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Integer Holdings
(NYSE:ITGR)
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Rating:69Neutral
Price Target:
$138.00
▲(10.06% Upside)
Action:Reiterated
Date:09/30/26
The score is driven primarily by solid financial quality and improving free cash flow, supported by a bullish price trend. The pending $127/share all-cash acquisition and regulatory progress add a meaningful positive catalyst. These positives are tempered by sharply negative reported revenue growth, operating margin compression versus 2024, and a relatively high P/E with no dividend yield provided.
Positive Factors
Specialized medical-device CDMO platform
Integer operates across regulated, technically complex medical-device programs, combining development, engineering, manufacturing, and value-added services. This breadth can deepen OEM relationships and support repeat production as customer products move from development into scaled manufacturing.
Negative Factors
Sharp reported revenue contraction
The sharply negative reported revenue growth rate signals a meaningful demand or comparison headwind, even though trailing revenue was essentially flat versus the latest annual level. Sustained weak growth could limit operating leverage and reduce resources available for expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized medical-device CDMO platform
Integer operates across regulated, technically complex medical-device programs, combining development, engineering, manufacturing, and value-added services. This breadth can deepen OEM relationships and support repeat production as customer products move from development into scaled manufacturing.
Read all positive factors
Integer Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across the company’s business units or product lines to show which areas drive growth and profits. Highlights dependence on any single segment or customer, differences in margins across lines, and where future expansion or downside risk is likely to come from — essential for judging Integer’s diversification, stability of cash flow, and how acquisitions or shifts in end markets will affect results.
Breaks down sales across the company’s business units or product lines to show which areas drive growth and profits. Highlights dependence on any single segment or customer, differences in margins across lines, and where future expansion or downside risk is likely to come from — essential for judging Integer’s diversification, stability of cash flow, and how acquisitions or shifts in end markets will affect results.
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The Fly
The FlyInteger Holdings (ITGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.29B
Dividend YieldN/A
Average Volume (3M)747.28K
Price to Earnings (P/E)34.2
Beta (1Y)0.50
Revenue Growth2.62%
EPS Growth53.15%
CountryUS
Employees11,000
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)3.69
Shares Outstanding33,997,066
10 Day Avg. Volume802,110
30 Day Avg. Volume747,276
Financial Highlights & Ratios
PEG Ratio-1.49
Price to Book (P/B)1.56
Price to Sales (P/S)1.48
P/FCF Ratio25.92
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$120.80Price Target Upside-3.66% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)6.13
Revenue Forecast (FY)$1.82B
Integer Holdings Business Overview & Revenue Model
Company Description
Integer Holdings Corporation functions as a global leader in outsourced medical device manufacturing, maintaining operations across the United States, Puerto Rico, Costa Rica, and other international regions. The company organizes its business int...
How the Company Makes Money
Integer primarily makes money by providing contract development and manufacturing services to medical device OEMs, earning revenue from producing and supplying components, subassemblies, and finished/finished-ready medical devices under customer c...
Integer Holdings Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed picture: a modest top-line improvement in Q1 (reported +0.5%, organic +1.3%) and several strategic positives (share buybacks, lower interest expense, targeted cost actions, pipeline strength and a Board-initiated strategic review) were offset by meaningful near-term profitability pressures (adjusted operating income down 14%, margin contraction of 230 bps), weaker cash flow in Q1, and a downward revision to full-year 2026 revenue and profit guidance. Management characterizes the demand softness—primarily in electrophysiology—as temporary normalization and emphasized actions to protect long-term growth, but the guidance cuts and margin contraction represent notable near-term headwinds.Positive Updates
Quarterly Revenue Growth
Q1 2026 sales of $440 million, up 0.5% on a reported basis and up 1.3% on an organic basis versus the prior year.
Negative Updates
Operating Profitability Decline
Adjusted operating income declined 14% year-over-year in Q1 and adjusted operating margin contracted by 230 basis points to 13.9%, driven primarily by lower fixed cost absorption.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Q1 2026 sales of $440 million, up 0.5% on a reported basis and up 1.3% on an organic basis versus the prior year.
Read all positive updates
Company Guidance
Integer updated its 2026 guidance with full‑year reported sales now expected at $1.805–$1.835 billion (down 1%–3% YoY) and organic sales flat to down 1% (including a ~3%–4% headwind from three new products; organic growth excluding those products ~3%–4%); inorganic decline ~1% (Portable Medical exit); C&V expected flat to down low‑single digits, CRM&N flat to up low‑single digits, and other markets down ~$34M–$36M. Profitability outlook: adjusted EBITDA $375M–$399M (down 1%–7%), adjusted operating income $285M–$305M (down 5%–11%) with sequential margin improvement expected (Q2 operating margin +80–140 bps and continuing improvement through 2026), adjusted net income $200M–$220M (down 3%–11%) and adjusted EPS $5.83–$6.40 (flat to down 9%). Cash/debt targets: cash flow from operations $185M–$205M (≈$15M lower at midpoint), CapEx $95M–$105M (~5%–6% of sales), free cash flow $85M–$105M, year‑end net total debt $1.185B–$1.205B and leverage expected in the 2.5x–3.5x trailing‑4Q adjusted EBITDA target range (Q1 net total debt $1.264B, leverage 3.2x). Q1 actuals and drivers: sales $440M (+0.5% reported, +1.3% organic), adjusted EBITDA $85M (‑7%), adjusted operating margin 13.9% (‑230 bps), adjusted net income $41M (‑10%), adjusted EPS $1.20 (‑8%), cash from ops $25M, CapEx $24M, free cash flow $1M; interest expense was $4M lower (helping EPS by ~$0.10), and share repurchases of $50M in Q4 ’25 (~700k shares) and $50M in Q1 ’26 (~600k shares) reduced weighted shares ~2% (adding ~$0.02 to EPS).Integer Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
66
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.84B | 1.85B | 1.72B | 1.56B | 1.33B | 1.22B |
| Gross Profit | 436.92M | 425.81M | 461.18M | 411.52M | 346.65M | 336.97M |
| EBITDA | 313.03M | 293.66M | 332.94M | 275.71M | 221.75M | 224.65M |
| Net Income | 128.40M | 102.76M | 119.90M | 90.65M | 66.38M | 96.81M |
Balance Sheet | ||||||
| Total Assets | 3.42B | 3.41B | 3.08B | 2.94B | 2.79B | 2.58B |
| Cash, Cash Equivalents and Short-Term Investments | 21.38M | 17.16M | 46.54M | 23.67M | 24.27M | 17.89M |
| Total Debt | 1.36B | 1.40B | 1.10B | 1.05B | 1.01B | 905.81M |
| Total Liabilities | 1.70B | 1.66B | 1.46B | 1.42B | 1.38B | 1.23B |
| Stockholders Equity | 1.72B | 1.75B | 1.62B | 1.52B | 1.42B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | 111.98M | 105.12M | 99.85M | 60.27M | 41.65M | 103.20M |
| Operating Cash Flow | 205.44M | 196.15M | 205.21M | 180.21M | 116.38M | 156.67M |
| Investing Cash Flow | -116.32M | -270.73M | -195.41M | -163.37M | -200.42M | -271.00M |
| Financing Cash Flow | -92.19M | 43.56M | 13.32M | -18.01M | 92.48M | 81.99M |
Integer Holdings Technical Analysis
Positive
125.39
Price Trends
121.23
Positive
106.35
Positive
95.30
Positive
Market Momentum
1.38
Positive
73.26
Negative
54.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITGR, the sentiment is Positive. The current price of 125.39 is below the 20-day moving average (MA) of 126.11, above the 50-day MA of 121.23, and above the 200-day MA of 95.30, indicating a bullish trend. The MACD of 1.38 indicates Positive momentum. The RSI at 73.26 is Negative, neither overbought nor oversold. The STOCH value of 54.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ITGR.
Integer Holdings Risk Analysis
Integer Holdings disclosed 43 risk factors in its most recent earnings report. Integer Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Integer Holdings Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $2.30B | 31.71 | 16.72% | ― | 7.32% | 7.24% | |
72 Outperform | $4.81B | 51.12 | 11.35% | ― | 0.44% | -37.48% | |
69 Neutral | $4.29B | 34.24 | 7.43% | ― | 2.62% | 53.15% | |
69 Neutral | $4.24B | 22.17 | 15.41% | ― | 12.39% | ― | |
62 Neutral | $31.85M | 30.48 | 2.99% | ― | 6.00% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | $1.29B | -176.57 | -0.69% | ― | 1.60% | 98.56% |
* General Sector Average
ITGR
Integer Holdings
126.35
23.43
22.77%
HAE
Haemonetics
105.30
56.49
115.73%
IART
Integra Lifesciences
16.28
1.55
10.52%
NSYS
Nortech Systems
11.21
2.01
21.85%
UFPT
Ufp Technologies
296.82
97.26
48.74%
LIVN
LivaNova
76.50
25.89
51.16%
Integer Holdings Corporate Events
M&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Integer Holdings Advances Toward KKR Acquisition Completion
Positive
Sep 30, 2026
Integer Holdings Corporation, a major medical device contract developer and manufacturer serving cardio and vascular, neuromodulation and cardiac rhythm management markets, operates globally under brands such as Greatbatch Medical and Lake Region ...
Delistings and Listing ChangesM&A TransactionsPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder Meetings
KKR to Take Integer Holdings Private in Buyout
Positive
Aug 4, 2026
On August 2, 2026, Integer Holdings Corporation agreed to be acquired by Armstrong Parent, Inc., an affiliate of funds managed by Kohlberg Kravis Roberts Co. L.P., in a cash merger that will take the company private at $127 per share. The transac...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresM&A Transactions
KKR to Take Integer Holdings Private in Merger
Positive
Aug 3, 2026
On August 3, 2026, Integer Holdings agreed to be acquired by an affiliate of KKR in an all-cash merger valuing the company at about $5.7 billion, with shareholders set to receive $127 per share, a significant premium to pre-review trading levels. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.