Latest Ratios: P/E Ratio 20.9x · EV/EBITDA 8.0x · ROE 5.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.3B | $1.4B | $1.4B | $1.6B | $1.3B | $739M | $787M | $694M | $521M | $801M |
| Enterprise Value | $1.9B | $1.5B | $1.6B | $1.7B | $1.9B | $1.8B | $1.4B | $1.6B | $1.5B | $1.4B | $1.7B |
| P/E Ratio → | 20.94 | 15.62 | 13.37 | 6.79 | 5.69 | 5.14 | 4.14 | 9.64 | 7.12 | 9.66 | 14.81 |
| P/S Ratio | 0.33 | 0.24 | 0.25 | 0.24 | 0.27 | 0.26 | 0.16 | 0.19 | 0.17 | 0.13 | 0.21 |
| P/B Ratio | 1.08 | 0.81 | 0.91 | 0.98 | 1.23 | 1.31 | 0.90 | 1.19 | 1.17 | 1.02 | 1.70 |
| P/FCF | 44.20 | 32.96 | 27.34 | 15.42 | 7.06 | 7.75 | 3.25 | 15.82 | 64.53 | 18.18 | 37.45 |
| P/OCF | 11.36 | 8.47 | 5.38 | 5.37 | 4.58 | 4.19 | 2.11 | 3.72 | 4.30 | 3.33 | 5.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.28 | 0.29 | 0.29 | 0.33 | 0.37 | 0.30 | 0.38 | 0.38 | 0.34 | 0.44 |
| EV / EBITDA | 8.02 | 6.17 | 6.04 | 4.16 | 3.84 | 3.95 | 3.49 | 6.03 | 6.51 | 5.76 | 7.11 |
| EV / EBIT | 16.39 | 11.44 | 10.06 | 5.65 | 4.96 | 5.25 | 5.03 | 10.37 | 12.11 | 10.44 | 12.77 |
| EV / FCF | — | 37.44 | 31.43 | 18.29 | 8.63 | 11.14 | 6.10 | 32.11 | 144.04 | 47.99 | 78.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.9% | 23.9% | 23.0% | 23.8% | 24.9% | 26.1% | 26.0% | 24.3% | 23.9% | 24.1% | 24.4% |
| Operating Margin | 2.2% | 2.2% | 2.6% | 5.0% | 6.6% | 7.0% | 6.1% | 3.6% | 3.0% | 3.2% | 3.4% |
| Net Profit Margin | 1.6% | 1.6% | 1.9% | 3.6% | 4.8% | 5.0% | 3.9% | 1.9% | 2.4% | 1.3% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 7.0% | 15.5% | 24.3% | 27.7% | 24.1% | 13.0% | 17.6% | 11.0% | 12.1% |
| ROA | 3.3% | 3.3% | 4.2% | 8.8% | 12.6% | 12.7% | 9.5% | 4.4% | 5.5% | 3.2% | 3.2% |
| ROIC | 5.0% | 5.0% | 6.3% | 13.2% | 17.9% | 17.4% | 14.3% | 7.8% | 6.7% | 7.1% | 7.3% |
| ROCE | 5.3% | 5.3% | 6.8% | 14.2% | 20.5% | 21.3% | 17.6% | 9.6% | 8.2% | 8.7% | 9.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.34 | 0.34 | 0.37 | 0.41 | 0.49 | 0.64 | 0.80 | 1.29 | 1.45 | 1.72 | 1.86 |
| Debt / EBITDA | 2.26 | 2.26 | 2.10 | 1.46 | 1.24 | 1.35 | 1.65 | 3.22 | 3.64 | 3.68 | 3.73 |
| Net Debt / Equity | — | 0.11 | 0.14 | 0.18 | 0.27 | 0.57 | 0.79 | 1.22 | 1.44 | 1.67 | 1.85 |
| Net Debt / EBITDA | 0.74 | 0.74 | 0.79 | 0.65 | 0.70 | 1.20 | 1.63 | 3.06 | 3.59 | 3.58 | 3.70 |
| Debt / FCF | — | 4.48 | 4.09 | 2.88 | 1.57 | 3.39 | 2.85 | 16.28 | 79.51 | 29.81 | 40.71 |
| Interest Coverage | 6.58 | 6.58 | 7.38 | 13.62 | 17.80 | 14.46 | 6.80 | 3.25 | 2.69 | 2.78 | 2.83 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.22 | 3.22 | 2.89 | 2.88 | 2.51 | 1.88 | 1.45 | 2.01 | 1.91 | 1.82 | 1.73 |
| Quick Ratio | 1.63 | 1.63 | 1.45 | 1.39 | 1.14 | 0.61 | 0.32 | 0.50 | 0.48 | 0.39 | 0.31 |
| Cash Ratio | 1.21 | 1.21 | 1.10 | 0.99 | 0.80 | 0.25 | 0.02 | 0.17 | 0.04 | 0.10 | 0.02 |
| Asset Turnover | — | 2.08 | 2.23 | 2.38 | 2.47 | 2.47 | 2.43 | 2.25 | 2.24 | 2.31 | 2.25 |
| Inventory Turnover | 8.41 | 8.41 | 9.39 | 9.09 | 9.31 | 9.45 | 9.30 | 8.50 | 8.36 | 8.70 | 8.35 |
| Days Sales Outstanding | — | 7.28 | 5.07 | 6.66 | 6.24 | 6.96 | 6.44 | 6.25 | 6.25 | 6.05 | 5.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.9% | 0.9% | 0.9% | 0.8% | 1.0% | 1.8% | 1.7% | 1.9% | 2.5% | 1.6% |
| Payout Ratio | 14.7% | 14.7% | 11.6% | 5.8% | 4.5% | 5.1% | 7.3% | 15.9% | 13.4% | 24.1% | 24.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 6.4% | 7.5% | 14.7% | 17.6% | 19.4% | 24.2% | 10.4% | 14.0% | 10.4% | 6.8% |
| FCF Yield | 2.3% | 3.0% | 3.7% | 6.5% | 14.2% | 12.9% | 30.8% | 6.3% | 1.5% | 5.5% | 2.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.7% | 0.9% | 0.9% | 0.9% | 0.8% | 7.2% | 1.8% | 1.7% | 1.9% | 2.5% | 1.6% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $20M | $20M | $20M | $20M | $20M | $20M |
Capital Allocation Inefficiency
According to current market data, IMKTA trades at a P/S ratio of 0.32, which appears to discount the company's extensive real estate holdings and vertical integration, suggesting the market is pricing the firm as a stagnant retailer rather than a regional asset-heavy operator with significant defensive value.
