CluenexIngram Micro INGM
Ingram Micro scores weak on business quality (3.7 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Ingram Micro does
Ingram Micro distributes technology hardware and cloud solutions globally, earning margins on massive hardware volume shipped to enterprise resellers and retailers. The company is leaning into AI infrastructure and Pan-European expansion via the Opengear deal to capture higher-value enterprise IT spend.
- What it does best
Ingram operates at a massive scale that few rivals can match, pulling in $56 billion in revenue. This massive footprint secures supply chain access, though its 6.7% gross margin trails peers like CDW at 21.4% due to a pure distribution model.
- The main risk
Thin operating margins leave little buffer for operational hiccups or demand drops in hardware. With an operating margin of 1.8%, any minor supply chain disruption threatens to erase net income entirely.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin stands at 1.9% and free cash flow margin is negative, driven by heavy working capital needs. Scale fails to drive meaningful operating leverage in this low-margin distribution model.
Scale creates a logistics lock-in for hardware vendors and resellers who rely on its global distribution network. Its gross margin ranks in the bottom decile of its sector at 1%, limiting pricing power.
Revenue grew 9.5% to $56 billion, accelerating past past years where top-line figures hovered between $48 billion and $54 billion.
Total debt sits at $3.2 billion with interest coverage at 3.4x, leaving debt costs exposed to rate shifts. Free cash flow dropped to negative $232 million, showing financial softness.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on INGM
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Ingram Micro scores weak on the Cluenex quality check (3.7 of 10), measured against its own industry. Profitability is weak, moat fair, growth slow and financial health weak.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Not scheduled yet.
See INGM today
- Today's verdict on INGM, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Ingram Micro (INGM)”, https://cluenex.com/stocks/ingm/, data as of Oct 10, 2026.