Integer Holdings Corp Dossier - Source-backed chat

Integer Holdings Corp

ITGRNYSE

SectorHealth Care

IndustryMedical Devices

Beta (adjusted)0.76

Intrinsic Value $84.17median of 6 methods · middle span $70-$118based on filings through 3 Jul 2026

Market Price $126.42Price as of 1 Oct 2026

OvervaluedIntrinsic value is 33% below the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

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Market Cap $4.3B

Enterprise Value $5.5B

Shares Outstanding 34.1M diluted

Moat Rating None

Next Earnings Date22 Oct 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Integer Holdings Corp (ITGR) is a leading medical device contract development and manufacturing organization (CDMO) with a highly diversified portfolio across high-growth therapeutic areas. While the company faces temporary headwinds in 2026 due to slower customer adoption of three new products, its underlying franchise remains robust. The stock is currently undervalued, trading at a discount to its historical multiples and peer averages. Near-term catalysts include a Board-initiated strategic review that has attracted private equity interest, alongside a projected return to above-market organic growth of 200 basis points in 2027.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets5 analysts · as of 18 Aug 2026

Low · most bearish analyst$101.00

Mean target$121.80

High · most bullish analyst$127.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

The bear case reflects prolonged customer adoption delays for the new products, further softening of OEM customer forecasts, and persistent margin pressure from inflation and supply chain inefficiencies. Standalone leverage remains elevated above 3.2x, limiting capital allocation flexibility, while the strategic review concludes without a transaction, leading to near-term multiple contraction.

Base CaseCentral scenario

The base case assumes Integer successfully navigates temporary product ramp-up headwinds in the second half of 2026, meeting its revised full-year adjusted EPS guidance of $5.83 to $6.40. Standalone operational improvements and capacity expansions in Ireland drive margin recovery, positioning the company to achieve its target of 200 basis points above-market organic sales growth in 2027. Standalone valuation multiples expand modestly toward historical averages.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Leading global CDMO scale with deep engineering capabilities and high switching costs for OEM customers.
Diversified exposure to high-growth medical device segments including Cardio & Vascular, Neuromodulation, and Cardiac Rhythm Management.
Strong historical track record of margin expansion and disciplined capital allocation, including successful tuck-in acquisitions.
Near-term valuation support and upside potential from the Board-initiated strategic review process.

Key Investment Risks

Concentration of revenue among major multinational medical device OEMs who can shift buying patterns.
Execution and ramp-up risks associated with new product introductions and facility expansions.
Elevated leverage ratio of 3.2x Adjusted EBITDA following recent capital investments and acquisitions.
Macroeconomic headwinds, including healthcare system cost-containment pressures and interest rate volatility.

Thesis Invalidation Triggers

A formal termination of the strategic review process without any transaction or actionable outcome.
Further downward revisions to the FY 2026 revenue and adjusted EPS guidance ranges.
Loss of a key OEM customer contract or a significant reduction in forecast orders from top-tier accounts.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.