olivLaw · US equity research
Ingram Micro Holding Corporation INGM
Wholesale-Computers & Peripheral Equipment & Software · SIC 5045 · Vertical: Wholesale-Computers & Peripheral Equipment & Software (SIC 5045)
Ingram Micro is one of the largest global IT distributors, delivering hardware, software, services and cloud solutions to reseller partners in more than 50 countries. In fiscal Q2 2026 net sales reached 14.5 billion USD, up 13.6% year over year, while the Xvantage platform and demand for AI infrastructure are at the center of the current discussion.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ingram Micro Holding Corporation (INGM) stock was 26.12 USD (−1.47% on the day), with market capitalisation 6.0 bn USD, P/E 13.2 on diluted EPS of 1.98 USD over the last 12 months, dividend yield 1.27%, beta 1.29, 52-week range 19.51–31.64 USD. Latest reported quarter (Q3 2026): revenue of 15.2 bn USD (+20.8% YoY), net income of 131.1 m USD (+31.8% YoY), diluted EPS 0.57 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.5
- weak (30–45)
- Bollinger (20, 2)
- 26.08 – 28.94
- in the lower half of the band · %B 0.01 · band width 10.4%
- SMA 50 / 200
- 27.49 / 26.49
- mixed trend
- MACD (12, 26, 9)
- -0.09 / 0.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.3% | −1.1% | −4.2 pp | — |
| 3 months | −9.2% | −0.5% | −8.7 pp | — |
| 6 months | −2.8% | +4.4% | −7.2 pp | — |
| Year to date | +22.4% | +12.3% | +10.1 pp | — |
| 1 year | +17.5% | +13.5% | +4.0 pp | +38.6% |
| 3 years | unavailable | +76.4% | unavailable | +70.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.3 bn | 12.3 bn | 12.8 bn | 12.6 bn | 14.9 bn | 14.0 bn | 14.5 bn | 15.2 bn |
| Cost of revenue | 12.4 bn | 11.5 bn | 12.0 bn | 11.7 bn | 13.9 bn | 13.0 bn | 13.6 bn | 14.2 bn |
| Gross profit | 936.1 m | 828.8 m | 839.2 m | 869.6 m | 966.4 m | 926.0 m | 958.7 m | 996.9 m |
| SG&A | 671.2 m | 626.0 m | 696.3 m | 642.6 m | 646.7 m | 693.6 m | 714.4 m | 697.6 m |
| Operating income | 248.5 m | 200.9 m | 142.8 m | 223.5 m | 309.7 m | 222.9 m | 236.0 m | 293.8 m |
| Depreciation & amortisation | 48.4 m | 48.0 m | 50.0 m ≈ | 48.0 m ≈ | 51.2 m | 49.7 m | 49.3 m ≈ | 50.4 m ≈ |
| Interest expense | 80.6 m | 74.9 m | 72.9 m | 81.7 m | 73.1 m | 70.5 m | 76.3 m | 79.1 m |
| Pre-tax income | 166.8 m | 100.4 m | 59.9 m | 150.5 m | 219.9 m | 140.6 m | 157.5 m | 187.0 m |
| Income tax | 83.7 m | 31.2 m | 22.1 m | 51.1 m | 98.5 m | 41.7 m | 46.7 m | 55.9 m |
| Net income | 83.1 m | 69.2 m | 37.8 m | 99.5 m | 121.4 m | 98.9 m | 110.9 m | 131.1 m |
| Diluted EPS | 0.36 | 0.29 | 0.16 | 0.42 | 0.51 ≈ | 0.42 | 0.48 | 0.57 |
| Operating cash flow | 310.0 m | -200.4 m | -298.0 m ≈ | -146.0 m ≈ | 1.6 bn | -977.9 m | -533.2 m ≈ | 251.4 m ≈ |
| Capex | 36.1 m | 29.7 m | 35.2 m ≈ | 29.0 m ≈ | 36.8 m | 36.3 m | 32.9 m ≈ | 40.2 m ≈ |
| Dividends paid | 0 | 17.4 m | 23.5 m ≈ | 18.3 m ≈ | 19.2 m | 19.0 m | 19.4 m ≈ | 22.8 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | — | 75.0 m | 30.0 m ≈ | 17.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 8-quarter history (min 13.6, median 15.5, max 17.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 50.8 bn | 48.0 bn | 48.0 bn | 52.6 bn |
| Revenue YoY | unavailable | −5.5% | −0.1% | +9.5% |
| Net income | 2.4 bn | 352.7 m | 264.2 m | 327.9 m |
| Net income YoY | unavailable | −85.3% | −25.1% | +24.1% |
| Diluted EPS | 10.77 | 1.59 | 1.18 | 1.39 |
| Diluted EPS YoY | unavailable | −85.2% | −25.8% | +17.8% |
| net % | 4.7% | 0.7% | 0.6% | 0.6% |
| Free cash flow | -496.9 m | -142.7 m | 191.1 m | 785.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 1.9 bn USD
- Financial debt
- 3.2 bn USD
- Net debt
- 1.3 bn USD
- Equity
- 4.2 bn USD
- Total assets
- 21.2 bn USD
