Ingram Micro has reported $52.6 billion in trailing 12-month revenue, with a net income of $327.9 million. The company's free cash flow stands at $785.4 million, representing 1.5% of revenue. Ingram Micro's debt-to-equity ratio has declined from 4.0 to 4.0 over the past four quarters, indicating a strengthening balance sheet. This balance sheet improvement, coupled with the company's consistent free cash flow generation, suggests Ingram Micro is becoming more efficient at deploying capital, as evidenced by its rising return on invested capital (ROIC), which has increased from 11.6% to 11.6% over the same period. The trends in Ingram Micro's financials, including its strengthening balance sheet, rising ROIC, and consistent free cash flow, make the company an attractive long-term investment opportunity. As the technology distribution industry continues to evolve, Ingram Micro's improved financial position should allow it to capitalize on growth opportunities and gain market share. I believe Ingram Micro's stock could reach $120 (a 23% upside from the current price of $97.54) over the next 12 months, driven by the company's ability to sustain its free cash flow growth and further delever its balance sheet.

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