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Xtant Medical Holdings, Inc. (XTNT) stock

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NYSE: XTNT NYSE Health Care Equipment Next results ~November 10, 2026

C Fundamentals grade

Xtant Medical 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

~$0.6

Valuation models combined (3)

Base case. Range ~$0.4–$1.0. Weighted average of 3 models (growth cash-flow model, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

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.

Xtant Medical 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.

  • Funds12 adding, 10 cuttingOf 6 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Xtant Medical Holdings files

Where Xtant Medical stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $110m, down 14.3% on a year earlier, a steeper fall than the 0.3% decline a quarter earlier. That puts it 58 of 58 for growth among the health care equipment companies we cover. Free-cash-flow margin rose to -0.6% from -2.2% a year earlier. Operating margin narrowed to -9.6% from 0.0%. The diluted share count is up 4.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.73 a share, against a share price of $0.30.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

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 ~November 10, 2026 (estimated)

Xtant Medical Holdings, Inc.'s trailing-twelve-month revenue fell 14.3% year on year, with a free-cash-flow margin of -0.6%. Where it lags: revenue growth of -14.3% ranks 118 of 129 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 75.4% while net income fell 143.1%: a 219pp 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

Nothing in Xtant Medical Holdings, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 14.3% over the last 12 months.
  • Growth slowing. The growth rate is 14.0 points lower than a quarter earlier.
  • Loss-making. Operating margin is -9.6%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 9.6 points on a year ago.
  • Burning cash. Free cash flow was -0.6% of revenue over the last 12 months.

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.03 against an average estimate of -$0.02: missed by 35.5%
Revenue
$23m, down 35.0% on a year earlier
Share reaction
-31.1% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Next report
November 10, 2026; average EPS estimate -$0.02

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

Price chart

  • 1 day0.0%
  • 1 week0.0%
  • 1 month-17.6%
  • This year-64.1%
  • 1 year-68.2%
  • 5 years-77.8%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$110M
Operating margin
-9.6%
Net margin
-10.2%
EPS (TTM, diluted)
$-0.08

Growth

Revenue growth
−14.3%
Change in growth rate
−14.0 pts
Share count change
+4.0%

Cash

Free cash flow (TTM)
-$696,000
FCF margin
-0.6%
Stock pay % of revenue
2.7%

Earnings

Last results
August 11, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

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

  1. Results
  2. Shareholder vote

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

Xtant Medical 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 Xtant Medical Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 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. ~$0.4 ~$0.2–$0.6 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
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. ~$1.0 ~$1.1–$3.7 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. ~$0.7 ~$0.7–$0.9 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. ~$0.6 ~$0.4–$1.0 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Xtant Medical 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$33.60$6.60$6.84$1.61$1.60$1.20$0.56$0.66$1.13$0.44$0.78$0.28
Market value$609m$167m$248m$57m$63m$103m$48m$62m$143m$59m$117m$41m
+ Net debt (− = net cash)$106m$127m$136m$76m$71m$14m−$3m−$3m$16m$28m$11m$16m
Enterprise value$715m$294m$384m$133m$134m$117m$45m$60m$159m$87m$128m$57m
Multiples
Price / sales 10.3x1.9x3.0x0.8x1.0x1.9x0.9x1.1x1.6x0.5x0.9x0.4x
Price / earnings ————————n/m—23.5x—
Price / free cash flow ———96.4x——————11.5x—
EV / EBITDA ————150.9x88.1x————10.3x—

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

38 /100

Weak moat

How hard Xtant Medical 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 -1.4% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 60.7%, moving by 3.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -10.6%; its worst year was -85.0%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -4.1% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 1016.4% over five years; stock-based pay has been a median 2.7% 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

Next results: November 10, 2026, before the open. Analysts expect revenue of $25m and EPS of −$0.02 (range −$0.03 to −$0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.08 −318% $99m −26%
Next −$0.03 +63% $110m +11%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is 0.0% on 90 days ago. In the last 30 days, 0 analysts raised Xtant Medical Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Xtant Medical Holdings, Inc., last 90 days
−$0.08 −$0.06 −$0.04 −$0.02 $0.00 90 days ago 60 days ago 30 days ago Now Current fiscal year, 90 days ago: −$0.08 Current fiscal year, 60 days ago: −$0.08 Current fiscal year, 30 days ago: −$0.08 Current fiscal year, Now: −$0.08 −$0.08 Next fiscal year, 90 days ago: −$0.01 Next fiscal year, 60 days ago: −$0.01 Next fiscal year, 30 days ago: −$0.01 Next fiscal year, 7 days ago: −$0.04 Next fiscal year, Now: −$0.03 −$0.03

