Ingram Micro Holding Corporation (INGM) Balance Sheet

Retained earnings climbed from $1.2B to $1.9B, indicating that a meaningful share of equity growth reflects accumulated profits rather than external capital. Liabilities expanded at a similar pace, which suggests the growth is substantially funded by working capital and operating obligations, so investors should monitor whether the equity base keeps pace as the company scales.

The sharp drop to $1.7B in 2026Q2 followed by a rebound to $4.3B in 2026Q3 suggests reliance on short-term or revolving facilities that are repaid and redrawn around cash needs. Given that free cash flow was negative in several quarters, this pattern warrants further investigation into refinancing dependence and whether the company's cash flow durability can comfortably support the higher end of its debt range.

A stable current ratio alongside fluctuating cash suggests that receivables and inventory are absorbing much of the liquidity variance, which is typical of a distribution business. The cash position at its low points, near $0.8B, leaves a thinner buffer against operating shocks, so the quality of the current assets, particularly receivable collection, appears more relevant than the headline ratio itself.

The stability of goodwill suggests no recent large acquisitions and limits near-term impairment exposure, though the balance remains a non-trivial share of equity. Flat PP&E alongside rising total assets points to growth being driven by working capital rather than fixed-asset build-out, consistent with an asset-light distribution model.