- Debt / equity
- 0.75x
- Current ratio
- 1.33x
- ROE
- 8.2%
- ROA
- 1.6%
- FCF margin
- 1.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 50.8 bn | 48.0 bn | 48.0 bn | 52.6 bn | SEC (XBRL)· 03 Mar 2026verified |
| Cost of revenue | 47.1 bn | 44.5 bn | 44.5 bn | 49.1 bn | SEC (XBRL)· 03 Mar 2026verified |
| Gross profit | 3.7 bn | 3.5 bn | 3.4 bn | 3.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| SG&A | 2.7 bn | 2.6 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 03 Mar 2026verified |
| Operating income | 3.2 bn | 944.3 m | 817.9 m | 876.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Depreciation & amortisation | 197.1 m | 184.1 m | 189.3 m | 197.2 m | SEC (XBRL)· 03 Mar 2026verified |
| EBITDA | 3.4 bn ≈ | 1.1 bn ≈ | 1.0 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Interest expense | 320.2 m | 380.2 m | 338.4 m | 302.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Pre-tax income | 2.8 bn | 522.5 m | 445.9 m | 530.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Income tax | 420.1 m | 169.8 m | 181.6 m | 202.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Net income | 2.4 bn | 352.7 m | 264.2 m | 327.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Diluted EPS | 10.77 | 1.59 | 1.18 | 1.39 | SEC (XBRL)· 03 Mar 2026verified |
| Weighted average diluted shares | 222.4 m | 222.4 m | 224.7 m | 235.4 m | SEC (XBRL)· 03 Mar 2026verified |
| Dividend per share | — | — | — | 0.31 | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 1.3 bn | 948.5 m | 918.4 m | 1.9 bn | SEC (XBRL)· 03 Mar 2026verified |
| Receivables | — | 9.0 bn | 9.4 bn | 10.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| Inventories | — | 4.7 bn | 4.7 bn | 5.0 bn | SEC (XBRL)· 03 Mar 2026verified |
| Current assets | — | 15.4 bn | 15.8 bn | 18.2 bn | SEC (XBRL)· 03 Mar 2026verified |
| Property, plant & equipment, net | — | 452.6 m | 482.5 m | 531.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Goodwill | 844.7 m | 851.8 m | 833.7 m | 854.7 m | SEC (XBRL)· 03 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 880.4 m | 772.6 m | 711.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Total assets | — | 18.4 bn | 18.8 bn | 21.2 bn | SEC (XBRL)· 03 Mar 2026verified |
| Accounts payable | — | 9.2 bn | 10.0 bn | 12.0 bn | SEC (XBRL)· 03 Mar 2026verified |
| Short-term debt | — | 265.7 m | 184.9 m | 449.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Long-term debt | — | 3.7 bn | 3.2 bn | 2.7 bn | SEC (XBRL)· 03 Mar 2026verified |
| Current liabilities | — | 10.7 bn | 11.3 bn | 13.7 bn | SEC (XBRL)· 03 Mar 2026verified |
| Total liabilities | — | 14.9 bn | 15.0 bn | 17.0 bn | SEC (XBRL)· 03 Mar 2026verified |
| Equity | 3.1 bn † | 3.5 bn † | 3.7 bn † | 4.2 bn † | SEC (XBRL)· 03 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -361.1 m | 58.8 m | 333.8 m | 916.1 m | SEC (XBRL)· 03 Mar 2026verified |
| Capex | 135.8 m | 201.5 m | 142.7 m | 130.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Free cash flow | -496.9 m ≈ | -142.7 m ≈ | 191.1 m ≈ | 785.4 m ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Investing cash flow | 3.0 bn | -17.7 m | 105.5 m | 267.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Financing cash flow | -2.5 bn | -477.9 m | -391.3 m | -306.2 m | SEC (XBRL)· 03 Mar 2026verified |
| Dividends paid | 1.8 bn | 10.5 m | 6.2 m | 78.4 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation71
- Balance sheet42
- Quality36
- Growth5
- Returns50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.27 – 65.41 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)12.27 – 33.98 (Mid 19.67)WACC 7.2% · starting FCFF 350.6 m USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 9.1%
