The Short Answer
Integer Holdings stock (ITGR) is doubtful for Muslim investors. Integer is one of the largest medical-device outsourced manufacturers, producing components and finished devices — including cardiac, neuromodulation, vascular, and electrochemical-energy products — for the medical-device industry, plus a non-medical electrochem segment. Manufacturing medical-device components is a permissible activity, so the business screen passes — but acquisition-driven leverage pushes ITGR into doubtful territory.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-03; calculated 2026-07-15.
1,251.527 / 3,411.719
8.115 / 3,411.719
335.891 / 3,411.719
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.68%, above the examined 33.333% limit; liquidity/assets is 0.24% and receivables plus cash/assets is 9.85%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.68%, above the examined MSCI 33.33% limit; liquidity and receivables plus cash remain below the displayed limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 36.68%, above the examined Malaysia SAC financial limit; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based debt screen already fails.
Business-activity disclosure
Integer manufactures medical-device components and finished devices, with a non-medical electrochem segment serving energy, military and environmental applications. Medical-device manufacturing is generally permissible, while end use, customer mix and dual-use exposure require qualitative review.
Limitation: The filing does not allocate every product, customer or end use into a universal prohibited-activity numerator and does not separately disclose gross interest income.
Purification
Gross interest income is unavailable; no purification percentage is inferred from reported interest expense.
Inputs, assumptions and primary sources
- Amounts are USD millions from Integer's April 3, 2026 Form 10-Q.
- Debt uses the reported $1,251.527 million long-term debt balance; operating and financing leases are excluded.
- Cash and cash equivalents are $8.115 million; no separate interest-bearing securities balance is identified.
- Accounts receivable, net are $327.776 million and first-quarter sales are $439.580 million.
- Gross interest income is not separately disclosed; the filing reports $9.734 million of total interest expense.
- The filing reports a total net leverage ratio of approximately 3.0x and includes acquisition-related financing.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Integer's April 3, 2026 Form 10-Q reports $3,411.719 million of assets, $1,251.527 million of long-term debt, $8.115 million of cash and $327.776 million of receivables. Debt/assets is 36.68%, above the displayed 33.333% limit; gross interest income is not separately disclosed.
Sharia Screening Methodology
Islamic scholars use several criteria to screen stocks:
- Business activity screen: Is the company's primary business halal?
- Debt ratio: Total debt / market cap must be under 33%
- Interest income: Interest income / total revenue must be under 5%
- Haram revenue: Revenue from haram sources must be under 5%
- Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)
What Integer Holdings Does
Integer Holdings Corporation (headquartered in Plano, Texas) is a contract manufacturer for the medical-device industry:
- Medical: Components and finished devices for cardiac rhythm management, neuromodulation, cardiac & vascular, and other markets.
- Non-medical: An electrochem segment serving energy, military, and environmental applications.
Manufacturing medical-device components is a permissible activity, so the business screen passes. The concern is leverage.
Why It Raises Sharia Concerns
1. Acquisition-Driven Leverage (Deciding Screen)
Integer has grown through debt-funded acquisitions and typically carries a meaningful interest-bearing debt load. Its total-debt-to-market-cap ratio should be confirmed against the 33% threshold using the latest filings — the deciding screen, and one that acquisitive manufacturers often sit near or above.
2. Interest Income
Integer earns incidental interest income on cash. This should be checked against the 5% interest-income threshold and the corresponding portion of returns purified.
3. Receivables
As a manufacturer, Integer carries large receivables and inventory, so the receivables ratio should also be confirmed against the board's threshold using the latest filings.
Current Quantitative Screen (April 3, 2026)
- Debt / assets: 36.68% — $1,251.527 million / $3,411.719 million (fails 33.333%)
- Cash / assets: 0.24% — $8.115 million / $3,411.719 million
- Receivables + cash / assets: 9.85% — $335.891 million / $3,411.719 million
- Interest income: Gross amount unavailable in the examined filing
The quantitative result is DOUBTFUL because debt/assets exceeds the displayed asset-based limit. Integer's acquisition financing, convertible notes and non-medical electrochem exposure require continuing qualitative review.
What About Purification?
Investors who take the lenient view that ITGR is merely doubtful rather than impermissible should apply purification for the interest exposure — donating the corresponding share of gains to charity. Stricter investors may prefer lower-leverage medical-device names.
How to Read the Result
The medical-device activity is generally permissible, but ITGR is DOUBTFUL on the current quantitative screen. This is a reproducible filing-based result, not an official outside-agency classification.
Bottom Line
Integer Holdings (ITGR) is doubtful on the current examined screen. Manufacturing medical-device components is generally permissible, but debt/assets is 36.68% and exceeds the displayed asset-based limit. Re-screen after debt paydown or a new filing and consult a qualified adviser.
Want to check if another stock is halal? Use our free screener.
Open Halal Checker →