Integra Lifesciences

IART · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

IART · Last close · October 26, 2026

$12.10

Integra Lifesciences' revenue rose 1.5% to $1.6 billion in fiscal 2025. Its operating margin was −30.2%, down from 1.8% a year earlier. Free cash flow was −$31 million, against $25 million a year earlier. It paid out $0 million in dividends and buybacks. The diluted share count fell 0.4%.

INTEGRA LIFESCIENCES HOLDINGS CORP Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000917520-26-000011 Updated October 23, 2026

Revenue

$1.6B

1.5%

Operating margin

−30.2%

31.9 pts

Net income

−$516M

Free cash flow

−$31M

$25M a year earlier

Return on capital

−22.0%

23.1 pts

Market cap

$951M

Oct 26 close

P/E

71.2x

On $0.17 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Integra Lifesciences' 2025 operating loss (about US$493 million) leaves its earnings before interest, tax, depreciation and amortization negative, so net debt to EBITDA is blank for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2023, earnings per share fell 1.6% a year and net income 1.4% a year, as new shares raised the share count by 1% and diluted each share's earnings. Integra Lifesciences then lost money in fiscal 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Integra Lifesciences yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Integra Lifesciences says to expect

Fourth quarter 2026: revenues and EPSFor the fourth quarter of 2026, the Company expects reported revenues in the range of $413 million to $433 million, representing a reported decline of -5.2% to -0.5% and an organic decline of -5.1% to -0.4%. The Company expects adjusted earnings per diluted share in the range of $0.61 to $0.71.
Full year 2026: revenues and EPSFor the full year 2026, the Company expects revenues in the range of $1.634 billion to $1.654 billion representing reported growth of -0.1% to 1.2% and organic growth of -0.3% to 0.9%. The Company expects adjusted earnings per diluted share in the range of $2.30 to $2.40. The Company continues to expect operating cash flow of approximately $190 million to $200 million for the full year.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 21, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Integra Lifesciences' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Integra Lifesciences' 3-year average free cash flow of $22M, net cash of −$463M at December 31, 2025 and 77 million diluted shares, from its filings. The scenarios are fitted to Integra Lifesciences: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Health Care Equipment), plus 1 point as a smaller company, worth $951M, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Integra Lifesciences' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Integra Lifesciences's own revenue growth, as above. Cautious: growth of -0.5% then 1% a year, 2% after year 10, a 12% discount rate. Base: growth of 1.5% then 2% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 3.5% then 3% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $12.10
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Integra Lifesciences' earnings per share of $0.17 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 33.1×, the middle of Integra Lifesciences' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Integer, Penumbra, LivaNova, CONMED.

Earnings growth in the years ahead (% a year) Starts at Integra Lifesciences' revenue growth over the last 3 years, 1.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $12.10
Value at this multiple, against the last close: —
Integra Lifesciences' P/E at the last close: 71.2×

Company	Last close	Earnings per share	P/E today
PenumbraPEN	$325.22	$4.07	79.9×
Integra LifesciencesIART	$12.10	$0.17	71.2×
IntegerITGR	$126.52	$3.65	34.7×
CONMEDCNMD	$47.68	$1.51	31.6×
LivaNovaLIVN	$80.62	$3.38	23.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	513	457	309	274	264
Debt incl. finance leases	844	775	775	760	727
Net debt (negative means net cash)	330	318	466	487	463
Net debt to EBITDA	1.3x	1.1x	2.8x	5.3x	—
Debt to equity	0.5x	0.4x	0.5x	0.5x	0.7x
Interest coverage	3.9x	4.8x	2.2x	0.4x	−5.7x
Current ratio	3.4x	3.6x	3.5x	1.2x	2.5x
Quick ratio	2.5x	2.6x	2.2x	0.7x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $102,150 of Integra Lifesciences shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 5, 2025	Jeffrey A GravesDirector	Bought	9,000	$11.35	$102,150	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	4 of 9	5 of 9	5 of 9
Accruals ratio	−1.9%	−3.5%	−14.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Integra Lifesciences side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Integra Lifesciences	FY25	1.5%	−30.2%	−1.9%	−22.0%	—	5
Integer	FY25	8.0%	11.9%	5.7%	6.5%	3.4x	7	Compare
Penumbra	FY25	17.5%	13.5%	12.5%	18.8%	−2.5x	7	Compare
LivaNova	FY25	10.7%	14.4%	12.5%	12.8%	—	5	Compare
CONMED	FY25	5.2%	7.5%	11.0%	3.7%	5.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	992	1,188	1,472	1,518	1,372	1,542	1,558	1,542	1,610	1,635
Revenue growth	12.4%	19.8%	23.9%	3.1%	−9.6%	12.4%	1.0%	−1.0%	4.5%	1.5%
Gross profit	643	753	901	953	851	945	970	885	882	832
Research and development	58	64	78	80	77	93	101	104	115	99
Operating income	115	45	111	94	151	197	239	112	28	−493
Net income	75	65	61	50	134	169	180	68	−7	−516
Diluted EPS (US$)	0.94	0.82	0.72	0.58	1.57	1.98	2.16	0.84	−0.09	−6.74
Diluted shares (millions)	79	79	84	86	85	86	84	80	77	77
Cash flow
Cash from operations	116	114	200	231	204	312	264	140	129	50
Capital expenditure	47	44	78	70	39	48	42	67	104	81
Free cash flow	69	71	122	162	165	264	222	73	25	−31
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	100	0	125	275	52	0
Acquisitions	0	1,242	27	30	0	0	0	0	0	0
Stock-based compensation	17	22	21	21	20	36	28	20	24	19
Balance sheet at fiscal year end
Cash and short-term investments	102	175	139	199	470	513	457	309	274	264
Debt incl. finance leases	0	0	900	878	878	844	775	775	760	727
Total assets	1,808	3,211	3,108	3,303	3,615	3,782	3,890	3,782	4,037	3,602
Total liabilities	968	2,249	1,732	1,886	2,100	2,098	2,085	2,194	2,492	2,558
Shareholders' equity	840	962	1,376	1,417	1,515	1,685	1,804	1,588	1,545	1,044
Margins and ratios
Gross margin	64.8%	63.4%	61.2%	62.8%	62.0%	61.2%	62.3%	57.4%	54.8%	50.9%
Operating margin	11.6%	3.8%	7.5%	6.2%	11.0%	12.8%	15.3%	7.2%	1.8%	−30.2%
Net margin	7.5%	5.5%	4.1%	3.3%	9.8%	11.0%	11.6%	4.4%	−0.4%	−31.6%
Free cash flow margin	7.0%	6.0%	8.3%	10.7%	12.0%	17.1%	14.3%	4.7%	1.6%	−1.9%
Return on capital	11.5%	5.9%	7.6%	3.7%	7.5%	7.9%	9.8%	4.5%	1.1%	−22.0%
Return on equity	9.4%	7.2%	5.2%	3.6%	9.1%	10.6%	10.3%	4.0%	−0.4%	−39.9%
Return on assets	4.2%	2.6%	1.9%	1.6%	3.9%	4.6%	4.7%	1.8%	−0.2%	−13.5%
Net debt to EBITDA	−0.5x	−1.3x	3.4x	3.3x	1.8x	1.3x	1.1x	2.8x	5.3x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Integra Lifesciences' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Integra Lifesciences.