# Integer Holdings Corporation (ITGR)

> Source: Nexqual · https://nexqual.com/ITGR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Integer Holdings Corporation (ITGR), nexqual.com/ITGR" · informational, not investment advice.

**Price:** USD 126.56 (-0.11% on the day) · last close of Oct 22, 2026; US market open, not a live price. Prev close 126.7 · day 126.56–126.75 · 52w 62–126.83 · market cap $4.30B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $1.84B, net income $128M (7.0% margin), free cash flow $112M (SEC filings).
- Valuation: P/E 33.5x (avg 34.5x at the last 3 fiscal year-ends), EV/EBITDA 17.4x, net debt $1.22B.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $5.2M; 2 not under a Rule 10b5-1 plan ($5.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (9 analysts), mean target USD 121.8 (range 101–127).
- Total return with dividends: 1Y +71.3% vs S&P 500 +14.9%; 5Y +40.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.68, revenue estimate $457M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.33B | $1.56B | $1.72B | $1.85B | $1.84B |
| Gross profit | $337M | $346M | $410M | $459M | $500M | — |
| Operating income | $136M | $113M | $163M | $208M | $221M | $179M |
| Net income | $96.8M | $66.4M | $90.7M | $120M | $103M | $128M |
| EPS (diluted) | $2.91 | $1.99 | $2.69 | $3.36 | $2.89 | — |
| Free cash flow | $103M | $41.7M | $60.3M | $99.8M | $105M | $112M |
| Gross margin | 27.6% | 26.0% | 26.3% | 26.7% | 27.0% | — |
| Operating margin | 11.1% | 8.5% | 10.5% | 12.1% | 11.9% | 9.7% |
| Net margin | 7.9% | 5.0% | 5.8% | 7.0% | 5.5% | 7.0% |
| Revenue growth | +13.8% | +9.0% | +16.9% | +10.3% | +8.0% | — |
| Cash + short-term investments | $17.9M | $24.3M | $23.7M | $46.5M | $17.2M | — |
| Total debt | $828M | $925M | $960M | $990M | $1.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 33.5x · P/S 2.3x · EV/EBITDA 17.4x · EV/Sales 3.0x · P/FCF 38.4x · P/B 2.5x · FCF yield 2.60% · Earnings yield 2.98% · Net debt $1.22B · EV $5.52B
P/E at fiscal year-ends: Dec 2025 27.2x, Dec 2024 39.4x, Dec 2023 36.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14…2026-09-15 | Thor Kirk K | Chief Human Resources Officer | 31,540 | $4.0M | 81.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08 | Senn Andrew | President, Growth & Innovation | 9,408 | $1.2M | 63.5% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 9 analysts; mean target USD 121.8 (low 101, high 127).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-14 | Benchmark | Downgrade | Buy → Hold |  |
| 2026-08-04 | Oppenheimer | Downgrade | Outperform → Perform |  |
| 2026-08-04 | Truist Securities | Downgrade | Buy → Hold | $110 → $127 |
| 2026-08-04 | Wells Fargo | Target raised | Equal-Weight | $84 → $127 |
| 2026-08-04 | Freedom Capital Markets | Downgrade | Buy → Hold |  |
| 2026-08-03 | Keybanc | Downgrade | Overweight → Sector Weight |  |
| 2026-07-22 | Freedom Capital Markets | Initiated | Buy | $112 |
| 2026-07-16 | Truist Securities | Target raised | Buy | $97 → $110 |
| 2026-07-08 | Citigroup | Target raised | Neutral | $92 → $96 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +71.3% | +40.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +71.6% | +7.1% |
| Volatility (annualized) | 31.7% | 34.7% |
| Max drawdown | -14.3% (Oct 2025→Oct 2025) | -54.7% (Jan 2025→Oct 2025) |

## Peers (Medical Devices)
LIVN (LivaNova PLC) USD 80.97 -0.37% · IRTC (iRhythm Holdings, Inc.) USD 119.67 +0.02% · HAE (Haemonetics Corporation) USD 115.59 -0.49% · NEOG (Neogen Corporation) USD 11.96 -0.17% · TMDX (TransMedics Group, Inc.) USD 71.15 -1.26% · UFPT (UFP Technologies, Inc.) USD 297.33 +2.49%

## More
Full page: https://nexqual.com/ITGR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ITGR's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | BOSTON SCIENTIFIC CORP (BSX) | "During 2025, three of our customers, Abbott Laboratories, Boston Scientific and Medtronic were each in excess of 10% of total sales and collectively accounted for 49% of our total sales." |

Other companies that name ITGR in their own reports (relationship from ITGR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Orchestra BioMed Holdings, Inc. (OBIO) | 10-K 2026-03-12 | "The Moderato system, comprised of the implantable pulse generator ("IPG") and programmer, was manufactured under an original equipment manufacturer contract by a division of Integer Holdings Corporati…" |
| customer | Anteris Technologies Global Corp. (AVR) | 10-K 2026-02-26 | "We are party to a supply and quality agreement (the "Aran Supply Agreement"), dated November 16, 2021, with Aran Biomedical Teoranta ("Aran") (subsequently acquired by Integer Holdings Corporation) pu…" |

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cardio & Vascular | $280.3M | 60.4% | -2.3% |
| Cardiac Rhythm Management & Neuromodulation | $173.7M | 37.4% | +1.0% |
| Other Markets | $10.1M | 2.2% | -42.8% |
| Total revenue | $464.1M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $979.8M | 52.9% | +4.4% |
| Rest Of World | $469.9M | 25.3% | +8.8% |
| Costa Rica | $173.5M | 9.4% | +39.2% |
| Puerto Rico | $131.3M | 7.1% | -4.2% |
| Ireland | $99.2M | 5.3% | +17.5% |
| Total revenue | $1.85B | 100% | — |

## Customer concentration

Period ended 2026-07-03: 18%, 17%, 17% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-03)

- "Given the pending transaction, Integer is withdrawing its previously issued financial outlook and will not host its previously scheduled earnings conference call and webcast scheduled for Thursday, August 6, 2026."
- "For 2025 and 2026, amounts include costs associated with leadership transitions, strategic projects, a stockholder activist matter, the Strategic Review announced during the quarter, pursuant to which we subsequently entered into the definitive agreement described elsewhere herein, and a cyber incident."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.68 | $1.69 | -0.2% | $457.2M | 9 |
| Next quarter (ends 2026-12-31) | $1.79 | $1.80 | -0.9% | $465.3M | 9 |
| Current fiscal year (ends 2026-12-31) | $6.16 | $6.08 | +1.3% | $1.82B | 10 |
| Next fiscal year (ends 2027-12-31) | $6.87 | $6.81 | +0.9% | $1.93B | 9 |