Integra Lifesciences vs Penumbra
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The short version
- Integra Lifesciences is the larger business, with $1.6B of revenue in fiscal 2025 against $1.4B for Penumbra.
- Penumbra grew revenue faster (17.5%, against 1.5%).
- Penumbra kept more of each dollar of sales as operating profit (13.5% operating margin, against −30.2%).
- Penumbra turned more of its sales into free cash flow (12.5% FCF margin, against −1.9%).
- Penumbra earned a higher return on the capital invested in it (18.8%, against −22.0%).
- Investors pay more for each dollar of Penumbra’s earnings: a P/E of 79.7x against 70.1x for Integra Lifesciences.
| Latest fiscal year | IART · FY25 | PEN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $936M | $12.8B |
| Revenue | $1.6B | $1.4B |
| Free cash flow | −$31.1M | $175M |
| Net income | −$517M | $178M |
| Growth | ||
| Revenue growth | 1.5% | 17.5% |
| 5-year growth | 3.6% | 20.2% |
| Share count change | −0.4% | 0.1% |
| Profitability | ||
| Gross margin | 50.9% | 67.1% |
| Operating margin | −30.2% | 13.5% |
| Net margin | −31.6% | 12.7% |
| FCF margin | −1.9% | 12.5% |
| Return on capital | −22.0% | 18.8% |
| Return on equity | −39.9% | 13.8% |
| Balance sheet | ||
| Net debt | $463M | −$522M |
| Net debt / EBITDA | — | −2.5x |
| Dividends and buybacks | $0.2M | $0.0M |
| Valuation & quality | ||
| P/E | 70.1x | 79.7x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
IART $992M
PEN $263M
FY17
IART $1.2B
PEN $334M
FY18
IART $1.5B
PEN $445M
FY19
IART $1.5B
PEN $547M
FY20
IART $1.4B
PEN $560M
FY21
IART $1.5B
PEN $748M
FY22
IART $1.6B
PEN $847M
FY23
IART $1.5B
PEN $1.1B
FY24
IART $1.6B
PEN $1.2B
FY25
IART $1.6B
PEN $1.4B
IART
PEN
Operating margin
FY16
IART 11.6%
PEN −0.5%
FY17
IART 3.8%
PEN 0.4%
FY18
IART 7.5%
PEN −0.2%
FY19
IART 6.2%
PEN 8.7%
FY20
IART 11.0%
PEN −7.0%
FY21
IART 12.8%
PEN −1.0%
FY22
IART 15.3%
PEN 0.7%
FY23
IART 7.2%
PEN 7.0%
FY24
IART 1.8%
PEN 0.8%
FY25
IART −30.2%
PEN 13.5%
IART
PEN
Free cash flow
FY16
IART $69.1M
PEN −$26.4M
FY17
IART $71.0M
PEN $0.2M
FY18
IART $122M
PEN $19.2M
FY19
IART $162M
PEN $4.5M
FY20
IART $165M
PEN −$58.0M
FY21
IART $264M
PEN −$11.7M
FY22
IART $222M
PEN −$75.0M
FY23
IART $73.1M
PEN $82.1M
FY24
IART $25.0M
PEN $147M
FY25
IART −$31.1M
PEN $175M
IART
PEN
Return on capital
FY16
IART 11.5%
PEN −0.5%
FY17
IART 5.9%
PEN 0.4%
FY18
IART 7.6%
PEN −0.2%
FY19
IART 3.7%
PEN 11.2%
FY20
IART 7.5%
PEN −7.3%
FY21
IART 7.9%
PEN −1.1%
FY22
IART 9.8%
PEN 0.4%
FY23
IART 4.5%
PEN 8.4%
FY24
IART 1.1%
PEN 0.7%
FY25
IART −22.0%
PEN 18.8%
IART
PEN
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.