Integer Holdings (ITGR) AI Stock Analysis

• Market Cap: $3.03B
• Dividend Yield: N/A
• Average Volume (3M): 722.16K
• Price to Earnings (P/E): 34.7
• Beta (1Y): 0.48
• Revenue Growth: 7.81%
• EPS Growth: -26.32%
• Country: US
• Employees: 11,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 1.76
• Shares Outstanding: 35,038,425
• 10 Day Avg. Volume: 1,111,676
• 30 Day Avg. Volume: 722,161
• PEG Ratio: -1.49
• Price to Book (P/B): 1.56
• Price to Sales (P/S): 1.47
• P/FCF Ratio: 25.92
• Enterprise Value/Market Cap: 1.40
• Enterprise Value/Revenue: 2.29
• Enterprise Value/Gross Profit: 8.47
• Enterprise Value/Ebitda: 11.45
• 1Y Price Target: $92.60
• Price Target Upside: 11.57% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: $89.00 ▲(7.23% Upside)

The score is driven primarily by solid underlying financial performance (steady growth and positive cash generation) tempered by balance-sheet and margin-quality watch items. Near-term outlook from the earnings call adds caution due to modest 2026 growth and expected margin pressure early in the year. Technicals are mixed-to-weak versus key moving averages, and valuation appears demanding with a ~34.7 P/E and no dividend yield provided.

Positive Factors

Product development pipeline

Integer’s scaled R&D and launch engine—development sales grew >300% since 2017 and launch customers are expected to grow at a 15–20% CAGR—creates a durable stream of higher-growth product ramps. This reduces single-product risk and supports multi-year above-market organic growth potential.

Cash generation and capital allocation

Consistent positive operating cash flow and a 2025 free-cash-flow rebound provide the finance capacity for disciplined CapEx, tuck-in M&A, and share repurchases. Sustainable cash generation underpins investments in automation and manufacturing scale without heavy equity dilution.

Leverage managed within target range

Leverage sitting near the strategic midpoint (3.0x) signals financial discipline and access to capital while allowing strategic flexibility. Remaining capacity supports continued tuck‑in acquisitions, facility investments and measured capital returns while management targets gradual deleveraging.

Negative Factors

High absolute net debt

Although leverage is within stated targets, the large absolute debt stock (~$1.17–$1.19B) means balance‑sheet improvement depends on sustained FCF and growth. Elevated nominal debt raises refinancing and interest exposure and can constrain larger strategic investments if cash flow weakens.

New-product adoption and near-term headwinds

Lower-than-expected adoption of several recent launches directly reduces near-term organic growth and compresses margins (Q1 operating margin guidance down 200–250 bps). This delays the company’s path back to above‑market growth and makes recovery contingent on successful re‑acceleration of launches.

Modest returns and choppy cash conversion

ROE in the mid/low single digits and inconsistent free cash flow across 2022–2024 indicate limited capital efficiency. Structural variability in cash conversion and a noted EBIT/EBITDA margin mismatch constrain the company’s ability to rapidly deleverage, increase shareholder returns, or scale investments without recurring execution risk.

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 interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, urology, and gastroenterology procedures. It also provides cardiac rhythm management products, including implantable pacemakers, implantable cardioverter defibrillators, insertable cardiac monitors, implantable cardiac pacing and defibrillation leads, and heart failure therapies; neuromodulation products, such as implantable spinal cord stimulators; and non-rechargeable batteries, feedthroughs, device enclosures, machined components, and lead components and sub-assemblies. In addition, the company offers rechargeable batteries and chargers; and arthroscopic, laparoscopic, and general surgery devices and components, such as harmonic scalpels, shaver blades, burr shavers, radio frequency probes, biopsy probes, trocars, electrocautery components, wound dressings, GERD treatment components, and phacoemulsification needles. Further, it provides orthopedic products that include instruments used in hip, knee, and spine surgeries, as well as reamers and chisels. Additionally, the company offers customized battery power and power management systems, and battery solutions for the energy, military, and environmental markets. Furthermore, the company provides medical technologies. It serves multi-national original equipment manufacturers and their affiliated subsidiaries in the cardiac, neuromodulation, orthopedics, vascular, and advanced surgical and portable medical markets. Integer Holdings Corporation was founded in 1970 and is headquartered in Plano, Texas.

How the Company Makes Money

Integer Holdings generates revenue through several key streams, primarily from the sale of medical devices and related services. The company's revenue model is centered around its core product offerings, which include implantable devices for cardiac rhythm management, neuromodulation, and orthopedic applications. Integer also earns income from contract manufacturing services, where it partners with other medical device companies to produce specialized products. Significant partnerships with major healthcare providers and OEMs (original equipment manufacturers) contribute to its earnings by securing long-term contracts and fostering innovation. Additionally, Integer's focus on research and development allows it to introduce new technologies and products, further enhancing its market presence and revenue potential.

Integer Holdings Financial Statement Overview

Summary

Revenue growth has been steady and cash flow remains positive, with a notable free-cash-flow rebound in 2025. Offsetting factors include rising total debt into 2025, mid-to-low ROE, choppy free cash flow in 2022–2024, and some uncertainty in 2025 margin fields (EBIT margin mismatch despite positive EBIT/EBITDA).