The P/E multiple of 20.32 reflects a premium relative to the company's recent earnings volatility, indicating that investors are paying for the safety of the balance sheet rather than growth. This valuation suggests that the market may be failing to account for the potential liquidation or redevelopment value of the company's owned shopping centers.
Based on reported financial figures, IMKTA's ROIC has struggled to maintain momentum, hovering near 1.4% in 2026Q2, which indicates that the company is failing to generate meaningful returns on its invested capital compared to its historical performance and broader industry benchmarks for grocery retailers.
The persistent decay in ROIC suggests that the company's strategy of accumulating cash rather than reinvesting in store modernization or digital infrastructure is dragging down overall efficiency. Investors should monitor whether this low return profile is a structural consequence of the asset-heavy model or a failure of management to deploy capital effectively.
As reported in recent financial statements, IMKTA maintains a cash conversion cycle of 36 days in 2026Q2, a figure that has remained relatively consistent over the last ten quarters, suggesting that the company's inventory management and supplier payment terms are well-entrenched despite broader retail headwinds.
The stability in the cash conversion cycle indicates that the company possesses sufficient leverage over its suppliers to maintain operational rhythm. However, the lack of improvement in asset turnover, which sits at 0.51, implies that the company is not extracting more revenue from its existing store footprint, further highlighting the need for operational revitalization.
According to recent SEC filings, IMKTA's debt-to-equity ratio of 0.32 provides a significant buffer against interest rate volatility, positioning the company as one of the most conservatively capitalized entities in the regional grocery sector, which effectively mitigates the risk of insolvency during periods of economic contraction.
The interest coverage ratio of 7.59 in 2026Q2 confirms that debt service remains highly comfortable, even as operating margins face pressure. This financial insulation is a key differentiator, though it raises questions about whether the company is being too cautious by avoiding the leverage that could otherwise fund growth initiatives.
The P/E ratio is the most commonly misapplied metric for IMKTA, as it obscures the company's identity as a real estate owner by focusing exclusively on retail earnings, which are currently depressed by high fixed costs and competitive pricing pressures in the Southeast grocery market.
Analysts should instead utilize an adjusted EV/EBITDA or a sum-of-the-parts valuation that separates the retail operations from the underlying real estate value. Relying on P/E ignores the significant cash reserves and property assets that provide a valuation floor, leading to an incomplete assessment of the company's true intrinsic worth.
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Quick answers to the most common questions about buying IMKTA stock.
Ingles Markets, Incorporated's current P/E ratio is 20.9x. The historical average is 14.2x. This places it at the 93th percentile of its historical range.
Ingles Markets, Incorporated's current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.2x.
Ingles Markets, Incorporated's return on equity (ROE) is 5.3%. The historical average is 11.8%.
Based on historical data, Ingles Markets, Incorporated is trading at a P/E of 20.9x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ingles Markets, Incorporated's current dividend yield is 0.70% with a payout ratio of 14.7%.
Ingles Markets, Incorporated has 23.9% gross margin and 2.2% operating margin.
Ingles Markets, Incorporated's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.