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olivLaw · US equity research

Ingles Markets, Incorporated IMKTA

Retail-Grocery Stores · SIC 5411 · Vertical: Retail-Grocery Stores (SIC 5411)

84.11USD+1.07% · 1 dayClose 30 Oct 2026

Ingles Markets is a supermarket chain in the southeastern United States, headquartered in Asheville, North Carolina, that competes on service, convenience and competitive prices. The business was hit by Hurricane Helene and a slight decline in comparable sales, but results for the first nine months of fiscal 2026 show a recovery in gross margin while the company keeps opening new stores.

At the close of 30 Oct 2026, Ingles Markets, Incorporated (IMKTA) stock was 84.11 USD (+1.07% on the day), with beta 0.25, 52-week range 68.55–95.23 USD. Latest reported quarter (Q3 2026): revenue of 1.4 bn USD (+1.6% YoY), net income of 25.9 m USD (−1.1% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
0.25
Volatility (1y) 25%
52-week range
68.5595.23

Price history

Loading chart…

Technical reading

RSI (14)
45.2
neutral
Bollinger (20, 2)
83.04 – 88.36
in the lower half of the band · %B 0.20 · band width 6.2%
SMA 50 / 200
84.26 / 86.37
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / 0.33
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

CompanyS&P 500vs S&P 500Vertical median
1 month−0.8%−0.9%+0.1 pp—
3 months−6.6%+1.2%−7.8 pp—
6 months−7.9%+4.8%−12.7 pp—
Year to date+22.7%+10.7%+12.0 pp—
1 year+22.6%+11.1%+11.4 pp−7.8%
3 years+4.8%+80.7%−75.9 pp+16.3%
5 years+21.6%+64.6%−43.0 pp—
Max drawdown (1y)
−15.4%
09 Apr 2026 → 01 Sept 2026
Max drawdown (5y)
−41.0%
12 Dec 2022 → 05 Aug 2025
Compound annual growth (5y)
+4.0%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 27 Jun 2026

Revenue
1.4 bn USD
+1.6% YoY
Net income
25.9 m USD
−1.1% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
1.9% / 2.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue1.4 bn1.3 bn1.3 bn1.3 bn1.4 bn1.4 bn1.3 bn1.4 bn
Cost of revenue1.1 bn987.0 m1.0 bn1.0 bn1.0 bn1.0 bn982.6 m1.0 bn
Gross profit299.4 m301.1 m311.0 m327.3 m334.7 m334.6 m325.3 m332.4 m
Operating income-1.4 m23.6 m21.6 m37.3 m35.0 m39.1 m34.5 m34.5 m
Depreciation & amortisation34.1 m30.9 m30.6 m ≈30.7 m ≈30.7 m30.3 m30.1 m ≈30.1 m ≈
Interest expense5.2 m5.0 m4.9 m4.9 m5.0 m4.6 m4.5 m4.5 m
Pre-tax income-3.0 m21.9 m19.6 m35.3 m33.2 m37.4 m32.7 m33.0 m
Income tax-1.5 m5.3 m4.5 m9.1 m7.5 m9.3 m8.5 m7.1 m
Net income-1.5 m16.6 m15.1 m26.2 m25.7 m28.1 m24.3 m25.9 m
Operating cash flow73.3 m-43.6 m63.1 m ≈74.8 m ≈59.9 m38.4 m83.8 m ≈67.0 m ≈
Capex67.8 m37.8 m24.2 m ≈29.4 m ≈23.1 m36.4 m16.7 m ≈23.4 m ≈
Dividends paid3.1 m3.1 m3.1 m ≈3.1 m ≈3.1 m3.1 m3.1 m ≈3.1 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

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.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue4.1 bn4.2 bn4.6 bn5.0 bn5.7 bn5.9 bn5.6 bn5.3 bn
Revenue YoY+2.3%+2.7%+9.7%+8.2%+13.9%+3.8%−4.3%−5.4%
Net income97.4 m81.6 m178.6 m249.7 m272.8 m210.8 m105.5 m83.6 m
Net income YoY+80.7%−16.2%+118.9%+39.8%+9.2%−22.7%−49.9%−20.8%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %2.4%1.9%3.9%5.0%4.8%3.6%1.9%1.6%
Free cash flow10.8 m49.8 m227.3 m165.7 m219.9 m92.8 m51.7 m39.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 27 Sept 2025

