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.
Integer has grown through debt-funded acquisitions and typically carries a meaningful interest-bearing debt load, so the leverage screen is the binding concern. Confirm the ratios against the latest filings.
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.
Financial Ratios
Based on Integer's most recent financial statements:
- Total Debt / Market Cap: Meaningful acquisition debt — confirm against filings ⚠️ (threshold: under 33%)
- Interest Income: Check against threshold ⚠️ (threshold: under 5%; purify)
- Haram Revenue: None from the core manufacturing ✅ (threshold: under 5%)
- Receivables Ratio: Confirm against filings ⚠️ (threshold: 49–70%, varies by board)
The verdict is ratio-dependent and can shift with further acquisitions or debt paydown, so re-screen against the latest filings.
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.
Verdict from Major Screening Agencies
Integer Holdings stock is generally screened as doubtful by:
- Zoya App — Doubtful / often fails on leverage ⚠️
- MSCI Islamic criteria — Depends on debt ratio ⚠️
- Most major Sharia advisory boards — Doubtful, purification required if held ⚠️
Bottom Line
Integer Holdings (ITGR) is doubtful for Muslim investors. Manufacturing medical-device components is permissible at the activity level, but the company's acquisition-driven model is leverage-dependent, so the debt screen often sits near or above the threshold. Confirm the ratios against the latest filings; the verdict could improve if Integer pays down debt.
Want to check if another stock is halal? Use our free screener.
Open Halal Checker →