Quality Investor

Alphatec Holdings, Inc.

Rank #34HypergrowthWatchlistCompare with other stocks

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.

Show more

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

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

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.67
Return on equity
1187.8%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
—
Current ratio
1.89×
Net cash
-$522.10M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
9.6%

Growth

1/2 pass
Revenue growth
25.0%
Piotroski F-Score
6 / 9
Share dilution
5.0%

Revenue 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.

PASS

Operating Leverage

2022202320242025
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

PASS

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).

PASS

Accruals healthy

Cash-backed earnings.

PASS

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.

PASS

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

Fair
Share count trend
5.0%1/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-3.9%2/5 Fair

Lifecycle Phase History

20202025
Hypergrowth

Price History

ATEC-27.5% · -6.2% CAGRSPY+82.9% · +12.8% CAGR