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Ingles Markets, Incorporated

IMKTA Consumer Defensive Grocery Stores

Ingles Markets, Incorporated’s revenue for fiscal 2025 (year ended September 2025) was $5.3 billion, down 5.42% from fiscal 2024.

Revenue
+1.64%
EPS
−1.42%
Free cash flow
−4.33%
Total debt
−3.40%

Quarter to June 2026, against a year earlier

84.36 1.75 −2.03%
Market cap
$1.6B
P/E
15.1×
Fwd P/E
0.0×
Dividend yield
0.78%
F-score
6/9
Altman Z
4.26
Beneish M
−2.27
Dividend safety
89/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 23.88%

Capital & Financial Ratios $m

Size
Market Cap 1,570.00
Revenue ttm 5,417.59
Net income ttm 103.99
Free cash flow ttm 150.31
Net debt Q 47.10
Valuation
P/E 15.09
Forward P/E 0.00
Price / sales 0.30
Forward P/S Powerpack
Price / FCF 10.66
Price / book 0.95
Financial health
Current ratio Q 3.21 (at or above 1.5: strong)
Debt / equity Q 0.30 (at or below 0.5: strong)
Interest coverage Q 7.66
Growth
Revenue growth Q +1.64% (above 0%: growing)
Operating income growth Q −7.65% (below 0%: shrinking)
EPS, this year —
EPS, next year A —
Revenue, next year A −8.62% (below 0%: weak)
EPS, past 5 yrs −8.30% (below 0%: weak)
EPS, next 5 yrs A +14.50%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 0.4×; over the ten years it ranged from 0.2× in 2024 to 0.5× in 2016.
P/E against its own 10 years 81.00%
10-year low 10-year high
P/S against its own 10 years 82.54%
10-year low 10-year high
P/B against its own 10 years 22.41%
10-year low 10-year high
EV/Sales against its own 10 years 23.40%
10-year low 10-year high
EV/FCF against its own 10 years 22.85%
10-year low 10-year high

Dividends

Yield
0.78%
Annual rate
0.66
Payout ratio
12.1%
Growth, 2018–26
0.00%/yr
  1. 0.66 ’18
  2. 0.66 ’19 +0
  3. 0.66 ’20 +0
  4. 0.66 ’21 +0
  5. 0.66 ’22 +0
  6. 0.66 ’23 +0
  7. 0.66 ’24 +0
  8. 0.66 ’25 +0
  9. 0.66 ’26 +0
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 329 354 366 455
Receivables 108 78 106 103
Inventory 494 462 483 480
Other 23 32 20 19
953 926 976 1,057
2023 2024 2025 Q'26
Payables 204 198 179 190
ST’ Debt 18 18 17 17
Other — — — —
331 321 303 329

Compound Annual Growth %

10y 5y 3y
Sales 3.51% 2.96% (2.07%)
Cash Flow 0.04% (15.14%) (23.15%)
Earnings 3.48% (14.09%) (32.58%)
Book Value 14.18% 14.55% 8.66%

