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INGMIngram Micro Holding Corp.

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Company Info

CEO

Paul Bay

Location

California, USA

Exchange

NYSE

Website

https://www.ingrammicro.com

Summary

Ingram Micro is a leading solutions provider by revenue for the global information technology (“IT”) ecosystem helping power the world’s leading technology brands.

Company Info

CEO

Paul Bay

Location

California, USA

Exchange

NYSE

Website

https://www.ingrammicro.com

Summary

Ingram Micro is a leading solutions provider by revenue for the global information technology (“IT”) ecosystem helping power the world’s leading technology brands.

AI Insights for INGM
2 min read

Quick Summary

Ingram Micro Holding Corp. is a leading global distributor and solutions provider for the information technology (IT) ecosystem. The company connects technology manufacturers, resellers, and end-users, facilitating the flow of IT products and value-added services worldwide. Founded in 1979, Ingram Micro’s extensive distribution network supports businesses of all sizes with IT infrastructure, cloud services, and advanced technology solutions. Its customer base ranges from major global enterprises and cloud service providers to small and medium businesses (SMBs), particularly in North America and Asia Pacific, alongside strong operations in public and commercial sectors. The company's value-add lies in optimizing supply chains, providing industry expertise, and offering digital transformation solutions via platforms such as Xvantage.

The Bull Case

  • Ingram Micro’s primary strengths include its position as a top global IT distributor with a diverse product and solutions portfolio, robust relationships with major technology vendors, and a broad customer base from SMBs to Fortune 500 enterprises.
  • Its award-winning partnerships, particularly with AWS, reinforce its reputation for cloud excellence and innovation.
  • The company’s investment in digital platforms such as Xvantage enhances operational efficiency, customer engagement, and supports scale.
  • Geographic diversification in North America, Asia Pacific, and public sector markets further supports stable revenue streams.
  • Operational resilience is demonstrated by its effective handling of cybersecurity disruptions without significant business impact.

The Bear Case

  • A key vulnerability for Ingram Micro is its persistently thin margins, a characteristic of the IT distribution sector, which makes profitability sensitive to shifts in product mix and operating costs.
  • Growth rates have been modest, with a five-year CAGR of just over 2%, reflecting limited organic expansion in a mature industry.
  • The company has faced periodic earnings misses, margin pressures, and negative cash flow, though losses are receding.
  • Its business is also heavily reliant on hardware demand cycles, which are volatile and influenced by broader macroeconomic conditions.
  • Competitive intensity is high, with rivals often compressing margins further.

Key Risks

  • Risks to Ingram Micro include ongoing margin compression due to intense pricing competition and low-margin product categories dominating sales.
  • The company is exposed to global economic uncertainty, fluctuating IT spending, and supply chain disruptions, all of which can dampen demand and complicate operations.
  • Key account or vendor concentration increases exposure to shifts in partner strategy or market share.
  • Cybersecurity threats, such as the recent ransomware attack, remain an ongoing concern.

What to Watch

UpcomingDuring the most recent reported quarter, Ingram Micro achieved strong revenue growth of 7.2% year-over-year, reaching $12.6 billion, and surpassed analyst expectations on the top line.
UpcomingHowever, diluted EPS came in modestly below forecasts.
UpcomingThe company experienced margin pressure due to a higher mix of low-margin products, though overall gross margins only dipped slightly.
ExpectedFor the upcoming quarter, management has issued strong revenue guidance, forecasting $14.18 billion, which is above analyst expectations.

Price Drivers

  • Ingram Micro’s stock price is primarily influenced by earnings performance (especially revenue and EPS trends), operational margins, and cash flow status.
  • Macroeconomic factors such as global IT spending, supply chain conditions, and demand for cloud and cybersecurity solutions are important drivers.
  • The pace of digital transformation, hardware refresh cycles, and demand in the SMB segment especially impact top-line growth.
  • Announcements related to major partnerships (like with AWS), digital platform gains, and AI-related initiatives also sway investor sentiment.

Recent News

  • Recent news highlights several key developments.
  • Ingram Micro surpassed revenue expectations in the last quarter, though EPS missed slightly, and margins remain under pressure.
  • The company once again received the AWS Global Distributor Partner of the Year award and additional recognition for public sector achievements, underlining its strategic importance with cloud vendors.
  • Management continues to highlight digital platform progress and AI program advances, while also overcoming a ransomware incident with little operational impact.

Market Trends

  • Market trends relevant to Ingram Micro include a broad acceleration in cloud and AI technology adoption, which is driving IT investments across sectors.
  • Industry-wide, there is robust demand for cybersecurity solutions, digital transformation, and supply chain optimization.
  • However, the hardware segment faces cyclical demand swings and ongoing supply chain and economic risks into 2025.
  • IT distribution remains a high-volume, low-margin business, with increasing emphasis on value-added services and digital transformation platforms like Xvantage.

AI-generated summary. Not investment advice. DYOR.

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Topics: Company overview • Products • Competitors • Strengths & Risks

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