- Peers: EV/EBITDA35.19 – 65.41 (Mid 39.53)3 companies used · median multiple 9.5x · quartiles 8.7x – 14.2xCLMB, SCSC, SNX
- Peers: P/E30.25 – 39.05 (Mid 34.39)4 companies used · median multiple 17.3x · quartiles 15.2x – 19.7xCNXN, PLUS, SCSC, SNX
- Dividend discount (DDM)outside the aggregate4.05 – 5.44 (Mid 4.64)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.7% | 59 (on a fixed band) | 10% |
| Net margin · Quality | 0.8% | 29 (vs peers) | 6% |
| FCF conversion · Quality | 33.4% | 5 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 1.1% | 9 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -49.5% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 2.3x | 49 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 3.6x | 32 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 13.2x | 100 (vs peers) | 10% |
| EV/EBITDA · Valuation | 7.1x | 72 (on a fixed band) | 10% |
| FCF yield · Valuation | 2.6% | 32 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 52.0% | 97 (on a fixed band) | 4% |
Score groups
- Balance sheet42/100 · 3/3 factors with a value
- Growth5/100 · 2/2 factors with a value
- Quality36/100 · 3/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation71/100 · 3/3 factors with a value
Memo
INGRAM MICRO HOLDING CORP (INGM). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 52.6 bn USD in 2025; YoY growth 9.5%; net margin 0.8%; ROE 10.9%; net debt/EBITDA 2.3x.
The estimated value range is 30.25–39.05 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 34.39 USD, the price of 26.12 USD leaves a potential of 31.7% (value / price − 1) and a margin of safety of 24.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 13.2x
- EV/EBITDA: 7.1x
- Payout ratio (FCF): 52.0%
- The price is below the estimated value range
What contradicts it
- Net margin: 0.8%
- FCF conversion: 33.4%
- Revenue CAGR 3Y: 1.1%
- EPS CAGR 3Y: -49.5%
- Shareholder yield (distributions): 1.3%
Versus the vertical median
Wholesale-Computers & Peripheral Equipment & Software (SIC 5045) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNXTd Synnex Corporation | 18.4 bn | 14.0 | 14.9% | 1.8% | +6.9% | +51% / +134% |
| INGMIngram Micro Holding Corp | 6.0 bn | 13.2 | 10.9% | 0.8% | +9.5% | +17% / unavailable |
| PLUSePlus inc. | 2.4 bn | 19.0 | 12.0% | 5.1% | +22.1% | +1% / +43% |
| CNXNPc Connection, Inc. | 2.2 bn | 21.7 | 10.9% | 3.3% | +2.5% | +51% / +47% |
| SCSCScanSource, Inc. | 1.1 bn | 15.7 | 8.7% | 2.4% | +6.1% | +39% / +70% |
| CLMBClimb Global Solutions, Inc. | 803.2 m | 33.8 | 19.5% | 3.1% | +40.1% | +70% / +261% |
| CGTLCreative Global Technology Holdings Limited | 56.2 m | — | -84.9% | -63.2% | −40.6% | −79% / unavailable |
| PNSkycorp Solar Group Limited | — | — | -14.9% | -4.3% | +27.0% | −85% / unavailable |
1- and 3-year price returns: for INGM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.10 Total return -41% · Per year -41% | 26.74 Total return 4% · Per year 4% | 40.34 Total return 56% · Per year 56% |
| 3 years | 13.68 Total return -45% · Per year -18% | 27.35 Total return 9% · Per year 3% | 45.43 Total return 79% · Per year 21% |
| 5 years | 12.39 Total return -48% · Per year -12% | 27.96 Total return 14% · Per year 3% | 51.17 Total return 105% · Per year 15% |
- Exit P/E± 6.84
- Net margin± 4.79
- Annual revenue growth± 4.06
- Annual dilution± 0.40
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Ingram Micro is one of the largest global IT distributors, delivering hardware, software, services and cloud solutions to reseller partners in more than 50 countries. In fiscal Q2 2026 net sales reached 14.5 billion USD, up 13.6% year over year 3, while the Xvantage platform and demand for AI infrastructure are at the center of the current discussion.