Cash
366.2 m USD
Financial debt
514.8 m USD
Net debt
148.5 m USD
Equity
1.6 bn USD
Total assets
2.6 bn USD
Debt / equity
0.32x
Current ratio
3.22x
ROE
5.3%
ROA
3.3%
FCF margin
0.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
5.9 bn
2024
5.6 bn
2025
5.3 bn

SEC (XBRL)· 26 Nov 2025verified

Cost of revenue
2023
4.5 bn
2024
4.3 bn
2025
4.1 bn

SEC (XBRL)· 26 Nov 2025verified

Gross profit
2023
1.4 bn
2024
1.3 bn
2025
1.3 bn

SEC (XBRL)· 26 Nov 2025verified

Operating income
2023
292.3 m
2024
147.1 m
2025
117.6 m

SEC (XBRL)· 26 Nov 2025verified

Depreciation & amortisation
2023
116.0 m
2024
121.6 m
2025
122.9 m

SEC (XBRL)· 26 Nov 2025verified

EBITDA
2023
408.3 m ≈
2024
268.8 m ≈
2025
240.5 m ≈

SEC (XBRL)· 26 Nov 2025derived

Interest expense
2023
22.1 m
2024
21.9 m
2025
19.7 m

SEC (XBRL)· 26 Nov 2025verified

Pre-tax income
2023
278.5 m
2024
139.5 m
2025
109.9 m

SEC (XBRL)· 26 Nov 2025verified

Income tax
2023
67.7 m
2024
34.0 m
2025
26.3 m

SEC (XBRL)· 26 Nov 2025verified

Net income
2023
210.8 m
2024
105.5 m
2025
83.6 m

SEC (XBRL)· 26 Nov 2025verified

Balance sheet · USD

Cash
2023
328.5 m
2024
353.7 m
2025
366.2 m

SEC (XBRL)· 26 Nov 2025verified

Inventories
2023
493.9 m
2024
462.1 m
2025
483.0 m

SEC (XBRL)· 26 Nov 2025verified

Current assets
2023
952.6 m
2024
925.5 m
2025
975.6 m

SEC (XBRL)· 26 Nov 2025verified

Property, plant & equipment, net
2023
1.4 bn
2024
1.5 bn
2025
1.5 bn

SEC (XBRL)· 26 Nov 2025verified

Total assets
2023
2.5 bn
2024
2.5 bn
2025
2.6 bn

SEC (XBRL)· 26 Nov 2025verified

Short-term debt
2023
17.5 m
2024
17.5 m
2025
17.5 m

SEC (XBRL)· 26 Nov 2025verified

Long-term debt
2023
532.6 m
2024
515.1 m
2025
497.3 m

SEC (XBRL)· 26 Nov 2025verified

Current liabilities
2023
330.5 m
2024
320.6 m
2025
302.9 m

SEC (XBRL)· 26 Nov 2025verified

Total liabilities
2023
1.0 bn
2024
982.1 m
2025
950.1 m

SEC (XBRL)· 26 Nov 2025verified

Equity
2023
1.5 bn †
2024
1.5 bn †
2025
1.6 bn †

SEC (XBRL)· 26 Nov 2025verified

Cash flow · USD

Operating cash flow
2023
266.4 m
2024
262.5 m
2025
154.1 m

SEC (XBRL)· 26 Nov 2025verified

Capex
2023
173.6 m
2024
210.9 m
2025
114.5 m

SEC (XBRL)· 26 Nov 2025verified

Free cash flow
2023
92.8 m ≈
2024
51.7 m ≈
2025
39.6 m ≈

SEC (XBRL)· 26 Nov 2025derived

Investing cash flow
2023
-170.1 m
2024
-206.2 m
2025
-109.9 m

SEC (XBRL)· 26 Nov 2025verified

Financing cash flow
2023
-35.0 m
2024
-31.2 m
2025
-31.6 m

SEC (XBRL)· 26 Nov 2025verified

Dividends paid
2023
12.3 m
2024
12.3 m
2025
12.3 m

SEC (XBRL)· 26 Nov 2025verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Nov 2021verified

