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Ingles Markets, Incorporated (IMKTA) is a leading regional grocery store chain with over 200 locations across the Southeastern United States, primarily in North and South Carolina, Georgia, and Tennessee.
Investment Thesis
Ingles is a classic 'hidden value' asset. The company's true strength lies in its real estate: Ingles owns the vast majority of its store locations and the surrounding shopping centers. This ownership provides them with a massive, debt-free real estate portfolio that is completely ignored by the market. Furthermore, their focus on suburban and rural Southeastern markets provides a natural demographic tailwind. Ingles is a hyper-efficient operator with a highly loyal customer base and a massive cash flow stream that is constantly being used to modernize stores and retire shares.
Key Growth Drivers
Irreplaceable Real Estate Portfolio
Owning the land and buildings for their stores provides Ingles with a massive cost advantage and a huge hidden asset base that provides significant downside protection.
Southeastern Demographic Tailwinds
The population boom in the Carolinas and Georgia drives consistent, organic customer growth and higher same-store sales.
Relentless Share Buybacks
Management is famous for their commitment to using free cash flow to shrink the float, resulting in explosive long-term earnings per share growth.
Valuation & Financial Modeling
IMKTA trades at a massive discount to both national grocery peers and the implied private market value of its real estate. It is arguably one of the most undervalued stocks in the entire retail sector. Buying IMKTA is like buying a grocery business and getting a multi-billion dollar real estate portfolio for free.
Risk Factors & Bear Case
Intense competition from national chains like Walmart and specialized grocers like Publix is a perpetual risk. Additionally, rising labor and food inflation can pressure near-term operating margins.
Conclusion
Ingles Markets is a definitive 'Deep Value' stock. It offers a rare combination of hard asset protection and steady compounding. Rated 'Strong Buy' for value investors.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative to Consumer Discretionary Sector Median (N=445)
Metric
IMKTA
Benchmark
P/E Ratio
16.9x
-33%
EV/EBITDA
7.2x
+49%
Price / Book
1.0x
Implied Value Audit
UNDERVALUED
Implied Fair Value (vs Sector)
+15.5%
$105.25Spot: $91.12
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
6.2%
Sector: 5.9%
Dividend Analysis audit
GROWTH
1.06%
Trailing Yield
$1.06
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
18%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, INGLES MARKETS INC (IMKTA) receives a "Hold" rating with a composite score of 51.3/100, ranked #302 out of 4446 stocks. Key factor scores: Quality 50/100, Value 51/100, Momentum 63/100. This is quantitative analysis only — not investment advice.
INGLES MARKETS INC (IMKTA) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does INGLES MARKETS INC Do?
Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items. The company also owns and operates a milk processing and packaging plant that supplies organic milk, fruit juices, and bottled water products to other retailers, food service distributors, and grocery warehouses. In addition, it provides home meal replacement items, delicatessens, bakeries, floral departments, and greeting cards, as well as broad selections of local organic, beverage, and health-related items. As of September 25, 2021, the company operated 189 supermarkets under the brand name Ingles, and nine supermarkets under the brand name Sav-Mor in western North Carolina, western South Carolina, northern Georgia, eastern Tennessee, southwestern Virginia, and northeastern Alabama, as well as 111 pharmacies and 107 fuel stations. Ingles Markets, Incorporated was founded in 1963 and is headquartered in Asheville, North Carolina. INGLES MARKETS INC (IMKTA) is classified as a small-cap stock in the Consumer Discretionary sector, specifically within the Retail industry. The company is led by CEO James W. Lanning and employs approximately 26,000 people, headquartered in ASHEVILLE, North Carolina. With a market capitalization of $1.7B, IMKTA is one of the notable companies in the Consumer Discretionary sector.
INGLES MARKETS INC (IMKTA) Stock Rating — Hold (April 2026)
As of April 2026, INGLES MARKETS INC receives a Hold rating with a composite score of 51.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.IMKTA ranks #302 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, INGLES MARKETS INC ranks #17 of 445 stocks, placing it in the top 10% of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
IMKTA Stock Price and 52-Week Range
INGLES MARKETS INC (IMKTA) currently trades at $91.12. The 52-week high for IMKTA is $90.49, which means the stock is currently trading 0.7% from its annual peak. The 52-week low is $59.09, putting the stock 54.2% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is IMKTA Overvalued or Undervalued? — Valuation Analysis
INGLES MARKETS INC (IMKTA) carries a value factor score of 51/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 16.94x, compared to the Consumer Discretionary sector average of 25.10x — a discount of 33%. The price-to-book ratio stands at 1.04x, versus the sector average of 1.94x. The price-to-sales ratio is 0.31x, compared to 0.29x for the average Consumer Discretionary stock. On an enterprise value basis, IMKTA trades at 7.20x EV/EBITDA, versus 4.83x for the sector. The EV/EBIT multiple is 12.14x.