SWOT
Strengths
- Global scale, a large number of vendors and reseller customers, and presence in many countries give the company a strong position in the technology value chain 1.
- The Xvantage platform and integrated cloud marketplace are differentiating assets, which management links to recent growth 13.
- Long-standing vendor relationships help secure access to products, especially when supply constraints exist 2.
Weaknesses
- Gross margins are very thin, and a shift toward lower-margin AI products slightly weighed on profitability in fiscal Q2 2026 3.
- Dependence on a few large vendors such as Apple exposes the company to changes in commercial terms 1.
- The business consumes working capital, and operating cash flow can be negative in quarters with heavy inventory investment 3.
Opportunities
- Demand for AI infrastructure, cloud and cybersecurity could raise the share of higher-margin categories 13.
- Emerging markets in Asia-Pacific and Latin America offer growth, since operating there requires less capital and lower labor costs 2.
- Automation and digitization of operations could improve profitability if cost efficiency continues 1.
Risks
- Dependence on large vendorshigh
A significant part of sales comes from products of a small number of vendors, and changes in those relationships could affect results 1.
- Thin margins and price competitionhigh
A very small gross margin leaves little room for pricing or inventory errors, and competitive pressure could weaken results 2.
- Indebtedness and liquiditymedium
The company relies on credit facilities and cash flow to finance working capital, and cash consumption in fiscal Q2 2026 was significant 13.
- Currency and country riskmedium
A large share of international sales exposes the company to currency fluctuations and differing regulations across jurisdictions 1.
- Technology and platform riskmedium
Developing and deploying Xvantage requires continuing investment, and failure or delay could affect growth and profitability 1.
Investment thesis
What would need to be true (bull case)
- Strong sales growth in fiscal Q2 2026, with results above the high end of guidance, could indicate solid demand and disciplined execution 3.
- A rising share of cloud and advanced solutions, now more than one-third of sales, could improve the margin structure over time 12.
- Global reach and vendor relationships could provide product access during periods of supply constraints 2.
What would break the thesis
- Gross margins remained very thin, and a mix shift toward lower-margin AI products could limit profitability gains 3.
- Dependence on a few large vendors and their commercial terms could expose the company to revenue shocks 1.
- Operating cash flow was negative in the second quarter, and continued inventory investment could keep consuming liquidity 3.
What to watch
- Delivery of guidance for net sales and non-GAAP EPS in fiscal Q3 2026Q3 2026
- Evolution of gross margin as lower-margin AI product sales growQ3 2026
- Operating cash flow and inventory levels after the second-quarter inventory build2026
- Growth of cloud sales and the Xvantage platform in upcoming annual reportsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Ingram Micro Holding Corporation and its subsidiaries are primarily engaged in distributing IT products, cloud and other services worldwide, organized into four segments: North America, EMEA, Asia-Pacific and Latin America 1. The company works with approximately 1,500 vendor partners and serves more than 165,000 reseller customers, including value-added resellers, systems integrators, mobile network operators and managed service providers 1. The Xvantage digital platform brings together ordering, marketplace and services, and management says it could support differentiation against competitors 13. International operations generated 66% of consolidated net sales in fiscal 2025 1.