EPS $

Dec Mar Jun Sep Year
’26 1.48 1.28 1.36 — —
’25 0.87 0.80 1.38 1.35 4.40
’24 2.28 1.68 1.67 (0.06) 5.56
’23 3.65 2.13 2.54 2.77 11.10
’22 3.48 3.61 3.57 3.69 14.36
’21 2.05 1.99 3.79 2.92 10.00
’20 0.67 1.53 2.38 2.20 6.78
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 1,373 1,308 1,368 — —
’25 1,288 1,331 1,346 1,368 5,334
’24 1,481 1,367 1,394 1,398 5,640
’23 1,493 1,381 1,434 1,585 5,893
’22 1,392 1,377 1,458 1,452 5,679
’21 1,190 1,185 1,277 1,335 4,988
’20 1,078 1,145 1,190 1,197 4,611
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 38 84 67 — —
’25 (44) 63 75 60 154
’24 16 70 103 73 263
’23 57 37 83 89 266
’22 95 61 106 78 339
’21 58 57 99 92 306
’20 16 159 54 121 350
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 2 68 44 — —
’25 (78) 39 46 37 44
’24 (47) 38 59 6 56
’23 (1) 6 37 55 96
’22 74 49 67 32 223
’21 24 22 66 71 183
’20 (10) 133 33 75 233
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,795 4,003 4,093 4,202 4,611 4,988 5,679 5,893 5,640 5,334 5,418 +3.9% — — — —
Gross margin, % 24.36 24.07 23.95 24.32 25.99 26.13 24.93 23.84 23.05 23.89 24.49 (0.5) pt
EBT 85 84 80 107 235 328 361 279 140 110 136 +2.9%
EBT margin, % 2.23 2.11 1.96 2.54 5.10 6.57 6.36 4.73 2.47 2.06 2.52 (0.2) pt
Net income 54 54 97 82 179 250 273 211 106 84 104 +4.9%
Per share, $
Per share, $ Revenue 187.32 197.57 202.01 207.41 227.57 254.31 298.97 310.24 296.92 280.81 285.18 +4.6%
Earnings 2.75 2.74 4.94 4.14 9.06 13.06 14.69 11.35 5.68 4.50 5.59 +5.6%
Cash flow 7.85 7.72 7.96 10.44 17.28 15.62 17.87 14.03 13.82 8.11 13.11 +0.4%
Capex (6.76) (6.19) (7.31) (7.54) (5.79) (6.27) (6.16) (8.96) (10.86) (5.79) (5.20) (1.7%)
Free cash flow 1.09 1.53 0.65 2.90 11.49 9.35 11.71 5.07 2.97 2.32 7.91 +8.7%
Book value 23.21 25.22 29.39 32.71 40.44 50.13 66.31 76.81 81.38 85.07 88.69 +15.5%
Shares, m 20 20 20 20 20 20 19 19 19 19 19 (0.7%)
Valuation, ×
Valuation, × P/E 14.38 9.32 6.82 9.39 4.20 5.03 5.39 6.64 13.13 15.49 15.09 9.0
P/S 0.21 0.13 0.17 0.19 0.17 0.26 0.26 0.24 0.25 0.25 0.30 0.2
P/B 1.70 1.01 1.15 1.19 0.94 1.32 1.19 0.98 0.92 0.82 0.95 1.1
EV/Sales 0.44 0.34 0.38 0.38 0.30 0.36 0.32 0.28 0.28 0.28 0.30 0.3
EV/FCF 75.49 44.27 117.40 27.21 5.88 9.87 8.13 17.18 28.37 33.32 10.98 36.7
Cash, $m
Cash, $m Operating cash flow 159 156 161 212 350 306 339 266 263 154 249 (0.3%)
Capex (137) (125) (148) (153) (117) (123) (117) (170) (206) (110) (99) (2.4%)
Free cash flow 22 31 13 59 233 183 223 96 56 44 150 +8.0%
Balance, $m
Balance, $m Working capital 177 200 237 250 146 269 504 622 605 673 728 +16.0%
Net debt 871 854 855 810 599 514 305 225 181 150 47 (17.7%)
Shareholders’ equity 470 511 595 663 819 983 1,260 1,459 1,546 1,616 1,685 +14.7%
Returns, %
Returns, % ROA 3.24 3.15 5.47 4.42 9.48 12.75 12.65 8.84 4.22 3.28 4.01 0.0 pt
ROIC 5.99 5.86 5.38 6.46 12.38 14.61 15.06 10.85 5.32 4.16 5.16 (1.8) pt
ROE 12.05 10.98 17.60 12.97 24.10 27.71 24.32 15.51 7.03 5.29 6.34 (6.8) pt
People
People Employees 26,500 25,000 26,000 27,000 27,000 26,000 26,000 26,420 26,360 25,551 — (0.4%)
Revenue/emp, $m 0.14 0.16 0.16 0.16 0.17 0.19 0.22 0.22 0.21 0.21 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Ingles Markets, Incorporated vs peers in Grocery Stores (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SFM Sprouts Farmers Market, Inc. $4.8B 9.8× 9.8× +4.74% (above 0%: growing) −0.81% (below 0%: shrinking) −17.55% (below 0%: shrinking) 38.22% 6.63% Compare
WMK Weis Markets, Inc. $2.0B 19.6× 16.0× +4.64% (above 0%: growing) −8.91% (below 0%: shrinking) +16,012.87% (above 0%: growing) 25.75% 2.28% Compare
YSWY Yesway Inc. $1.6B — — — — — 19.26% 5.19% Compare
IMKTA Ingles Markets, Incorporated $1.6B 15.1× — (loss-making) +1.64% (above 0%: growing) −1.42% (below 0%: shrinking) −4.33% (below 0%: shrinking) 24.30% 2.52%
GO Grocery Outlet Holding Corp. $1.3B — (loss-making) — (loss-making) +1.10% (above 0%: growing) +20.00% (above 0%: growing) −95.75% (below 0%: shrinking) 30.24% 1.32% Compare
ASAIY Sendas Distribuidora S.A. Sponsored ADR $1.3B 10.9× 7.5× +13.15% (above 0%: growing) +157.14% (above 0%: growing) +90.96% (above 0%: growing) 19.21% 7.24% Compare
DNUT Krispy Kreme, Inc. $798.1M — (loss-making) — (loss-making) −12.40% (below 0%: shrinking) n/m −43.97% (below 0%: shrinking) 73.90% (2.73%) Compare
NGVC Natural Grocers by Vitamin Cottage, Inc. $674.3M 14.2× 13.8× +1.84% (above 0%: growing) −5.88% (below 0%: shrinking) +130.15% (above 0%: growing) 29.28% 4.48% Compare
VLGEA Village Super Market, Inc. $569.1M 10.8× 12.3× +1.65% (above 0%: growing) −12.82% (below 0%: shrinking) −11.47% (below 0%: shrinking) 28.24% 2.85% Compare
Median of peers $1.3B 10.9× 12.3× +1.84% −3.34% −11.47% 28.76% 3.67%

