MeritValue

Ingram Micro Holding Corp

INGMdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Ingram Micro Holding Corp earns about 37% on invested capital, but has diluted owners by 6% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $14.98 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$50.8B1$48B2$48B2$52.6B2
Net income$2.39B3$352.7M4$264.2M4$327.9M4
Operating cash flow−$361.1M5$58.8M6$333.8M6$916.1M6
Capital expenditure$135.8M7$201.5M8$142.7M8$130.8M8
Free cash flow (derived)−$496.9M5−$142.7M6$191.1M6$785.4M6
Total debt—$7.85B9$6.71B10$6.4B10
Cash & equivalents$1.32B11$948.5M12$918.4M13$1.86B13
Diluted shares222.4M222.4M224.7M235.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$180.51
your share of equity
Profit it earned you last year
$13.93
Free cash flow it threw off
$33.37
Debt you’d be carrying
$271.88

10 shares is a claim on $180.51 of net worth that earned you $13.93 and generated $33.37 of cash last year, against $271.88 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
37% avg · 4y
FY22 138%FY23 3%FY24 3%FY25 4%

It earned an average 37% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 4y

Share count is up 6% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 18% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$191.1M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$191.1M
Earnings Power Value
$14.98
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$340.3M
  • growthAssumed0.0%
Graham Number
$23.76
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001628280-25-010298 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-30 · accession 0001628280-26-013588 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001628280-25-010298 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-30 · accession 0001628280-26-013588 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-010298 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-30 · accession 0001628280-26-013588 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001628280-25-010298 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-30 · accession 0001628280-26-013588 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-30 · accession 0001628280-25-010298 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-28 · accession 0001628280-26-013588 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-26-013588 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-12-30 · accession 0001628280-25-010298 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-28 · accession 0001628280-26-013588 (CashAndCashEquivalentsAtCarryingValue)