MeritValue

INTEGRA LIFESCIENCES HOLDINGS CORP

IARTdata completeness 100%18 fiscal years on file
The thesis, from the filings

INTEGRA LIFESCIENCES HOLDINGS CORP earns about -1% on invested capital, and has bought back 10% of its shares over 5 years. The applicable estimate puts fair value near $9.16 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.54B1$1.56B2$1.54B3$1.61B3$1.64B3
Net income$169.1M4$180.6M5$67.7M6−$6.94M6−$516.5M6
Operating cash flow$312.4M7$264.5M8$140M9$129.4M9$50.4M9
Capital expenditure$48M10$42.3M11$66.9M12$104.4M12$81.4M12
Free cash flow (derived)$264.4M7$222.1M8$73.1M9$25M9−$31.1M9
Total debt$843.8M13$775M14$775M15$760.5M16$726.6M17
Cash & equivalents$513.4M18$456.7M19$276.4M20$246.4M21$235M21
Diluted shares85.5M83.5M80.3M77.0M76.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$136.09
your share of equity
Profit it earned you last year
−$67.36
Free cash flow it threw off
−$4.05
Debt you’d be carrying
$94.76

10 shares is a claim on $136.09 of net worth that earned you −$67.36 and generated −$4.05 of cash last year, against $94.76 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 10%FY22 10%FY23 5%FY24 -1%FY25 -29%

It earned an average -1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 14% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$25M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$25M
Earnings Power Value
$9.16
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$67.7M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000917520-24-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000917520-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000917520-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000917520-24-000022 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000917520-25-000017 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000917520-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000917520-24-000022 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000917520-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000917520-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000917520-24-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000917520-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000917520-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000917520-22-000010 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000917520-23-000015 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000917520-24-000022 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000917520-25-000017 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0000917520-26-000011 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000917520-23-000015 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000917520-24-000022 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000917520-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0000917520-26-000011 (CashAndCashEquivalentsAtCarryingValue)