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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Integer reported revenue of $1.9B in the fiscal year ended Dec 2025, up 8.0% from the year before. Operating income was $221M, an operating margin of 11.9%, and net income was $103M. Operating cash flow of $196M less capital expenditure of $91M left free cash flow of $105M. Net debt was $1.2B.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,221 | 1,331 | 1,556 | 1,717 | 1,854 |
| Cost of revenue | 884 | 986 | 1,146 | 1,258 | 1,353 |
| Gross profit | 337 | 346 | 410 | 459 | 500 |
| Research & development | 52.0 | 59.8 | 62.0 | 53.4 | 49.5 |
| Selling, general & admin | 141 | 158 | 173 | 185 | 212 |
| Operating income | 136 | 113 | 163 | 208 | 221 |
| Interest expense | 31.6 | 38.6 | 53.4 | 56.4 | 43.2 |
| Pre-tax income | 101 | 68.7 | 105 | 148 | 125 |
| Income tax | 8.0 | 8.9 | 16.2 | 26.5 | 22.6 |
| Net income | 96.8 | 66.4 | 90.7 | 120 | 103 |
| Diluted EPS | 2.91 | 1.99 | 2.69 | 3.36 | 2.89 |
| Diluted shares | 33.3 | 33.4 | 33.8 | 35.6 | 35.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 17.9 | 24.3 | 23.7 | 46.5 | 17.2 |
| Receivables | 182 | 224 | 231 | 245 | 346 |
| Inventory | 156 | 209 | 229 | 247 | 254 |
| Current assets | 453 | 558 | 618 | 671 | 770 |
| Net PP&E | 277 | 317 | 393 | 466 | 536 |
| Goodwill | 925 | 965 | 994 | 1,018 | 1,111 |
| Total assets | 2,582 | 2,794 | 2,943 | 3,078 | 3,411 |
| Payables | 76.9 | 111 | 118 | 101 | 113 |
| Deferred revenue | 3.8 | 5.6 | 6.1 | 4.4 | 5.2 |
| Current liabilities | 160 | 224 | 221 | 227 | 232 |
| Short-term debt | 15.3 | 18.2 | 0.0 | 10.0 | 0.0 |
| Long-term debt | 813 | 907 | 960 | 980 | 1,185 |
| Total liabilities | 1,228 | 1,377 | 1,424 | 1,459 | 1,664 |
| Shareholders' equity | 1,355 | 1,417 | 1,519 | 1,619 | 1,747 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 157 | 116 | 180 | 205 | 196 |
| Capital expenditure | 53.5 | 74.7 | 120 | 105 | 91.0 |
| Free cash flow | 103 | 41.7 | 60.3 | 99.8 | 105 |
| Depreciation & amortisation | 81.4 | 92.0 | 98.8 | 111 | 131 |
| Stock-based compensation | 16.2 | 21.0 | 23.3 | 24.8 | 23.2 |
| Acquisitions | 218 | 127 | 43.6 | 139 | 179 |
| Share buybacks | – | – | 0.0 | 0.0 | 50.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.0% | 16.9% | 10.3% | 8.0% |
| Operating income growth (YoY) | – | −17.0% | 44.9% | 27.5% | 6.3% |
| EPS growth (YoY) | – | −31.6% | 35.2% | 24.9% | −14.0% |
| Gross margin | 27.6% | 26.0% | 26.3% | 26.7% | 27.0% |
| Operating margin | 11.1% | 8.5% | 10.5% | 12.1% | 11.9% |
| Net margin | 7.9% | 5.0% | 5.8% | 7.0% | 5.5% |
| Return on equityBlank when equity is negative | 7.1% | 4.7% | 6.0% | 7.4% | 5.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.6% | 4.4% | 6.0% | 7.3% | 7.0% |
| Free cash flow margin | 8.5% | 3.1% | 3.9% | 5.8% | 5.7% |
| Cash conversion (CFO ÷ net income) | 1.62x | 1.75x | 1.99x | 1.71x | 1.91x |
| Receivable days | 54 | 62 | 54 | 52 | 68 |
| Inventory days | 64 | 77 | 73 | 72 | 68 |
| Payable days | 32 | 41 | 38 | 29 | 31 |
| Interest cover | 4.29x | 2.92x | 3.06x | 3.69x | 5.12x |
| Debt ÷ equity | 0.61x | 0.65x | 0.63x | 0.61x | 0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 810 | 901 | 936 | 944 | 1,168 |
| Current ratio | 2.84x | 2.50x | 2.80x | 2.95x | 3.32x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.