At a glance
Integer Holdings Corp is worth $4.30B, about 44 times its fiscal 2025 earnings. Revenue grew 8.0% to $1.85B in fiscal 2025, with 5.5% kept as profit; over 3 years it has grown 11.7% a year. It pays no dividend; it spent $50.0M buying back its shares over FY2021–FY2025. The stock returned +86.1% over the past year with dividends reinvested and +6.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.3% in the 2020 crash (S&P 500: 33.7%) and 41.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months and 9 months after the lows.
The business in plain English
Integer Holdings, based in Plano, Texas, is one of the world's largest medical device contract development and manufacturing organizations (CDMOs). It designs and builds components, subassemblies and finished devices that other companies sell under their own names. Its main customers are large, multinational original equipment manufacturers (OEMs), and it has long-term supply agreements with most of the big ones. Its brands include Greatbatch Medical and Lake Region Medical. In fiscal 2025, its top three customers made up about 49% of revenue.
Integer reports one business segment with three product lines. Fiscal 2025 revenue was about $1.85 billion. Cardio & Vascular brought in 59.7%; it makes catheters, guidewires, sheaths and parts for heart, blood vessel, stroke, urology and digestive procedures. Cardiac Rhythm Management & Neuromodulation, 36.1%, supplies batteries, feedthroughs (sealed electrical connections), leads and complete systems for pacemakers, defibrillators and nerve stimulators. Other Markets made up 4.2% and includes Portable Medical batteries, a business the company said it expected to exit in 2026.
About 52.9% of fiscal 2025 revenue came from the U.S., 9.4% from Costa Rica, 7.1% from Puerto Rico, 5.3% from Ireland and 25.3% from the rest of the world. Integer also grows through small tuck-in acquisitions that add new skills. In 2025 it acquired assets of three surface-coating specialists: Precision Coating, VSi Parylene and Biocoat.
Price history
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ITGR +86.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Cardio And Vascular | $1.11B | 59.7% |
| Cardiac Rhythm Management & Neuromodulation | $668.8M | 36.1% |
| Other Markets | $77.8M | 4.2% |
By geography
| U.S. | $979.8M | 52.9% |
| Rest of world | $469.9M | 25.3% |
| Costa Rica | $173.5M | 9.4% |
| Puerto Rico | $131.3M | 7.1% |
| Ireland | $99.2M | 5.3% |
Latest results
- In Q3 FY2026 (ended Oct 2, 2026), revenue was $449.7M, down 3.9% from a year earlier, and net income was $15.0M (-62.3%).
- For fiscal 2025, revenue was $1.85B (+8.0% year over year; +11.7% a year from FY2022 to FY2025) with a 5.5% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +11.7% good |
|---|---|
| Operating margin | 11.9% watch |
| Free cash flow margin | 5.7% watch |
| Return on equity (FY2025) | 5.9% weak |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-1.21B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.07B | $77.3M | $134.5M |
| FY2021 | $1.22B | $96.8M | $103.2M |
| FY2022 | $1.33B | $66.4M | $41.7M |
| FY2023 | $1.56B | $90.7M | $60.3M |
| FY2024 | $1.72B | $119.9M | $99.8M |
| FY2025 | $1.85B | $102.8M | $105.1M |
Valuation snapshot
| Market value | $4.30B |
|---|---|
| P/E ratio | 43.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Integer Holdings’s market value went from $908.7M at the end of 2016 to $4.30B on Oct 28, 2026, about 4.7 times as much; since the end of 2025 it is up 57%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.30B | +56.6% |
| 2025 | $2.75B | -38.2% |
| 2024 | $4.44B | +34.6% |
| 2023 | $3.30B | +45.6% |
| 2022 | $2.27B | -19.7% |
| 2021 | $2.83B | +5.9% |
| 2020 | $2.67B | +1.6% |
| 2019 | $2.63B | +6.4% |
| 2018 | $2.47B | +72.1% |
| 2017 | $1.43B | +57.9% |
| 2016 | $908.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ITGR price data to Oct 28, 2026 | +61.4% | +86.1% | +17.1% | +6.5% | +19.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +61.4% |
| 2025 | -40.8% |
| 2024 | +33.8% |
| 2023 | +44.7% |
| 2022 | -20.0% |
| 2021 | +5.4% |
| 2020 | +0.9% |
| 2019 | +5.5% |
| 2018 | +68.3% |
| 2017 | +53.8% |
| 2016 | -38.5% |
| 2015 | +6.5% |
| 2014 | +11.4% |
| 2013 | +90.4% |
| 2012 | +5.2% |
| 2011 | -8.5% |
| 2010 | +25.6% |
| 2009 | -27.3% |
| 2008 | +32.4% |
| 2007 | -25.7% |
| 2006 | +3.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33.2% over that stretch · deepest drop along the way 41.1%, back to its old high 7.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.4% over that stretch · deepest drop along the way 52.3%, back to its old high 16.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.4% over that stretch · deepest drop along the way 41.5%, back to its old high 8.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 4 sales ($5.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 14, 2026 | Kirk K Thor Chief Human Resources Officer | sell | $2.5M |
| Sep 15, 2026 | Kirk K Thor Chief Human Resources Officer | sell | $1.5M |
| Sep 8, 2026 | Andrew Senn President, Growth & Innovation | sell | $1.2M |
| Mar 13, 2026 | Tommy P Thomas VP, Corporate Controller | sell | $70K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.03% | Mar 31, 2026 |
| Invesco Ltd. | 5.7% | Mar 31, 2026 |
| NOMURA HOLDINGS INC | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.6% | Mar 31, 2025 |
ETFs with the most weight in ITGR
| PSCH Invesco S&P SmallCap Health Care ETF | 2.75% |
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 2.37% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.69% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.61% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.54% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.37% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.35% |
| PSC Principal U.S. Small-Cap ETF | 0.34% |
What could go wrong
- Three customers bring in about half of sales. Integer's top three customers made up about 49% of fiscal 2025 revenue. Many supply agreements have no minimum purchase levels, so losing one customer or a big order cut would hurt results.
