Integra Lifesciences Holdings Corp key statistics and ratios
In fiscal 2025, Integra Lifesciences Holdings Corp had return on equity of -39.9%, an operating margin of -30.2%, debt equal to 165.8% of equity and a current ratio of 2.54. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | 62.0% | 63.0% | 64.8% | 63.3% | 61.2% | 62.8% | 62.0% | 61.2% | 62.3% | 57.4% | 54.8% | 50.9% | 52.4% |
| Operating margin | 14.3% | 13.5% | 7.0% | 8.9% | 5.1% | 8.5% | 9.0% | 11.6% | 3.8% | 7.5% | 6.2% | 11.0% | 12.8% | 15.3% | 7.2% | 1.8% | −30.2% | 4.4% |
| Net margin | 7.5% | 9.0% | 3.6% | 5.0% | −3.0% | 4.3% | −0.4% | 7.5% | 5.4% | 4.1% | 3.3% | 9.8% | 11.0% | 11.6% | 4.4% | −0.4% | −31.6% | 0.8% |
| Free-cash-flow margin | 17.3% | 9.3% | 8.4% | −1.2% | 1.6% | 5.7% | 8.1% | 7.0% | 6.0% | 8.3% | 10.7% | 12.0% | 17.1% | 14.3% | 4.7% | 1.6% | −1.9% | 5.2% |
| Return on equity | 11.5% | 13.9% | 5.6% | 8.2% | −3.6% | 5.0% | −0.5% | 9.4% | 7.2% | 5.2% | 3.6% | 9.1% | 10.6% | 10.3% | 4.0% | −0.4% | −39.9% | 1.2% |
| Return on assets | 5.4% | 6.7% | 2.6% | 3.6% | −1.8% | 2.4% | −0.2% | 4.2% | 2.6% | 1.9% | 1.6% | 3.9% | 4.6% | 4.7% | 1.8% | −0.2% | −13.5% | 0.4% |
| Asset turnover | 0.73 | 0.75 | 0.72 | 0.72 | 0.59 | 0.57 | 0.53 | 0.55 | 0.47 | 0.47 | 0.47 | 0.40 | 0.42 | 0.41 | 0.40 | 0.41 | 0.43 | 0.47 |
| Current ratio | 2.33 | 2.20 | 4.44 | 4.24 | 4.37 | 4.20 | 3.15 | 4.01 | 2.36 | 2.95 | 2.59 | 3.09 | 3.39 | 3.62 | 3.45 | 1.17 | 2.54 | 3.62 |
| Debt to equity | 53.2% | 31.0% | 71.6% | 62.2% | 30.8% | 58.7% | 64.1% | 79.2% | 185.1% | 88.0% | 84.6% | 61.6% | 50.1% | 43.0% | 52.0% | 107.5% | 165.8% | 159.1% |
| Interest cover (operating income ÷ interest) | 4.2x | 5.4x | 2.0x | 3.3x | 1.8x | 3.1x | 3.4x | 4.5x | 1.3x | 1.7x | 1.7x | 2.1x | 3.9x | 4.8x | 2.2x | 0.4x | n/m | 0.8x |
| Effective tax rate | 30.3% | 20.0% | 1.8% | 20.8% | −17.3% | 20.3% | 88.7% | 17.5% | — | −5.9% | 16.5% | −43.2% | 21.2% | 15.6% | 16.4% | — | — | 41.7% |
| R&D as % of revenue | 6.5% | 6.6% | 6.6% | 6.1% | 6.1% | 5.5% | 5.8% | 5.9% | 5.3% | 5.3% | 5.2% | 5.6% | 6.0% | 6.5% | 6.8% | 7.2% | 6.1% | 5.7% |
| SG&A as % of revenue | 41.2% | 41.7% | 45.9% | 44.9% | 47.7% | 47.1% | 47.1% | 45.9% | 52.5% | 46.9% | 45.3% | 43.3% | 41.3% | 39.6% | 42.6% | 44.5% | 42.8% | 41.4% |
| Capital spending as % of revenue | 3.7% | 5.1% | 4.9% | 8.3% | 6.1% | 4.8% | 3.8% | 4.8% | 3.7% | 5.3% | 4.6% | 2.8% | 3.1% | 2.7% | 4.3% | 6.5% | 5.0% | 3.3% |
| Free cash flow ÷ net income | 231.6% | 104.2% | 235.5% | −24.1% | — | 133.0% | — | 92.6% | 109.7% | 200.6% | 322.5% | 123.2% | 156.4% | 123.0% | 107.9% | — | — | 659.2% |
| Dividends and buybacks ÷ free cash flow | 0.0% | 45.7% | 126.6% | — | 0.0% | — | — | — | — | 0.0% | 0.0% | 60.6% | 0.0% | 56.3% | 376.2% | 210.2% | — | — |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 56.3% | 50.8% | 50.4% | 51.5% | 50.8% | 55.4% | 52.5% | 51.0% |
| Operating margin | 8.0% | −4.0% | −123.4% | 2.9% | 5.3% | 2.9% | 4.6% | 4.6% |
| Net margin | 4.4% | −6.6% | −116.5% | −1.3% | −0.4% | −1.2% | 1.1% | 3.6% |
| Free-cash-flow margin | 4.8% | −10.5% | −2.7% | 6.4% | −1.2% | −1.3% | 2.5% | 20.8% |
| Current ratio | 1.17 | 1.21 | 1.23 | 3.14 | 2.54 | 3.38 | 3.60 | 3.62 |
| Debt to equity | 49.2% | 49.6% | 71.8% | 71.0% | 69.6% | 68.8% | 67.8% | 65.4% |
| R&D as % of revenue | 7.1% | 6.5% | 6.5% | 5.6% | 5.7% | 6.0% | 5.8% | 5.3% |
| SG&A as % of revenue | 40.3% | 47.4% | 43.3% | 42.0% | 38.9% | 45.5% | 41.2% | 40.2% |
Financial health
- Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $329m of liabilities due within a year.
- Short-term assets cover long-term liabilities $1.2bn short-term assets against $2.1bn of longer-dated liabilities.
- More cash than debt $252m of cash against $698m of debt.
- Debt below 40% of shareholders' equity Debt is 65% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 52% to 65% over five years.
- A year's operating cash flow covers at least 20% of debt $140m of operating cash flow against $698m of debt.
- Operating profit covers interest at least five times over Operating income of $73m against $92m of interest.
Moat
Moderate moat
How hard Integra Lifesciences Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 0 / 20
Net income has been a median 1.8% of total assets over 10 years.
- Pricing power 18 / 20
Gross margin has been a median 61.0%, moving by 4.3 percentage points (standard deviation) across 10 years.
- Durability 1 / 20
Operating margin has been a median 6.7%; its worst year was -29.3%.
- Cash conversion 13 / 20
Free cash flow was positive in 9 of 10 years, at a median 7.1% of revenue.
- Discipline 20 / 20
The diluted share count fell 9.1% over five years; stock-based pay has been a median 1.4% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
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