Integra Lifesciences vs Penumbra

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KIRA’s take AI analyst

I put Integra Lifesciences and Penumbra side by side, using each one’s latest annual report. Here is what stands out:

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.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Integra Lifesciences

IART

1/10

Share count change

Penumbra

PEN

9/10

Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score

Side by side

Best in the row

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

Ten years

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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.