A Business at a Glance
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Alphatec Holdings, Inc.
ATEC
$1.2B
Mkt Cap
$8.26
+0.61%
Alphatec Holdings, Inc. (ATEC) has a 5-year average return on invested capital (ROIC) of -34.2%. This is below average and may indicate limited pricing power.
Alphatec Holdings, Inc. (ATEC) has a market capitalization of $1.3B. It is classified as a small-cap stock.
Alphatec Holdings, Inc. (ATEC) does not currently pay a regular dividend.
Alphatec Holdings, Inc. (ATEC) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
Alphatec Holdings, Inc. (ATEC) reported annual revenue of $764 million in its most recent fiscal year, based on SEC EDGAR filings.
Alphatec Holdings, Inc. (ATEC) has a net profit margin of -18.8%. The company is currently unprofitable.
Alphatec Holdings, Inc. (ATEC) generated $3 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
We are a medical technology company, headquartered in Carlsbad, California, focused on the design, development, and advancement of technology for better surgical treatment of spine disorders. By applying our unique, 100% spine focus and deep industry know-how, we aim to revolutionize spine surgery through clinical distinction. The sophisticated approaches that we create from the ground up integrate with our expanding InformatiX™ ("IX") platform to objectively inform surgery and achieve the goals of spine surgery more predictably and more reproducibly. We have a comprehensive product portfolio designed to address the spine’s various pathologies and we are perpetually innovating to accomplish our vision to be the standard bearer in spine. Total revenue was $764.2 million for the year ended December 31, 2025, representing an increase of $152.6 million, or 25% compared to $611.6 million for the year ended December 31, 2024.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 787M | 764M | 612M | 482M | 351M | 243M |
| Net Income | -125M | -143M | -162M | -187M | -151M | -144M |
| EPS | $-0.83 | $-0.96 | $-1.13 | $-1.54 | $-1.46 | $-1.50 |
| Free Cash Flow | 6.9M | 2.8M | -128M | -159M | -125M | -142M |
| ROIC | -9.7% | -26.7% | -28.9% | -31.7% | -48.1% | -35.6% |
| Gross Margin | 70.2% | 69.6% | 69.4% | 64.3% | 66.4% | 64.9% |
| Debt/Equity | 0.00 | 53.16 | -43.16 | 6.96 | -11.85 | 4.12 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -60M | -82M | -136M | -173M | -147M | -128M |
| Operating Margin | -7.7% | -10.7% | -22.3% | -36.0% | -41.9% | -52.7% |
| ROE | 0.0% | -1153.7% | - | -238.9% | - | -181.7% |
| Shares Outstanding | 154M | 149M | 143M | 121M | 104M | 96M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 155M | 134M | 120M | 102M | 92M | 113M | 145M | 243M | 351M | 482M | 612M | 764M | 787M |
| Gross Margin | 70.9% | 65.5% | 63.3% | 67.1% | 69.0% | 68.4% | 70.8% | 64.9% | 66.4% | 64.3% | 69.4% | 69.6% | 70.2% |
| R&D | 17M | 18M | 9.2M | 4.9M | 9.9M | 14M | 19M | 32M | 44M | 70M | 81M | 76M | 77M |
| SG&A | 34M | 28M | 26M | 70M | 73M | 102M | 129M | 229M | 300M | 374M | 450M | 499M | 509M |
| EBIT | 1.5M | -176M | -15M | -9.0M | -22M | -47M | -59M | -128M | -147M | -173M | -136M | -82M | -60M |
| Op. Margin | 1.0% | -130.9% | -12.8% | -8.8% | -24.5% | -41.7% | -40.6% | -52.7% | -41.9% | -36.0% | -22.3% | -10.7% | -7.7% |
| Net Income | -13M | -179M | -30M | -2.3M | -42M | -57M | -79M | -144M | -151M | -187M | -162M | -143M | -125M |
| Net Margin | -8.3% | -133.0% | -24.9% | -2.3% | -46.3% | -50.3% | -54.5% | -59.3% | -43.1% | -38.7% | -26.5% | -18.8% | -15.9% |
| Non-Recurring | 706K | 165M | 2.3M | 3.1M | 1.4M | 60K | 60K | 1.7M | 1.8M | 719K | 3.2M | 378K | 7K |
| Returns on Capital | |||||||||||||
| ROIC | 0.4% | -190.6% | -16.3% | -8.4% | -70.9% | -58.7% | -47.1% | -35.6% | -48.1% | -31.7% | -28.9% | -26.7% | -9.7% |
| ROE | -8.0% | -318.0% | 76.7% | 6.7% | -241.6% | -130.6% | -60.8% | -181.7% | N/A | -238.9% | N/A | -1153.7% | 0.0% |
| ROA | -3.6% | -72.7% | -24.9% | -2.6% | -32.8% | -33.5% | -30.2% | -25.2% | -29.0% | -23.2% | -20.9% | -18.3% | -15.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -20M | 10M | -10.0M | -8.7M | -26M | -33M | -46M | -73M | -75M | -78M | -45M | 45M | 52M |
| Free Cash Flow | -32M | -2.1M | -19M | -16M | -32M | -46M | -70M | -142M | -125M | -159M | -128M | 2.8M | 6.9M |
| Owner Earnings | -43M | -12M | -24M | -20M | -38M | -52M | -75M | -137M | -157M | -216M | -196M | -106M | -100M |
| CapEx | 11M | 12M | 8.9M | 7.6M | 6.5M | 13M | 23M | 69M | 49M | 81M | 83M | 42M | 45M |
| Maint. CapEx | 18M | 19M | 12M | 7.5M | 6.8M | 7.6M | 11M | 27M | 41M | 56M | 78M | 77M | 77M |
| Growth CapEx | 0 | 0 | 0 | 115K | 0 | 5.5M | 12M | 42M | 8.3M | 24M | 4.8M | 0 | 0 |
| D&A | 18M | 19M | 12M | 7.5M | 6.8M | 7.6M | 11M | 27M | 41M | 56M | 78M | 77M | 77M |
| CapEx/OCF | N/A | 121.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 93.9% | 86.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 25M | 25M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.2% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.6M | 2.6M | 1.6M | 4.0M | 5.3M | 11M | 18M | 36M | 41M | 81M | 73M | 74M | 75M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 28M | 13M | 13M | 706K | 706K |
| Balance Sheet | |||||||||||||
| Net Debt | 63M | 69M | 27M | 19M | -9.3M | -38M | -168M | -47M | 241M | 102M | 334M | 339M | 499M |
| Cash & Equiv. | 20M | 11M | 20M | 22M | 29M | 47M | 108M | 187M | 85M | 221M | 139M | 161M | 140M |
| Long-Term Debt | 75M | 480K | 43M | 38M | 42M | 53M | 38M | 326M | 350M | 511M | 575M | 501M | 508M |
| Debt/Equity | 0.56 | -2.19 | -1.11 | -1.54 | 2.78 | 1.30 | 0.36 | 4.12 | -11.85 | 6.96 | -43.16 | 53.16 | 0.00 |
| Interest Coverage | 0.5 | -44.0 | -2.9 | -7.5 | -38.0 | -4.8 | -4.8 | -18.0 | -26.7 | -10.4 | -5.5 | -1.8 | -1.8 |
| Equity | 149M | -37M | -42M | -27M | 18M | 44M | 130M | 79M | -35M | 78M | -14M | 12M | -5.3M |
| Total Assets | 345M | 146M | 94M | 85M | 129M | 170M | 261M | 572M | 521M | 805M | 776M | 791M | 799M |
| Total Liabilities | 196M | 183M | 136M | 111M | 112M | 126M | 131M | 493M | 556M | 727M | 790M | 779M | 121K |
| Intangibles | 30M | 8.8M | 5.7M | 5.2M | 26M | 26M | 25M | 85M | 83M | 102M | 94M | 93M | 90M |
| Retained Earnings | -249M | -427M | -457M | -459M | -502M | -559M | -638M | -782M | -932M | -1.1B | -1.3B | -1.4B | -1.5B |
| Working Capital | 50M | -24M | 33M | 37M | 45M | 72M | 126M | 230M | 117M | 294M | 264M | 232M | 216M |
| Current Assets | 113M | 101M | 73M | 66M | 76M | 108M | 184M | 331M | 256M | 451M | 417M | 451M | 456M |
| Current Liabilities | 64M | 125M | 40M | 30M | 31M | 36M | 58M | 101M | 139M | 158M | 153M | 219M | 240M |
| Per Share Data | |||||||||||||
| EPS | -1.55 | -258.36 | -3.49 | -0.12 | -1.20 | -1.09 | -1.18 | -1.50 | -1.46 | -1.54 | -1.13 | -0.96 | -0.83 |
| Owner EPS | -5.19 | -16.70 | -2.79 | -1.02 | -1.07 | -0.99 | -1.12 | -1.42 | -1.51 | -1.78 | -1.37 | -0.71 | -0.65 |
| Book Value | 17.90 | -52.89 | -4.84 | -1.34 | 0.50 | 0.83 | 1.94 | 0.83 | -0.33 | 0.64 | -0.10 | 0.08 | -0.03 |
| Cash Flow/Share | -2.44 | 14.64 | -1.16 | -0.44 | -0.72 | -0.63 | -0.69 | -0.76 | -0.73 | -0.65 | -0.31 | 0.30 | -0.32 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 8.3M | 0.7M | 8.6M | 19.9M | 35.4M | 52.3M | 66.9M | 96.2M | 103.6M | 121.2M | 143.5M | 149.3M | 153.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -9.9 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 182.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 10.5 | N/A | N/A | N/A | 4.5 | 8.5 | 7.4 | 14.4 | N/A | 23.8 | N/A | 252.0 | N/A |
| Price/Sales | 12.0 | 0.7 | 0.9 | 1.2 | 1.2 | 2.0 | 3.0 | 5.6 | 2.8 | 3.6 | 2.5 | 2.7 | 1.6 |
| FCF Yield | -2.0% | -6.7% | -21.0% | -13.4% | -40.3% | -12.4% | -7.2% | -12.4% | -10.6% | -8.5% | -9.7% | 0.1% | 0.5% |
| Market Cap | 1.6B | 32M | 90M | 122M | 80M | 371M | 960M | 1.1B | 1.2B | 1.9B | 1.3B | 3.1B | 1.3B |
| Avg. Price | 18.58 | 11.79 | 4.13 | 2.59 | 3.19 | 4.32 | 6.52 | 14.24 | 9.51 | 14.30 | 10.51 | 13.60 | 8.26 |
| Year-End Price | 15.60 | 3.84 | 3.53 | 2.61 | 2.25 | 7.09 | 14.34 | 11.92 | 11.29 | 15.36 | 9.19 | 20.97 | 8.26 |
Alphatec Holdings, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 66.9%.
Alphatec Holdings, Inc. (ATEC) has a debt-to-equity ratio of 53.16. This indicates higher leverage, which may increase financial risk.
Alphatec Holdings, Inc. (ATEC) reported earnings per share (EPS) of $-0.96 in its most recent fiscal year.
Alphatec Holdings, Inc. (ATEC) has a return on equity (ROE) of -1153.7%. A negative ROE may indicate losses or negative equity.
Alphatec Holdings, Inc. (ATEC) has a 5-year average gross margin of 66.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for Alphatec Holdings, Inc. (ATEC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Alphatec Holdings, Inc. (ATEC) has a book value per share of $0.08, based on its most recent annual SEC filing.