Integer Holdings (ITGR)
NYSE:ITGR
Want to see ITGR full AI Analyst Report?
Top Page
Integer Holdings
(NYSE:ITGR)
Select Model
Select Model
Rating:61Neutral
Price Target:
$95.00
▲(5.32% Upside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by solid but uneven financial performance (good growth and profitability tempered by margin pressure, leverage, and weaker cash conversion). Technicals are mildly supportive with price above key moving averages, but valuation is stretched and the latest earnings call reduced confidence due to lowered 2026 guidance and near-term margin/cash-flow pressure.
Positive Factors
Specialized CDMO model
Integer's specialized CDMO model creates durable customer stickiness: deep engineering, regulatory and quality capabilities limit supplier substitution and position the company to capture downstream manufacturing volume once OEM programs commercialize. This supports recurring revenue and long-term OEM partnerships.
Negative Factors
Net margin compression
Material net‑margin decline reflects higher costs, mix shifts or fixed‑cost absorption issues, reducing the earnings available for reinvestment or shareholder returns. Persistent compression would limit cash available for deleveraging and strategic initiatives, weakening financial flexibility over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized CDMO model
Integer's specialized CDMO model creates durable customer stickiness: deep engineering, regulatory and quality capabilities limit supplier substitution and position the company to capture downstream manufacturing volume once OEM programs commercialize. This supports recurring revenue and long-term OEM partnerships.
Read all positive factors
Integer Holdings (ITGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.03B
Dividend YieldN/A
Average Volume (3M)568.45K
Price to Earnings (P/E)45.1
Beta (1Y)0.50
Revenue Growth5.48%
EPS Growth77.43%
CountryUS
Employees11,000
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)4.06
Shares Outstanding33,954,838
10 Day Avg. Volume520,608
30 Day Avg. Volume568,448
Financial Highlights & Ratios
PEG Ratio-1.49
Price to Book (P/B)1.56
Price to Sales (P/S)1.48
P/FCF Ratio25.92
Enterprise Value/Market Cap1.45
Enterprise Value/Revenue2.38
Enterprise Value/Gross Profit10.21
Enterprise Value/Ebitda13.41
Forecast
1Y Price Target
$99.75Price Target Upside10.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)6.12
Revenue Forecast (FY)$1.82B
Integer Holdings Business Overview & Revenue Model
Company Description
Integer Holdings Corporation operates as a medical device outsource manufacturer in the United States, Puerto Rico, Costa Rica, and internationally. It operates through Medical and Non-Medical segments. The company offers products for intervention...
How the Company Makes Money
Integer makes money primarily by providing outsourced engineering and manufacturing services and selling manufactured components and finished devices to original equipment manufacturers (OEMs), mainly in the medical device industry. Its revenue is...
Integer Holdings Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed picture: a modest top-line improvement in Q1 (reported +0.5%, organic +1.3%) and several strategic positives (share buybacks, lower interest expense, targeted cost actions, pipeline strength and a Board-initiated strategic review) were offset by meaningful near-term profitability pressures (adjusted operating income down 14%, margin contraction of 230 bps), weaker cash flow in Q1, and a downward revision to full-year 2026 revenue and profit guidance. Management characterizes the demand softness—primarily in electrophysiology—as temporary normalization and emphasized actions to protect long-term growth, but the guidance cuts and margin contraction represent notable near-term headwinds.Positive Updates
Quarterly Revenue Growth
Q1 2026 sales of $440 million, up 0.5% on a reported basis and up 1.3% on an organic basis versus the prior year.
Negative Updates
Operating Profitability Decline
Adjusted operating income declined 14% year-over-year in Q1 and adjusted operating margin contracted by 230 basis points to 13.9%, driven primarily by lower fixed cost absorption.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Q1 2026 sales of $440 million, up 0.5% on a reported basis and up 1.3% on an organic basis versus the prior year.
