Integer Holdings Corporation (ITGR)
被高估基本面
61
价格
$126.43
市值
$4.29B
第一部分 · 这家公司值多少
概览
Integer makes the components inside medical devices — batteries, wires, connectors, and finished subassemblies — that its customers, the big medical device makers, build into pacemakers, stents, catheters and neurostimulators. It does not sell devices under its own brand to hospitals or patients; instead it is the manufacturer behind the manufacturer, running FDA-regulated factories that produce parts to exacting specifications for cardiovascular, cardiac rhythm and neuromodulation applications, with a global workforce split roughly evenly between the U.S. and abroad.
盈利方式
Integer books revenue when it ships components or finished devices to customers under long-term supply agreements, most of which do not guarantee minimum purchase volumes. Because customers design its parts into their own regulated products years in advance, once a component is qualified into a device it tends to stay there — but that same customer, if large enough, can also push back hard on price. In 2025, its top three customers together accounted for about 49% of revenue.
分部营收
Components and finished devices for interventional cardiology, structural heart, peripheral vascular and related procedures.
Batteries, feedthroughs and finished device systems for pacemakers, defibrillators and neurostimulation devices.
A smaller mix including advanced surgical, orthopedic and portable medical products, declining as one legacy customer program winds down.
需求驱动因素
防御型Demand is tied to the volume of cardiac and vascular procedures performed worldwide, which is driven by aging populations and chronic disease rates rather than the economic cycle — people do not defer a pacemaker because of a recession. The main swing factor is customer-specific: a large buyer can still cut orders sharply, as happened with the decline of one legacy neuromodulation program.
主要风险
- Customer concentration — The top three customers accounted for approximately 49% of 2025 revenue, and many supply agreements carry no minimum purchase requirements, so a large customer can reduce orders without breaching its contract.
- Reliance on single-source raw material suppliers — Key inputs such as platinum, titanium, lithium and other specialty metals are sourced from a limited number of suppliers, and for some materials the company relies on a single supplier, exposing it to price spikes and shortages.
- Concentrated manufacturing facilities — Production of specific product lines is often concentrated in one or a few facilities, so a fire, natural disaster or labor disruption at a single site could halt supply to customers with no quick way to shift output elsewhere.
- Cybersecurity and IT disruption — The company depends heavily on digital technology and information systems for operations and customer interactions, and a successful cyber-attack could disrupt manufacturing, expose confidential data and trigger regulatory and legal consequences.
客户集中度
主要客户占营收的49%
In 2025 the top three customers together accounted for approximately 49% of revenue, and the company states that losing any one of them, or a significant reduction in their business, would take away a substantial share of sales.
看多理由
Buyers argue that once Integer's components are designed into a customer's FDA-cleared device, replacing them is costly and slow, giving Integer durable, multi-year revenue visibility as procedure volumes grow with aging populations worldwide.
看空理由
Sellers fear that with the top three customers worth almost half of revenue, the loss of just one relationship — or aggressive price renegotiation by a large buyer — could hit results hard, as already happened with the planned decline of one legacy neuromodulation program.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Through its Nordson MEDICAL division, Nordson designs and manufactures catheters, balloons, components and fluid-handling parts for the same medical device OEMs Integer supplies.
Jabil's healthcare unit competes for large-volume outsourced device and drug-delivery manufacturing contracts from the same multinational medtech OEMs, though it leans more on scale than on implantable-class work.
Viant is a full-service medical device contract manufacturer bidding for the same outsourced programs as Integer — cardiac and interventional devices, bioelectronics and neuromodulation, orthopedics and surgical instruments — from the same large OEM customers.
Cirtec builds Class II and III devices in exactly Integer's core niches — cardiac rhythm management, neuromodulation, catheters and precision metals — including the implantable electronics where Integer has historically been strongest.
Freudenberg Medical is a CDMO competing for the same catheter, extrusion, silicone and minimally invasive cardiac and interventional work that drives Integer's Cardio & Vascular product line.
Phillips Medisize is a global medical CDMO chasing the same outsourced device programs, overlapping with Integer on drug delivery, precision molding and portable medical products.
