Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Integra Lifesciences Holdings Corp (IART)
A forensic read on Integra Lifesciences Holdings Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.2
Distress distance
Clean
Earnings quality
3
Forensic signals
-165.1
P / E (ttm)
-49.5%
ROE
$1.2B
Market cap
0.00%
Dividend yield
1.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Integra Lifesciences Holdings Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.2, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-13.4%
FY2025
Return on invested capital.Return on invested capital is -13.4% in the latest fiscal year and slipping across FY2023–FY2025 from 2.9%. After-tax operating profit was $93M in FY2023 and ($390M) in FY2025, with operating income at 7.2% of revenue in FY2023, 1.8% in FY2024 and -30.2% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($3.2B to $2.9B, -9%), so there has been little new capital for that return to be earned on. FY2025's operating profit carried a $511M goodwill write-off that alone took about 13.9 points off that year's return, so about 13.9 of the 16.3-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less.
FCF ($31M)
FY2025
Shareholder returns.Returned $221,000 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($31M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $50M — 0% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$511M
FY2025–FY2025
Goodwill impairments.Took $511M of goodwill writedowns across 1 year (FY2025 ($511M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$1.64B
Revenue Growth YoY+1.5%
Revenue CAGR (2yr)+3.0%
Net Margin-31.6%
Free Cash Flow-$31.1M
Return on Equity-49.5%
Debt / Equity0.70x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Integra Lifesciences Holdings Corp's actual 10-K/10-Q/8-K filings?