Integer Holdings Corporation (ITGR)
NEUTRALFundamental
63
Price
$125.20
Market Cap
$4.26B
Part 1 · What the company is worth
Overview
Integer makes the components inside medical devices — batteries, wires, connectors, and finished subassemblies — that its customers, the big medical device makers, build into pacemakers, stents, catheters and neurostimulators. It does not sell devices under its own brand to hospitals or patients; instead it is the manufacturer behind the manufacturer, running FDA-regulated factories that produce parts to exacting specifications for cardiovascular, cardiac rhythm and neuromodulation applications, with a global workforce split roughly evenly between the U.S. and abroad.
How it makes money
Integer books revenue when it ships components or finished devices to customers under long-term supply agreements, most of which do not guarantee minimum purchase volumes. Because customers design its parts into their own regulated products years in advance, once a component is qualified into a device it tends to stay there — but that same customer, if large enough, can also push back hard on price. In 2025, its top three customers together accounted for about 49% of revenue.
Revenue by segment
Components and finished devices for interventional cardiology, structural heart, peripheral vascular and related procedures.
Batteries, feedthroughs and finished device systems for pacemakers, defibrillators and neurostimulation devices.
A smaller mix including advanced surgical, orthopedic and portable medical products, declining as one legacy customer program winds down.
What drives demand
DefensiveDemand is tied to the volume of cardiac and vascular procedures performed worldwide, which is driven by aging populations and chronic disease rates rather than the economic cycle — people do not defer a pacemaker because of a recession. The main swing factor is customer-specific: a large buyer can still cut orders sharply, as happened with the decline of one legacy neuromodulation program.
Key risks
- Customer concentration — The top three customers accounted for approximately 49% of 2025 revenue, and many supply agreements carry no minimum purchase requirements, so a large customer can reduce orders without breaching its contract.
- Reliance on single-source raw material suppliers — Key inputs such as platinum, titanium, lithium and other specialty metals are sourced from a limited number of suppliers, and for some materials the company relies on a single supplier, exposing it to price spikes and shortages.
- Concentrated manufacturing facilities — Production of specific product lines is often concentrated in one or a few facilities, so a fire, natural disaster or labor disruption at a single site could halt supply to customers with no quick way to shift output elsewhere.
- Cybersecurity and IT disruption — The company depends heavily on digital technology and information systems for operations and customer interactions, and a successful cyber-attack could disrupt manufacturing, expose confidential data and trigger regulatory and legal consequences.
Customer concentration
Top customers account for 49% of revenue
In 2025 the top three customers together accounted for approximately 49% of revenue, and the company states that losing any one of them, or a significant reduction in their business, would take away a substantial share of sales.
The case for
Buyers argue that once Integer's components are designed into a customer's FDA-cleared device, replacing them is costly and slow, giving Integer durable, multi-year revenue visibility as procedure volumes grow with aging populations worldwide.
The case against
Sellers fear that with the top three customers worth almost half of revenue, the loss of just one relationship — or aggressive price renegotiation by a large buyer — could hit results hard, as already happened with the planned decline of one legacy neuromodulation program.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$1.84B
Trailing 12 months (through 7/3/2026)
Net Income
$128M
Trailing 12 months (through 7/3/2026)
Free Cash Flow
$105M
Total Equity
$1.75B
Total Liabilities
$1.66B
Current Ratio
3.73
Interest Coverage
4.64
Debt/EBITDA
3.88
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$88.66
Current Price
$125.20
Margin of Safety
-41.2%
Fair Value Range
$63.48 - $113.83
Estimation Methods
Valuation Metrics
P/E Ratio
33.99
ROE
5.9%
P/B Ratio
2.47
P/FCF
37.97
Gross Margin
25.7%
ROIC
4.4%
Profitability Radar
Value Creation (Economic Moat)
ROIC
4.4%
WACC
6.7%
ROIC − WACC
-2.3 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (17)
- EPS shows upward trend
- Price CAGR 15.57%
- P/B Ratio 2.47
- Debt/Equity ratio
- Operating Margin 9.7%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 11.6%
- Analyst Consensus 65% Buy
- Earnings Surprise avg 4.1%
- Earnings Quality (OCF/NI) 1.60
- Share Dilution -0.3%
- Net Margin Trend 7.0% vs 4.6%
- Piotroski F-Score 6/9
Failed (9)
- ROIC 4.4%
- Gross Margin 25.7%
- P/FCF 37.97
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 7.4%
- PEG Ratio 7.63
Unavailable (1)
- Dividend Payout NaN%
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Payman Khales | CEO, President & Director | 55 |
| Mr. Diron Smith | Executive VP & CFO | 52 |
| Ms. Lindsay Krause Blackwood J.D. | Senior VP, General Counsel, Chief Ethics & Compliance Officer and Corporate Secretary | 48 |
| Mr. Andrew Senn | President of Growth & Innovation | 43 |
| Mr. Jim Stephens | Executive Vice President of Special Projects | 51 |
| Mr. Tom P. Thomas | VP, Corporate Controller & Principal Accounting Officer | 54 |
| Ms. Carol Russell | VP & Chief Information Officer | - |
| Ms. Kristen Marie Stewart C.F.A. | Director of Investor Relations | - |
| Mr. Kirk K. Thor Ph.D. | Executive VP & Chief Human Resources Officer | 61 |
| Mr. John Harris | President of Global Operations & Manufacturing Technology | 65 |
Audit Risk
3
Board Risk
7
Compensation Risk
3
Shareholder Rights Risk
3
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for ITGR, sourced from Markets Gazette.
- 2/23/2026POSITIVEInteger Holdings Lands New $99 Million Stake Even With Stock Down Over 30% This Past Year
Integer Holdings, a company specializing in medical devices and battery solutions, has secured a new $99 million investment. This capital injection comes at a critical time for the stock, which has seen a decline of over 30% in the past year. The transaction represents a strong signal of confidence from an institutional investor, who evidently views the current share price as a buying opportunity and is betting on a future recovery. For the market, this move could be interpreted as a potential turning point, capable of attracting new interest and reversing the negative trend. The fresh capital will provide the company with the necessary resources to fund growth and strengthen its position in the global healthcare sector.
- 2/22/2026POSITIVEInteger Stock Down 38%, but One Fund Just Bet $40 Million on a Turnaround
Despite a challenging period that saw Integer Holdings' stock plummet by 38%, an investment fund has shown significant confidence in the company's recovery potential. By placing a $40 million bet, this institutional investor is sending a clear signal that it views the price drop as a buying opportunity. Integer Holdings, a critical supplier of medical device components for the cardiac, neuro, and surgical markets, operates on solid fundamentals within a resilient industry. This substantial investment from a single fund could be interpreted as a strong indicator of underestimated intrinsic value, potentially attracting other investors and sparking a trend reversal for the stock.
via Markets Gazette