Cash generation is highly erratic, evidenced by an OCF/NI ratio of -6.93 in 2025Q4 and a swing to negative free cash flow of $40.2 million in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 71.44M | 50.38M | 129.38M | 139.96M | 264.47M | 312.43M | 203.83M | 231.43M | 199.68M | 114.54M | 116.41M | 94.48M | 79.46M | 53.27M | 58.72M | 104.33M | 105.57M | 143.24M | 72.59M | 47.03M | 71.7M | 56.85M | 38.98M | 34.83M | 31.98M | 15.7M | -4.96M | 2.5M | -9.8M | -7.9M | -8M |
| Operating CF Margin % | - | 3.08% | 8.03% | 9.08% | 16.98% | 20.26% | 14.86% | 15.25% | 13.56% | 9.64% | 11.73% | 10.7% | 8.56% | 6.37% | 7.07% | 13.37% | 14.42% | 20.99% | 11.09% | 8.54% | 17.1% | 20.45% | 16.96% | 18.76% | 28.4% | 16.8% | -7.63% | 5.88% | -56% | -53.74% | -61.07% |
| Operating CF Growth % | 114.37% | -61.06% | -7.55% | -47.08% | -15.35% | 53.28% | -11.93% | 15.9% | 74.33% | -1.6% | 23.2% | 18.9% | 49.18% | -9.28% | -43.72% | -1.18% | -26.3% | 97.32% | 54.36% | -34.41% | 26.13% | 45.86% | 11.91% | 8.88% | 103.71% | 416.55% | -298.4% | 125.51% | -24.05% | 1.25% | -42.86% |
| Net Income | -495.8M | -516.47M | -6.94M | 67.74M | 180.55M | 169.07M | 133.89M | 50.2M | 60.8M | 64.74M | 74.56M | 6.85M | 34M | -16.98M | 41.2M | 27.99M | 65.67M | 50.95M | 34.93M | 33.47M | 29.41M | 37.19M | 17.2M | 26.86M | 35.28M | 26.16M | -10.96M | -6M | -12.3M | -17M | -7.5M |
| Depreciation & Amortization | 114.64M | 0 | 140.89M | 123.51M | 118.3M | 119.84M | 116.03M | 109.46M | 110.73M | 88.94M | 72.67M | 58.86M | 61.13M | 47.01M | 52.61M | 50.17M | 39.17M | 39.69M | 33.15M | 27.04M | 21.48M | 13.22M | 11.59M | 9.04M | 7.16M | 6.26M | 5.18M | 2.2M | 1.3M | 1.8M | 2M |
| Stock-Based Compensation | 16.71M | 0 | 24.38M | 20.14M | 27.73M | 36.21M | 19.59M | 21.25M | 20.78M | 21.55M | 17.31M | 15.45M | 15.11M | 10.39M | 9.05M | 26.8M | 17.21M | 15.58M | -1.22M | -1.22M | -1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -64.43M | 0 | -20.73M | -11.88M | -4.58M | -2.75M | -64.14M | -19.05M | -8.18M | -67.3M | -6.47M | -351K | -964K | -10.83M | 1.54M | 1.16M | 4.13M | 548K | -28.28M | -12.72M | 3.23M | 9.89M | 6.1M | 12.36M | -13.4M | -12.09M | 0 | -1.8M | 0 | 0 | 0 |
| Other Non-Cash Items | 509.4M | 600.59M | 22.79M | 22.02M | -18.1M | -28.1M | 39.77M | 84.07M | 13.81M | 7.93M | -30.43M | 30.57M | 9.52M | 57.53M | -21.69M | 13.29M | -1.57M | 6.68M | 57.53M | 20.67M | 21.08M | 1.43M | 24.27M | 1.2M | 2.52M | 443K | 11.84M | 100K | 100K | 6.7M | -800K |
| Working Capital Changes | -9.08M | -33.74M | -31.01M | -81.57M | -39.42M | 18.16M | -41.31M | -14.51M | 1.75M | -1.32M | -11.23M | -16.9M | -39.33M | -33.86M | -23.99M | -15.09M | -19.04M | 29.78M | -23.52M | -20.21M | -2.16M | -4.89M | -20.18M | -14.64M | 431K | -5.08M | -11.03M | 11.6M | 1.1M | 600K | -1.7M |