Overall, IMKTA's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
INGLES MARKETS INC Profitability — ROE, Margins, and Quality Score
INGLES MARKETS INC (IMKTA) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 6.2%, compared to the Consumer Discretionary sector average of 5.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 3.9% versus the sector average of 2.5%.
On a margin basis, INGLES MARKETS INC reports gross margins of 23.9%, compared to 36.9% for the sector. The operating margin is 2.6% (sector: 3.8%). Net profit margin stands at 1.9%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at 0.4% on a trailing basis, compared to 3.3% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
IMKTA Debt, Balance Sheet, and Financial Health
INGLES MARKETS INC has a debt-to-equity ratio of 57.0%, compared to the Consumer Discretionary sector average of 91.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 3.36x, indicating strong short-term liquidity. Total debt on the balance sheet is $513M.
IMKTA has a beta of 0.22, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for INGLES MARKETS INC is 89/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
INGLES MARKETS INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, INGLES MARKETS INC reported revenue of $5.44B. Net income for the quarter was $101M. Gross margin was 23.9%. Operating income came in at $142M.
In Q1 2026, INGLES MARKETS INC reported revenue of $1.37B. Net income for the quarter was $28M. Gross margin was 24.4%. Operating income came in at $39M.
In FY 2025, INGLES MARKETS INC reported revenue of $5.33B. Net income for the quarter was $84M. Gross margin was 23.9%. Revenue grew -5.4% year-over-year compared to FY 2024. Operating income came in at $118M.
In Q3 2025, INGLES MARKETS INC reported revenue of $1.35B. Net income for the quarter was $26M. Gross margin was 24.3%. Revenue grew -3.4% year-over-year compared to Q3 2024. Operating income came in at $37M.
Over the past 8 quarters, INGLES MARKETS INC has demonstrated a growth trajectory, with revenue expanding from $1.37B to $5.44B. Investors analyzing IMKTA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
IMKTA Dividend Yield and Income Analysis
INGLES MARKETS INC (IMKTA) currently pays a dividend yield of 1.1%. At this yield, a $10,000 investment in IMKTA stock would generate approximately $$106.00 in annual dividend income.
IMKTA Momentum and Technical Analysis Profile
INGLES MARKETS INC (IMKTA) has a momentum factor score of 63/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 33/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
IMKTA vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing IMKTA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IMKTA vs S&P 500 (SPY) comparison to assess how INGLES MARKETS INC stacks up against the broader market across all factor dimensions.
IMKTA Next Earnings Date
No upcoming earnings date has been announced for INGLES MARKETS INC (IMKTA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy IMKTA? — Investment Thesis Summary
INGLES MARKETS INC presents a balanced picture with arguments on both sides. Price momentum is positive at 63/100, suggesting the trend favors buyers. Low volatility (stability score 89/100) reduces downside risk.
In summary, INGLES MARKETS INC (IMKTA) earns a Hold rating with a composite score of 51.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IMKTA stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
0.4%
Sector: 3.3%
-88% VS SCTR
Gross Margin
Core pricing power
23.9%
Sector: 36.9%
-35% VS SCTR
Operating Margin
Operating efficiency
2.6%
Sector: 3.8%
-31% VS SCTR
Net Margin
Bottom-line conversion
1.9%
Sector: 2.1%
-12% VS SCTR
Return on Equity
Equity capital efficiency
6.2%
Sector: 5.9%
IN LINE
Return on Assets
Asset base utilization
3.9%
Sector: 2.5%
+60% VS SCTR
Debt/Equity
Financial leverage load
57.0%
Sector: 91.0%
+37% VS SCTR
Dividend Yield
Direct cash return
1.1%
Sector: 0.0%
+Infinity% VS SCTR
-46%
Price / Sales
0.3x
+7%
INGLES MARKETS INC exhibits a 6% valuation discount relative to institutional benchmarks. This represents a balanced risk/reward profile based on current multiples.
Return on Assets
Efficiency of asset utilization
3.9%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
23.9%
Sector: 36.9%
Operating Margin
Core business profitability
2.6%
Sector: 3.8%
Net Margin
Bottom-line profitability
1.9%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $106 annually in dividends at the current trailing rate.