Alphatec Holdings, Inc.
Rank #35HypergrowthATEC · Nasdaq · Healthcare
Alphatec Holdings, Inc. (ATEC) — Rank #35 by gross profitability (GP/assets 0.67) · ROE 1187.8% · Piotroski F-Score 5 / 9.
As-of 2026-09-15 · 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
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$1.65B
P/E (annual)
—
P/S (annual)
2.2
P/B
—
P/OCF (annual)
36.6
Shareholder Yield
-1648.6%
Employees
913
Industry
Medical Devices
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
56.7%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 1648.6% — per-share value needs a total required return of 1705.3% once share-count change is priced in.
vs. own 6-year median revenue growth: -5.6%
Cost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
49.8%
r = 10% (base)
56.7%
r = 12%
62.7%
Net debt / market cap: 32.3%— material leverage inflates the implied growth read.
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
Disclosure regression check
2 previously-disclosed line items are no longer reported. Worth checking the filing for why.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.67
Primary signal (Novy-Marx).
3rd of 17 SIC 3841 peers
Return on equity
1187.8%
Gross margin
69.6%
5th of 17 SIC 3841 peers
Revenue growth (YoY)
535.5%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
—
Current ratio
1.89×
14th of 17 SIC 3841 peers
Quick ratio
0.96×
Net cash
-$522.10M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$2.78M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
1.02
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
9.6%
Stock-based comp intensity.
Piotroski F-Score
F-Score
5 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified decline for 2 consecutive fiscal years (2016-12-31, 2017-12-31) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.