- Customers keep pushing for lower prices. Integer has cut prices for some customers in past years and expects continued pressure for more reductions. Further cuts could squeeze profits; its net margin was 5.5% in fiscal 2025.
- Customers could make parts themselves. Device makers can bring work in-house or split orders between two suppliers. Integer also faces rivals, some with greater resources, and mergers among healthcare companies could cut its sales.
- Key metals, some from a single supplier. Integer relies on materials such as platinum, gold, titanium, lithium and nitinol (a nickel-titanium alloy). Several have few suppliers worldwide, and some come from one source. Price spikes it can't pass on would hurt.
- Large debt load and convertible notes. As of July 3, 2026, debt was $1.24 billion and cash $21.4 million. Breaking loan terms (covenants) could cause trouble, and convertible notes, which can turn into shares, could weigh on the stock price.
- Quality failures, recalls or regulator findings. Integer builds parts for implanted devices like pacemakers. Product complaints, recalls or regulatory audits could disrupt production or delay new products, and quality problems could bring warranty claims and harm its reputation.
Recent events
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Major agreement signed; Bylaws or fiscal year changed
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Integer does not pay a dividend and paid none in fiscal 2021 through 2025, so there is no dividend record, payout ratio or streak of increases to track. An income investor would get no regular cash from the shares; any return would have to come from a higher share price. The company spent about $50 million on buybacks (purchases of its own shares) in fiscal 2025, the only repurchases in that five-year stretch, and says future buybacks are not guaranteed. Even so, the share count rose 2.9% between October 2021 and July 2026. The stock has fallen hard in market slumps: 41.1% during the 2008 financial crisis, 52.3% in the 2020 COVID crash and 41.5% in the 2022 bear market. It took about 8, 16 and 9 months from the low to regain its earlier peak. It also lost 40.8% in calendar 2025. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Integer Holdings make money?
Integer makes money by designing and manufacturing medical device parts and finished devices for other companies, mainly large multinational device makers that sell them under their own brands. Fiscal 2025 revenue was about $1.85 billion. Cardio & Vascular products such as catheters and guidewires brought in 59.7%, Cardiac Rhythm Management & Neuromodulation products such as pacemaker batteries and leads brought in 36.1%, and Other Markets 4.2%. Net income was about $103 million, or about 5.5 cents of profit per dollar of sales.
Does Integer Holdings (ITGR) pay a dividend?
No. Integer paid no dividends in fiscal 2021 through 2025, and the stock had no dividend yield as of October 28, 2026. Instead, the company returned some cash by buying back its own shares, spending about $50 million in fiscal 2025, though it says future buybacks are not guaranteed. Investors who rely on their holdings for regular income would get none from this stock; any return depends on the share price.
Is Integer Holdings the same company as Greatbatch?
Yes. Integer Holdings was formerly named Greatbatch, Inc., and its former names also include Wilson Greatbatch Technologies Inc. Greatbatch Medical is still one of its brands, alongside Lake Region Medical. The company is headquartered in Plano, Texas, and its shares trade on the New York Stock Exchange under the ticker ITGR. It makes batteries, capacitors and feedthroughs for implanted devices such as pacemakers, defibrillators and nerve stimulators within its Cardiac Rhythm Management & Neuromodulation line.
How much debt does Integer Holdings have?
About $1.24 billion as of July 3, 2026, against $21.4 million of cash and investments, leaving net debt of roughly $1.22 billion. Shareholders' equity (assets minus liabilities) was about $1.72 billion. Part of the borrowing is the 2028 and 2030 Convertible Notes, which can be swapped for shares under certain conditions. The 10-K warns that failing to meet loan covenants (conditions lenders set) or losing access to credit markets could hurt the business.
How has ITGR stock performed over the long term?
Well over ten years, but with big swings. As of October 28, 2026, the share price had gained about 19.3% a year over ten years, a cumulative 486%, but only about 6.5% a year over five years. It rose 86.1% in the year to that date after falling 40.8% in calendar 2025. Its price-to-earnings (P/E) ratio was about 43.8, based on fiscal 2025 earnings. Past returns do not predict future results.