Income Statement

Revenue has expanded steadily from 2021–2025 (annual growth mostly high-single to mid-teens), supporting scale gains. Profitability is solid but not best-in-class: gross margin has been stable in the mid-to-high 20s, while net margin has been more volatile (roughly ~5%–8%) and is lower in 2025 versus 2024. Operating profitability improved from 2022–2024, but 2025 shows a mismatch in the provided operating margin fields (EBIT margin listed as 0% despite positive EBIT/EBITDA), which adds some uncertainty to year-over-year margin quality.

Balance Sheet

Leverage is moderate for the sector, with debt-to-equity generally in the ~0.6–0.75 range, but total debt has trended up meaningfully into 2025. Equity has also grown, helping keep leverage contained, yet returns on equity remain mid-single digits to low-single digits in recent years (about ~5%–7%), suggesting profitability is not fully translating into strong shareholder returns. Overall, the balance sheet looks workable, but rising debt and only modest returns are key watch items.

Cash Flow

Cash generation is generally supportive: operating cash flow has been positive each year and improved versus 2022 levels. Free cash flow has been choppy—stronger in 2020–2021, weaker in 2022–2024, then a sharp rebound in 2025. Cash conversion is mixed: operating cash flow has covered net income at less than 1x in most years (implying earnings quality is acceptable but not exceptionally cash-rich), while free cash flow relative to net income ranges from weak in 2022–2024 to very strong in 2025.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.85B	1.72B	1.56B	1.33B	1.22B
Gross Profit	500.39M	461.18M	411.52M	346.65M	336.97M
EBITDA	370.29M	332.94M	275.71M	221.75M	224.65M
Net Income	102.81M	119.90M	90.65M	66.38M	96.81M
Balance Sheet
Total Assets	3.41B	3.08B	2.94B	2.79B	2.58B
Cash, Cash Equivalents and Short-Term Investments	17.16M	46.54M	23.67M	24.27M	17.89M
Total Debt	1.30B	1.10B	1.05B	1.01B	905.81M
Total Liabilities	1.66B	1.46B	1.42B	1.38B	1.23B
Stockholders Equity	1.75B	1.62B	1.52B	1.42B	1.35B
Cash Flow
Free Cash Flow	105.12M	99.60M	60.27M	41.65M	103.20M
Operating Cash Flow	196.15M	205.21M	180.21M	116.38M	156.67M
Investing Cash Flow	-270.73M	-195.41M	-163.37M	-200.42M	-271.00M
Financing Cash Flow	43.56M	13.32M	-18.01M	92.48M	81.99M

Integer Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 83.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITGR, the sentiment is Negative. The current price of 83 is below the 20-day moving average (MA) of 85.95, above the 50-day MA of 81.69, and below the 200-day MA of 97.68, indicating a neutral trend. The MACD of 0.90 indicates Positive momentum. The RSI at 44.26 is Neutral, neither overbought nor oversold. The STOCH value of 48.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ITGR.

Integer Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TMDX	76 Outperform	$4.63B	53.67	32.48%	―	41.20%	173.53%
INSP	66 Neutral	$1.77B	12.04	19.77%	―	16.81%	34.90%
ITGR	64 Neutral	$3.03B	34.75	6.11%	―	7.81%	-26.32%
LIVN	63 Neutral	$3.68B	-16.93	-17.63%	―	8.97%	-1024.86%
GKOS	58 Neutral	$6.95B	―	-26.38%	―	30.38%	47.64%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ATEC	47 Neutral	$2.01B	-12.87	-540.40%	―	27.11%	17.66%

Integer Holdings Corporate Events

Integer Holdings Highlights 2025 Results, Tightens 2026 Outlook

For the fourth quarter and full year ended Dec. 31, 2025, Integer reported solid topline growth and notably stronger non-GAAP profitability, underscoring successful execution on higher‑growth product ramps and recent acquisitions. Sales rose 5% in the fourth quarter and 8% for the year, with adjusted EPS up 23% in Q4 and 21% for 2025, even as GAAP net income for the year declined on higher costs and restructuring charges; leverage increased to 3.0 times adjusted EBITDA as debt rose to fund deals and buybacks.

Cardio & Vascular remained the main growth engine with double‑digit gains, while Cardiac Rhythm Management & Neuromodulation was mixed and Other Markets shrank due to a previously announced exit from portable medical products. Integer also accelerated capital returns, repurchasing about $50 million of stock in 2025 and announcing an additional $50 million accelerated share repurchase, while 2026 guidance calls for roughly flat sales and modestly softer adjusted earnings ahead of a planned return to above‑market organic growth in 2027.

Integer also accelerated capital returns, repurchasing about $50 million of stock in 2025 and announcing an additional $50 million accelerated share repurchase under its existing authorization, to be financed with cash and credit facility borrowings. For 2026, the company tightened its outlook around prior guidance, projecting roughly flat sales versus 2025 but mid‑single‑digit swings in adjusted operating income and EPS, while management reiterated expectations to resume 200 basis points above‑market organic sales growth in 2027, signaling confidence in its pipeline and long‑term value creation strategy.

The most recent analyst rating on (ITGR) stock is a Hold with a $92.00 price target. To see the full list of analyst forecasts on Integer Holdings stock, see the ITGR Stock Forecast page.