TakeoverPE & activists

ITGRInteger Holdings Corp

Electromedical & Electrotherapeutic Apparatus · $4.3B market cap · 11,000 employees

1.0×

About as likely as average to be taken private

Top 18% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • High CEO pay despite TSRNo
    $9M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    191% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    25% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    32% of assets
    Over 40% of assets
  • Shareholder dissentNo
    92% lowest support
    Any vote under 80% support
  • Quiet on AINo
    1.0 per 10K words · 34th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    3.4× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$5M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Sep 14, 2026DEFM14AKKR & Co. Inc.$127.0051.8%
Sep 3, 2026PREM14AKKR & Co. Inc.$127.0051.8%
Aug 4, 20268-KKKR——

Key numbers

Revenue
$1.9BFY2021: $1.2BFY2022: $1.3BFY2023: $1.6BFY2024: $1.7BFY2025: $1.9B
8.0% YoY
Operating margin
11.9%FY2021: 11.1%FY2022: 8.5%FY2023: 10.5%FY2024: 12.1%FY2025: 11.9%
1.6% YoY
EBITDA
$352MFY2021: $217MFY2022: $205MFY2023: $262MFY2024: $319MFY2025: $352M
10% YoY
Net debt / EBITDA
3.4×
$1.2B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.2B$1.3B$1.6B$1.7B$1.9B 8.0% FY2021: $1.2BFY2022: $1.3BFY2023: $1.6BFY2024: $1.7BFY2025: $1.9B
Operating income$136M$113M$163M$208M$221M 6.3% FY2021: $136MFY2022: $113MFY2023: $163MFY2024: $208MFY2025: $221M
Net income$97M$66M$91M$120M$103M 14% FY2021: $97MFY2022: $66MFY2023: $91MFY2024: $120MFY2025: $103M
Operating cash flow$157M$116M$180M$205M$196M 4.4% FY2021: $157MFY2022: $116MFY2023: $180MFY2024: $205MFY2025: $196M
Capex$53M$75M$120M$105M$91M 14% FY2021: $53MFY2022: $75MFY2023: $120MFY2024: $105MFY2025: $91M
Stock-based comp$16M$21M$23M$25M$23M 6.2% FY2021: $16MFY2022: $21MFY2023: $23MFY2024: $25MFY2025: $23M
Buybacks——$0$0$50MFY2023: $0FY2024: $0FY2025: $50M

13D filers

FiledFilerFormStakeIntent
Oct 13, 2026Tarheel Investors III L.P.SCHEDULE 13D14.0%Passive

Insider trading

−$5Mnet selling by insiders, open market, last 12 months
Bought $297K · 3 tradesSold $5M · 5 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——97116
FY2024$9M—163109
FY2023$9M—122100
FY2022$11M—8497
FY2021$7M—105121