Ingram Micro Holding Corporation
- Open
- 27.86
- Day high
- 28.45
- Day low
- 27.57
- Prev close
- 27.61
- Volume
- 736K
- Mkt cap
- $6.4B
- P/E (TTM)
- 15.0
- EPS (TTM)
- $1.84
- P/B
- 1.5
- P/S
- 0.1
- Yield
- 1.20%
- Per share
- $0.33
- ▼Insiders net selling -$151.8M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Ingram Micro Holding Corporation (INGM) is a Technology company listed on NYSE. The stock is up 44% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4). Drillr has 2 published research articles covering INGM.
Ingram Micro Holding Corporation (INGM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
INGM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.74 | $0.82 | +10.7% | $14.5B | +4.9% |
| Apr 30, 2026 | $0.70 | $0.75 | +7.1% | $14.0B | +9.4% |
| Oct 30, 2025 | $0.67 | $0.72 | +7.5% | $12.6B | -11.1% |
| Aug 6, 2025 | $0.60 | $0.61 | +1.5% | $12.8B | +6.7% |
| May 8, 2025 | $0.56 | $0.61 | +8.9% | $12.3B | +2.4% |
| Mar 4, 2025 | $0.91 | $0.92 | +1.1% | $13.3B | +14.8% |
| Jun 30, 2024 | — | $0.21 | — | $11.5B | — |
| Mar 31, 2024 | — | $0.23 | — | $11.3B | — |
| Dec 31, 2023 | — | $0.58 | — | $13.0B | — |
| Sep 30, 2023 | — | $0.37 | — | $11.9B | — |
| Apr 1, 2023 | — | $0.27 | — | $11.6B | — |
| Dec 31, 2022 | — | $0.43 | — | $12.7B | — |
INGM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | PLATINUM EQUITY, LLC10 percent owner | Sell | 5,167,069 | $29.03 |
| Jun 16, 2026 | Aragone Augustoofficer: Executive VP, Secretary & GC | Sell | 50,000 | $29.30 |
| Jun 16, 2026 | Aragone Augustoofficer: Executive VP, Secretary & GC | Sell | 10,000 | $30.00 |
| May 14, 2026 | Alvaro Feliciadirector | Grant | 7,031 | — |
| May 14, 2026 | ASHMORE CRAIG Wdirector | Grant | 7,031 | — |
| May 14, 2026 | MONIE ALAINdirector | Grant | 7,031 | — |
| May 14, 2026 | STONE HEISZ LESLIEdirector | Grant | 7,031 | — |
| May 14, 2026 | Haussler Jakki L.director | Grant | 7,031 | — |
| May 14, 2026 | Wienbar Sharon Ldirector | Grant | 7,031 | — |
| May 8, 2026 | PLATINUM EQUITY, LLC10 percent owner | Sell | 14,471,153 | $24.96 |
| Mar 31, 2026 | PLATINUM EQUITY, LLC10 percent owner | Sell | 1,348,314 | $21.36 |
| Mar 11, 2026 | PLATINUM EQUITY, LLC10 percent owner | Sell | 12,499,999 | $21.36 |
| Mar 5, 2026 | Zilis Michaelofficer: Executive VP & CFO | Tax | 2,601 | $21.35 |
| Mar 5, 2026 | Hornstein Carolynofficer: SVP, Controller & CAO | Tax | 597 | $21.35 |
| Mar 5, 2026 | Hornstein Carolynofficer: SVP, Controller & CAO | Grant | 8,407 | — |
Source: INGM SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full INGM insider & 13F page →INGM research & analysis
[INGM] Ingram Micro Holding Thesis 2026: Global IT Distribution Scale Plus Xvantage Platform Margin Mix
Ingram Micro Holding Corporation (NYSE: INGM) is a US-based global technology distribution and solutions company, founded 1979 and headquartered in Irvine California, that re-IPO'd on the NYSE in 2024 (Platinum Equity remains majority owner after its 2021 acquisition). INGM enters FY2026 with FY2025 revenue ~$48-52B (+3-10% YoY off $48.0B FY2024) and adj. EPS ~$2.50-3.50, reported by geography — Americas ~$24-28B (~50-54% mix) + EMEA ~$13-16B (~28-32% mix) + Asia-Pacific ~$10-13B (~20-24% mix) — all under President + CEO Paul Bay (CEO since ~2022, ~3-4 year tenure, ~30+ year Ingram Micro career, architect