Integer Holdings (ITGR) AI Stock Analysis

• Market Cap: $2.89B
• Dividend Yield: N/A
• Average Volume (3M): 968.99K
• Price to Earnings (P/E): 26.5
• Beta (1Y): 0.47
• 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: 34,407,350
• 10 Day Avg. Volume: 772,612
• 30 Day Avg. Volume: 968,992
• 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: 1.53
• Enterprise Value/Revenue: 2.39
• Enterprise Value/Gross Profit: 8.84
• Enterprise Value/Ebitda: 12.25
• 1Y Price Target: $93.80
• Price Target Upside: 11.51% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 6.48
• Revenue Forecast (FY): $1.85B

• Rating: 66 Neutral
• Price Target: $92.00 ▲(9.37% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 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.

Margin Expansion & Cash Generation

Recent margin and EBITDA expansion, plus a free-cash-flow rebound, reflect durable operating leverage from higher-volume programs and efficiency initiatives. Strong cash generation funds targeted CapEx, tuck-in deals and buybacks, enabling capital allocation while supporting deleveraging over multiple quarters.

Robust Development Pipeline & Capabilities

A rapidly growing product-development book and targeted investments (automation, micromachining, coatings) create structural differentiation. This pipeline feeds future higher-growth, higher-margin launches, strengthens customer stickiness, and increases the probability of sustained above-market organic growth beyond short-term cadence effects.

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.

New-Product Adoption Risk

Weaker-than-expected adoption of recently launched products is a structural commercial execution risk. If conversion and ramp rates remain below plan, revenue and margin recovery will be delayed, straining the timeline to return to above-market organic growth and reducing near-term operating leverage.

Margin & ROE Volatility

Moderate gross margins but variable net margins and mid-single-digit ROE indicate profitability sensitivity to mix, product cadence, and cost absorption. Persistent margin volatility can limit free-cash-flow predictability and constrain the company’s ability to steadily reinvest or reduce leverage over multiple quarters.

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 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 generated through (1) contract manufacturing of medical components and subassemblies (e.g., complex catheter- and guidewire-related components, implantable-device components, leads, and other precision parts), (2) manufacturing of finished or near-finished medical devices for OEM customers under longer-term supply arrangements, and (3) product development and engineering services that support customers from early-stage concept and design through validation and commercialization, often positioning Integer to win downstream manufacturing volume once products are launched. In addition, Integer generates revenue from specialized products and manufacturing for non-medical end markets (including aerospace and defense) where it supplies advanced components/power-related solutions. Earnings are influenced by customer demand and procedure volumes in key medical therapy areas, mix between development work and higher-volume production programs, the scale and duration of OEM supply programs, pricing and productivity/efficiency improvements, and the ability to meet stringent regulatory and quality requirements that can make Integer a strategic, long-term supplier for customers.

Integer Holdings Financial Statement Overview

Summary

Solid overall fundamentals: steady 2021–2025 revenue growth and consistently positive operating cash flow, with a notable free-cash-flow rebound in 2025. Offsets include moderate but rising debt, only modest ROE, and some margin volatility/uncertainty in 2025 profitability fields.

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	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

• Technical Analysis Sentiment: Negative
• Last Price: 84.12
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 84.12 is below the 20-day moving average (MA) of 85.39, below the 50-day MA of 84.98, and below the 200-day MA of 94.77, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 47.36 is Neutral, neither overbought nor oversold. The STOCH value of 18.44 is Positive, 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	75 Outperform	$4.28B	21.73	53.88%	―	41.20%	173.53%
LIVN	68 Neutral	$3.36B	―	-21.49%	―	8.97%	-1024.86%
ITGR	66 Neutral	$2.89B	26.50	6.05%	―	7.81%	-26.32%
INSP	66 Neutral	$1.68B	18.63	21.07%	―	16.81%	34.90%
GKOS	59 Neutral	$5.75B	-34.40	-25.41%	―	30.38%	47.64%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ATEC	51 Neutral	$1.91B	-22.02	-1760.45%	―	27.11%	17.66%

Integer Holdings Corporate Events

Integer Holdings Reaches Cooperation Agreement With Activist Investor

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 effective March 12, 2026. Two incumbent directors will not stand for re-election at the 2026 annual meeting, Board size will be capped at 13 before that meeting and 11 thereafter during the cooperation period, and Irenic has withdrawn its competing director slate and agreed to standstill and voting commitments, signaling a negotiated truce with an activist investor aimed at strengthening governance and sharpening the company’s focus on growth and long-term value creation.

Flanagan, the former Chief Operating Officer of PwC, joins the Audit and Technology Strategy Committees, while Kapito, a partner at Politan Capital Management with a background in activist and value-oriented investing, will sit on the Compensation and Organization Committee and the Technology Strategy Committee. The agreement gives Irenic ongoing Board representation subject to ownership thresholds and committee approval, reflecting growing activist influence in the medical device CDMO space and potentially aligning Integer’s capital allocation, strategic planning, and governance more closely with shareholder priorities as it targets improving organic sales growth in 2026 and beyond.

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.

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.