| Change in Receivables | -21.94M | -485K | 7.4M | 4.59M | -33.91M | 7.26M | 52.1M | -9.43M | -17.02M | -89.7M | -17.52M | -16.23M | -16.14M | -2.89M | 3.78M | -1.88M | -3.78M | 9.81M | -2.84M | -2.84M | -26.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -33.06M | -46.76M | -28.15M | -59.77M | -29.12M | 5.37M | -48.35M | -43.31M | 8.3M | 99K | -9.58M | -3.76M | -27.01M | -42.02M | -711K | 1.7M | -7.37M | 9.4M | 10.82M | -18.59M | 3.46M | -9.98M | -9.74M | -1.83M | 1.15M | -6.99M | -3.06M | 2.8M | 500K | 300K | -1.3M |
| Change in Payables | 44.72M | 26.72M | -2.67M | -20.23M | 17.34M | 32.87M | -57.51M | 14.67M | 3.59M | 95.32M | -414K | 1.63M | 2.43M | 9.95M | -21.07M | -11.84M | 6.74M | 4.55M | 118K | 118K | 14.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -86.99M | -108.06M | -390.81M | -94.18M | -58.58M | -161.44M | -68.07M | -162.67M | -49.7M | -1.22B | -42.62M | -372.01M | -363.32M | -50.3M | -79.28M | -190.38M | -42.32M | -88.35M | -100.28M | -122.97M | -142.69M | -30.84M | 12.74M | -94.33M | -30.98M | -94.74M | -14.5M | 400K | 9.2M | -2.2M | -21.3M |
| Capital Expenditures | -67.36M | 0 | -104.42M | -66.86M | -47.09M | -48.02M | -63.89M | -69.54M | -77.74M | -43.5M | -47.33M | -33.41M | -42.4M | -47.85M | -69.03M | -38.42M | -37.14M | -27.57M | -13.4M | -22.57M | -11.52M | -8.05M | -8.51M | -3.84M | -2.25M | -2.86M | -3.27M | -17.3M | -1.2M | -800K | -1.2M |
| CapEx % of Revenue | 4.1% | 4.98% | 6.48% | 4.34% | 3.02% | 3.11% | 4.66% | 4.58% | 5.28% | 3.66% | 4.77% | 3.79% | 4.57% | 5.72% | 8.31% | 4.93% | 5.07% | 4.04% | 2.05% | 4.1% | 2.75% | 2.9% | 3.7% | 2.07% | 2% | 3.06% | 5.03% | 40.71% | 6.86% | 5.44% | 9.16% |
| Acquisitions | 0 | 0 | -277.81M | 0 | -27.55M | -113.44M | 3.66M | -30.51M | 26.7M | -1.2B | 225K | -328.89M | -320.92M | -2.98M | -7.28M | -151.95M | -5.18M | -60.78M | -86.87M | -100.81M | -228.66M | -50.6M | -29.3M | -50.41M | -25.02M | -6.35M | -16.19M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -14.2M | -108.06M | -14.08M | 0 | 16.05M | -55K | 3.66M | -64.21M | 1.33M | 483K | 4.48M | -9.71M | -4.06M | 535K | -10.24M | 0 | 0 | -2.33M | 411K | 411K | 689K | 0 | 0 | -1.5M | 0 | 0 | 1.36M | 6.4M | 1.2M | 200K | 300K |
| Cash from Financing | 1.25M | 28.34M | 237.86M | -229.93M | -251.95M | -98.23M | 121.63M | -8.77M | -180.87M | 1.17B | -15.12M | 258.51M | 242.78M | 19.02M | 12.13M | 60.14M | -1.57M | -171.34M | 153.54M | 108.48M | 45.64M | -48.34M | -8.12M | 94.67M | -2.04M | 109.46M | 14.27M | 11.2M | 3.8M | 400K | 36.5M |
| Debt Issued (Net) | 7.8M | 46.75M | 299.37M | 54.5M | -107.8M | -100M | 305.5M | -9.2M | -488.8M | 1.19B | -16.22M | 76.15M | 229.4M | -135M | 7.8M | 161.56M | 16.77M | -178M | 140.44M | 229.96M | 98.47M | -245K | 0 | 115.92M | -3.6M | -13.65M | 893K | -1.12M | 0 | 0 | 0 |
| Equity Issued (Net) | -221K | 736K | -52.47M | -275M | -119.53M | 0 | -105.08M | 0 | 349.59M | -7.12M | 0 | 0 | 15.21M | 152.46M | 0 | -83.46M | -31.28M | 0 | 11.5M | -66.09M | -54.16M | -46.96M | -8.12M | -21.25M | 1.56M | 123.11M | 13.41M | 12.36M | 3.81M | 400K | 36.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67K | -100K | 0 | 0 | 0 |