资产负债表与流动性
营收
$1.84B
最近12个月（截至2026/7/3）
净利润
$128M
最近12个月（截至2026/7/3）
自由现金流
$105M
股东权益合计
$1.75B
负债合计
$1.66B
流动比率
3.73
利息覆盖率
4.64
债务/EBITDA
3.88
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$88.74
当前价格
$126.43
安全边际
-42.5%
公允价值区间
$63.60 - $113.87
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
34.33
ROE
5.9%
市净率（P/B）
2.50
P/FCF
38.36
毛利率
25.7%
ROIC
4.4%
盈利能力雷达图
价值创造（经济护城河）
ROIC
4.4%
WACC
6.7%
ROIC − WACC
-2.3 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（16）
- EPS shows upward trend
- Price CAGR 15.68%
- P/B Ratio 2.50
- Debt/Equity ratio
- Operating Margin 9.7%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 11.6%
- Earnings Surprise avg 4.1%
- Earnings Quality (OCF/NI) 1.60
- Share Dilution -0.3%
- Net Margin Trend 7.0% vs 4.6%
- Piotroski F-Score 6/9
未通过（10）
- ROIC 4.4%
- Gross Margin 25.7%
- P/FCF 38.36
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 7.4%
- Analyst Consensus 0% Buy
- PEG Ratio 7.71
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Payman Khales | CEO, President & Director | 55 |
| Mr. Diron Smith | Executive VP & CFO | 52 |
| Ms. Lindsay Krause Blackwood J.D. | Senior VP, General Counsel, Chief Ethics & Compliance Officer and Corporate Secretary | 48 |
| Mr. Andrew Senn | President of Growth & Innovation | 43 |
| Mr. Jim Stephens | Executive Vice President of Special Projects | 51 |
| Mr. Tom P. Thomas | VP, Corporate Controller & Principal Accounting Officer | 54 |
| Ms. Carol Russell | VP & Chief Information Officer | - |
| Ms. Kristen Marie Stewart C.F.A. | Director of Investor Relations | - |
| Mr. Kirk K. Thor Ph.D. | Executive VP & Chief Human Resources Officer | 61 |
| Mr. John Harris | President of Global Operations & Manufacturing Technology | 65 |
审计风险
3
董事会风险
8
薪酬风险
3
股东权利风险
3
第二部分 · 价格与买入时机
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损益历史
via SEC EDGAR
Latest News
Recent headlines for ITGR, sourced from Markets Gazette.
- 20d agoNEUTRALKKR Wraps Up $2.1 Billion Leveraged Loan for Integer Acquisition
KKR & Co. Inc. has successfully closed a $2.1 billion leveraged loan to finance its acquisition of Integer Holdings Corp. The deal was finalized after KKR secured more favorable terms, capitalizing on strong investor appetite for leveraged-buyout financings. This move by KKR indicates confidence in the acquisition and the underlying asset's value, though the direct impact on Integer Holdings' stock price is contingent on the deal's completion and future integration performance.
- 2/23/2026POSITIVEInteger Holdings Lands New $99 Million Stake Even With Stock Down Over 30% This Past Year
Integer Holdings, a company specializing in medical devices and battery solutions, has secured a new $99 million investment. This capital injection comes at a critical time for the stock, which has seen a decline of over 30% in the past year. The transaction represents a strong signal of confidence from an institutional investor, who evidently views the current share price as a buying opportunity and is betting on a future recovery. For the market, this move could be interpreted as a potential turning point, capable of attracting new interest and reversing the negative trend. The fresh capital will provide the company with the necessary resources to fund growth and strengthen its position in the global healthcare sector.
- 2/22/2026POSITIVEInteger Stock Down 38%, but One Fund Just Bet $40 Million on a Turnaround
Despite a challenging period that saw Integer Holdings' stock plummet by 38%, an investment fund has shown significant confidence in the company's recovery potential. By placing a $40 million bet, this institutional investor is sending a clear signal that it views the price drop as a buying opportunity. Integer Holdings, a critical supplier of medical device components for the cardiac, neuro, and surgical markets, operates on solid fundamentals within a resilient industry. This substantial investment from a single fund could be interpreted as a strong indicator of underestimated intrinsic value, potentially attracting other investors and sparking a trend reversal for the stock.
via Markets Gazette