What are the investment strengths of Alphatec Holdings Inc (ATEC)?

36.7% 5Y revenue CAGR in spine surgery market with 69% gross margins suggests differentiated technology gaining share - scale could unlock profitability Asset turnover 0.95x vs industry 0.55x median shows efficient capital deployment; 219M working capital provides operational runway

What are the investment risks for Alphatec Holdings Inc (ATEC)?

51x debt/equity with -160M tangible book value and 40M annual interest expense creates existential refinancing risk if growth stalls FCF -3.4M TTM with 156M cash runway and 65M current debt due - dilution or debt raise likely within 18 months

Alphatec Holdings Inc

ATEC

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Alphatec Holdings Inc AI Insights

Informational only. Not investment advice.

As of 2026-01-02

Snapshot

Debt/equity of 51.4x with 591M total debt vs 11.5M equity - capital structure severely strained, interest expense 40M TTM consuming cash[Debt to Equity]
5Y revenue CAGR of 36.7% (3.5x industry median 10.4%) driving 728M TTM revenue, but still burning -155M net income TTM[Total Revenue 5Y Growth]
Gross margin 69.2% TTM vs industry median 52.8% - premium pricing power intact despite losses, 16.4pp advantage[Gross Margin TTM]

Watch Triggers

Free Cash Flow TTM: Turns positive for 2 consecutive quarters — Would signal operating leverage inflection and reduce capital raise risk
Operating Margin TTM: Improves to -5% or better — Demonstrates path to profitability without requiring further dilution
Total Debt: Increases above 650M or refinancing announced — Current 591M debt at 51x equity already strained; more debt increases insolvency risk

Bull Case

36.7% 5Y revenue CAGR in spine surgery market with 69% gross margins suggests differentiated technology gaining share - scale could unlock profitability

Total Revenue 5Y GrowthGross Margin TTM

Asset turnover 0.95x vs industry 0.55x median shows efficient capital deployment; 219M working capital provides operational runway

Asset Turnover TTMWorking Capital

Bear Case

51x debt/equity with -160M tangible book value and 40M annual interest expense creates existential refinancing risk if growth stalls

Debt to EquityTangible Book ValueInterest Expense TTM

FCF -3.4M TTM with 156M cash runway and 65M current debt due - dilution or debt raise likely within 18 months

Free Cash Flow TTMCash and EquivalentsCurrent Debt

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Path to profitability hinges on operating leverage as revenue scales past 800M threshold

1-3ylow

69% gross margins provide cushion for OpEx absorption
Operating expense 577M TTM needs revenue scale to cover
R&D 77M (10.6% of revenue) signals continued investment phase

Operating margin -10.1% TTM improving from deeper lossesRevenue 728M TTM with 36.7% 5Y CAGR trajectoryEBITDA -31M TTM narrowing toward breakeven

Valuation Context

Caveats

Public Strategies Rankings

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ATEC Fundamentals

Manufacturing → Miscellaneous Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$1.91B		—
Enterprise Value	$2.35B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$764.15M	+25.0%	—
Earnings Per Share (diluted) - TTM	$-0.96		—
Operating Margin - TTM	-7.59%	+12.5%	—
Net Margin - TTM	-18.8%	+7.7%	—
Free Cash Flow - TTM	$-4.41M		—
Return on Common Equity - TTM	16,440%		—
Beta 5Y (Monthly)	unknown		—

