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what it is
Integer makes critical parts and battery systems that power medical devices and other harsh-environment equipment.
how it gets paid
Last year Integer Hold made $1.9B in revenue. Cardiac rhythm management was the main engine at $0.65B, or 34% of sales.
why it's growing
Revenue grew 8.0% last year. Annual revenue reached $1.9 billion, up 8.0% vs. prior year.
what just happened
Latest results showed $1.4 billion in revenue, with EPS at $1.52 and gross margin at 27.2%.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
13.6x trailing p/e — the market's not buying it — or you found a deal
11.5% return on capital — nothing to write home about
xvary composite: 58/100 — below average
What they do
Integer makes critical parts and battery systems that power medical devices and other harsh-environment equipment.
Integer sells parts you never see, but device makers build around them for years. It serves cardiac rhythm, neurostimulation, vascular, orthopaedic, and interventional radiology markets, plus battery packs for oil and gas tools. Component qualification (approved for use in a device → hard to swap later → customers stick) helps support an 11.9% operating margin on $1.9 billion of annual revenue.
How they make money
$1.9B
annual revenue · their business grew +8.0% last year
Cardiac rhythm management
$0.65B
Neurostimulation
$0.42B
Vascular
$0.34B
Orthopaedic and interventional radiology
$0.27B
Electrochem Commercial Power
$0.23B
The products that matter
regulated medical manufacturing
core production base
$1.9B revenue
the current dataset ties the whole business to a $1.9B revenue base. That matters because scale helps in regulated manufacturing, where qualification work is expensive and customers prefer not to repeat it.
scale matters
program-level profitability
margin profile
24.0% operating margin
24.0% operating margin means Integer keeps 24 cents of every revenue dollar before interest and taxes. In human terms: customers are paying for more than factory floor time.
profit engine
capital structure
balance sheet capacity
$1.2B long-term debt
$1.2B of long-term debt, equal to 28% of capital, is manageable but not invisible. It gives you leverage to growth and leverage to mistakes. Both are real.
watch closely
Key numbers
13.6x
trailing p/e
You are paying 13.6 times trailing earnings, which is cheap next to a stock with a $114 target and 8% annual revenue growth.
11.9%
operating margin
Operating margin means profit after running the business → plain English: what the company keeps before interest and taxes → so what: Integer is profitable, but not lavishly so.
$1.2B
long-term debt
Debt equals 28% of capital, which is fine until growth slows and that fixed obligation starts eating your flexibility.
11.5%
return on capital
Return on capital means profit generated from the money tied up in the business → plain English: how hard the assets work → so what: this is solid, not elite.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $1.2B (28% of capital)
- net profit margin 15.5% — keeps 16 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ITGR 3 years ago → it's now worth $12,000.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Latest results showed $1.4 billion in revenue, with EPS at $1.52 and gross margin at 27.2%.
Annual revenue reached $1.9 billion, up 8.0% vs. prior year. Consensus also shows the most recent earnings print came in at $1.76 versus a $1.70 estimate, a 3.53% beat.
$1.4B
revenue
$1.52
eps
27.2%
gross margin
the number that mattered
The key number is 27.2% gross margin because it shows Integer still has room between product cost and selling price even with only 11.9% operating margin.
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integer holdings' stock has displayed volatile trading patterns, lately.
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following a steep late-year decline, the equity has recouped some losses.
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at the recent quotation, itgr shares have increased roughly 20% in value since our november report.
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though investors appear a bit more emboldened, the stock remains well below its 52-week high.further near-term volatility is likely as we await the medical device manufacturer's 2025 full-year financial results, which were due after this issue was published.
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our 2025 full-year estimates have remained relatively unchanged.
source: company earnings report, 2026
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What could go wrong
the top risk here is margin slippage in Integer's regulated medical-device manufacturing programs.
med
margin compression
24.0% operating margin and 12.9% net margin are doing a lot of the heavy lifting in this story. If program mix worsens or costs rise, the cheap multiple stops looking generous and starts looking accurate.
With $1.9B in revenue, even a modest margin miss would hit the earnings base the market is paying 13.6x for.
med
debt limits your room for error
Long-term debt is $1.2B, or 28% of capital. That is manageable for a profitable business. It also means execution mistakes do not stay theoretical for long.
If growth cools while debt stays where it is, equity holders feel the slowdown faster than they would in a cleaner capital structure.
med
the stock may stay cheap for a reason
Three-year total return turned $10,000 into $12,000 versus $14,770 for the index. Institutions have also been net sellers for two straight quarters. Cheap stocks can remain cheap when nobody believes the next leg higher is real.
This is valuation risk in plain English: you can be right on the business and still wait longer than you want for the stock to care.
$1.2B of debt, a 13.6x multiple, and only modest estimate growth mean the margin profile matters more here than the headline revenue number.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
operating margin
24.0% is the number holding up the whole setup. If that drifts lower, the stock's cheap multiple stops being a cushion.
calendar
next earnings report
You want to see whether FY2026 can track toward the current $6.50 EPS estimate without margin giveback.
risk
debt as a share of capital
$1.2B and 28% of capital is fine while execution is fine. If either changes, the tone changes with it.
trend
institutional flow
Two quarters of net selling is not a thesis killer. A third would tell you big holders still want out, even near the top of the 52-week range.
Analyst rankings
short-term outlook
average
momentum score 3. In human-speak, analysts see a stock behaving roughly like the market, not separating from it.
risk profile
average
stability score 3 means middle-of-the-pack risk. Not a bunker stock. Not a chaos stock either.
chart momentum
bottom 5%
technical score 5 is the weakest reading on the page. The message is simple: the chart is not doing the fundamental story any favors.
earnings predictability
75 / 100
results tend to be orderly. That matters because a low-multiple stock with predictable earnings has fewer excuses if it still cannot re-rate.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 150 buyers vs. 173 sellers in 3q2025. total institutional holdings: 39.3M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$72
$155
$86
current price
$114
target midpoint · +32% from current · 3-5yr high: $175 (+105% · 19% ann'l return)
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