Alphatec Holdings vs Inspire Medical Systems
Inspire Medical Systems is the larger business, with $912m of revenue in fiscal 2025 against $764m for Alphatec Holdings (1.2 times as much). Alphatec Holdings grew faster (25.0% against 13.6%). Inspire Medical Systems kept more of each dollar of sales as profit: a net margin of 15.9% against -18.8%. Inspire Medical Systems carries less debt relative to equity (0.0% against 5566.3%).
| Latest fiscal year | Alphatec HoldingsATEC, 2025 | Inspire Medical SystemsINSP, 2025 |
|---|---|---|
| Revenue | $764m | $912m |
| Revenue growth | 25.0% | 13.6% |
| Net income | −$143m | $145m |
| Operating margin | -10.7% | 5.6% |
| Net margin | -18.8% | 15.9% |
| Return on equity | — | 19.8% |
| Free cash flow | $2.8m | $78.5m |
| Cash | $161m | $105m |
| Total debt | $692m | $0 |
| Debt to equity | 5566.3% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $175m |
| Employees | 913 | 1,333 |
| Market value | $1.17bn | $1.80bn |
| Price vs our value range | — | — |
| Moat score | 28 (Weak) | 39 (Weak) |
| Insider trades, 12 months | 5 buys, 41 sales | 0 buys, 7 sales |