Quality Investor

Integer Holdings Corporation

Rank #392ValueWatchlistCompare with other stocks

ITGR · NYSE · Healthcare

Integer Holdings Corporation (ITGR) — Rank #392 by gross profitability (GP/assets 0.15) · ROE 6.0% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · CIK 0001114483 · all metrics point-in-time as of the filing date.

About

Integer Holdings Corporation operates as a medical device contract development and manufacturing company in the United States, Costa Rica, Puerto Rico, Ireland, and internationally.

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The company offers products for interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, non-vascular, 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; implanted medical devices, implanted leads, procedure accessories, and external devices; 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; orthopedics, minimally invasive surgery, and general surgery devices; and portable medical devices, including patient monitoring, ventilators, portable defibrillators, portable ultrasound, and X-Ray machines. Furthermore, the company provides medical technologies; supplies medical stamped components, and shallow and deep draw casings and assemblies; and epicardial pacing leads. It serves multi-national original equipment manufacturers and affiliated subsidiaries in the cardiac rhythm management, neuromodulation, orthopedics, cardio and vascular, and advanced surgical and portable medical markets. The company provides its products under the Greatbatch Medical and the Lake Region Medical brands. The company was formerly known as Greatbatch, Inc. and changed its name to Integer Holdings Corporation in July 2016.

Integer Holdings Corporation was founded in 1970 and is headquartered in Plano, Texas.

Industry
Medical Devices
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

11,000

Industry

Medical Devices

Exchange

NYSE

11/12

Flags passed

ITGR fails 1 critical flag

Passes 11 of 12 quality flags

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Deferred revenue growing · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.15
Return on equity
6.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.99
Current ratio
3.73×
Net cash
-$1.22B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.3%

Growth

2/2 pass
Revenue growth
8.0%
Piotroski F-Score
6 / 9
Share dilution
-0.2%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Operating margin declining · GP/assets 0th percentile of 41 SIC 38 peers

Gross profitability (GP / assets)

0.15

Primary signal (Novy-Marx).

0th pctl of 41 SIC 38 peers

Return on equity

6.0%

Gross margin

27.0%

5th pctl of 41 SIC 38 peers

Revenue growth (YoY)

8.0%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

11.7%

Revenue CAGR (5Y)

11.5%

Earnings CAGR (3Y)

15.7%

FCF CAGR (3Y)

36.1%

Cash Flow Health

Is the cash real?

No warning flags · FCF 2% above net income

Free cash flow

$105.12M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

2.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.3%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $1.22B, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.99

38th pctl of 40 SIC 38 peers (best = lowest)

Current ratio

3.73×

72nd pctl of 40 SIC 38 peers

Quick ratio

1.66×

Net cash

-$1.22B

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

2.3 / 5

Fair
Share count trend(net buybacks)
-0.2%3/5 Good
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-6.6%1/5 Weak

Lifecycle Phase History

20202025
Decline
Op. Leverage
Value

Price History

ITGR+35.2% · +6.2% CAGRSPY+82.9% · +12.8% CAGR