ITGRInteger Holdings Corp
Electromedical & Electrotherapeutic Apparatus
- Revenue
- $1.9B
- 8.0% YoY
- Operating margin
- 11.9%
- 1.6% YoY
- EBITDA
- $352M
- 10% YoY
- Market cap
- $4.3B
- Employees
- 11,000
- $169K revenue each
- Net debt / EBITDA
- 3.4×
- $1.2B net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo191% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo25% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo32% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$169K · 10th pctBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 34th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | $1.6B | $1.7B | $1.9B | 8.0% |
| Operating income | $136M | $113M | $163M | $208M | $221M | 6.3% |
| Net income | $97M | $66M | $91M | $120M | $103M | 14% |
| Operating cash flow | $157M | $116M | $180M | $205M | $196M | 4.4% |
| Capex | $53M | $75M | $120M | $105M | $91M | 14% |
| Stock-based comp | $16M | $21M | $23M | $25M | $23M | 6.2% |
| Buybacks | — | — | $0 | $0 | $50M |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Sep 14, 2026 | DEFM14A | KKR & Co. Inc. | $127.00 | 51.8% |
| Sep 3, 2026 | PREM14A | KKR & Co. Inc. | $127.00 | 51.8% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 13, 2026 | Tarheel Investors III L.P. | SCHEDULE 13D | 14.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $297K · 3
- Open-market sells, 12 mo
- $5M · 5
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 97 | 116 |
| FY2024 | $9M | — | 163 | 109 |
| FY2023 | $9M | — | 122 | 100 |
| FY2022 | $11M | — | 84 | 97 |
| FY2021 | $7M | — | 105 | 121 |