Integer Holdings Corporation (ITGR)
NYSE:ITGR
Top Page
Integer Holdings
(NYSE:ITGR)
Select Model
Select Model
Rating:66Neutral
Price Target:
$92.00
▲(5.17% Upside)
Action:ReiteratedDate:03/12/26
Overall score reflects solid financial performance (steady growth and positive cash generation, albeit with rising debt and uneven margins) as the primary driver. The score is tempered by mixed technicals (below the 200DMA, neutral momentum) and a mid-to-higher P/E with no dividend support, while the earnings call adds a modest positive tilt due to strong 2025 execution but clear near-term 2026 growth and margin headwinds.
Positive Factors
Consistent Revenue Growth
Sustained top-line growth through 2025 demonstrates durable demand for Integer’s CDMO services and scale benefits. Steady revenue expansion supports long-term supplier relationships, underpins investment in automation and capacity, and provides a stable base for margin and cash-flow improvement.
Negative Factors
Elevated Absolute Debt
High absolute net debt requires continued robust cash generation to maintain strategic flexibility. Even with leverage in the target band, sustained repayments or lower leverage depend on multi-quarter FCF outperformance; otherwise interest and covenant sensitivity could limit capital allocation choices.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Sustained top-line growth through 2025 demonstrates durable demand for Integer’s CDMO services and scale benefits. Steady revenue expansion supports long-term supplier relationships, underpins investment in automation and capacity, and provides a stable base for margin and cash-flow improvement.
Read all positive factors
Integer Holdings (ITGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.01B
Dividend YieldN/A
Average Volume (3M)757.23K
Price to Earnings (P/E)26.5
Beta (1Y)0.44
Revenue Growth7.81%
EPS Growth-26.32%
CountryUS
Employees11,000
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.76
Shares Outstanding34,407,350
10 Day Avg. Volume438,204
30 Day Avg. Volume757,231
Financial Highlights & Ratios
PEG Ratio-1.49
Price to Book (P/B)1.56
Price to Sales (P/S)1.47
P/FCF Ratio25.92
Enterprise Value/Market Cap1.48
Enterprise Value/Revenue2.40
Enterprise Value/Gross Profit8.86
Enterprise Value/Ebitda12.28
Forecast
1Y Price Target
$93.80Price Target Upside7.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)6.48
Revenue Forecast (FY)$1.85B
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:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a strong set of full-year 2025 results — double-digit improvements in adjusted EBITDA, operating income, adjusted net income, and adjusted EPS — along with disciplined capital allocation (share repurchases, targeted CapEx, tuck-in M&A) and a strong product development pipeline. However, near-term headwinds are notable: three new products with lower-than-expected adoption create an approximate 3%–4% organic sales headwind in 2026, Q1 2026 margins are expected to be down 200–250 basis points, and the company expects modest growth in 2026 with recovery/back-to-market outperformance targeted for 2027. Overall, the fundamentals, cash generation, margin expansion track record, and clear articulation of a path back to above-market growth underpin a constructive long-term view despite meaningful but described-as-temporary near-term challenges.Positive Updates
Full-Year Sales and Organic Growth
2025 reported sales grew 8% to $1,854,000,000 and organic sales grew 6% year-over-year, demonstrating broad-based revenue strength.
Negative Updates
Lower-Than-Expected Adoption of Three New Products
Three new products (two in electrophysiology, one in neuromodulation) accounted for nearly 6% of 2025 sales but are projected to create a 3%–4% headwind in 2026 due to weaker market adoption; sales of these products expected to be significantly lower in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Sales and Organic Growth
2025 reported sales grew 8% to $1,854,000,000 and organic sales grew 6% year-over-year, demonstrating broad-based revenue strength.
Read all positive updates
Company Guidance
Integer’s 2026 guidance calls for reported sales of $1,826–$1,876M (down 1% to up 1%) and organic sales flat to up 3%, with a ~3–4% headwind from three new products that represented ~6% of 2025 sales (excluding those, underlying sales are expected to grow ~4–6%); the company expects an inorganic decline of ~1.3% from the portable medical exit. Financial ranges are: adjusted EBITDA $391–$415M (down 3% to up 3%), adjusted operating income $304–$324M (down 5% to up 1%) with Q1 operating margin pressured 200–250 bps and margin recovery in H2, adjusted net income $216–$232M (down 4% to up 3%), and adjusted EPS $6.29–$6.78 (down 2% to up 6%) assuming a 16–18% adjusted effective tax rate (Q1 slightly above). Quarterly cadence: Q1 sales flat to down low single digits (note a ~5% tailwind in Q1 and ~5% headwind in Q4 from production days) with sequential improvement through the year. Cash flow from operations is guided to $200–$220M, CapEx $95–$105M (~5–6% of sales), free cash flow $100–$120M, year-end net total debt $1,170–$1,190M and leverage within the 2.5x–3.5x target; the company repurchased $50M in Q4 and announced an additional ~$50M accelerated share repurchase under a $200M authorization.Integer Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
70
Positive
| 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 | 299.27M | 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 | 1.40B | 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
Negative
87.48
Price Trends
85.72
Negative
80.79
Positive
92.23
Negative
Market Momentum
0.26
Positive
48.29
Neutral
38.37
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 87.48 is above the 20-day moving average (MA) of 85.36, above the 50-day MA of 85.72, and below the 200-day MA of 92.23, indicating a bearish trend. The MACD of 0.26 indicates Positive momentum. The RSI at 48.29 is Neutral, neither overbought nor oversold. The STOCH value of 38.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ITGR.
Integer Holdings Risk Analysis
Integer Holdings disclosed 39 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $3.54B | -13.83 | -21.49% | ― | 8.97% | -1024.86% | |
67 Neutral | $3.75B | 21.73 | 53.88% | ― | 41.20% | 173.53% | |
66 Neutral | $3.01B | 26.50 | 6.05% | ― | 7.81% | -26.32% | |
66 Neutral | $1.53B | 18.63 | 21.07% | ― | 16.81% | 34.90% | |
59 Neutral | $6.89B | -34.40 | -25.41% | ― | 30.38% | 47.64% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.76B | -22.02 | -1760.45% | ― | 27.11% | 17.66% |
* Healthcare Sector Average
ITGR
Integer Holdings
87.48
-28.89
-24.83%
ATEC
Alphatec Holdings
11.66
1.61
16.02%
GKOS
Glaukos
118.62
25.07
26.80%
LIVN
LivaNova
64.66
28.94
81.02%
INSP
Inspire Medical Systems
53.38
-100.43
-65.29%
TMDX
TransMedics Group
109.36
33.95
45.02%
Integer Holdings Corporate Events
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...
Business Operations and StrategyStock BuybackFinancial Disclosures
Integer Holdings Highlights 2025 Results, Tightens 2026 Outlook
Positive
Feb 19, 2026
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...
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.