Ingles Markets, Incorporated (IMKTA): A Bull Case Theory 

We came across a bullish thesis on Ingles Markets, Incorporated on Jon’s Thoughts’s Substack by Jon Chu. In this article, we will summarize the bulls’ thesis on IMKTA. Ingles Markets, Incorporated’s share was trading at $68.77 as of September 24th. IMKTA’s trailing P/E was 23.08 according to Yahoo Finance.

Ingles Markets (IMKTA) is a regional grocery chain operating primarily in North Carolina, South Carolina, Georgia, and Tennessee, known for its steady, no-nonsense, family-owned approach to business. While the company is unlikely to pursue aggressive expansion in store count, it represents a classic example of long-term value accumulation, with consistent growth in asset values, tangible book value, earnings per share, and share price over decades.

Currently, IMKTA shares are trading at levels that appear either inexpensive or deeply undervalued, depending on the lens used, creating an attractive entry point for disciplined investors. A key aspect of its value lies in its extensive real estate holdings, which include both its own stores and, in many cases, the surrounding shopping centers where it serves as the anchor tenant. This combination of tangible assets and profitable operations provides a unique margin of safety, as the business trades near or below tangible book value despite generating solid earnings.

There is also reason to believe that the real estate on IMKTA’s balance sheet may be understated relative to its true market value, adding an additional layer of potential upside. Overall, Ingles Markets offers a protected downside setup with the potential for meaningful long-term value appreciation. Its combination of consistent profitability, high-quality assets, and undervaluation relative to both earnings power and tangible book makes it a compelling opportunity for investors seeking a steady, resilient business with significant embedded value. IMKTA exemplifies the type of business where patience and a long-term perspective could be materially rewarded, making it worthy of closer consideration.

Previously we covered a bullish thesis on Ingles Markets, Incorporated (IMKTA) by Peter Thomason in May 2025, which highlighted the company’s steady profitability, extensive real estate holdings, and undervaluation relative to tangible book value. The company’s stock price has appreciated approximately by 12.5% since our coverage. The thesis still stands as Jon Chu shares a similar view but emphasizes the protected downside and long-term value accumulation.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.