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Contract manufacturer of medical devices and components for cardiac, neuromodulation and vascular implantable device makers.
Contract manufacturer of medical devices and components for cardiac, neuromodulation and vascular implantable device makers.
Makes components and finished devices to the customer's specification and sells them under multi-year supply agreements, usually as an approved or sole supplier, so a handful of large device makers account for much of its sales and set the volumes. The company was formerly Greatbatch and adopted the Integer name in 2016 after buying Lake Region Medical.
Moat: narrow (customer qualification, switching costs, scale). Deeply qualified into large medtech OEMs' regulatory-approved supply chains, costly to re-qualify elsewhere.
Headquarters: Plano, Texas · Founded: 1972 · Employees: 11,000
Size Integer (ITGR) is a United States Health Care company (Medical Specialties) with a market value of $4.30B, the 1300th largest of 3,117 United States companies the cockpit tracks. Shares closed at $126.56 on 6 Nov 2026.
Performance Over six months the shares gained 43.6%, against +22.1% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 0.3% over the last twelve months (peer median +4.7%); the operating margin is 9.0% (peer median 13.1%).
Valuation It trades at 18.8× forward earnings against a peer median of 20.4× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.0 points below its cost of capital (7.3% WACC).
Credit Integer has 2 bonds outstanding ($1.12B).
Short interest Short interest is 9.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.82B | $1.85B | $1.72B | $1.55B | $1.38B |
| Revenue growth | — | +7% | +11% | +13% | — |
| Gross profit | $402M | $426M | $425M | $354M | $326M |
| EBITDA | $304M | $335M | $340M | $256M | $238M |
| Net income | $104M | $103M | $121M | $90.7M | $65.3M |
| Free cash flow | $81.8M | $105M | $99.8M | $60.3M | $41.7M |
| Capital expenditure | $94.7M | $91.0M | $106M | $120M | $74.7M |
| Total debt | $1.34B | $1.32B | $1.11B | $1.05B | $1.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Integer ITGR | $4.30B | +44% | 0% | 9% | 18.8× | 19.6% |
| Nordson NDSN | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% |
| Flex FLEX | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% |
| Sanmina SANM | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ITGR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | +9.5% | 8th lowest of 21 |
| 6-month return | +43.6% | +22.1% | 5th highest of 21 |
| Distance from 52-week high | -0.2% | -17.1% | 2nd highest of 21 |
| Revenue growth (TTM) | -0.3% | +4.7% | 6th lowest of 20 |
| Operating margin | 9.0% | 13.1% | 7th lowest of 20 |
| Forward P/E | 18.8× | 20.4× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 19.6% | 11.0% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +11.5% | +8.2% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | +8.1 pp | +1.6 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | -3.0 pp | +1.6 pp | 6th lowest of 19 |
| EV / EBITDA | 18.5× | 13.1× | 3rd most expensive of 14 |
| Net debt / EBITDA | 4.4× | 1.0× | most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Integer ITGR | United States | $4.30B | +44% | 0% | 9% | 18.8× | 19.6% | +11.5% |
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% | +11.9% |
| Jiangsu Yuyue Medical Equipment & Supply 002223.SZ | China | $4.26B | -1% | -1% | 13% | 20.4× | 5.1% | +3.4% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 1% | 53.2× | n/a | n/a |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% | +11.3% |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% | +3.8% |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| LivaNova LIVN | United States | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% | +8.2% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| DiaSorin DIA.MI | Italy | $5.00B | +19% | -3% | 24% | 20.6× | 4.1% | +6.3% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Merit Medical Systems MMSI | United States | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% | +9.5% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
Integer has 2 bonds outstanding with $1.12B face value.