Ingram Micro Holding Corporation (INGM) 주식 분석

회사 개요

Ingram Micro Holding Corporation operates as a leading distributor of information technology (IT) products, cloud solutions, and related services across North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. This business model positions the firm within the Technology sector, specifically under the Information Technology Services industry, where it facilitates the supply chain for critical digital infrastructure and client endpoint solutions. The company demonstrates significant scale with a market capitalization of $6.28B and annual revenue reaching $52.56B, while employing approximately 22,200 individuals globally. These valuation and revenue figures indicate that the entity is a substantial market player capable of sustaining operations and generating substantial economic value across diverse geographic regions. The breadth of its distribution network and the size of its financial footprint suggest a mature organization deeply integrated into the global IT supply chain.

재무 건전성

The company reported a total revenue of $52.56B over the trailing twelve months, accompanied by a net income of $327.88M and an EBITDA of $1.18B. The substantial disparity between the $52.56B revenue and the $327.88M net income highlights a cost structure characterized by low operating leverage, typical for a distribution business with thin margins. Ingram Micro generated $1.25B in free cash flow, which provides the financial flexibility to service its debt obligations and fund operational requirements without relying solely on external financing. Profitability metrics reveal a gross margin of 6.7%, an operating margin of 2.2%, and a profit margin of 0.6%, indicating that the company retains only a small fraction of revenue as profit after covering the high costs associated with procurement and logistics. Regarding liquidity and solvency, the company holds $1.86B in cash against $3.66B in total debt, resulting in a debt-to-equity ratio of 86.12, which suggests a leveraged balance sheet rather than a conservative one. Short-term liquidity is supported by a current ratio of 1.33, indicating that current assets exceed current liabilities by a modest margin. Return on equity stands at 8.2% while return on assets is 3.1%, metrics that reflect the management's effectiveness in generating returns relative to the capital invested by shareholders and the total asset base.

밸류에이션 평가

Valuation multiples show a trailing P/E ratio of 19.21 compared to a forward P/E of 7.48, implying that the market expects a significant expansion in future earnings relative to current levels. The price-to-book ratio is 1.48, suggesting that the stock trades at a moderate premium above its tangible book value. Alternative valuation metrics include a price-to-sales ratio of 0.12 and an EV/EBITDA of 6.83, which collectively indicate that the stock is priced on a very low multiple relative to its sales volume and enterprise earnings. Historical price data shows a 52-week high of $26.96 and a 52-week low of $14.25, providing a range within which the current trading price fluctuates. Given the forward P/E is roughly one-third of the trailing P/E, the valuation appears to reflect expectations of aggressive earnings growth. The beta is listed as N/A, meaning volatility data relative to the broader market is not provided in the available financial records.

Growth & Income

Revenue growth stands at 11.5% year-over-year, while earnings growth is significantly higher at 40.6% year-over-year. This divergence indicates that earnings are growing much faster than revenue, likely driven by margin expansion or one-time non-operating items improving profitability. As a dividend payer, the company offers a dividend yield of 1.2% with a payout ratio of 22.2%. The low payout ratio of 22.2% relative to the 40.6% earnings growth suggests that the dividend is highly sustainable and that the company retains the majority of its earnings for reinvestment or debt reduction. The combination of strong revenue expansion, accelerating earnings growth, and a conservative dividend policy creates a financial profile that balances income generation with capital deployment for future growth.