ATEC Dividend History

No dividends

ATEC Stock Splits

1 stock split

08/25/1612:1 split

ATEC SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/24/26	12/31/25	10-K	0001193125-26-067393
10/30/25	09/30/25	10-Q	0001193125-25-258790
07/31/25	06/30/25	10-Q	0000950170-25-100963
05/01/25	03/31/25	10-Q	0000950170-25-061974
02/26/25	12/31/24	Unknown	0000950170-25-027916
10/30/24	09/30/24	10-Q	0000950170-24-119083
07/31/24	06/30/24	10-Q	0000950170-24-088670
05/07/24	03/31/24	10-Q	0000950170-24-054691
02/27/24	12/31/23	10-K	0000950170-24-021302
11/06/23	09/30/23	10-Q	0000950170-23-059489
08/03/23	06/30/23	10-Q	0000950170-23-038119
05/04/23	03/31/23	10-Q	0000950170-23-017951
02/28/23	12/31/22	10-K	0000950170-23-005175
11/03/22	09/30/22	10-Q	0000950170-22-021960
08/04/22	06/30/22	10-Q	0000950170-22-014850
05/05/22	03/31/22	10-Q	0001564590-22-018310
03/02/22	12/31/21	10-K	0001564590-22-008121
11/04/21	09/30/21	10-Q	0001564590-21-054561
08/03/21	06/30/21	10-Q	0001564590-21-040299
05/06/21	03/31/21	10-Q	0001564590-21-025079
03/05/21	12/31/20	10-K	0001564590-21-011278
11/05/20	09/30/20	10-Q	0001564590-20-051493
08/06/20	06/30/20	10-Q	0001564590-20-037783
05/11/20	03/31/20	10-Q	0001564590-20-024330
03/17/20	12/31/19	10-K	0001564590-20-011257
11/01/19	09/30/19	10-Q	0001564590-19-039403
07/26/19	06/30/19	10-Q	0001564590-19-026337
05/10/19	03/31/19	10-Q	0001564590-19-018438
03/29/19	12/31/18	10-K	0001564590-19-010183
11/09/18	09/30/18	10-Q	0001564590-18-028870
08/03/18	06/30/18	10-Q	0001564590-18-019203
05/11/18	03/31/18	10-Q	0001564590-18-013204
03/09/18	12/31/17	10-K	0001564590-18-005156
11/09/17	09/30/17	10-Q	0001564590-17-023330
08/11/17	06/30/17	10-Q	0001564590-17-017315
05/12/17	03/31/17	10-Q	0001564590-17-010602
03/31/17	12/31/16	10-K	0001564590-17-005689
11/09/16	09/30/16	10-Q	0001350653-16-000114
08/09/16	06/30/16	10-Q	0001350653-16-000097
05/06/16	03/31/16	10-Q	0001350653-16-000069
03/15/16	12/31/15	10-K	0001350653-16-000058
11/03/15	09/30/15	10-Q	0001350653-15-000037
08/04/15	06/30/15	10-Q	0001350653-15-000018
05/01/15	03/31/15	10-Q	0001350653-15-000010
02/27/15	12/31/14	10-K	0001350653-15-000006
10/30/14	09/30/14	10-Q	0001350653-14-000035
02/10/16	09/30/14	10-Q/A	0001350653-16-000048
02/10/16	06/30/14	10-Q/A	0001350653-16-000046
07/31/14	06/30/14	10-Q	0001350653-14-000030
05/01/14	03/31/14	10-Q	0001350653-14-000009
03/20/14	12/31/13	10-K	0001350653-14-000005
11/12/13	09/30/13	10-Q	0001445305-13-002906
08/07/13	06/30/13	10-Q	0001193125-13-322133
05/02/13	03/31/13	10-Q	0001193125-13-192965
03/05/13	12/31/12	10-K	0001193125-13-089967
11/06/12	09/30/12	10-Q	0001193125-12-452552
08/08/12	06/30/12	10-Q	0001193125-12-344105
05/08/12	03/31/12	10-Q	0001193125-12-218614
03/05/12	12/31/11	10-K	0001193125-12-094811
11/04/11	09/30/11	10-Q	0001193125-11-297415
08/08/11	06/30/11	10-Q	0001193125-11-214143
05/06/11	03/31/11	10-Q	0001193125-11-130944
03/04/11	12/31/10	10-K	0001193125-11-055368
11/08/10	09/30/10	10-Q	0001193125-10-252320
08/06/10	06/30/10	10-Q	0001193125-10-181369
05/10/10	03/31/10	10-Q	0001193125-10-114821
03/02/10	12/31/09	10-K	0001193125-10-046062
11/09/09	09/30/09	10-Q	0001193125-09-229311
08/04/09	06/30/09	10-Q	0001193125-09-163649
05/05/09	03/30/09	10-Q	0001193125-09-100074
03/04/09	12/31/08	10-K	0001193125-09-044992
11/04/08	09/30/08	10-Q	0001193125-08-224425
08/06/08	06/30/08	10-Q	0001193125-08-167707
05/12/08	03/30/08	Unknown	--
03/17/08	12/31/07	10-K	0001193125-08-058843
11/09/07	09/30/07	10-Q	0001193125-07-240609
08/14/07	06/30/07	10-Q	0001193125-07-182371
05/15/07	03/31/07	8-K	0001193125-07-075577
04/02/07	12/31/06	10-K	0001193125-07-072229
11/14/06	09/30/06	10-Q	0001193125-06-234805
08/14/06	06/30/06	10-Q	0001104659-06-054245
03/31/06	03/30/06	Unknown	--
12/31/05	12/31/05	Unknown	--
09/30/05	09/30/05	Unknown	--
06/30/05	06/30/05	Unknown	--
03/31/05	03/30/05	Unknown	--
12/31/04	12/31/04	Unknown	--
09/30/04	09/30/04	Unknown	--
06/30/04	06/30/04	Unknown	--
03/31/04	03/30/04	Unknown	--