All 14 Grocery Stores stocks →

Pay and ownership Proxy statement filed 17 January 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 3.13m 3.13m 212.00
2023 3.29m 3.29m 213.00
2022 2.51m 2.51m 229.00
2021 2.12m 2.12m 182.00

Ownership

Directors and executive officers, together 72.50% of the votes
Robert P. Ingle, II 72.50% of the votes
BlackRock, Inc. 2.10% of the votes
Dimensional Fund Advisors, LP 2.00% of the votes
The Vanguard Group 2.00% of the votes
Mario J. Gabelli et al 1.70% of the votes
River Road Asset Management, LLC 1.40% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ingles Markets, Incorporated (IMKTA) Latest News

6 Aug

Impact 3 ·

7 May

Impact 4 · · Business Wire

3 May

Impact 4 · · Simply Wall St.

30 Apr

Impact 3 · · grocerydive.com

28 Apr

Impact 4 · · grocerydive.com

27 Apr

Impact 4 · · Business Wire

20 Apr

Impact 3 ·
Impact 3 ·

19 Apr

Impact 4 · · Simply Wall St.

17 Apr

Impact 3 · · PR Newswire

13 Apr

Impact 4 · · Simply Wall St.
Impact 4 · · grocerydive.com
Impact 3 · · Business Wire

10 Apr

Impact 4 ·
Impact 4 · · Business Wire

6 Apr

Impact 4 · · Business Wire

2 Apr

Impact 3 · · grocerydive.com

1 Apr

Impact 4 · · Business Wire
Impact 3 · · Business Wire

9 Feb

Impact 4 · · Simply Wall St.

5 Feb

Impact 4 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceMT NewswiresAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press Finance
Impact 4 ·

8 Jan

Impact 3 · · MarketBeat

1 Dec

Impact 4 · · Simply Wall St.

26 Nov

Impact 4 · · Business Wire
Impact 3 · · Associated Press Finance

4 Nov

Impact 3 · · Simply Wall St.

6 Oct

Impact 4 · · Insider Monkey

19 Sep

Impact 3 ·

19 Aug

Impact 3 · · Insider Monkey
stockrow.com/IMKTA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com