Revenue is split into Client and Endpoint Solutions, Advanced Solutions, Cloud-based Solutions and Other, and the company states that Advanced Solutions and cloud now make up more than one-third of net sales and more than half of gross profit 2. Cloud operations of CloudBlue were sold in the third quarter of 2025 1. Sales are seasonal, with lower demand in Europe in the summer and a peak in the fourth quarter 1.
The business is working-capital intensive with very thin gross margins, so cash flow is sensitive to inventory levels and credit extended to customers 13. In fiscal Q2 2026 operating cash flow was negative, reflecting heavier inventory investment ahead of ongoing supply constraints 3.
Segments
Client and Endpoint Solutions
Covers desktops, notebooks, tablets, printers, components, peripherals and mobile phones, a high-volume category with lower margins 1. In fiscal Q2 2026 North American sales in this category rose 8% 3.
Advanced Solutions
Includes servers, storage, networking, cybersecurity, AI and GPU infrastructure, POS and professional services, with operating margins generally stronger than client products 12. In Asia-Pacific sales in this category grew 51% in fiscal Q2 2026, driven by GPU and AI infrastructure products 3.
Market context
The IT distribution market is characterized by very thin gross margins and intense price competition, where large distributors gain from scale and geographic reach 2. Demand depends on global IT spending, replacement cycles and adoption of as-a-service models 1. The company notes the cloud market is shifting toward subscriptions, which could move the revenue mix toward higher margins 1.
Sales growth in fiscal Q2 2026 was supported by demand for notebooks, desktops, storage and AI products, while margin expansion was limited by a shift toward lower-margin AI products 3. Supply conditions and rising average selling prices are factors that could influence future results 3.
Trends
- Cloud adoption and as-a-service modeltailwind
The shift from on-premises software to cloud solutions moves sales toward higher-margin services, and the company invests in its cloud marketplace integrated into Xvantage 1. Cloud sales in Asia-Pacific grew 87% in fiscal Q2 2026 3.
- Demand for AI infrastructuremixed
GPU and AI infrastructure products drive sales growth but reduce gross margin 3. Management describes AI as a significant and expanding opportunity, and AI investment could require additional capital expenditure 13.
- Supply constraints and inventoryheadwind
Component shortages and price increases led the company to invest more in inventory, which absorbed cash in fiscal Q2 2026 3. If constraints persist, costs and prices could keep rising 1.
- Currency effects and tariffsmixed
A large share of international operations exposes the company to dollar fluctuations, and tariffs are typically passed through to customers in pricing 12. Currency translation had a 1% positive effect on net sales in fiscal Q2 2026 3.
Competitive position
The company competes with other high-volume and value-added global distributors and with numerous smaller specialized local distributors 1. Competition is based on service level, product breadth, credit terms, price and delivery speed 1. Vendors selling directly to resellers and end users are also competitors 1.
The company says it is well equipped to outperform competitors thanks to its broad offering, global reach and distribution network 1. Its scale advantage could be eroded if margins stay under pressure from competitive pricing and restrictive vendor terms 2.
- TD SynnexSNX
Global technology distributor named in the source as a principal competitor.
- Arrow ElectronicsARW
Global distributor of components and IT solutions named as a principal global competitor.
- ScanSourceSCSC
Distributor specialized in identification, POS and security technologies, named as a global rival.
- Westcon-Comstor
Global distributor with an important role in the reseller channel, named among principal competitors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Philip Ingram sees Russia, China and Iran stepping up 'grey zone' activities across UK and EuropeFrance24 — Europe · 06 Oct 2026 · EN
- Ingram Micro Distribution, parte a grupului american de distribuţie IT, afaceri de peste 1 miliard de lei în 2025, plus 11,8%, dar cu profitul net în scădere cu aproape 70%Ziarul Financiar · 01 Jun 2026 · RO
- Body believed to be alleged triple murderer Julian Ingram found near abandoned ute in ‘decomposed state’The Guardian World · 11 May 2026 · RO
The latest news item in our archive is from 06 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report15 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Sept 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report14 May 2026Shareholder vote
- Current report07 May 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Ingram Micro Holding Corporation · 03 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Ingram Micro Holding Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ingram Micro Holding Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.