of the Xvantage digital platform strategy and the post-2024 re-IPO digital transformation and margin-mix shift). The first thesis pillar is the Global IT Distribution Scale + Xvantage Digital Platform pipeline (~$44-48B revenue, ~92-96% revenue mix): #1/#2 worldwide IT distributor scale across ~200 countries distributing PCs, servers, storage, networking, peripherals, mobile devices and software for ~1,500+ vendor partners (HP, HPE, Dell, Lenovo, Cisco, Microsoft, Apple, Samsung) to VARs, MSPs, system integrators, retailers and e-tailers, now augmented by Xvantage, an AI-powered self-service marketplace driving digital order mix growth, operating leverage and customer/vendor stickiness; FY2026 catalyst is ~$45-50B distribution revenue at ~6.5-8.0% gross margin and ~1.5-3.0% adj. operating margin riding the post-2024-2025 IT spending recovery, PC refresh cycle, AI PC and Windows refresh tailwind. The second pillar is the Advanced Solutions + Cloud + Cybersecurity + Lifecycle Services pipeline (~higher-margin mix within the ~$48-52B total): Advanced Solutions (data center, networking, virtualization, cybersecurity), Cloud (the CloudBlue platform; SaaS/IaaS marketplace and subscription billing; recurring/ratable revenue), Cybersecurity (security vendor distribution and MSSP enablement; fastest-growing category) and Lifecycle Services (configuration, integration, ITAD, reverse logistics, financing); FY2026 catalyst is a continued margin-mix shift toward solutions/cloud/cybersecurity/services with cloud/services revenue outpacing commodity hardware and gross-margin expansion. The capital story: a newly initiated ~$0.30-0.50 aggregate annual dividend (post-2024 re-IPO; quarterly; ~10-25% payout), modest buybacks, ~$1.5-3.0B net debt, ~1.5-3.0x net debt/EBITDA, BB-/Ba3 to BB+/Ba1 credit profile (deleveraging from the Platinum Equity LBO era), ~235-245M diluted shares (Platinum Equity majority owner), ~$3-5B liquidity; deleveraging and a potential credit upgrade are FY2026 levers. At ~$20-35 per share on ~235-245M shares (~$5-8.5B equity, ~$7-11B EV) INGM trades at ~7-12x P/E and ~5-9x EV/EBITDA versus distribution and IT-solutions peers TD SYNNEX, Arrow Electronics, Avnet, ScanSource, CDW, Insight Enterprises, PC Connection, WESCO and Climb Global Solutions. FY2026 base case is ~$48-52B revenue + ~$2.80-3.80 adj. EPS + ~$1.2-1.6B adj. EBITDA + ~1.0-3.0x net debt/EBITDA; bull case ~$50-55B revenue + ~$3.50-4.50 EPS on IT spending recovery acceleration plus Xvantage operating leverage plus margin-mix and cloud growth plus a credit upgrade; bear case ~$45-49B revenue + ~$2.30-3.00 EPS on competitive intensification from TD SYNNEX and Arrow and CDW, thin-margin distribution dynamics, PC/hardware and enterprise IT spending cycle weakness, vendor concentration and rebate/inventory considerations, FX (~70%+ revenue outside the US), working-capital financing and the Platinum Equity overhang. The thesis depends on the Global IT Distribution Scale + Xvantage Digital Platform pipeline plus the Advanced Solutions + Cloud + Cybersecurity + Lifecycle Services pipeline plus #1/#2 global distributor scale plus vendor breadth plus the Xvantage platform plus the margin-mix shift plus the post-2024-2025 IT spending recovery plus post-2024 re-IPO deleveraging and Paul Bay's execution.
