Integer Holdings Corp (NYSE: ITGR)

Sector: Healthcare Industry: Medical Devices CIK: 0001114483
Market Cap 3.05 Bn
P/B 1.75
P/E 35.06
P/S 1.66
ROIC (Qtr) 6.31
Div Yield % 0.00
Rev 1y % (Qtr) 8.41
Total Debt (Qtr) 1.31 Bn
Debt/Equity (Qtr) 0.75
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About

Investment thesis

Bull case

  • Healthy cash reserves of 58.94M provide 6.46x coverage of short-term debt 9.12M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of 203.96M provides solid 0.97x coverage of current liabilities 209.82M, showing strong operational health.
  • Operating cash flow of 203.96M fully covers other non-current liabilities 139.62M by 1.46x, showing strong long-term stability.
  • Retained earnings of 945.45M provide strong 10.51x coverage of other current liabilities 89.95M, indicating earnings quality.
  • Tangible assets of 1.46B provide robust 16.24x coverage of other current liabilities 89.95M, indicating strong asset backing.

Bear case

  • Operating cash flow of 203.96M barely covers its investment activities of (205.65M), with a coverage ratio of -0.99, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • With cash reserves of 58.94M against inventory of 263.54M, the 0.22 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Investment activities of (205.65M) provide weak support for R&D spending of 50M, which is -4.11x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 58.94M provide limited coverage of acquisition spending of (123.12M), which is -0.48x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating earnings of 164.72M show weak coverage of depreciation charges of 133.87M, with a 1.23 ratio indicating high capital intensity and potential reinvestment needs.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.28 2.13
EV to Cash from Ops. EV/CFO 21.30 2.75
EV to Debt EV to Debt 3.31 17.25
EV to EBIT EV/EBIT 26.38 2.89
EV to EBITDA EV/EBITDA 12.20 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF 35.81 29.36
EV to Market Cap EV to Market Cap 1.43 25.09
EV to Revenue EV/Rev 2.37 32.80
Price to Book Value [P/B] P/B 1.75 4.73
Price to Earnings [P/E] P/E 35.06 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) 3.49 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 32.95 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 65.69 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -23.57 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 13.95 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) -14.27 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) -14.16 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) -26.04 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) 63.26 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 9.00 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.54 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 0.28 1.80
Current Ratio Curr Ratio (Qtr) 3.71 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.75 1.20
Interest Cover Ratio Int Coverage (Qtr) 3.49 196.93
Times Interest Earned Times Interest Earned (Qtr) 3.49 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 16.30 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) 9.00 -2,478.60
EBT Margin % EBT Margin % (Qtr) 6.42 -2,690.42
Gross Margin % Gross Margin % (Qtr) 26.90 30.80
Net Profit Margin % Net Margin % (Qtr) 4.70 -2,821.53