MeritValue

Integer Holdings Corp

ITGRdata completeness 100%17 fiscal years on file
The thesis, from the filings

Integer Holdings Corp earns about 3% on invested capital, but has diluted owners by 7% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $28.18 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$1.22B1$1.33B2$1.56B3$1.72B3$1.85B3
Net income$96.8M4$66.4M5$90.7M6$119.9M6$102.8M6
Operating cash flow$156.7M7$116.4M8$180.2M9$205.2M9$196.1M9
Capital expenditure$53.5M10$74.7M11$119.9M12$105.4M12$91M12
Free cash flow (derived)$103.2M7$41.7M8$60.3M9$99.8M9$105.1M9
Total debt$1.66B13$1.85B14$1.92B15$1.98B16$2.37B16
Cash & equivalents$17.9M17$24.3M18$23.7M19$46.5M20$17.2M20
Diluted shares33.3M33.4M33.8M35.6M35.6M

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
$490.71
your share of equity
Profit it earned you last year
$28.88
Free cash flow it threw off
$29.53
Debt you’d be carrying
$665.94

10 shares is a claim on $490.71 of net worth that earned you $28.88 and generated $29.53 of cash last year, against $665.94 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 4%FY22 3%FY23 4%FY24 3%FY25 3%

It earned an average 3% 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
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 43% over the same window.

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$99.8M
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$99.8M
Earnings Power Value
$28.18
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$96.8M
  • growthAssumed0.0%
Graham Number
$56.49
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001114483-24-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001114483-25-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001114483-26-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001114483-24-000034 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001114483-25-000034 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001114483-26-000003 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001114483-24-000034 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001114483-25-000034 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001114483-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001114483-24-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001114483-25-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001114483-26-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001114483-23-000003 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001114483-24-000034 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001114483-25-000034 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001114483-26-000003 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001114483-25-000034 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001114483-24-000034 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001114483-25-000034 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001114483-26-000003 (CashAndCashEquivalentsAtCarryingValue)