IT Distribution Consolidates Around Two Global Partners
Ingram Micro and TD SYNNEX each confirmed HPE named them its only two global distribution partners for its full networking, cloud and AI portfolio.
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Ingram Micro Holding Corporation company profile
Overview
Ingram Micro Holding Corporation (NYSE:INGM) is a global technology distributor and platform company founded in 1979 and headquartered in Irvine, California. The company serves as a critical intermediary in the technology supply chain, connecting technology vendors with resellers, retailers, and end customers across more than 50 countries worldwide. After operating as a private company under HNA Group ownership since 2016, Ingram Micro returned to public markets in October 2024 through an initial public offering. The company is currently undergoing a strategic transformation from a traditional technology distributor to an AI-powered digital platform company, investing heavily in its proprietary xVantage platform to modernize the IT distribution ecosystem.
Business
Ingram Micro operates in the technology distribution industry, serving as a vital link between technology manufacturers and the channel partners who sell to end customers. The company functions as a wholesale distributor, purchasing technology products from vendors like Microsoft, Cisco, HP, and Dell, then reselling them to a network of resellers, system integrators, retailers, and other channel partners who ultimately serve corporate and consumer end users. The company's business is organized into three primary product segments: Client and Endpoint Solutions represents the largest portion of revenue, encompassing traditional computing devices such as desktop computers, laptops, tablets, printers, application software, peripherals, and accessories. This segment also includes component parts like hard drives, motherboards, and video cards. These products serve both corporate environments and individual consumers through various retail and business channels. Advanced Solutions focuses on enterprise-grade infrastructure technology, including servers, data storage systems, networking equipment, cybersecurity solutions, power and cooling systems, and virtualization software. This segment also covers specialized solutions for data centers, point-of-sale systems, physical security, audio-visual equipment, and emerging technologies like artificial intelligence hardware. Advanced Solutions typically carries higher margins than commodity client devices. Cloud and Other Services represents the company's fastest-growing and highest-margin segment, though still relatively small at approximately 1% of net sales but 15% of gross profit. This includes third-party cloud-based software subscriptions, security services, communications and collaboration tools, and infrastructure-as-a-service offerings. The company also operates the CloudBlue digital commerce platform, which provides subscription management, billing, and orchestration solutions through a software-as-a-service model. The company's proprietary xVantage platform serves as an AI-powered digital marketplace and transaction platform, designed to streamline the traditionally complex process of technology procurement and distribution. This platform incorporates over 100 internally developed AI models and features like an intelligent digital assistant called AIDA to enhance customer experience and operational efficiency.
Revenue model
Ingram Micro generates revenue primarily through product distribution margins - the difference between what it pays technology vendors and what it charges channel partners. As a wholesale distributor, the company purchases products in large volumes from manufacturers, then adds a markup when selling to resellers, retailers, and other channel partners. Gross margins typically range from 6.5% to 7.5% of net sales, with variation depending on product mix and competitive dynamics. The company's customers are primarily business-to-business channel partners rather than end consumers. These include value-added resellers (VARs), system integrators, managed service providers, retailers, and corporate resellers who serve the final end customers. Payment terms and credit facilities provided to these channel partners represent a significant component of the business model. Several factors influence the company's profitability margins. Product mix is crucial - commodity client devices like PCs and tablets typically carry lower margins, while advanced solutions like enterprise servers, cybersecurity software, and cloud services command higher margins. Competitive pricing pressure can compress margins, particularly in markets like India where the company has faced significant challenges. Vendor relationships and volume commitments affect purchasing terms and rebate opportunities. Currency fluctuations impact international operations, while macroeconomic conditions influence demand patterns - corporate IT refresh cycles, government spending, and small-to-medium business investment levels all affect sales volumes. The company's strategic shift toward higher-margin cloud services and its investment in the xVantage platform represent efforts to capture more value through platform-based revenue models, including transaction fees, subscription services, and value-added digital services that can provide more predictable and profitable revenue streams compared to traditional product distribution.