| Share Repurchases | -221K | -221K | -52.47M | -275M | -125M | 0 | -100M | 0 | 0 | -7.12M | -4.85M | 0 | 0 | 0 | 0 | -83.46M | -31.28M | 0 | 0 | -106.53M | -70.03M | -56.34M | -14.24M | -35.4M | -1.76M | 0 | -170K | 0 | -286K | 0 | 0 |
| Other Financing | -6.32M | -19.15M | -9.04M | -9.43M | -24.62M | 1.77M | -78.8M | 434K | -41.66M | -13.93M | 1.1M | 172M | -1.83M | 1.56M | 4.33M | -17.96M | 12.93M | 6.66M | 1.59M | -55.38M | 1.33M | -1.13M | 0 | 0 | 0 | 0 | 35K | 42K | 38K | 0 | 0 |
| Net Change in Cash | -2.29M | -11.33M | -30.03M | -180.26M | -56.79M | 43.28M | 271.25M | 60.07M | -36.1M | 72.88M | 53.92M | -23.86M | -48.62M | 23.68M | -3.87M | -27.95M | 56.87M | -111.66M | 126.21M | 34.64M | -24.19M | -22.97M | 43.8M | 35.4M | -935K | 30.43M | -5.21M | 14M | 3.2M | 400K | 36.5M |
| Free Cash Flow | -10.12M | -31.05M | 24.96M | 73.09M | 217.38M | 264.35M | 139.94M | 96.9M | 121.94M | 71.04M | 69.08M | 61.07M | 37.07M | 5.42M | -10.32M | 65.9M | 68.43M | 115.67M | 59.19M | 24.45M | 60.18M | 48.8M | 30.47M | 30.98M | 29.73M | 12.84M | -8.23M | -14.8M | -11M | -8.7M | -9.2M |
| FCF Margin % | -0.62% | -1.9% | 1.55% | 4.74% | 13.96% | 17.14% | 10.2% | 6.39% | 8.28% | 5.98% | 6.96% | 6.92% | 3.99% | 0.65% | -1.24% | 8.45% | 9.35% | 16.95% | 9.04% | 4.44% | 14.35% | 17.56% | 13.26% | 16.69% | 26.4% | 13.74% | -12.66% | -34.82% | -62.86% | -59.18% | -70.23% |
| FCF Growth % | 60.24% | -224.39% | -65.84% | -66.38% | -17.77% | 88.9% | 44.42% | -20.54% | 71.65% | 2.84% | 13.11% | 64.76% | 584.27% | 152.51% | -115.65% | -3.7% | -40.84% | 95.42% | 142.04% | -59.37% | 23.34% | 60.16% | -1.67% | 4.21% | 131.53% | 256.06% | 44.41% | -34.55% | -26.44% | 5.43% | -8.24% |
| FCF per Share | -0.13 | -0.40 | 0.32 | 0.91 | 2.60 | 3.09 | 1.64 | 1.12 | 1.44 | 0.90 | 0.87 | 0.83 | 0.56 | 0.09 | -0.18 | 1.12 | 1.13 | 1.97 | 1.04 | 0.41 | 0.92 | 0.71 | 0.49 | 0.47 | 0.48 | 0.23 | -0.23 | -0.43 | -0.34 | -0.29 | -0.33 |
| FCF Conversion (FCF/Net Income) | 0.02x | -0.10x | -18.63x | 2.07x | 1.46x | 1.85x | 1.52x | 4.61x | 3.28x | 1.77x | 1.56x | -26.85x | 2.34x | -3.14x | 1.42x | 3.73x | 1.61x | 2.81x | 2.08x | 1.40x | 2.44x | 1.53x | 2.27x | 1.30x | 0.91x | 0.60x | 0.43x | -0.42x | 0.80x | 0.46x | 1.07x |
| Interest Paid | 0 | 0 | 64.4M | 44.3M | 42.2M | 43.2M | 47.3K | 48.9K | 58.3K | 32.3K | 57.2K | 12.7K | 10.9K | 9.5K | 12K | 13.2K | 0 | 11.34M | 17.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 22.7M | 23.6M | 35.9M | 49.5M | 29.8K | 16.2K | 10.4K | 14.6K | 4.3K | 21.3K | 6.8K | 3.7K | 12.7K | 14.5K | 0 | 20.53M | 41.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operational remediation and cash volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, evidenced by an OCF/NI ratio of -6.93 in 2025Q4, which suggests that GAAP earnings are currently failing to provide a reliable proxy for the company's underlying cash-generative capacity.