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.08−$0.01
60 days ago −$0.08−$0.01
30 days ago −$0.08−$0.01
Now −$0.08−$0.04

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.02 −$0.03 −35.5%
Mar 2026 −$0.02 −$0.02 +9.8%
Dec 2025 $0.00 −$0.01 0.0%
Sept 2025 $0.00 $0.01 0.0%

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

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026112
  3. Aug 2026112

Counts of recommendations published by analysts covering Xtant Medical 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
0.5%
of tradable shares
Days to cover
1.66
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
57%
of shares
Held by insiders
15.6%
of shares
Employees
151
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −68.2%

$0.88 on October 31, 2025 to $0.28

ThenNowEffect
Revenue (last 12 months) $128m $110m −14.3%
P/S multiple 1.0x 0.4x −61.4%
Share count 142m 147m −3.8%

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

Last 3 years −76.1%

$1.17 on November 3, 2023 to $0.28

ThenNowEffect
Revenue (last 12 months) $68m $110m +61.3%
P/S multiple 1.8x 0.4x −79.2%
Share count 105m 147m −28.7%

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
XTNT−53%+18%+71%−61%+77%−64%
Industry peers (median)−7%−37%−9%−19%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
XTNT42%42%50%42%67%9%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
XTNT−87%−48%−51%−73%−38%−64%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 99% from March 15, 2016 to October 23, 2026. Getting back needed a 14943% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.28 – $0.81
From 52-week high
−65.4%
vs 50-day average
−15.7%
vs 200-day average
−39.1%
Volatility (1 year)
64%
Beta vs S&P 500
0.55

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
4 up, 8 down
typical move ±11.6%
After a week
4 up, 8 down
typical move ±14.8%
After a month
3 up, 9 down
typical move ±19.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 −31.1% −0.1% −26.7% −24.4%
May 13, 2026 −6.0% +1.4% −6.0% −12.0%
March 31, 2026 −1.9% +3.7% −13.0% −3.7%
November 10, 2025 +1.3% +1.8% −9.3% −6.7%
August 12, 2025 +10.2% +1.4% +5.1% +5.1%
May 12, 2025 +20.0% +4.0% +44.0% +34.0%
April 16, 2025 +15.4% −2.1% +23.1% +69.2%
March 6, 2025 −8.0% −1.2% +2.0% −6.0%
November 12, 2024 −9.6% −0.3% −17.3% −28.8%
August 8, 2024 −4.6% +2.8% −7.7% −9.2%
May 15, 2024 −15.9% +1.0% −4.9% −8.5%
April 1, 2024 −15.4% −0.8% −18.8% −23.9%

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.

