Quality Investor

Integer Holdings Corporation

Rank #413Value

ITGR · NYSE · Healthcare

Integer Holdings Corporation (ITGR) — Rank #413 by gross profitability (GP/assets 0.15) · ROE 6.0% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · 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

Price History

ITGR+29.4% · +5.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$4.28B

P/E (annual)

43.7

P/S (annual)

2.3

P/B

2.5

P/OCF (annual)

21.8

Shareholder Yield

0.2%

Employees

11,000

Industry

Medical Devices

Exchange

NYSE

Signal Flags

2 green1 red
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Operating margin decliningOperating margin lower than prior year

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%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

18.0%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -0.2% — per-share value needs a total required return of 17.9% once share-count change is priced in.

vs. own 6-year median revenue growth: 11.5%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

13.1%

r = 10% (base)

18.0%

r = 12%

22.3%

Net debt / market cap: 27.1%

Base FCF: $105.1M3Y mean FCF: $88.4M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

29.7xCheap
16.7xmed 36.3x451.7x

P / S

Price / revenue per share

1.6xCheap
1.6xmed 2.4x2.8x

P / B

Price / book value per share

1.7xCheap
1.7xmed 2.4x3.7x

P / GP

Price / gross profit per share

6.1xCheap
6.1xmed 7.9x10.5x

P / FCF

Price / free cash flow per share

29.0xFair
20.4xmed 28.5x59.0x

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

Profitability

Gross profitability (GP / assets)

0.15

Primary signal (Novy-Marx).

0th pctl of 37 SIC 38 peers

Return on equity

6.0%

Gross margin

27.0%

6th pctl of 37 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%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.99

47th pctl of 35 SIC 38 peers (best = lowest)

Current ratio

3.73×

77th pctl of 36 SIC 38 peers

Quick ratio

1.66×

Net cash

-$1.22B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$105.12M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.02

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.3%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Decline
Op. Leverage
Value