Integer Holdings Corporation (ITGR)
NYSEHealth CareMedical - DevicesSnapshot 2026-09-04
$126.50+0.80%
Close 2026-09-04 · 1-day change
NYSEHealth CareMedical - DevicesSnapshot 2026-09-04
Warn: Management is running behind on a stated commitment.
Integer Holdings is working to maximize stockholder value through a strategic review. The company guides revenue near $1.8 billion and free cash flow around $210 million in 2026. Recent earnings beats show some operational resilience. The stock trades at a discount to peers with a P/E of 14.6 versus 36.5.
Operating income fell 36% to $32 million in Q1 2026, showing pressure from restructuring. Cash from operations dropped sharply to $24.7 million. Guidance is soft and analysts have cut estimates recently. The turnaround progress is uncertain and risks remain high.
The market prices the stock about 21% below our fair value near $117. Analysts expect modest 2.5% revenue growth. Our model forecasts nearly 10% growth over 3 years, implying upside if turnaround succeeds.
Breaks if: Cash from operations falls below $24.7 million in Q1 FY26
Focus on improving cash flow from operating activities to support business operations and investments.
Stated as a priority in 3 of last 3 quarters. Cash from operating activities was $24.7M in 2026-Q1 and improved to $59.7M in 2026-Q2. Management targets full-year 2026 cash flow from operating activities between $200M and $220M. The trajectory shows some improvement but remains below guidance pace, indicating mixed progress.
“Cash from operating activities totaled $59.7 million in 2026-Q2.”
“Cash from operating activities totaled $24.7 million in 2026-Q1.”
“Cash flow from operating activities was $196 million for full year 2025.”
Breaks if: Free cash flow falls below $200 million in FY26
Focus on improving cash flow from operating activities to support business operations and investments.
Stated as a priority in 3 of last 3 quarters. Cash from operating activities was $24.7M in 2026-Q1 and improved to $59.7M in 2026-Q2. Management targets full-year 2026 cash flow from operating activities between $200M and $220M. The trajectory shows some improvement but remains below guidance pace, indicating mixed progress.
“Cash from operating activities totaled $59.7 million in 2026-Q2.”
“Cash from operating activities totaled $24.7 million in 2026-Q1.”
“Cash flow from operating activities was $196 million for full year 2025.”
Breaks if: Operating income falls below $31.87 million in Q1 FY26
Breaks if: Revenue falls below $1.805 billion in FY26
Conduct a comprehensive strategic review including potential sale, merger, or business combination to maximize stockholder value.
Stated as a priority in 3 of last 3 quarters. The strategic review announced in 2026-Q1 led to a definitive agreement in 2026-Q2 for an all-cash acquisition valued at approximately $5.7 billion, with stockholders to receive $127 per share. The trajectory shows delivery of the strategic review culminating in a transaction that maximizes stockholder value.
“Integer and KKR announced definitive agreement following strategic review announced April 30, 2026.”
“Board of Directors has initiated a strategic review to maximize stockholder value.”
“Announced comprehensive, Board-led strategic review to maximize value.”
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a durable compounder with a focus on maximizing stockholder value through strategic initiatives. The current thesis state is intact, supported by recent strong financial performance and M&A activity.
The market seems to have priced in a neutral valuation compared to peers, with a slight expectations gap indicating that investors are not overly optimistic. The valuation suggests that ITGR is seen as relatively cheap against its competitors.
Fundamentals are likely to show continued strength in the near term, but challenges remain as management aims to stabilize operating income and return to above-market organic sales growth. Recent performance has been strong, but there are signs of mixed trends that could impact future results.
The thesis hinges on management's ability to execute its strategic priorities, particularly in maintaining operating income stability and achieving organic sales growth. Additionally, external factors such as sector performance and economic conditions will play a crucial role.
Overall, ITGR's outlook is shaped by its recent achievements and ongoing challenges, with a focus on strategic execution. Not investment advice.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. The latest earnings beat supports this improved outlook. There are no new threats identified that could weaken the thesis.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.