Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Integer Holdings Corp (ITGR)
A forensic read on Integer 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
Safe
Financial health
5.1
Distress distance
Clean
Earnings quality
4
Forensic signals
29.9
P / E (ttm)
5.9%
ROE
$4.3B
Market cap
8.0%
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). 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.
Integer Holdings Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.1, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.7%
FY2025
Return on invested capital.Return on invested capital is 5.7% in the latest fiscal year and rising from 4% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +7% over the last 3 years to FY2025 (+2.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~6%.
+12.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +41% against revenue +8% and PP&E up +15% against revenue +8%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 3% of net operating assets, diverging from the balance-sheet accrual read.
1.3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.3% of revenue and 22% of free cash flow in FY2025 — about $0.65 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 2.2% a year and is falling.
Key fundamentals
Latest Revenue$1.85B
Revenue Growth YoY+8.0%
Revenue CAGR (3yr)+11.7%
Net Margin5.5%
Free Cash Flow$105.1M
Return on Equity5.9%
Debt / Equity0.68x
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 Integer Holdings Corp's actual 10-K/10-Q/8-K filings?