Does INGLES MARKETS, INCORPORATED have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores INGLES MARKETS, INCORPORATED (IMKTA) 44.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 43, returns on capital 28, balance-sheet safety 56, capital discipline 59.

How has IMKTA's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

INGLES MARKETS, INCORPORATED

IMKTA · Consumer Discretionary · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power43

Median gross margin 24.2% over 10y, very stable.

Returns on capital28

Median ROIC 8.3%, above the 9% hurdle in 40% of years.

Balance-sheet safety56

Net debt/EBITDA 0.6x, interest coverage 6x.

Capital discipline59

Owner earnings +6.1%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $210.8M
Est. intrinsic value / share: —
Recent price: $90.15
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

INGLES MARKETS, INCORPORATED booked $5.3B of revenue in FY2025 in the Consumer Discretionary sector and kept 23.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, 1.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.3B (FY2009) to $5.3B (FY2025) — about 3.1% a year compounded over 16 years.

It earned 5.1% on invested capital in FY2025, with a median of 6.9% across 17 filed years. The Returns on Capital filter above scores it 28/100.

The balance sheet carried $514.8M of total debt in FY2025 against $92.0M of owner earnings — roughly 5.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 56/100.

Put together: Capital Discipline is the strongest of the four filters (59/100) and Returns on Capital the weakest (28/100), which is how IMKTA lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$5.3B FY2025

Gross marginRevenue kept after cost of goods23.9% FY2025

Return on invested capitalOperating profit on the capital employed5.1% FY2025

Owner earningsCash an owner could take out$92.0M FY2025

Gaps in a line mean that item isn’t in IMKTA’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — IMKTA has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#183 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#181SFIX STITCH FIX, INC.45.1 out of 100, Shallow moatShallow moat
#182TLYS TILLY'S, INC.45.0 out of 100, Shallow moatShallow moat
#184PKE Park Aerospace Corp.44.4 out of 100, Shallow moatShallow moat
#185TDUP ThredUp Inc.44.3 out of 100, Shallow moatShallow moat

Compare IMKTA with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about IMKTA

Does INGLES MARKETS, INCORPORATED have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores INGLES MARKETS, INCORPORATED (IMKTA) 44.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 43, returns on capital 28, balance-sheet safety 56, capital discipline 59.
How has IMKTA's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IMKTA. See the disclaimer.