Xtant Medical 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) Xtant Medical Holdings, Inc.
$60M $80M $100M $120M $140M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $78.5M Revenue (TTM), FY23 Q4: $91.3M Revenue (TTM), FY24 Q1: $101.2M Revenue (TTM), FY24 Q2: $110.9M Revenue (TTM), FY24 Q3: $113.9M Revenue (TTM), FY24 Q4: $117.3M Revenue (TTM), FY25 Q1: $122.3M Revenue (TTM), FY25 Q2: $127.8M Revenue (TTM), FY25 Q3: $133.1M Revenue (TTM), FY25 Q4: $133.9M Revenue (TTM), FY26 Q1: $121.9M Revenue (TTM), FY26 Q2: $109.5M $109.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $78.5M
FY23 Q4 $91.3M
FY24 Q1 $101.2M
FY24 Q2 $110.9M
FY24 Q3 $113.9M
FY24 Q4 $117.3M
FY25 Q1 $122.3M
FY25 Q2 $127.8M
FY25 Q3 $133.1M
FY25 Q4 $133.9M
FY26 Q1 $121.9M
FY26 Q2 $109.5M
Revenue growth, TTM YoY Xtant Medical Holdings, Inc.
-20% 0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 38.5% Revenue growth, TTM YoY, FY23 Q4: 57.5% Revenue growth, TTM YoY, FY24 Q1: 60.8% Revenue growth, TTM YoY, FY24 Q2: 63.4% Revenue growth, TTM YoY, FY24 Q3: 45.1% Revenue growth, TTM YoY, FY24 Q4: 28.4% Revenue growth, TTM YoY, FY25 Q1: 20.8% Revenue growth, TTM YoY, FY25 Q2: 15.2% Revenue growth, TTM YoY, FY25 Q3: 16.9% Revenue growth, TTM YoY, FY25 Q4: 14.2% Revenue growth, TTM YoY, FY26 Q1: -0.3% Revenue growth, TTM YoY, FY26 Q2: -14.3% -14.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 38.5%
FY23 Q4 57.5%
FY24 Q1 60.8%
FY24 Q2 63.4%
FY24 Q3 45.1%
FY24 Q4 28.4%
FY25 Q1 20.8%
FY25 Q2 15.2%
FY25 Q3 16.9%
FY25 Q4 14.2%
FY26 Q1 -0.3%
FY26 Q2 -14.3%
Operating margin (TTM) Xtant Medical Holdings, Inc.
-15% -10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -10.3% Operating margin (TTM), FY23 Q4: -11.1% Operating margin (TTM), FY24 Q1: -11.9% Operating margin (TTM), FY24 Q2: -12.3% Operating margin (TTM), FY24 Q3: -12.3% Operating margin (TTM), FY24 Q4: -10.3% Operating margin (TTM), FY25 Q1: -6.2% Operating margin (TTM), FY25 Q2: 0.0% Operating margin (TTM), FY25 Q3: 4.8% Operating margin (TTM), FY25 Q4: 5.4% Operating margin (TTM), FY26 Q1: 2.7% Operating margin (TTM), FY26 Q2: -9.6% -9.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -10.3%
FY23 Q4 -11.1%
FY24 Q1 -11.9%
FY24 Q2 -12.3%
FY24 Q3 -12.3%
FY24 Q4 -10.3%
FY25 Q1 -6.2%
FY25 Q2 0.0%
FY25 Q3 4.8%
FY25 Q4 5.4%
FY26 Q1 2.7%
FY26 Q2 -9.6%
FCF margin (TTM) Xtant Medical Holdings, Inc.
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -15.8% FCF margin (TTM), FY23 Q4: -12.0% FCF margin (TTM), FY24 Q1: -14.6% FCF margin (TTM), FY24 Q2: -15.8% FCF margin (TTM), FY24 Q3: -15.2% FCF margin (TTM), FY24 Q4: -13.7% FCF margin (TTM), FY25 Q1: -7.7% FCF margin (TTM), FY25 Q2: -2.2% FCF margin (TTM), FY25 Q3: 3.9% FCF margin (TTM), FY25 Q4: 7.6% FCF margin (TTM), FY26 Q1: 6.4% FCF margin (TTM), FY26 Q2: -0.6% -0.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -15.8%
FY23 Q4 -12.0%
FY24 Q1 -14.6%
FY24 Q2 -15.8%
FY24 Q3 -15.2%
FY24 Q4 -13.7%
FY25 Q1 -7.7%
FY25 Q2 -2.2%
FY25 Q3 3.9%
FY25 Q4 7.6%
FY26 Q1 6.4%
FY26 Q2 -0.6%

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.

Where the money goes

FY2025, from the 10-K

Each dollar Xtant Medical Holdings took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $134M
  2. Cost of revenue $49.7M · 37.1%
  3. Gross profit $84.3M · 62.9%
  4. Research and development $2.1M · 1.6%
  5. Selling, general and admin $74.9M · 55.9%
  6. Operating income $7.3M · 5.4%
  7. Income tax $2M · 1.5%
  8. Net income $5M · 3.7%

Shares of revenue. Source: Xtant Medical Holdings's 10-K for FY2025, as filed with the SEC.

Financial statements

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

Fiscal year 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 Jun 2026
Income
Revenue 15 30 33 33 35 59 90 83 72 65 53 55 58 91 117 134 110
Gross profit 12 21 23 19 22 39 62 50 43 43 34 32 32 55 68 84 65
EBITDA −8 −6 −4 −8 −5 −7 −0 −29 −53 1 1 −3 −5 −7 −8 13 −7
Operating income −9 −6 −5 −9 −6 −12 −8 −38 −60 −2 −1 −4 −7 −10 −12 7 −10
Net income −19 −3 −8 −13 −11 −2 −19 −52 −70 −8 −7 −5 −8 1 −16 5 −11
Diluted EPS −$3.05 −$0.00 −$0.01 −$1.40 −$0.07 −$0.01 −$0.77 −$1.45 −$1.99 −$0.21 −$0.08 −$0.06 −$0.09 $0.01 −$0.12 $0.03 −$0.08
Growth (year on year)
Revenue — +95.6% +9.4% +0.3% +6.8% +68.0% +51.7% −8.2% −12.6% −10.4% −17.5% +3.6% +4.9% +57.5% +28.4% +14.2% −14.3%
EBITDA — — — — — — — — — — — −289.9% — — — — −285.1%
Margins
Gross margin 78.2% 69.8% 68.7% 57.1% 63.1% 65.9% 69.2% 60.6% 60.2% 65.7% 64.5% 58.8% 55.4% 60.8% 58.2% 62.9% 59.4%
EBITDA margin −51.4% −18.9% −12.6% −25.0% −15.0% −12.1% −0.3% −35.6% −74.1% 1.4% 2.5% −4.6% −9.4% −7.6% −6.7% 9.3% −6.3%
Operating margin −55.9% −21.4% −15.0% −27.2% −17.7% −20.4% −8.4% −45.8% −83.2% −3.5% −1.4% −7.0% −11.7% −11.1% −10.3% 5.4% −9.6%
Net margin −126.3% −10.0% −23.4% −38.4% −29.7% −3.7% −21.7% −63.4% −97.1% −12.7% −13.2% −8.8% −14.6% 0.7% −14.0% 3.7% −10.2%
Free-cash-flow margin −59.4% −27.6% −38.3% −16.7% −21.6% −19.1% −22.5% −2.6% 0.8% −2.0% −4.3% −3.0% −12.3% −12.0% −13.7% 7.6% −0.6%
Cash flow
Cash from operations −8 −7 −11 −5 −7 −9 −14 −1 1 −0 −1 0 −5 −10 −12 13 1
Capital spending 1 1 2 1 0 2 6 2 1 1 2 2 2 1 4 2 1
Free cash flow −9 −8 −13 −6 −8 −11 −20 −2 1 −1 −2 −2 −7 −11 −16 10 −1
Stock-based pay 3 3 2 1 1 1 1 0 1 1 1 2 2 3 4 3 3
Free cash flow after stock pay −12 −11 −14 −6 −9 −12 −21 −2 −0 −2 −3 −4 −10 −14 −20 7 −4
Balance sheet
Cash 0 1 5 3 4 6 3 3 7 5 2 18 20 6 6 17 10
Total debt 2 8 21 22 26 113 130 139 83 76 17 15 18 22 34 28 26
Net debt (negative = net cash) 2 8 16 19 22 106 127 136 76 71 14 −3 −3 16 28 11 16
Diluted shares 6m 8m 8m 9m 12m 18m 25m 36m 35m 39m 85m 85m 94m 127m 134m 150m 147m
Returned to shareholders
Buybacks 1 — — — — — — — — — — — — — — — —
Total returned 1 — — — — — — — — — — — — — — — —

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

4 of 7 checks passed · June 30, 2026
What it owns · $80m
Short-term assets $65mLonger-term assets $15m
What it owes, and who funded it · $80m
Short-term liabilities $30mLonger-term liabilities $10mShareholders' equity $40m
  • Short-term assets cover short-term liabilities $65m of assets due within a year against $30m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $65m short-term assets against $10m of longer-dated liabilities.
  • More cash than debt $10m of cash against $11m of debt.
  • Debt below 40% of shareholders' equity Debt is 28% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 38% to 28% over five years.
  • A year's operating cash flow covers at least 20% of debt $570,000 of operating cash flow against $11m of debt.
  • Operating profit covers interest at least five times over Operating income of −$10m against $3m of interest.

From Xtant Medical 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
+4.0%
year over year
R&D spending
2.0%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated XTNT SMTI OWLT CBLL OM ANIK Median
Revenue, last 12 months $110m $110m $115m $102m $118m $121m $99m
Revenue growth, last 12 months −14.3% 13.0% 28.2% 31.7% −1.3% 5.3% 9.2%
Revenue growth, 3-year average 17.3% 22.6% 29.3% — −3.1% 0.3% 13.5%
Revenue growth, latest quarter −35.0% 9.0% 29.9% 32.5% 0.7% 15.6% 10.2%
Gross margin 59.4% 93.0% 54.8% 88.9% 41.8% 62.2% 61.2%
Operating margin −9.6% 7.7% −6.3% −68.6% −56.1% −4.2% −8.5%
Operating margin, 3-year average −7.3% 2.2% −17.9% −65.1% −83.8% 0.2% −17.9%
Net margin −10.2% −29.2% −7.7% −64.7% −63.1% −3.1% −12.0%
Cash from operations / revenue 0.5% 5.2% −6.8% −53.0% −32.5% 5.0% −1.9%
Free-cash-flow margin −0.6% 4.1% −7.4% −53.7% −33.0% 0.5% −3.9%
Free-cash-flow margin, 3-year average −6.2% −0.1% −14.1% — −70.2% 0.4% −7.0%
Stock pay / revenue 2.7% 4.5% 11.2% 16.1% 13.0% 10.9% 6.1%
Change in share count 4.0% 0.3% 72.6% — 311.4% −4.0% 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 -14.3% 9.1% 118 of 129
Change in growth rate Growth -14.0pp -0.6pp 112 of 129
Gross margin Profitability 59.4% 61.9% 68 of 123
Operating margin Profitability -9.6% -8.3% 69 of 132
Net margin Profitability -10.2% -12.0% 62 of 133
Free-cash-flow margin Cash generation -0.6% -3.4% 54 of 128
Stock pay as % of revenue Cash generation 2.7% 6.1% 36 of 123
Long-term debt as % of assets Balance sheet 9.1% 24.2% 25 of 87
Change in share count Balance sheet 4.0% 3.3% 63 of 115
Days sales outstanding Balance sheet 65 days 57 days 78 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
Products and services
Line of business Revenue YoY
Products $115M ▼ 0.5%
Orthobiologics $72.9M ▲ 9.7%
Spinal Implant $42.3M ▼ 14.3%
Licenses $18.7M ▲ 1146.5%
License Revenue $18.7M ▲ 1146.5%
Bill and Hold Transactions $400,000 —

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $122M 91.4% ▲ 16.0%
Outside the US $11.5M 8.6% ▼ 2.3%

From Xtant Medical Holdings, Inc.'s 10-K filed March 31, 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
$62.6M
Institutions reporting
32
Shares held vs prior quarter
▲ 84.1%
Positions opened / closed
5 / 7

Top buyers and sellers, Q2 2026: 12 institutions bought and 10 sold ; the biggest buyer was Nantahala Capital Management, LLC (+68.4M shares) and the biggest seller Hillsdale Investment Management Inc (−362K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Nantahala Capital Management, LLC $57.6M 136.8M 92.0% ▲ 100.0%
Awm Investment Company, Inc. $2.5M 6.0M 4.0% 0.0%
Vanguard Capital Management LLC $848,148 2.0M 1.4% 0.0%
Renaissance Technologies LLC $393,685 935K 0.6% ▼ 5.3%
Geode Capital Management, LLC $217,773 517K 0.3% ▼ 2.3%
Crescent Grove Advisors, LLC $173,462 412K 0.3% 0.0%
Nano Cap New Millennium Growth Fund L P $168,400 400K 0.3% ▲ 14.3%
Vanguard Fiduciary Trust Co $108,613 258K 0.2% 0.0%
Citadel Advisors LLC $80,566 191K 0.1% ▲ 18.9%
Acadian Asset Management LLC $73,000 180K 0.1% 0.0%
Bridgeway Capital Management, LLC $69,086 164K 0.1% 0.0%
Wiregrass Investment Management LLC $63,150 150K 0.1% ▲ 45.6%

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 Xtant Medical Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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 November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • May 13, 2026
  • March 31, 2026
  • November 10, 2025
  • August 12, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Xtant Medical 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.

Xtant Medical Holdings, Inc. in brief

What does Xtant Medical Holdings, Inc. do?
Xtant Medical Holdings, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Xtant Medical Holdings, Inc.'s stock ticker?
Xtant Medical Holdings, Inc. trades under the ticker XTNT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Xtant Medical Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Xtant Medical Holdings, Inc. reported revenue of $110M, 14.3% lower than a year earlier, according to its SEC filings.
What is Xtant Medical Holdings, Inc.'s free cash flow?
Xtant Medical Holdings, Inc.'s free-cash-flow margin is -0.6% of revenue over the trailing twelve months, ranking 54 of the 128 health care equipment companies we cover.
Who are Xtant Medical Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Nantahala Capital Management, LLC, Awm Investment Company, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Xtant Medical Holdings, Inc.'s market cap?
On November 2, 2026, Xtant Medical Holdings, Inc.'s market capitalisation was about $41.2M and net debt of $16.1M. Market figures come from third-party market data and may be delayed.
How much debt does Xtant Medical Holdings, Inc. have?
Xtant Medical Holdings, Inc.'s debt-to-equity ratio is 27.5%, from its latest balance sheet (38.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Xtant Medical Holdings, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Xtant Medical Holdings, Inc. are Sanara Medtech Inc., Owlet, Inc., Ceribell, Inc., Outset Medical, Inc. and Anika Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Xtant Medical Holdings, Inc.'s.
When is Xtant Medical Holdings, Inc.'s next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Xtant Medical Holdings, Inc. announces its own schedule.