The extreme divergence between net income and operating cash flow indicates that significant non-cash charges and operational volatility are distorting the bottom line. Investors should monitor whether this disconnect is a temporary byproduct of remediation-related accounting or a structural issue where cash generation is consistently decoupled from reported profitability.
Based on the provided cash flow data, free cash flow trajectory remains highly unstable, swinging from a positive $34.2 million in 2023Q4 to a negative $40.2 million in 2025Q1, which highlights the company's ongoing struggle to maintain consistent cash conversion amidst operational and regulatory headwinds.
The inability to sustain positive free cash flow suggests that the business model is currently sensitive to operational disruptions that force cash outflows regardless of revenue levels. This volatility warrants further investigation into whether the company can achieve a stable cash-flow profile without further capital-intensive remediation efforts.
According to historical cash flow filings, capital expenditures have remained elevated, peaking at 7.8% of revenue in 2024Q3, which suggests that the company is forced to prioritize heavy reinvestment in manufacturing infrastructure to address persistent quality control issues rather than funding new growth initiatives.
The sustained level of capital intensity appears to be a defensive necessity rather than a strategic choice for expansion. If these elevated capex levels do not lead to a resolution of manufacturing bottlenecks, the company may face continued pressure on its ability to generate meaningful free cash flow.
As evidenced by the quarterly cash flow data, working capital changes have been highly inconsistent, ranging from a $24.3 million inflow in 2025Q3 to a $24.7 million outflow in 2025Q1, indicating that the company's cash cycle is currently subject to significant and unpredictable operational fluctuations.
These erratic swings in working capital suggest potential inefficiencies in inventory management or collection cycles, likely exacerbated by the recent manufacturing pauses. Investors should monitor these movements closely, as they may indicate underlying difficulties in balancing supply chain stability with the demands of the surgical instrument market.
Quick answers to the most common questions about buying IART stock.
Integra LifeSciences Holdings Corporation (IART) generated $50.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Integra LifeSciences Holdings Corporation (IART) reported negative free cash flow of $31.1M in 2025, indicating capital requirements exceeded cash from operations.
Integra LifeSciences Holdings Corporation (IART) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Integra LifeSciences Holdings Corporation (IART) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.