# Integer Holdings (ITGR.US)

Canonical: https://gigainvestors.com/s/ITGR

Analysis as of: 2026-10-16T07:29:25.583Z. Financial observations: FY2016–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $126.72 per share; close as of 2026-10-15.

Estimated value: low $43.30 per share, central $49.27 per share, high $57.22 per share. Buy at or below the central value $49.27 per share. Valuation as of 2026-10-16T07:29:25.583Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.12×

- FY2025: 0.11×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.2%

- ROIC, second-lowest year: 8.4%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 26.7%

- Recent gross margin (lower of latest and 3-year median): 23.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 4.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 8.6%

- FY2018: 10.6%

- FY2019: 11.8%

- FY2020: 9.5%

- FY2021: 9.5%

- FY2022: 6.8%

- FY2023: 8.9%

- FY2024: 10.3%

- FY2025: 8.5%

- LTM to Jun 2026: 8.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $567M

- Net income, five-year total: $476M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 27.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.29×

- FY2022: 1.26×

- FY2023: 1.00×

- FY2024: 1.05×

- FY2025: 1.39×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.6% vs 8.9%

- Per-share earnings: 2.08 to 2.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: $1.8B

- Cumulative retained earnings: $885M

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.8%

- Per-share value change: $0.81

- Per-share value, starting three-year median: $2.08

- Per-share value, ending three-year median: $2.89

- Buybacks concentrated in cheaper years (correlation): -0.19

- Average buyback yield: 0.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $726M

- Cumulative net income, 10 years: $891M

- ROIC, first three-year median: 8.6%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.19

- FY2017: $2.08

- FY2018: $5.15

- FY2019: $2.92

- FY2020: $2.33

- FY2021: $2.91

- FY2022: $1.99

- FY2023: $2.69

- FY2024: $3.36

- FY2025: $2.89

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 11.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.91×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.5%

- FY2017: -2.9%

- FY2018: 0.0%

- FY2019: -2.9%

- FY2020: -4.4%

- FY2021: -2.3%

- FY2022: -1.8%

- FY2023: -3.0%

- FY2024: -2.8%

- FY2025: -2.7%

## Holders

## Price story

Price needs cash profits to grow 12.8% a year for ten years · sales -0.3%

Story as of 2026-10-16T09:58:58.231Z; price observation 2026-10-15.

Price needs cash profits to grow 12.8% a year for ten years

- 2025-04-24: Integer Q1 Adjusted Earnings, Revenue Rise; 2025 Adjusted Earnings Guidance Updated ([finance.yahoo.com](https://finance.yahoo.com/news/integer-q1-adjusted-earnings-revenue-122903135.html))

- 2025-10-24: ITGR Q3 Deep Dive: Multiple New Product Headwinds Drive Guidance Cut and Market Reaction ([finance.yahoo.com](https://finance.yahoo.com/news/itgr-q3-deep-dive-multiple-135630708.html))

### Sales · FY2025–2026

sales -0.3%; source https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm; observed 2026-02-23.

- FY2017: $1.1B 

- FY2018: $1.2B 

- FY2019: $1.3B 

- FY2020: $1.1B 

- FY2021: $1.2B 

- FY2022: $1.3B 

- FY2023: $1.6B 

- FY2024: $1.7B 

- FY2025: $1.8B 

- FY2026: $1.8B 

### Gross margin · FY2026

gross margin 23.7%; source https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm; observed 2026-02-23.

- FY2017: 31.2% 

- FY2018: 29.8% 

- FY2019: 28.2% 

- FY2020: 26.6% 

- FY2021: 27.6% 

- FY2022: 26.0% 

- FY2023: 26.5% 

- FY2024: 26.9% 

- FY2025: 23.1% 

- FY2026: 23.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 1.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm (filed 2026-02-23); FY2025: revenue 1846466000; grossProfit 425811000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 23.1% to 26.9% during 2023–25; it earns 9.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 26.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 26.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2017,0.08557960294562365],[2018,0.10611745594990624],[2019,0.11796807147010796],[2020,0.09482066102829181],[2021,0.09477849897972225],[2022,0.068228387281002],[2023,0.08889731384659948],[2024,0.10300307331095086],[2025,0.08502826306615982],[2026,0.08385071763338851]]; median 0.09183790641316086. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 26% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm (filed 2026-02-23); Gross margin observations: [[2021,0.2759608510178293],[2022,0.26039058738339205],[2023,0.26453277588361435]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 50 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 0; upkeep 58632000; cash acquisitions 0; owner earnings 37853000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 0; upkeep 47301000; cash acquisitions 0; owner earnings 122174000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 0; upkeep 44908000; cash acquisitions 0; owner earnings 212044000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 0; upkeep 48198000; cash acquisitions 15009000; owner earnings 126033000. Growth capex plus acquisitions / owner earnings = 0.11908785794196758.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2020: growth capex 0; upkeep 51439000; cash acquisitions 5219000; owner earnings 105143000. Growth capex plus acquisitions / owner earnings = 0.049637160819074974.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 0; upkeep 53463000; cash acquisitions 217978000; owner earnings 124714000. Growth capex plus acquisitions / owner earnings = 1.7478230190676267.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 0; upkeep 74728000; cash acquisitions 126636000; owner earnings 83640000. Growth capex plus acquisitions / owner earnings = 1.5140602582496414.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: growth capex 21097000; upkeep 98841000; cash acquisitions 43602000; owner earnings 90650000. Growth capex plus acquisitions / owner earnings = 0.713723110865968.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: growth capex 0; upkeep 105357000; cash acquisitions 138544000; owner earnings 125570000. Growth capex plus acquisitions / owner earnings = 1.1033208568925699.