Computed indicators

Growth

Revenue growth (YoY)
-5.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-2.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
3.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-20.1%
computed by olivLawFY 2025
Net income growth (YoY)
-20.8%
computed by olivLawFY 2025
Net income CAGR 3Y
-32.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-14.1%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-23.4%
computed by olivLawFY 2025

Profitability

Gross margin
24.5%
computed by olivLawTTM to 27 Jun 2026
EBITDA margin
4.9%
computed by olivLawTTM to 27 Jun 2026
EBIT margin
2.6%
computed by olivLawTTM to 27 Jun 2026
Net margin
1.9%
computed by olivLawTTM to 27 Jun 2026
FCF margin
2.8%
computed by olivLawTTM to 27 Jun 2026

Returns

ROE
6.3%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
ROA
4.0%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
ROIC
6.2%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
ROCE
6.2%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
8.2%
computed by olivLawTTM to 27 Jun 2026

Balance sheet

Net debt
45.4 m USD
computed by olivLawbalance sheet at 27 Jun 2026
Net debt / EBITDA
0.2x
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Debt / equity
0.3x
computed by olivLawbalance sheet at 27 Jun 2026
Interest coverage
7.7x
computed by olivLawTTM to 27 Jun 2026

Liquidity

Current ratio
3.2x
computed by olivLawbalance sheet at 27 Jun 2026
Quick ratio
1.8x
computed by olivLawbalance sheet at 27 Jun 2026
Cash ratio
1.4x
computed by olivLawbalance sheet at 27 Jun 2026

Cash

Operating cash flow
249.1 m USD
computed by olivLawTTM to 27 Jun 2026
Capital expenditure
99.5 m USD
computed by olivLawTTM to 27 Jun 2026
Free cash flow
149.6 m USD
computed by olivLawTTM to 27 Jun 2026
FCF conversion
143.8%
computed by olivLawTTM to 27 Jun 2026
Cash conversion
94.3%
computed by olivLawTTM to 27 Jun 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
43 days
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 56.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

84.11 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
6.3%
computed by olivLawTTM to 27 Jun 2026 · balance sheet at 27 Jun 2026
Net margin
1.9%
computed by olivLawTTM to 27 Jun 2026
Revenue growth (YoY)
-5.4%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 27 Jun 2026
Latest balance sheet date: 27 Jun 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 1922derived 190

Score by group

56% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · input data missing
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Retail-Grocery Stores (SIC 5411)

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

Insufficient data

Minimum-evidence gate: score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality6.2%43 (vs peers)19%
Net margin · Quality1.9%56 (vs peers)11%
FCF conversion · Quality143.8%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth-2.1%0 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet0.2x60 (vs peers)19%
Interest coverage · Balance sheet7.7x95 (on a fixed band)11%
Current ratio · Balance sheet3.2x100 (on a fixed band)7%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns8.2%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet79/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality62/100 · 3/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

INGLES MARKETS, INCORPORATED (IMKTA). Latest full fiscal year: 2025; data up to 2026-06-27.

Figures computed from the financial statements: revenue 5.3 bn USD in 2025; YoY growth -5.4%; net margin 1.9%; ROE 6.3%; net debt/EBITDA 0.2x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 143.8%
  • Interest coverage: 7.7x
  • Current ratio: 3.2x
  • Payout ratio (FCF): 8.2%