Competitive moat
Ingram Micro's competitive moat is moderate but faces increasing pressure from digital transformation trends and changing customer expectations. The company's primary defensive advantages stem from its scale and global reach, operating in over 50 countries with established relationships spanning 45 years in the industry. This extensive network creates significant barriers for new entrants due to the capital requirements, regulatory complexities, and relationship-building needed to replicate such global infrastructure. The company's vendor relationships and channel partnerships provide some protection, as technology manufacturers rely on distributors like Ingram Micro for market access, logistics, credit management, and technical support services. Similarly, channel partners depend on distributors for product availability, financing, and consolidated purchasing across multiple vendors. These interdependent relationships create switching costs and network effects. However, the traditional distribution model faces significant disruptive pressures. Cloud computing and software-as-a-service models increasingly bypass traditional distribution channels, as vendors can sell directly to customers through digital platforms. Major technology companies like Microsoft, Amazon, and Google are expanding their direct-to-customer capabilities, potentially reducing reliance on distributors. Additionally, digital-native competitors and e-commerce platforms can offer more streamlined purchasing experiences with lower overhead costs. The company's investment in the xVantage platform represents an attempt to build a digital moat through AI-powered services, data analytics, and platform network effects. However, this transformation is still in early stages and faces competition from both traditional distributors investing in similar capabilities and new technology platforms entering the market. The success of this digital transformation will largely determine whether Ingram Micro can maintain its competitive position or face continued margin pressure and market share erosion.
Risks & safety
Ingram Micro presents a moderate margin of safety with manageable financial risks but some concerns around cash generation consistency. • Liquidity and Solvency: Current ratio of 1.40 indicates adequate short-term liquidity. Cash position of $882 million provides reasonable buffer. Debt-to-equity ratio of 0.24 shows conservative leverage levels, significantly improved from historical highs above 1.0. • Cash Flow Concerns: Free cash flow turned negative at -$30 million in Q1 2025, following positive $274 million in Q4 2024. Operating cash flow shows volatility, indicating working capital management challenges typical in distribution businesses. • Valuation Metrics: Trading at 14.5x P/E ratio and 5.0x EV/EBITDA, suggesting reasonable valuation for a mature distribution business. Price-to-book ratio of 1.04 indicates trading near book value. • Profitability: Net margins remain thin at approximately 0.6% of sales, typical for distribution but leaving little room for error. Return on equity of 1.8% is relatively low, reflecting the capital-intensive nature of the business. • Other Considerations: Recent IPO status provides access to capital markets. Global diversification reduces single-market risk. However, exposure to cyclical technology spending and competitive margin pressure present ongoing challenges.
Recent development
Over the past few years, Ingram Micro has undergone a significant strategic transformation from a traditional technology distributor to an AI-powered digital platform company. The centerpiece of this transformation is the development and rollout of the xVantage platform, which the company has invested over $600 million to build. This AI-powered digital experience platform incorporates more than 100 internally developed AI models and features an intelligent digital assistant called AIDA. The xVantage platform has been progressively deployed across the company's global footprint, expanding from 14 countries in Q3 2024 to 16 countries by Q4 2024, and reaching 20 countries by Q1 2025. The platform has demonstrated strong early adoption metrics, with end-user engagement increasing 50% year-over-year, self-service orders more than doubling, and the reactivation of over 8,000 dormant customers. In Q1 2025 alone, the platform processed over 12 million advanced searches and enabled tens of thousands of proactive customer engagements through its AI capabilities. The company has also focused on portfolio optimization toward higher-margin segments. While traditional client and endpoint solutions continue to represent the largest revenue segment, the company has prioritized growth in advanced solutions and cloud services. The cloud segment, though still small at 1% of net sales, represents 15% of gross profit and continues to show strong double-digit growth rates. Following its return to public markets in October 2024, Ingram Micro has established clearer strategic priorities around digital transformation, operational excellence, and talent development. The company has also committed to returning capital to shareholders, planning to initiate quarterly dividend payments starting in 2025. Recent quarters have shown signs of market recovery, with strong performance in the Asia Pacific region and improving trends in client and endpoint solutions, positioning the company for anticipated growth driven by PC refresh cycles and networking equipment recovery in 2025.
INGM company profile · for informational purposes only — not investment advice.
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