Ingles Markets, Incorporated

IMKTA

Grocery Stores · Consumer Defensive

Price

$90.15

-2.55 (-2.75%)

Market Cap

$1.71B

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−3.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 19.6M (2021) → 19.0M (2025)

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 produ

Winston Score History

Score breakdown

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Quality

Gross Margin

24.9%

Thin — 24.9% gross margin

Operating Margin

2.6%

Thin — 2.6% operating margin

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-3.2%

Shrinking sales (-3.2% YoY)

EPS YoY

+0.8%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

308%

Turns 308% of profit into real cash

FCF Margin

3.5%

Thin free cash flow (3.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.31

Conservative — low debt load (0.31)

Interest Cover

6.67x

Adequate interest coverage (6.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

18.4x

Fair value — P/E 18.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.73%

Small dividend — 0.73% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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