What contradicts it

  • Revenue CAGR 3Y: -2.1%

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Retail-Grocery Stores (SIC 5411) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
—
vertical median 13.9x
EV/EBITDA
—
vertical median 4.8x
P/S
—
vertical median 0.3x
P/B
—
vertical median 2.8x
ROE
6.3%
vertical median 7.4%
below median (−13.9%)
Net margin
1.9%
vertical median 0.7%
above median (+164.4%)
EBIT margin
2.6%
vertical median 1.4%
above median (+89.4%)
Revenue YoY
-5.4%
vertical median 4.8%
below median (−213.5%)
Net debt/EBITDA
0.2x
vertical median 0.3x
below median (−32.4%)
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
KRKroger Co39.4 bn36.414.3%0.7%+0.4%+5% / +47%
ACIAlbertsons Companies, Inc.6.2 bn—-2.3%-0.1%+3.5%−26% / −40%
SFMSprouts Farmers Market, Inc.4.6 bn9.533.5%5.4%+14.1%−37% / +18%
WMKWeis Markets, Inc1.8 bn18.57.4%2.0%+3.5%+17% / +14%
GOGrocery Outlet Holding Corp.1.3 bn—-38.1%-8.0%unavailable−5% / −53%
NGVCNatural Grocers by Vitamin Cottage, Inc.661.2 m13.921.6%3.5%+7.2%−11% / +128%
VLGEAVillage Super Market, Inc.179.8 m3.410.3%2.2%+3.7%+36% / +75%
HOSTHost Digital Inc.92.5 m—-207.8%-13.3%+12.7%−86% / unavailable
MSSMaison Solutions Inc.17.7 m———+4.8%−97% / −100%
TBBBBbb Foods Inc——-69.6%-3.6%+36.1%+107% / unavailable
IMKTAIngles Markets, Incorporated——6.3%1.9%−5.4%+23% / +5%

1- and 3-year price returns: for IMKTA 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

Scenarios are not available. input data missing

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.

In brief

Ingles Markets is a supermarket chain in the southeastern United States, headquartered in Asheville, North Carolina, that competes on service, convenience and competitive prices. The business was hit by Hurricane Helene and a slight decline in comparable sales, but results for the first nine months of fiscal 2026 show a recovery in gross margin while the company keeps opening new stores 123.

SWOT

Strengths

  • A dense and well-known regional network of stores concentrated near the main warehouse.
  • Vertical integration through its own warehouses, a milk processing plant and ownership of much of its real estate.
  • Gross margin rose in the first nine months of fiscal 2026, showing discipline in pricing and sourcing.

Weaknesses

  • Dependence on a narrow geographic area makes the company vulnerable to weather events and regional economic decline.
  • Comparable sales excluding fuel fell in fiscal 2025, and the number of transactions declined more sharply.
  • The concentrated control structure limits the influence of minority shareholders over major decisions.

Opportunities

  • Modernizing and expanding the store network could attract new customers and support sales over the medium term.
  • Developing online ordering with store pickup and organic products could respond to current customer preferences.
  • Using owned land and the milk plant for outside customers could diversify revenue sources.

Threats

  • Strong competition from larger chains and discount formats could pressure prices and margins.
  • Storms and other natural disasters in the southeast could interrupt store and warehouse operations.
  • Volatile fuel and labor costs could weigh on profitability.

Risks

  • Geographic concentrationhigh

    All stores and main facilities are in the southeastern US, making the company sensitive to regional events 1.

  • Hurricane Helene and closed storesmedium

    Three stores remain closed, with reopening expected in 2026 or 2027, and lost revenue and repair costs are not yet fully quantified 12.

  • Labor and insurance costsmedium

    The company is self-insured for several risk categories, and reserves can fluctuate if historical trends do not hold 1.

  • Information systems securitymedium

    Reliance on complex information systems and online commerce could expose the company to disruptions or attacks 1.

  • Control by the majority shareholderlow

    The controlling shareholder can elect most directors and approve major transactions without depending on minority shareholders 1.

Investment thesis

What would need to be true (bull case)

  • If the gross margin recovery seen in 2026 holds, the company could convert sales into profit more efficiently.
  • The dense regional network, own warehouses and land ownership could offer a long-term cost and flexibility advantage.
  • The store modernization plan and 2026 capital spending could support attracting customers in the areas served.

What would break the thesis

  • Comparable sales excluding fuel fell in fiscal 2025, which could indicate weakening demand in existing stores.
  • Geographic concentration and exposure to storms could magnify losses if another major event hits the region.
  • Pressure from larger chains and online commerce could limit margin expansion over the long term.

What to watch

  • Trend in gross margin and comparable sales excluding fuelQ4 2026
  • Reopening of the three stores closed after Helene2026 / 2027
  • Realization of the capital expenditure planned for fiscal 2026next 10-K
  • Trend in operating and administrative expenses relative to salesQ1 2027

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.

