INGLES MARKETS INC

IMKTA
About the company

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.

Country: United StatesPrice: $84.28Market Cap: $1.6B

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

2 / 10

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Lynch and Asness object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictPASSPASSFAILFAIL · Rank #1124 (Top 36.3%)NEUTRALFAILPASSFAILFAILFAILFAILFAILFAILBUYFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-06-27 · Balance sheet at 2026-06-27 · Annual history · FY 2025

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-27 · TTM ended 2026-06-27 vs 2025-06-28 · TTM ended 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

TTM ended 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-11-26

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-27 · Balance sheet at 2026-06-27 · Market data at 2026-11-01

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-27 · Balance sheet at 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2025-11-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-06-27 · Balance sheet at 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-27 · Qualitative assessment

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-27 · Balance sheet at 2026-06-27 · Market data at 2026-11-01

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2025-11-26

Score computed: 2026-11-14

TTM ended 2026-06-27 · Balance sheet at 2026-06-27 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-27

Latest source filing: 2026-08-06

Score computed: 2026-11-14

TTM ended 2026-06-27 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-08-06

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Lynch and Asness object

    LT Debt vs Net Current AssetsLT Debt $483.0M vs NCA $727.6M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.30, IC: 7.7x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.30
    ✓Lynch< 0.33
    Cash - Long-term Debt$-28.0M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change20.38% -> 19.38%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities3.21
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.30
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.30
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=7.7x, D/EBITDA=1.9x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.30
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.2971; #1985/4210 (top 47.1%)
    ✗AsnessTop 30% of eligible cross-section
  • Cash Flow60% pass✓ 7✗ 5▾

    6 of 10 pass — Dreman, Pabrai, Ackman +1 more object

    Free Cash Flow Proxy$92.0M
    ✓BuffettPositive and growing
    FCF Positive and Growing$149.6M
    ✓LynchPositive and growing
    Operating Cash Flow$154.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=6.01%, ROA=3.26%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive14/17 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency25/25 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$149.6M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+9.34%; #829/4519 (top 18.3%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 8✗ 27▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Net income / market capitalization+6.50%; #1282/6340 (top 20.2%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)10/28 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)26/28 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)14.7%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)2.2% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$92.0M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR29.4%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE6.2%
    ✗Lynch> 15%
    EBIT / Enterprise Value8.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=8.7%, ROC=8.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets3.26%
    ✓PiotroskiROA > 0
    ROA Change YoY4.18% -> 3.26% (delta: -0.92%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=6.01%, ROA=3.26%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY23.0% -> 23.9%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue2.5%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity6.2%
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity8.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency26/26 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue2.6%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity6.2%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend5.0% (2023) -> 2.2% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 23.8% -> 23.9%, operating margin 5.0% -> 2.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets+50.39%; #662/3702 (top 17.9%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity+6.17%; #2315/5226 (top 44.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0378; #2207/5884 (top 37.5%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR29.4% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 2✗ 26▾

    12 of 13 flag IMKTA's valuation — Graham, Lynch, Greenblatt +9 more

    Net income / market capitalization+6.50%; #1282/6340 (top 20.2%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value8.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=8.7%, ROC=8.0%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low137% of trailing low ($61.44)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+1.0524; #1392/6449 (top 21.6%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+3.3842; #735/5247 (top 14.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+9.34%; #829/4519 (top 18.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-10.38%; #3459/6202 (top 55.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth13% pass✓ 3✗ 10▾

    7 of 8 flag IMKTA's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR29.4%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -1.6% vs Rev: 1.0%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency26/26 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-4.3%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 23.8% -> 23.9%, operating margin 5.0% -> 2.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR3.0%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR29.4% over 5 years
    ✗Neff7%-20% annualized
  • Verdicts27% pass✓ 4✗ 11▾

    Split decision: 10 FAIL · 3 PASS · 2 NEUTRAL · 1 BUY

    Overall verdict
    ✓GrahamPASS (4/9)✓BuffettPASS (4/9)✗LynchFAIL (4/7)✗GreenblattRank #1124•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (3/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✓AsnessBUY (Rank #172/2370 (Top 7.3%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency38% pass✓ 5✗ 6▾

    5 of 8 flag IMKTA's efficiency — Greenblatt, Piotroski, Munger +2 more

    Current Ratio3.21
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)12.6%
    ✓Buffett> 10%
    ROIC - WACC+2.6%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)8.0%
    ✗Greenblatt> 25%
    Current Ratio Change YoY2.89 -> 3.22
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY2.23x -> 2.08x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities3.21
    ✓Dreman> 1.5
    Return on Invested Capital5.2%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=11.5%; FY2024: ROIC=5.6%; FY2025: ROIC=4.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC4.6% (RR=88% x ROIC=5.2%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)2/5 years above 12% (latest 4.4%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail
SIC Sector: Food Stores
Size: Small Cap($1.6B)
Revenue: $5.3B-5.4% YoY
Net Income: $83.6M-20.8% YoY

Financial Snapshot

Operating Margin2.2%
Return on Equity5.2%
Debt / Equity0.32
Current Ratio3.22

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
—
Dividends
$12.3M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-06-27

2025-06-29 – 2026-06-27

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, dividends paid.

