Is the business good?
How good a business is ITGR?
Integer Holdings Corporation earns 5.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.5%
Return on invested capital · cost of capital 9.0% · 3.5 points below what the capital costs: growth destroys value
- Operating margin
- 11%
Operating margin · Medical Devices median 11% · 12 months to Q1 2026
- Cash conversion
- 0.70×
Cash conversion · 1.45× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +1.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 11% |
| FY2022 | 8.5% |
| FY2023 | 11% |
| FY2024 | 12% |
| FY2025 | 12% |
Details›
- Gross margin12 months to Q1 2026
- 26%
- Operating margin12 months to Q1 2026
- 11%
- Net margin12 months to Q1 2026
- 7.6%
- Free cash flow margin
- 5.4%
- R&D as % of revenue
- 2.8%
- Revenue, trailing twelve months
- $1.86B
- Free cash flow, trailing twelve months
- $100M
- Net income, trailing twelve months
- $142M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.