The business

Ingles Markets, Incorporated is a North Carolina company that runs essentially one business segment: retail grocery. The company operated 194 supermarkets at the end of fiscal 2025 and 195 at June 27, 2026, located mainly in North Carolina, Georgia and South Carolina 12. Net sales totaled $5,334.0 million in fiscal 2025 1, and for the first nine months of fiscal 2026 reached $4,049.2 million 3. The company supplies its stores through its own warehouse near Asheville, which covers approximately 58.8% of the goods sold 1.

The business model is built on customer service, modern stores and a broad range of products, including private label, organic and locally sourced items. The company operates fuel stations, pharmacies and a milk processing plant that supplies its stores and, in part, outside customers 1. It also owns the real estate under many of its stores, giving it flexibility in planning expansion and modernization 1.

Control is concentrated: the Chairman holds a majority of the voting power, which allows him to influence the election of directors and major shareholder decisions 1. Class A shares trade on NASDAQ under the symbol IMKTA, while Class B shares are not publicly traded 1.

Segments

Grocery and non-food

Sales categories include grocery, non-food (alcoholic beverages, pharmacy, health and beauty), perishables (meat, produce, deli and bakery) and fuel. In fiscal 2025, non-food sales fell from the prior year, while fuel declined on lower prices and lower volumes 1.

Perishables and private label

Perishables (meat, produce, deli and bakery) are a key part of the differentiation strategy, while private label products are presented as value-priced alternatives to national brands 1.

Market context

The company operates in the southeastern United States food market, which is intensely competitive, with price competition, format fragmentation and online commerce as important factors 1. Food-at-home inflation was 2.7% in fiscal 2025, showing price pressure on consumers 1. Comparable grocery store sales excluding fuel fell 1.7% in fiscal 2025 1, while quarterly results in 2026 show a moderate rise in net sales 3.

The market the company serves depends on the regional economy, household consumption and weather events, a factor that became relevant after Hurricane Helene in September 2024 12.

Trends

  • Inflationary pressure on costs and spendingheadwind

    General and food inflation could raise labor costs and reduce discretionary spending by customers, which could affect sales 1.

  • Demand for healthy and organic productstailwind

    Consumer preferences for natural, organic and convenient meal solutions could support sales if the company adapts its offering quickly 1.

  • Online ordering and curbside pickupmixed

    Online ordering with store pickup is becoming more important, but it requires investment in information systems and could intensify competition 1.

  • Volatility in fuel pricesmixed

    Swings in wholesale and retail fuel prices can change both fuel sales and transport costs 1.

Competitive position

The supermarket market is highly competitive, with larger rivals that have greater financial resources and can use prices, assortment or online services to win customers 1. The company differentiates itself through its dense regional network, its own warehouses and its focus on service 1.

Ingles concentrates its activity in a small number of states, which may limit its ability to absorb regional shocks compared with competitors that have broader geographic reach 1.

  • Regional supermarket chains in the southeast

    Regional grocery chains that compete with Ingles in the same geographic areas, not identified by the analysed sources.

  • National retailers with food formats

    Competitors with greater financial resources that can use prices, assortment or online ordering to pressure margins, according to the sources.

  • Discount and low-price formats

    Formats that can attract price-sensitive shoppers, a pressure the company explicitly names among its risks.

  • Online grocery platforms

    Online sellers entering the market can change buying habits, according to the company's risk factors.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report14 Sept 2026
    Departure or appointment of officers · Amendments to articles or bylaws · Other events · Financial statements and exhibits
  • Quarterly report06 Aug 2026
  • Current report06 Aug 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report04 Aug 2026
    Departure or appointment of officers
  • Quarterly report07 May 2026
  • Current report07 May 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report05 May 2026
    Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
  • Quarterly report05 Feb 2026
  • Current report05 Feb 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Annual report26 Nov 2025

Sources

  1. [1] Form 10-K, fiscal year ended 2025-09-27 · SEC / Ingles Markets, Incorporated · 26 Nov 2025
  2. [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Ingles Markets, Incorporated · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ingles Markets, Incorporated · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Ingles Markets, Incorporated (IMKTA): stock, results, valuation and forecast · olivLaw