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Alphatec Holdings, Inc. (ATEC) stock

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NASDAQ: ATEC Nasdaq Health Care Equipment Next results ~January 18, 2027

C Fundamentals grade

Alphatec Holdings, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$8.3

Valuation models combined (3)

Base case. Range ~$6.7–$10. Weighted average of 3 models (forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Alphatec Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 13 selling5 purchases and 41 sales by directors and officers, last 12 monthsInsider trades
  • Funds143 adding, 136 cuttingOf 53 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Alphatec Holdings files

10-Q filed October 29: Alphatec

Model value −22.0%

Alphatec Holdings generated $840m in revenue over the twelve months to September 2026, 15.3% higher than a year earlier but a step down from the 19.5% pace seen the previous quarter. Free-cash-flow margin stayed flat at -1.2%. Operating margin, meanwhile, narrowed its losses considerably, widening to -3.6% from -13.3%. Shareholders should note that the diluted share count climbed 4.6% year on year, a dilution that chips away at existing holders' stakes. On the fundamentals side, the company's grade improved from D to C. Our model value, however, moved the other way, dropping from $8.90 to $6.94 a share. That figure sits well below the current share price of $12.07, suggesting the stock trades at a premium to our estimate.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Alphatec stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $815m, up 19.5% on a year earlier, slower than the 22.5% growth a quarter earlier. Free-cash-flow margin rose to -0.7% from -4.6% a year earlier. Operating margin widened to -6.0% from -16.8%. The diluted share count is up 5.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 4 financial-health checks. Our revenue-to-maturity cash-flow model value is $8.90 a share, against a share price of $12.04.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 18, 2027 (estimated)

Alphatec Holdings, Inc.'s trailing-twelve-month revenue grew 15.3% year on year, with a free-cash-flow margin of -1.2%. Where it lags: long-term debt as % of assets of 68.0% ranks 83 of 87 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 211.6% while net income grew 43.9%: a 256pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.3% over the last 12 months, against a median of 9.1% for health care equipment companies we cover.
  • Margins widening. Operating margin is up 9.8 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -3.6%: costs exceed revenue.
  • Burning cash. Free cash flow was -1.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.6% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 77% and a beta of 1.3 against the S&P 500.
  • Growth easing. The growth rate is 4.1 points lower than a quarter earlier.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 68.0% ranks 83 of 87 health care equipment companies we cover (median 24.2%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.09 against an average estimate of $0.09: missed by 2.0%
Revenue
$221m, up 12.6% on a year earlier
Share reaction
-38.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
total revenue $862m (fiscal year 2026); surgical revenue $789m (fiscal year 2026)
Next report
October 29, 2026; average EPS estimate $0.14

Alphatec Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.8%
  • 1 week-32.9%
  • 1 month-27.1%
  • This year-65.3%
  • 1 year-61.5%
  • 5 years-44.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$840M
Operating margin
-3.6%
Net margin
-10.3%
EPS (TTM, diluted)
$-0.56

Growth

Revenue growth
+15.3%
Change in growth rate
−4.1 pts
Share count change
+4.6%

Cash

Free cash flow (TTM)
-$10.4M
FCF margin
-1.2%
Stock pay % of revenue
9.0%

Earnings

Last results
October 29, 2026
Next results (est.)
January 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Insider trade
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Alphatec Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Alphatec Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.5 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$10 ~$8.7–$16 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.0 ~$9.0–$30 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$6.7 ~$4.5–$9.4 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$8.3 ~$6.7–$10 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Alphatec Holdings, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$3.60$3.21$2.66$2.29$7.10$14.52$11.43$12.35$15.11$9.18$21.04$7.31
Market value$30m$28m$35m$81m$371m$973m$1.1bn$1.3bn$1.8bn$1.3bn$3.2bn$1.1bn
+ Net debt (− = net cash)$73m$30m$20m$20m$14m−$53m$149m$295m$306m$451m$531m$570m
Enterprise value$103m$57m$56m$101m$385m$920m$1.2bn$1.6bn$2.1bn$1.8bn$3.7bn$1.7bn
Multiples
Price / sales 0.2x0.2x0.3x0.9x3.3x6.7x4.5x3.6x3.8x2.1x4.1x1.3x
Price / earnings ————————————
Price / free cash flow ——————————n/mn/m
EV / EBITDA ———————————43.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Alphatec Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -14.4% of total assets over 8 years.

  • Pricing power 18 / 20

    Gross margin has been a median 68.4%, moving by 3.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -31.9%; its worst year was -50.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -32.3% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 71.2% over five years; stock-based pay has been a median 11.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.33 +554% $870m +14%
Next $0.60 +83% $1.0bn +16%

Next year's EPS estimate has moved +1.3% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.8% on 90 days ago. In the last 30 days, 1 analyst raised Alphatec Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Alphatec Holdings, Inc., last 90 days
$0.30 $0.40 $0.50 $0.60 $0.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.32 Current fiscal year, 60 days ago: $0.32 Current fiscal year, 30 days ago: $0.33 Current fiscal year, 7 days ago: $0.33 Current fiscal year, Now: $0.33 $0.33 Next fiscal year, 90 days ago: $0.59 Next fiscal year, 60 days ago: $0.60 Next fiscal year, 30 days ago: $0.60 Next fiscal year, 7 days ago: $0.60 Next fiscal year, Now: $0.60 $0.60

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.32$0.59
60 days ago $0.32$0.60
30 days ago $0.33$0.60
7 days ago $0.33$0.60
Now $0.33$0.60

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.09 $0.09 −2.0%
Jun 2026 $0.07 $0.07 +1.3%
Mar 2026 −$0.00 $0.00 +100.0%
Dec 2025 $0.04 $0.06 +44.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • total revenue fiscal year 2026 about $862m Lowered vs about 882m
    “For fiscal year 2026, the Company now expects total revenue of approximately $862 million, including approximately $789 million of surgical revenue and approximately $73 million of EOS revenue.” source
  • surgical revenue fiscal year 2026 about $789m Lowered vs about 805m
    “For fiscal year 2026, the Company now expects total revenue of approximately $862 million, including approximately $789 million of surgical revenue and approximately $73 million of EOS revenue.” source
  • EOS revenue fiscal year 2026 about $73m Lowered vs about 77m
    “For fiscal year 2026, the Company now expects total revenue of approximately $862 million, including approximately $789 million of surgical revenue and approximately $73 million of EOS revenue.” source
  • adjusted EBITDA fiscal year 2026 about $137m Non-GAAP Lowered vs about 140m
    “The Company now expects adjusted EBITDA of approximately $137 million, reflecting continued year-over-year profitability expansion.” source
  • free cash flow fiscal year 2026 about $10m Non-GAAP
    “The Company also expects approximately $10 million of free cash flow for fiscal year 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

14 analysts, Oct 2026
Buy14100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202631114
  2. Sep 202631114
  3. Aug 202631114
  4. Jul 202631114

Counts of recommendations published by analysts covering Alphatec Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.9%
of tradable shares
Days to cover
6.04
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
20.6%
of shares
Employees
913
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −61.5%

$18.99 on October 31, 2025 to $7.31

ThenNowEffect
Revenue (last 12 months) $682m $815m +19.5%
P/S multiple 4.1x 1.4x −66.2%
Share count 146m 154m −4.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −29.4%

$10.36 on November 3, 2023 to $7.31

ThenNowEffect
Revenue (last 12 months) $422m $815m +93.2%
P/S multiple 2.7x 1.4x −48.9%
Share count 110m 154m −28.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ATEC−21%+8%+22%−39%+129%−65%
Industry peers (median)−7%−37%−9%−19%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ATEC42%67%58%42%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ATEC−44%−51%−53%−70%−26%−69%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 87% from September 30, 2016 to February 7, 2019. Getting back needed a 690% gain, reached on October 8, 2020, 609 days after the low.

Price behaviour

52-week range
$6.99 – $22.68
From 52-week high
−67.8%
vs 50-day average
−27.6%
vs 200-day average
−30.4%
Volatility (1 year)
77%
Beta vs S&P 500
1.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±22.3%
After a week
6 up, 5 down
typical move ±23.5%
After a month
5 up, 6 down
typical move ±28.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −38.5% −2.1% — —
August 4, 2026 −5.7% +1.6% −7.7% −9.5%
May 5, 2026 −32.3% +2.2% −25.1% −23.3%
February 24, 2026 +6.7% +1.6% −1.1% −12.7%
January 12, 2026 −27.4% 0.0% −24.3% −40.5%
October 30, 2025 +15.2% −0.8% +18.3% +33.2%
July 31, 2025 +28.3% −2.0% +38.9% +48.2%
May 1, 2025 +9.3% +2.2% +16.0% +12.0%
February 26, 2025 +14.8% −1.5% +8.3% −4.8%
January 13, 2025 +11.5% +0.3% +16.4% +7.1%
October 30, 2024 +44.8% −2.3% +63.7% +93.4%
July 31, 2024 −32.8% +0.2% −38.3% −30.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Alphatec Holdings, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Alphatec Holdings, Inc.
$400M $500M $600M $700M $800M $900M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $482.3M Revenue (TTM), FY24 Q1: $511.6M Revenue (TTM), FY24 Q2: $540.3M Revenue (TTM), FY24 Q3: $572.7M Revenue (TTM), FY24 Q4: $611.6M Revenue (TTM), FY25 Q1: $642.3M Revenue (TTM), FY25 Q2: $682.2M Revenue (TTM), FY25 Q3: $728M Revenue (TTM), FY25 Q4: $764.2M Revenue (TTM), FY26 Q1: $787.1M Revenue (TTM), FY26 Q2: $815.1M Revenue (TTM), FY26 Q3: $839.7M $839.7M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $482.3M
FY24 Q1 $511.6M
FY24 Q2 $540.3M
FY24 Q3 $572.7M
FY24 Q4 $611.6M
FY25 Q1 $642.3M
FY25 Q2 $682.2M
FY25 Q3 $728M
FY25 Q4 $764.2M
FY26 Q1 $787.1M
FY26 Q2 $815.1M
FY26 Q3 $839.7M
Revenue growth, TTM YoY Alphatec Holdings, Inc.
10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 37.4% Revenue growth, TTM YoY, FY24 Q1: 31.5% Revenue growth, TTM YoY, FY24 Q2: 28.1% Revenue growth, TTM YoY, FY24 Q3: 27.2% Revenue growth, TTM YoY, FY24 Q4: 26.8% Revenue growth, TTM YoY, FY25 Q1: 25.5% Revenue growth, TTM YoY, FY25 Q2: 26.3% Revenue growth, TTM YoY, FY25 Q3: 27.1% Revenue growth, TTM YoY, FY25 Q4: 25.0% Revenue growth, TTM YoY, FY26 Q1: 22.5% Revenue growth, TTM YoY, FY26 Q2: 19.5% Revenue growth, TTM YoY, FY26 Q3: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 37.4%
FY24 Q1 31.5%
FY24 Q2 28.1%
FY24 Q3 27.2%
FY24 Q4 26.8%
FY25 Q1 25.5%
FY25 Q2 26.3%
FY25 Q3 27.1%
FY25 Q4 25.0%
FY26 Q1 22.5%
FY26 Q2 19.5%
FY26 Q3 15.3%
Operating margin (TTM) Alphatec Holdings, Inc.
-40% -30% -20% -10% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -36.0% Operating margin (TTM), FY24 Q1: -34.5% Operating margin (TTM), FY24 Q2: -30.0% Operating margin (TTM), FY24 Q3: -27.4% Operating margin (TTM), FY24 Q4: -22.3% Operating margin (TTM), FY25 Q1: -21.3% Operating margin (TTM), FY25 Q2: -16.8% Operating margin (TTM), FY25 Q3: -13.3% Operating margin (TTM), FY25 Q4: -10.7% Operating margin (TTM), FY26 Q1: -7.7% Operating margin (TTM), FY26 Q2: -6.0% Operating margin (TTM), FY26 Q3: -3.6% -3.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -36.0%
FY24 Q1 -34.5%
FY24 Q2 -30.0%
FY24 Q3 -27.4%
FY24 Q4 -22.3%
FY25 Q1 -21.3%
FY25 Q2 -16.8%
FY25 Q3 -13.3%
FY25 Q4 -10.7%
FY26 Q1 -7.7%
FY26 Q2 -6.0%
FY26 Q3 -3.6%
FCF margin (TTM) Alphatec Holdings, Inc.
-40% -30% -20% -10% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -34.3% FCF margin (TTM), FY24 Q1: -39.6% FCF margin (TTM), FY24 Q2: -39.1% FCF margin (TTM), FY24 Q3: -34.5% FCF margin (TTM), FY24 Q4: -22.5% FCF margin (TTM), FY25 Q1: -12.8% FCF margin (TTM), FY25 Q2: -4.6% FCF margin (TTM), FY25 Q3: -0.5% FCF margin (TTM), FY25 Q4: -0.6% FCF margin (TTM), FY26 Q1: -0.1% FCF margin (TTM), FY26 Q2: -0.7% FCF margin (TTM), FY26 Q3: -1.2% -1.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -34.3%
FY24 Q1 -39.6%
FY24 Q2 -39.1%
FY24 Q3 -34.5%
FY24 Q4 -22.5%
FY25 Q1 -12.8%
FY25 Q2 -4.6%
FY25 Q3 -0.5%
FY25 Q4 -0.6%
FY26 Q1 -0.1%
FY26 Q2 -0.7%
FY26 Q3 -1.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 121 172 198 196 205 155 134 120 102 92 113 145 243 351 482 612 764 840
Gross profit 81 113 117 124 124 110 88 76 68 63 78 103 158 233 310 424 532 598
EBITDA 2 5 −5 14 −47 20 −157 −3 −2 −16 −40 −48 −101 −106 −117 −58 −5 39
Operating income −10 −12 −25 −10 −73 1 −176 −15 −9 −22 −47 −59 −128 −147 −173 −136 −82 −30
Net income −13 −14 −22 −15 −82 −13 −179 −30 −2 −29 −57 −79 −143 −151 −187 −162 −143 −87
Diluted EPS −$0.27 −$2.16 −$3.00 −$2.04 −$10.20 −$1.90 −$21.53 −$3.49 −$1.08 −$1.20 −$1.09 −$1.18 −$1.49 −$1.46 −$1.54 −$1.13 −$0.96 −$0.56
Growth (year on year)
Revenue — +42.3% +15.2% −0.7% +4.3% −24.5% −13.1% −10.5% −15.4% −9.9% +23.7% +27.7% +67.9% +44.3% +37.4% +26.8% +25.0% +15.3%
EBITDA — — −185.0% — −437.9% — −889.2% — — — — — — — — — — —
Margins
Gross margin 67.2% 65.7% 59.1% 63.1% 60.7% 70.9% 65.5% 63.3% 67.1% 69.0% 68.4% 70.8% 64.9% 66.4% 64.3% 69.4% 69.6% 71.3%
EBITDA margin 1.5% 3.2% −2.3% 7.1% −23.0% 12.9% −116.7% −2.5% −1.5% −17.1% −35.0% −33.1% −41.7% −30.2% −24.3% −9.4% −0.6% 4.7%
Operating margin −8.4% −6.9% −12.4% −5.0% −35.9% 1.0% −130.9% −12.8% −8.8% −24.5% −41.7% −40.6% −52.7% −41.9% −36.0% −22.3% −10.7% −3.6%
Net margin −11.0% −8.4% −11.2% −7.9% −40.2% −8.3% −133.0% −24.9% −2.3% −31.6% −50.3% −54.5% −58.8% −43.1% −38.7% −26.5% −18.8% −10.3%
Free-cash-flow margin −14.4% −16.8% 2.6% −2.1% −3.2% −20.4% −1.6% −15.7% −16.0% −35.0% −40.7% −48.0% −58.3% −35.5% −33.0% −20.9% 0.4% 0.4%
Cash flow
Cash from operations −6 −15 13 12 8 −20 10 −10 −9 −26 −33 −46 −73 −75 −78 −45 45 61
Capital spending 12 14 8 16 14 11 12 9 8 7 13 23 69 49 81 83 42 58
Free cash flow −17 −29 5 −4 −7 −32 −2 −19 −16 −32 −46 −70 −142 −125 −159 −128 3 3
Stock-based pay 4 3 2 4 4 5 3 2 4 5 11 18 36 41 81 73 74 75
Free cash flow after stock pay −21 −32 3 −8 −11 −36 −5 −20 −20 −37 −57 −87 −178 −165 −240 −201 −71 −72
Balance sheet
Cash 10 23 21 22 21 20 11 20 22 29 47 108 187 85 221 139 161 80
Total debt 0 34 28 42 55 88 85 49 43 49 61 55 336 379 527 590 692 650
Net debt (negative = net cash) −10 11 8 19 34 68 73 30 20 20 14 −53 149 295 306 451 531 570
Diluted shares — 7m 7m 8m 8m 8m 8m 9m 13m 35m 52m 67m 96m 103m 121m 143m 150m 155m
Returned to shareholders
Buybacks — — — — — — — — — — — — 25 — — — — —
Total returned — — — — — — — — — — — — 25 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · September 30, 2026
What it owns · $797m
Short-term assets $427mLonger-term assets $370m
What it owes, and who funded it · $181m
Short-term liabilities $181mShareholders' equity $-2m
  • Short-term assets cover short-term liabilities $427m of assets due within a year against $181m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $80m of cash against $547m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $61m of operating cash flow against $547m of debt.
  • Operating profit covers interest at least five times over Operating income of −$30m against $46m of interest.

From Alphatec Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.6%
year over year
R&D spending
9.1%
of revenue
Sales & admin spending
63.4%
of revenue
Days sales outstanding
48 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated ATEC OFIX IRTC VREX MYGN INSP Median
Revenue, last 12 months $840m $833m $825m $865m $807m $881m $99m
Revenue growth, last 12 months 15.3% 3.0% 25.6% 5.3% −3.2% −0.2% 9.2%
Revenue growth, 3-year average 23.1% 11.7% 22.2% −1.2% 4.9% 15.6% 13.5%
Revenue growth, latest quarter 12.6% 3.8% 20.1% 3.7% −10.5% −7.9% 10.2%
Gross margin 71.3% 71.3% 71.5% 34.3% 68.8% 86.2% 61.2%
Operating margin −3.6% −4.7% −3.0% 8.3% −12.2% 1.8% −8.5%
Operating margin, 3-year average −14.8% −9.7% −14.3% 3.1% −27.2% 2.6% −17.9%
Net margin −10.3% −7.4% −1.7% 2.6% −14.0% 11.4% −12.0%
Cash from operations / revenue 7.3% 2.0% 10.4% 1.3% 1.0% 15.3% −1.9%
Free-cash-flow margin −1.2% −3.3% 4.7% −2.3% −4.2% 11.1% −3.9%
Free-cash-flow margin, 3-year average −12.1% −4.2% −3.0% 2.4% −10.5% 9.1% −7.0%
Stock pay / revenue 9.0% 3.4% 10.1% 1.7% 3.6% 13.3% 6.1%
Change in share count 4.6% 3.6% 2.9% −8.8% 2.5% −3.9% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 15.3% 9.1% 46 of 129
Change in growth rate Growth -4.1pp -0.6pp 98 of 129
Gross margin Profitability 71.3% 61.9% 36 of 123
Operating margin Profitability -3.6% -8.3% 53 of 132
Net margin Profitability -10.3% -12.0% 64 of 133
Free-cash-flow margin Cash generation -1.2% -3.4% 55 of 128
Stock pay as % of revenue Cash generation 9.0% 6.1% 73 of 123
Long-term debt as % of assets Balance sheet 68.0% 24.2% 83 of 87
Change in share count Balance sheet 4.6% 3.3% 69 of 115
Days sales outstanding Balance sheet 48 days 57 days 36 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $716M 93.7% ▲ 25.4%
Outside the US $48M 6.3% ▲ 19.2%

From Alphatec Holdings, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$977M
Institutions reporting
266
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
36 / 53

Top buyers and sellers, Q2 2026: 143 institutions bought and 136 sold ; the biggest buyer was Braidwell LP (+4.4M shares) and the biggest seller Point72 Asset Management, L.P (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $98M 11.3M 10.0% ▲ 12.3%
Braidwell LP $56.5M 6.5M 5.8% ▲ 200.6%
American Century Companies Inc $56.4M 6.5M 5.8% ▲ 1.5%
Vanguard Capital Management LLC $44.3M 5.1M 4.5% ▲ 4.3%
BNP Paribas Asset Management Holding S.A. $30.6M 3.5M 3.1% ▼ 2.2%
State Street Corp $30.1M 3.5M 3.1% ▲ 14.9%
Jacobs Levy Equity Management, Inc $29M 3.4M 3.0% New
Geode Capital Management, LLC $27.6M 3.2M 2.8% ▲ 9.7%
Royal Bank Of Canada $25.9M 3.0M 2.7% ▼ 33.7%
Nuveen, LLC $22.5M 2.6M 2.3% ▼ 8.7%
Tremblant Capital Group $22.3M 2.6M 2.3% ▲ 17.6%
Citadel Advisors LLC $21.3M 2.5M 2.2% ▲ 187.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Alphatec Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.4M 5 trades by 3 insiders, last 12 months Insider sales History → $92.6M 41 trades by 13 insiders · 16% under pre-set plans
Net ▼ $90.2M net selling
Insider Date Trade Shares Price Value
Demski David M Director October 30, 2026 Buy pre-set plan 60,000 $6.81 $408,600
Miles Patrick CEO September 10, 2026 Buy 115,000 $8.81 $1M
Marshall Tyson Eliot GENERAL COUNSEL & CORP. SEC. August 5, 2026 Sell pre-set plan 8,168 $9.65 $78,821
Mcginnis Karen K Director June 11, 2026 Sell pre-set plan 6,050 $8.01 $48,460
Valentine Keith Director May 11, 2026 Buy 35,000 $7.00 $245,000
Valentine Keith Director May 8, 2026 Buy 43,847 $7.54 $330,606
Valentine Keith Director May 7, 2026 Buy 56,153 $7.49 $420,586
Lish Scott CHIEF OPERATING OFFICER March 13, 2026 Sell 260,535 $12.30 $3.2M
Koning John Todd CHIEF FINANCIAL OFFICER March 13, 2026 Sell pre-set plan 79,789 $12.36 $986,192
Sponsel David EVP, SALES March 11, 2026 Sell pre-set plan 163,452 $12.52 $2M
Hunsaker Craig E EVP, PEOPLE & CULTURE March 9, 2026 Sell pre-set plan 82,765 $12.45 $1M
Hunsaker Craig E EVP, PEOPLE & CULTURE March 6, 2026 Sell pre-set plan 33,602 $12.22 $410,616

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 18, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 4, 2026
  • May 5, 2026
  • February 24, 2026
  • January 12, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Alphatec Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Alphatec Holdings, Inc. in brief

What does Alphatec Holdings, Inc. do?
Alphatec Holdings, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Alphatec Holdings, Inc.'s stock ticker?
Alphatec Holdings, Inc. trades under the ticker ATEC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Alphatec Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Alphatec Holdings, Inc. reported revenue of $840M, 15.3% higher than a year earlier, according to its SEC filings.
What is Alphatec Holdings, Inc.'s free cash flow?
Alphatec Holdings, Inc.'s free-cash-flow margin is -1.2% of revenue over the trailing twelve months, ranking 55 of the 128 health care equipment companies we cover.
Who are Alphatec Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Braidwell LP and American Century Companies Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Alphatec Holdings, Inc.'s market cap?
On November 2, 2026, Alphatec Holdings, Inc.'s market capitalisation was about $1.1B and net debt of $570M. Market figures come from third-party market data and may be delayed.
Who are Alphatec Holdings, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Alphatec Holdings, Inc. are Orthofix Medical Inc., Irhythm Holdings, Inc., Varex Imaging Corp, Myriad Genetics Inc and Inspire Medical Systems, Inc. The side-by-side comparison below sets their revenue, margins and growth against Alphatec Holdings, Inc.'s.
Are insiders buying or selling Alphatec Holdings, Inc. stock?
Over the last 12 months, Alphatec Holdings, Inc.'s directors and officers reported 5 open-market purchases and 41 sales on Form 4. The insider trading page charts every trade.
When is Alphatec Holdings, Inc.'s next earnings date?
Around January 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Alphatec Holdings, Inc. announces its own schedule.