Q3 FY 2026

2026-03-29 – 2026-06-27

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, dividends paid.

Q2 FY 2026

2025-12-28 – 2026-03-28

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, dividends paid.

Q1 FY 2026

2025-09-28 – 2025-12-27

Sources
FY 2025
Sources
  • 10-K · 2025-11-26
FY 2024
Sources
  • 10-K · 2024-12-27
FY 2023
Sources
  • 10-K · 2023-11-29
FY 2022
Sources
  • 10-K · 2022-11-23
FY 2021
Sources
  • 10-K · 2021-11-24
Market Cap$1.6Bcurrent----------------
Revenue$5.4B↑1%$1.4B↑2%$1.3B↓2%$1.4B↑7%$5.3B↓5%$5.6B↓4%$5.9B↑4%$5.7B↑14%$5.0B
Operating Income$143.1M↑76%$34.5M↓8%$34.5M↑59%$39.1M↑66%$117.6M↓20%$147.1M↓50%$292.3M↓22%$376.9M↑8%$350.1M
Net Income$104.0M↑84%$25.9M↓1%$24.3M↑61%$28.1M↑70%$83.6M↓21%$105.5M↓50%$210.8M↓23%$272.8M↑9%$249.7M
EPS (Diluted)------------------
Gross Margin24.5%↑6%24.3%24.9%↑6%24.4%↑4%23.9%↑4%23.0%↓3%23.8%↓4%24.9%↓5%26.1%
Operating Margin2.6%↑75%2.5%↓9%2.6%↑62%2.9%↑56%2.2%↓16%2.6%↓47%5.0%↓25%6.6%↓5%7.0%
ROE6.2%↑74%———5.2%↓24%6.8%↓53%14.4%↓33%21.7%↓15%25.4%
Total Debt$500.5M↓3%$500.5M↓3%$503.8M↓3%$511.5M↓3%$514.8M↓3%$532.6M↓3%$550.2M↓4%$571.9M↓3%$589.5M
Shareholders' Equity$1.7B↑6%$1.7B↑6%$1.7B↑6%$1.6B↑5%$1.6B↑5%$1.5B↑6%$1.5B↑16%$1.3B↑28%$983.3M
Current Ratio3.21↑2%3.21↑2%3.34↑5%3.36↑4%3.22↑12%2.892.88↑15%2.51↑34%1.88
Debt / Equity0.30↓9%0.30↓9%0.30↓9%0.31↓8%0.32↓8%0.34↓9%0.38↓17%0.45↓24%0.60
Operating Cash Flow$249.1M↑49%$67.0M↓10%$83.8M↑33%$38.4M↑188%$154.1M↓41%$262.5M↓1%$266.4M↓22%$339.5M↑11%$306.3M
Free Cash Flow$149.6M↑1714%$43.6M↓4%$67.1M↑73%$2.1M↑103%$39.6M↓23%$51.7M↓44%$92.8M↓58%$219.9M↑33%$165.7M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

IMKTA vs Peers — Financial Grading

Revenue$5.3BBottom 25%
Net Income$83.6MBottom 25%
ROE5.2%Bottom 25%
D/E0.32Median
Op. Margin2.2%Bottom 25%
Curr. Ratio3.22Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
COSTCO WHOLESALE CORP /NEWCOST$490.2B$1106.21$275.2B$8.1B27.8%0.203.8%1.032/95/96/71/3F-Score 63/11
HOME DEPOT, INC.HD$347.9B$348.69$164.7B$14.2B110.5%4.0012.7%1.063/95/93/71/3F-Score 43/11
TJX COMPANIES INC /DE/TJX$148.4B$134.37$60.4B$5.5B53.9%0.28—1.143/96/97/71/3F-Score 74/11
FASTENAL COFAST$63.3B$55.19$8.2B$1.3B31.9%0.0320.2%4.854/97/95/71/3F-Score 75/11
AUTOZONE INCAZO$52.5B$3259.70$18.9B$2.5B-73.2%-2.6119.1%0.883/96/92/71/3F-Score 64/11
KROGER COKR$41.8B$70.80$147.6B$1.0B17.1%2.681.3%0.803/94/93/70/3F-Score 73/11
WILLIAMS SONOMA INCWSM$29.9B$254.05$7.8B$1.1B52.3%—18.1%1.393/96/93/71/3F-Score 53/11
CASEYS GENERAL STORES INCCASY$26.3B$712.08$17.6B$714.4M18.1%0.62—1.013/93/92/70/3F-Score 93/11