Read all positive updates
Company Guidance
Integer updated its 2026 guidance with full‑year reported sales now expected at $1.805–$1.835 billion (down 1%–3% YoY) and organic sales flat to down 1% (including a ~3%–4% headwind from three new products; organic growth excluding those products ~3%–4%); inorganic decline ~1% (Portable Medical exit); C&V expected flat to down low‑single digits, CRM&N flat to up low‑single digits, and other markets down ~$34M–$36M. Profitability outlook: adjusted EBITDA $375M–$399M (down 1%–7%), adjusted operating income $285M–$305M (down 5%–11%) with sequential margin improvement expected (Q2 operating margin +80–140 bps and continuing improvement through 2026), adjusted net income $200M–$220M (down 3%–11%) and adjusted EPS $5.83–$6.40 (flat to down 9%). Cash/debt targets: cash flow from operations $185M–$205M (≈$15M lower at midpoint), CapEx $95M–$105M (~5%–6% of sales), free cash flow $85M–$105M, year‑end net total debt $1.185B–$1.205B and leverage expected in the 2.5x–3.5x trailing‑4Q adjusted EBITDA target range (Q1 net total debt $1.264B, leverage 3.2x). Q1 actuals and drivers: sales $440M (+0.5% reported, +1.3% organic), adjusted EBITDA $85M (‑7%), adjusted operating margin 13.9% (‑230 bps), adjusted net income $41M (‑10%), adjusted EPS $1.20 (‑8%), cash from ops $25M, CapEx $24M, free cash flow $1M; interest expense was $4M lower (helping EPS by ~$0.10), and share repurchases of $50M in Q4 ’25 (~700k shares) and $50M in Q1 ’26 (~600k shares) reduced weighted shares ~2% (adding ~$0.02 to EPS).Integer Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.85B | 1.85B | 1.72B | 1.56B | 1.33B | 1.22B |
| Gross Profit | 431.27M | 425.81M | 461.18M | 411.52M | 346.65M | 336.97M |
| EBITDA | 328.42M | 335.22M | 332.94M | 275.71M | 221.75M | 224.65M |
| Net Income | 141.80M | 102.76M | 119.90M | 90.65M | 66.38M | 96.81M |
Balance Sheet | ||||||
| Total Assets | 3.41B | 3.41B | 3.08B | 2.94B | 2.79B | 2.58B |
| Cash, Cash Equivalents and Short-Term Investments | 8.12M | 17.16M | 46.54M | 23.67M | 24.27M | 17.89M |
| Total Debt | 1.38B | 1.40B | 1.10B | 1.05B | 1.01B | 905.81M |
| Total Liabilities | 1.71B | 1.66B | 1.46B | 1.42B | 1.38B | 1.23B |
| Stockholders Equity | 1.70B | 1.75B | 1.62B | 1.52B | 1.42B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | 144.01M | 105.12M | 99.60M | 60.27M | 41.65M | 103.20M |
| Operating Cash Flow | 189.57M | 196.15M | 205.21M | 180.21M | 116.38M | 156.67M |
| Investing Cash Flow | -111.47M | -270.73M | -195.41M | -163.37M | -200.42M | -271.00M |
| Financing Cash Flow | -104.19M | 43.56M | 13.32M | -18.01M | 92.48M | 81.99M |
Integer Holdings Technical Analysis
Positive
90.20
Price Trends
86.70
Positive
85.74
Positive
87.60
Positive
Market Momentum
1.06
Negative
54.13
Neutral
81.22
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITGR, the sentiment is Positive. The current price of 90.2 is above the 20-day moving average (MA) of 87.34, above the 50-day MA of 86.70, and above the 200-day MA of 87.60, indicating a bullish trend. The MACD of 1.06 indicates Negative momentum. The RSI at 54.13 is Neutral, neither overbought nor oversold. The STOCH value of 81.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ITGR.
Integer Holdings Risk Analysis
Integer Holdings disclosed 40 risk factors in its most recent earnings report. Integer Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Integer Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $4.06B | 38.98 | 9.13% | ― | 12.40% | ― | |
65 Neutral | $2.38B | 116.82 | 41.92% | ― | 30.24% | 244.83% | |
61 Neutral | $3.03B | 45.09 | 8.23% | ― | 5.48% | 77.43% | |
61 Neutral | $1.26B | -32.77 | 17.98% | ― | 8.94% | 102.92% | |
52 Neutral | $7.06B | -78.94 | -26.46% | ― | 36.30% | -42.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.27B | -12.36 | -443.09% | ― | 22.55% | 27.87% |
* Healthcare Sector Average
ITGR
Integer Holdings
89.28
-29.03
-24.54%
ATEC
Alphatec Holdings
8.27
-4.18
-33.57%
GKOS
Glaukos
120.23
24.21
25.21%
LIVN
LivaNova
73.83
31.95
76.29%
INSP
Inspire Medical Systems
43.84
-99.37
-69.39%
TMDX
TransMedics Group
68.94
-59.60
-46.37%
Integer Holdings Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Integer Holdings Enhances Executive Protections Amid Strategic Review
Positive
May 22, 2026
In connection with its ongoing strategic review to maximize stockholder value, Integer Holdings’ board and Compensation and Organization Committee approved, on May 18 and May 20, 2026, enhanced change-of-control protections and sizable cash ...
Business Operations and StrategyFinancial Disclosures
Integer Holdings Cuts 2026 Outlook After Weak Q1
Negative
Apr 30, 2026
On April 30, 2026, Integer Holdings reported first-quarter 2026 results broadly in line with prior guidance, posting 0.5% sales growth to $440 million and 1.3% organic growth, but a 36% drop in GAAP operating income and a 14% decline in adjusted o...
Business Operations and StrategyExecutive/Board Changes
Integer Holdings Reaches Cooperation Agreement With Activist Investor
Positive
Mar 12, 2026
On March 9, 2026, Integer Holdings entered into a cooperation agreement with Irenic Capital Management that led to the appointment of James Flanagan and investor representative Aaron Kapito as independent directors, with their Board roles effectiv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.