Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.1
Distress distance
Clean
Earnings quality
4
Forensic signals
33.4
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, 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.
Integer Holdings Corp earns a C (Mixed — selective) 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 steady across FY2023–FY2025, inside a 0.9-point range. After-tax operating profit was $138M in FY2023 and $181M in FY2025, with operating income at 10.5% of revenue in FY2023, 12.1% in FY2024 and 11.9% in FY2025. The capital base behind it grew +17% across FY2023–FY2025, from $2.7B to $3.2B, and the return did not fall doing it, so the dollars added over that window earned at least the 5.1% the older base was already earning.
+2.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +5% over the last 2 years to FY2025 (+2.7%/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 ~2.7% 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 FY2023 has been diluted ~5%.
+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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 12.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
1.3% of rev
Key fundamentals
Latest Revenue$1.85B
Revenue Growth YoY+8.0%
Revenue CAGR (2yr)+9.2%
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.