IMKTAIngles Markets, Incorporated
Is the business good?
The checks split: earnings fully cash-backed (2.3×), but margins compressing.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Efficiency-driven, thin margins turned over fast (the retail model). ROE 6% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IMKTA?
Ingles Markets, Incorporated earns 6.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 2.5 points below what the capital costs: growth destroys value
- Operating margin
- 2.6%
Operating margin · Grocery Stores median 1.8% · 12 months to Q3 2026
- Cash conversion
- 2.28×
Cash conversion · 2.70× a year ago · operating cash flow covers the operating profit after tax
- Gross margin
- 24%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 6.1% |
| FY2021 | 7.0% |
| FY2022 | 6.6% |
| FY2023 | 5.0% |
| FY2024 | 2.6% |
| FY2025 | 2.2% |
Details›
- Gross margin12 months to Q3 2026
- 24%
- Operating margin12 months to Q3 2026
- 2.6%
- Net margin12 months to Q3 2026
- 1.9%
- Free cash flow margin
- 2.8%
- Revenue, trailing twelve months
- $5.42B
- Free cash flow, trailing twelve months
- $150M
- Net income, trailing twelve months
- $104M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.