Ingram Micro Holding: A Record Q4 Handed Back By A Secondary Offering

Ingram Micro Holding trades near its listing price despite four consecutive earnings beats, record free cash flow, and significant deleveraging. INGM's Q4 FY25 delivered $1.63B in adjusted FCF, 11.5% YoY revenue growth, and improved working capital metrics, validating its seasonal cash cycle. Valuation remains compelling at 5.56x EV/EBITDA, with a $35/share price target reflecting a 55% upside after accounting for controlled company risk.