- Source: https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm (filed 2026-02-23); FY2025: growth capex 0; upkeep 91032000; cash acquisitions 178872000; owner earnings 142397000. Growth capex plus acquisitions / owner earnings = 1.2561500593411379.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,41000],[2020,557000],[2021,3849000],[2022,2929000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 50014000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITGR.US SharesStats.PercentInsiders = 0.8540000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate 0.17195686358145734. Price 126.72; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $22.05 per share

- 2016-11: $28.25 per share

- 2016-12: $29.45 per share

- 2017-01: $32.40 per share

- 2017-02: $36.15 per share

- 2017-03: $40.20 per share

- 2017-04: $36.75 per share

- 2017-05: $39.70 per share

- 2017-06: $43.25 per share

- 2017-07: $45.80 per share

- 2017-08: $45.95 per share

- 2017-09: $51.15 per share

- 2017-10: $48.60 per share

- 2017-11: $48.45 per share

- 2017-12: $45.30 per share

- 2018-01: $50.15 per share

- 2018-02: $51.05 per share

- 2018-03: $56.55 per share

- 2018-04: $54.90 per share

- 2018-05: $66.00 per share

- 2018-06: $64.65 per share

- 2018-07: $71.45 per share

- 2018-08: $79.90 per share

- 2018-09: $82.95 per share

- 2018-10: $74.47 per share

- 2018-11: $88.58 per share

- 2018-12: $76.26 per share

- 2019-01: $80.99 per share

- 2019-02: $90.96 per share

- 2019-03: $75.42 per share

- 2019-04: $69.09 per share

- 2019-05: $70.10 per share

- 2019-06: $83.92 per share

- 2019-07: $87.53 per share

- 2019-08: $72.40 per share

- 2019-09: $75.56 per share

- 2019-10: $77.44 per share

- 2019-11: $75.85 per share

- 2019-12: $80.43 per share

- 2020-01: $85.40 per share

- 2020-02: $90.17 per share

- 2020-03: $62.86 per share

- 2020-04: $74.46 per share

- 2020-05: $79.18 per share

- 2020-06: $73.05 per share

- 2020-07: $65.77 per share

- 2020-08: $69.26 per share

- 2020-09: $59.01 per share

- 2020-10: $58.45 per share

- 2020-11: $72.09 per share

- 2020-12: $81.19 per share

- 2021-01: $73.80 per share

- 2021-02: $88.19 per share

- 2021-03: $92.10 per share

- 2021-04: $93.88 per share

- 2021-05: $90.47 per share

- 2021-06: $94.20 per share

- 2021-07: $97.89 per share

- 2021-08: $98.79 per share

- 2021-09: $89.34 per share

- 2021-10: $90.02 per share

- 2021-11: $79.74 per share

- 2021-12: $85.59 per share

- 2022-01: $78.41 per share

- 2022-02: $83.87 per share

- 2022-03: $80.57 per share

- 2022-04: $75.17 per share

- 2022-05: $79.78 per share

- 2022-06: $70.66 per share

- 2022-07: $69.89 per share

- 2022-08: $63.07 per share

- 2022-09: $62.23 per share

- 2022-10: $62.33 per share

- 2022-11: $74.32 per share

- 2022-12: $68.46 per share

- 2023-01: $65.81 per share

- 2023-02: $74.98 per share

- 2023-03: $77.50 per share

- 2023-04: $82.35 per share

- 2023-05: $81.86 per share

- 2023-06: $88.61 per share

- 2023-07: $92.48 per share

- 2023-08: $85.31 per share

- 2023-09: $78.43 per share

- 2023-10: $81.17 per share

- 2023-11: $87.22 per share

- 2023-12: $99.08 per share

- 2024-01: $101.32 per share

- 2024-02: $110.29 per share

- 2024-03: $116.68 per share

- 2024-04: $111.63 per share

- 2024-05: $121.24 per share

- 2024-06: $115.79 per share

- 2024-07: $118.76 per share

- 2024-08: $130.07 per share

- 2024-09: $130.00 per share

- 2024-10: $124.25 per share

- 2024-11: $140.50 per share

- 2024-12: $132.52 per share

- 2025-01: $142.22 per share

- 2025-02: $123.20 per share

- 2025-03: $118.01 per share

- 2025-04: $126.31 per share

- 2025-05: $118.76 per share

- 2025-06: $122.97 per share

- 2025-07: $108.51 per share

- 2025-08: $107.87 per share

- 2025-09: $103.33 per share

- 2025-10: $64.57 per share

- 2025-11: $72.18 per share

- 2025-12: $78.43 per share

- 2026-01: $86.86 per share

- 2026-02: $86.68 per share

- 2026-03: $88.00 per share

- 2026-04: $88.51 per share

- 2026-05: $89.38 per share

- 2026-06: $93.45 per share

- 2026-07: $121.21 per share

- 2026-08: $125.25 per share

- 2026-09: $126.35 per share

- 2026-10: $126.72 per share

## Annual estimated value (USD per share)

- FY2020: low $36.33 per share, central $41.23 per share, high $47.74 per share

- FY2021: low $40.99 per share, central $46.64 per share, high $54.16 per share

- FY2022: low $43.70 per share, central $49.73 per share, high $57.75 per share

- FY2023: low $49.34 per share, central $56.14 per share, high $65.19 per share

- FY2024: low $38.84 per share, central $44.15 per share, high $51.22 per share

- FY2025: low $41.48 per share, central $47.20 per share, high $54.81 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1114483/000111448326000003/gb-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.