected Growth: 3.0%

Other

Expected Growth: 3.0%

7. Detailed Products

Grocery Products

Pharmacy Services

Fuel Centers

Private Label Products

Liquor Stores

Floral and Gift Services

8. Ingles Markets, Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Ingles Markets, Incorporated passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

76.18$

Current Price

76.18$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA