ATEC · Nasdaq · Healthcare
Alphatec Holdings, Inc. (ATEC) — Rank #34 by gross profitability (GP/assets 0.67) · ROE 1187.8% · Piotroski F-Score 6 / 9.
As-of 2026-10-30 · CIK 0001350653 · all metrics point-in-time as of the filing date.
About
Alphatec Holdings, Inc., a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally.
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The company manufactures and sells implants, instruments, imaging equipment, and spare parts. It offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; SafeOp Neural InformatiX System that automates electromyographic, somatosensory evoked potential, and motor evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems. It also provides split-blade retractors; Sigma-ALIF Access System, a procedure-specific access system; spinal implants and fixation systems comprising NanoTec and Invictus, as well as various standalone implants for height restoration and stabilization. In addition, the company provides biologics comprising 3D ProFuse Osteoconductive Bioscaffold; AlphaGRAFT Demineralized Bone Matrix (DBM) comprising demineralized human tissue; BioCORE Moldable Bioactive Graft, a synthetic mineral-collagen composite matrix that can be molded to fit the bone defect; AlphaGRAFT DBM Fibers comprising demineralized fibers; AlphaGRAFT Cellular Bone Matrix (CBM), a growth factor-enriched cellular bone matrix; AlphaGRAFT CBM that is delivered in granular, fiber, or structural form; and Amnioshield Amniotic Tissue Barrier, an allograft for spinal surgical barrier applications. The company sells its products through a network of independent sales agents and direct sales representatives.
The company was founded in 1990 and is headquartered in Carlsbad, California.
- Industry
- Medical Devices
- Sector
- Healthcare
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- atecspine.com
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
913
Industry
Medical Devices
Exchange
Nasdaq
11/12
Flags passed
ATEC passes 11/12 quality flags
1 caution to review
- CAUTIONDilution above 2%
Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
- PASSGross margin holding
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSRevenue not declining
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passRevenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Does it make money well?
No warning flags · GP/assets 79th percentile of 20 SIC 3841 peers
Gross profitability (GP / assets)
0.67
Primary signal (Novy-Marx).
79th pctl of 20 SIC 3841 peers
Return on equity
1187.8%
Gross margin
69.6%
79th pctl of 20 SIC 3841 peers
Revenue growth (YoY)
25.0%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
29.6%
Revenue CAGR (5Y)
39.5%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Cash Flow Health
Is the cash real?
No warning flags · FCF 102% above net income
Free cash flow
$2.78M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
101.9%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
9.6%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
Caution: Dilution above 2% · net debt $522.10M, F-Score 6/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
—
Current ratio
1.89×
11th pctl of 20 SIC 3841 peers
Quick ratio
0.96×
Net cash
-$522.10M
Cash & equivalents minus total debt.
Piotroski F-Score
6 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Capital allocation quality
Composite score
2.0 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports