CONMED vs Integer
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The short version
- Integer is the larger business, with $1.9B of revenue in fiscal 2025 against $1.4B for CONMED.
- Integer grew revenue faster (8.0%, against 5.2%).
- Integer kept more of each dollar of sales as operating profit (11.9% operating margin, against 7.5%).
- CONMED turned more of its sales into free cash flow (11.0% FCF margin, against 5.7%).
- Integer earned a higher return on the capital invested in it (6.6%, against 3.7%).
| Latest fiscal year | CNMD · FY25 | ITGR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $4.3B |
| Revenue | $1.4B | $1.9B |
| Free cash flow | $151M | $105M |
| Net income | $47.1M | $103M |
| Growth | ||
| Revenue growth | 5.2% | 8.0% |
| 5-year growth | 9.8% | 11.6% |
| Share count change | 0.0% | −0.2% |
| Profitability | ||
| Gross margin | 54.6% | 27.0% |
| Operating margin | 7.5% | 11.9% |
| Net margin | 3.4% | 5.6% |
| FCF margin | 11.0% | 5.7% |
| Return on capital | 3.7% | 6.6% |
| Return on equity | 4.7% | 6.1% |
| Balance sheet | ||
| Net debt | $794M | $1.2B |
| Net debt / EBITDA | 5.1x | 3.4x |
| Dividends and buybacks | $24.7M | $50.0M |
| Valuation & quality | ||
| P/E | — | 34.7x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
CNMD $764M
ITGR $1.1B
FY17
CNMD $796M
ITGR $1.1B
FY18
CNMD $860M
ITGR $1.2B
FY19
CNMD $955M
ITGR $1.3B
FY20
CNMD $863M
ITGR $1.1B
FY21
CNMD $1.0B
ITGR $1.2B
FY22
CNMD $1.0B
ITGR $1.3B
FY23
CNMD $1.2B
ITGR $1.6B
FY24
CNMD $1.3B
ITGR $1.7B
FY25
CNMD $1.4B
ITGR $1.9B
CNMD
ITGR
Operating margin
FY16
CNMD 4.9%
ITGR 8.6%
FY17
CNMD 5.9%
ITGR 11.1%
FY18
CNMD 8.3%
ITGR 12.8%
FY19
CNMD 8.3%
ITGR 12.5%
FY20
CNMD 5.3%
ITGR 11.2%
FY21
CNMD 10.9%
ITGR 11.1%
FY22
CNMD 6.7%
ITGR 8.5%
FY23
CNMD 9.7%
ITGR 10.5%
FY24
CNMD 15.3%
ITGR 12.1%
FY25
CNMD 7.5%
ITGR 11.9%
CNMD
ITGR
Free cash flow
FY16
CNMD $25.1M
ITGR $46.9M
FY17
CNMD $52.7M
ITGR $102M
FY18
CNMD $58.2M
ITGR $122M
FY19
CNMD $75.1M
ITGR $117M
FY20
CNMD $51.5M
ITGR $135M
FY21
CNMD $96.9M
ITGR $103M
FY22
CNMD $11.6M
ITGR $41.7M
FY23
CNMD $106M
ITGR $60.3M
FY24
CNMD $154M
ITGR $99.9M
FY25
CNMD $151M
ITGR $105M
CNMD
ITGR
Return on capital
FY16
CNMD 3.1%
ITGR 3.4%
FY17
CNMD 4.4%
ITGR 5.2%
FY18
CNMD 5.3%
ITGR 5.4%
FY19
CNMD 5.7%
ITGR 7.0%
FY20
CNMD 3.2%
ITGR 5.5%
FY21
CNMD 6.5%
ITGR 6.1%
FY22
CNMD 3.4%
ITGR 4.4%
FY23
CNMD 5.4%
ITGR 5.8%
FY24
CNMD 9.0%
ITGR 6.8%
FY25
CNMD 3.7%
ITGR 6.6%
CNMD
ITGR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.