One-glance verdict
Overvalued
$63.09 our estimate vs market $126.55
Wall Street consensus: $127.00 (101.3% higher than our fair-value estimate)
101% above our estimate, beyond the bull case
Fundamentals snapshot
Integer Holdings Corporation
ITGR · NYQ · Healthcare · Medical Devices
Current price
$126.55
52-week range
$62.00 - $126.83
Market cap
$4.30B
Balance sheet
Watch
6.58x Adequate
Net debt $1.34B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Returns 7.5% on equity, ahead of 33% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Net debt grew 31.6% over 3 years.
- Risk Stock trades 0.4% above its 5-year average P/E.
What this company does
Integer Holdings Corporation
Integer Holdings Corporation makes parts and finished medical devices that go inside people, like those for heart procedures or pain relief. Most of their money comes from selling these specialized medical components to big medical device companies. This matters because they are a key, behind-the-scenes supplier for many life-saving and life-improving technologies.
How the company got here
Integer Holdings Corporation, founded in 1970, has a long history in medical device innovation and manufacturing. It was originally known as Greatbatch, Inc. and later acquired Lake Region Medical. In 2016, the company combined these entities and rebranded as Integer Holdings Corporation to signify its broader range of products and services. This strategic combination aimed to create a more comprehensive offering for medical device original equipment manufacturers (OEMs), positioning Integer as a key partner in the industry. The company has since focused on honing its capabilities in high-growth medical markets.
What it actually does
Integer Holdings Corporation is a major player in the medical device outsourcing industry. Essentially, they act as a contract development and manufacturing organization (CDMO), meaning they help other medical device companies design, develop, and produce their products. These products range from tiny components to complex finished devices that are used in a wide variety of medical procedures and treatments. Integer's work helps bring innovative medical technologies to life, ultimately aiming to improve patient outcomes worldwide.
Cardio & Vascular
This is a significant part of Integer's business, focusing on devices used in procedures related to the heart and blood vessels. This includes components and finished devices for interventional cardiology (treating heart conditions with minimally invasive procedures), structural heart repair, managing heart failure, and treating issues in the peripheral vascular system (blood vessels outside the heart and brain). They also produce devices for neurovascular procedures (related to blood vessels in the brain), interventional oncology (cancer treatment), and urology and gastroenterology. Essentially, this segment provides critical parts and devices that doctors use to perform complex surgeries and treatments within the cardiovascular system and related areas.
Cardiac Rhythm Management & Neuromodulation
This segment is dedicated to devices that help regulate bodily functions through electrical signals. Cardiac Rhythm Management (CRM) includes components and systems for implantable pacemakers, defibrillators, and devices that monitor heart activity, as well as leads (wires that connect devices to the heart). Neuromodulation focuses on devices that alter nerve activity to treat conditions like chronic pain, Parkinson's disease, epilepsy, and incontinence. Integer provides essential components like implantable batteries, lead systems, and device enclosures for these life-sustaining and life-improving technologies.
Other Markets
While Integer's primary focus is on medical devices, they also have a presence in other specialized markets. This includes developing batteries for niche applications in energy, military, and environmental sectors, leveraging their expertise in power solutions. They also produce medical components and batteries for portable medical devices such as ventilators and patient monitoring systems. This segment showcases Integer's broader capabilities in power technology and component manufacturing beyond their core medical device offerings.
What management is betting on now
Integer's management is focused on strengthening its position as a leading medical device contract manufacturer, particularly in high-growth areas like cardio and vascular, and cardiac rhythm management. They are investing in innovation and manufacturing excellence to be a strategic partner for medical device companies. The company's strategy involves providing end-to-end solutions, from initial design and development to full-scale manufacturing and supply chain management. By concentrating on these core medical markets and leveraging their established brands, Integer aims to continue enhancing patient lives through advanced medical technologies.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$44.14M
FY2025 Q1
$6.06M
FY2025 Q2
$24.86M
FY2025 Q3
$46.26M
FY2025 Q4
$27.94M
FY2026 Q2
$737.00K
FY2026 Q3
$37.04M
Revenue
$464.11M
Net income
$23.61M
Diluted EPS
0.69
Operating cash flow
$59.73M
Free cash flow
$37.04M
Fetching…
Sources
Revenue
$439.58M
Net income
$16.51M
Diluted EPS
0.48
Operating cash flow
$24.70M
Free cash flow
$737.00K
Fetching…
Sources
Revenue
$472.06M
Net income
$48.61M
Diluted EPS
1.40
Operating cash flow
$55.41M
Free cash flow
$27.94M
Fetching…
Sources
Revenue
$467.69M
Net income
$39.68M
Diluted EPS
1.11
Operating cash flow
$65.59M
Free cash flow
$46.26M
Fetching…
Sources
Revenue
$476.49M
Net income
$37.01M
Diluted EPS
1.04
Operating cash flow
$43.86M
Free cash flow
$24.86M
Fetching…
Sources
Revenue
$437.39M
Net income
$-22.49M
Diluted EPS
-0.66
Operating cash flow
$31.28M
Free cash flow
$6.06M
Fetching…
Sources
Revenue
$434.17M
Net income
$32.70M
Diluted EPS
0.90
Operating cash flow
$63.23M
Free cash flow
$44.14M
Fetching…
Sources
Is it cheap or expensive?
Fair value $63.09 vs current price $126.55
Wall Street consensus is the average analyst price target: $127.00 (101.3% higher than our fair-value estimate).
Our most-likely fair value is $63.09 a share — about 50.1% below today's price of $126.55, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $1.3B. Interest coverage 6.6x.
Net debt
$1.34B
Interest coverage
6.58x
Integer Holdings Corporation's profit covers its interest bill about 6.6 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
ITGR
BASELINE
Integer Holdings Corporation
Total debt $1.36B Interest coverage 6.58x This is the baseline the peer rows are being compared against.
Total debt $2.94B Interest coverage 2.55x -61% vs ITGR Carries about 2.6x less debt cushion than ITGR.
Total debt $351.95M Interest coverage 4.05x -39% vs ITGR Carries about 1.6x less debt cushion than ITGR.
Total debt $867.72M Interest coverage 7.88x +20% vs ITGR Carries about 1.2x more debt cushion than ITGR.
Total debt $834.25M Interest coverage 3.30x -50% vs ITGR Carries about 2.0x less debt cushion than ITGR.
Total debt $29.09M Interest coverage 371.93x +5,549% vs ITGR Carries about 56.5x more debt cushion than ITGR.
What you should know
The case for and against ITGR
2 Rewards
2 Risks
Rewards
-
Returns 7.5% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 31.6% over 3 years.
-
Stock trades 0.4% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
34.58x
Forward P/E
18.42x
P/B
2.50x
P/S
2.33x
EV/EBITDA
16.23x
PEG ratio
2.81x
Profitability
How much profit each dollar creates
Gross margin
26.1%
Operating margin
10.0%
Net margin
7.0%
ROE
7.5%
ROA
3.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.79x
Current ratio
3.73x
Quick ratio
2.21x
Total debt
$1.36B
Total cash
$21.38M
Growth
How the business has been compounding
Revenue TTM
$1.84B
Revenue 5Y CAGR
11.0%
EPS TTM
3.66
EPS 5Y CAGR
13.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$205.44M
Free CF TTM
$105.12M
FCF margin
5.7%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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