Alphatec Holdings, Inc.
ATEC Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$764M
25.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−10.7%
11.5 pts
Net income
Profit after all expenses, interest and tax.
−$143M
Free cash flow
Cash from operations minus capital spending.
$2.8M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−13.5%
11.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.72 EPS (TTM)
What Alphatec Holdings, Inc. does
No business description yet.
- Legal name
- Alphatec Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001193125-26-067393
0001350653
Revenue and margins
Alphatec Holdings, Inc. had $764M of revenue in fiscal 2025, up 25.0% on the year before.
FY16
Revenue $120M
FY17
Revenue $102M
FY18
Revenue $91.7M
FY19
Revenue $113M
FY20
Revenue $145M
FY21
Revenue $243M
FY22
Revenue $351M
FY23
Revenue $482M
FY24
Revenue $612M
FY25
Revenue $764M
Q3 '23
Revenue $118M
Q4 '23
Revenue $138M
Q1 '24
Revenue $138M
Q2 '24
Revenue $146M
Q3 '24
Revenue $151M
Q4 '24
Revenue $177M
Q1 '25
Revenue $169M
Q2 '25
Revenue $186M
Q3 '25
Revenue $197M
Q4 '25
Revenue $213M
Q1 '26
Revenue $192M
Q2 '26
Revenue $214M
FY16
Gross 63.3%
Operating −12.8%
Net −24.9%
FCF −15.7%
FY17
Gross 67.1%
Operating −8.8%
Net −2.3%
FCF −16.0%
FY18
Gross 69.0%
Operating −24.5%
Net −31.6%
FCF −35.0%
FY19
Gross 68.4%
Operating −41.7%
Net −50.3%
FCF −40.7%
FY20
Gross 70.8%
Operating −40.6%
Net −54.5%
FCF −48.0%
FY21
Gross 64.9%
Operating −52.7%
Net −58.8%
FCF −58.3%
FY22
Gross 66.4%
Operating −41.9%
Net −43.1%
FCF −35.5%
FY23
Gross 64.3%
Operating −36.0%
Net −38.7%
FCF −33.0%
FY24
Gross 69.4%
Operating −22.3%
Net −26.5%
FCF −20.9%
FY25
Gross 69.6%
Operating −10.7%
Net −18.8%
FCF 0.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 67.7%
Operating −32.4%
Net −36.1%
FCF −31.0%
Q4 '23
Gross 69.0%
Operating −32.5%
Net −35.6%
FCF −36.8%
Q1 '24
Gross 70.3%
Operating −31.3%
Net −35.0%
FCF −50.4%
Q2 '24
Gross 70.5%
Operating −24.3%
Net −27.9%
FCF −31.3%
Q3 '24
Gross 68.2%
Operating −22.4%
Net −26.3%
FCF −14.1%
Q4 '24
Gross 68.8%
Operating −13.5%
Net −18.9%
FCF 4.8%
Q1 '25
Gross 68.6%
Operating −26.2%
Net −30.7%
FCF −8.9%
Q2 '25
Gross 69.6%
Operating −7.1%
Net −22.2%
FCF 2.8%
Q3 '25
Gross 69.9%
Operating −8.1%
Net −14.5%
FCF 2.4%
Q4 '25
Gross 70.2%
Operating −4.1%
Net −10.2%
FCF 3.6%
Q1 '26
Gross 71.0%
Operating −11.8%
Net −17.6%
FCF −5.6%
Q2 '26
Gross 72.2%
Operating −0.9%
Net −12.1%
FCF 0.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$29.9M
FY17
Net income −$2.3M
FY18
Net income −$29.0M
FY19
Net income −$57.0M
FY20
Net income −$79.0M
FY21
Net income −$143M
FY22
Net income −$151M
FY23
Net income −$187M
FY24
Net income −$162M
FY25
Net income −$143M
Q3 '23
Net income −$42.7M
Q4 '23
Net income −$49.1M
Q1 '24
Net income −$48.5M
Q2 '24
Net income −$40.7M
Q3 '24
Net income −$39.6M
Q4 '24
Net income −$33.3M
Q1 '25
Net income −$51.9M
Q2 '25
Net income −$41.1M
Q3 '25
Net income −$28.6M
Q4 '25
Net income −$21.7M
Q1 '26
Net income −$33.9M
Q2 '26
Net income −$25.8M
FY16
Diluted EPS −$3.49
FY17
Diluted EPS −$1.08
FY18
Diluted EPS −$1.20
FY19
Diluted EPS −$1.09
FY20
Diluted EPS −$1.18
FY21
Diluted EPS −$1.49
FY22
Diluted EPS −$1.46
FY23
Diluted EPS −$1.54
FY24
Diluted EPS −$1.13
FY25
Diluted EPS −$0.96
Q3 '23
Diluted EPS −$0.35
Q4 '23
Diluted EPS −$0.36
Q1 '24
Diluted EPS −$0.34
Q2 '24
Diluted EPS −$0.29
Q3 '24
Diluted EPS −$0.28
Q4 '24
Diluted EPS −$0.22
Q1 '25
Diluted EPS −$0.35
Q2 '25
Diluted EPS −$0.27
Q3 '25
Diluted EPS −$0.19
Q4 '25
Diluted EPS −$0.15
Q1 '26
Diluted EPS −$0.22
Q2 '26
Diluted EPS −$0.16
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets −31.8%
FY17
Return on capital —
Return on equity —
Return on assets −2.6%
FY18
Return on capital −46.9%
Return on equity —
Return on assets −27.1%
FY19
Return on capital −64.7%
Return on equity −186.3%
Return on assets −38.1%
FY20
Return on capital −67.9%
Return on equity −91.1%
Return on assets −36.6%
FY21
Return on capital −45.9%
Return on equity −135.9%
Return on assets −34.3%
FY22
Return on capital −44.7%
Return on equity −657.7%
Return on assets −27.7%
FY23
Return on capital −36.8%
Return on equity −859.1%
Return on assets −28.1%
FY24
Return on capital −25.3%
Return on equity −507.1%
Return on assets −20.5%
FY25
Return on capital −13.5%
Return on equity —
Return on assets −18.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $2.8M in fiscal 2025, 0.4% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$18.9M
FY17
Free cash flow −$16.3M
FY18
Free cash flow −$32.1M
FY19
Free cash flow −$46.2M
FY20
Free cash flow −$69.5M
FY21
Free cash flow −$142M
FY22
Free cash flow −$125M
FY23
Free cash flow −$159M
FY24
Free cash flow −$128M
FY25
Free cash flow $2.8M
Q3 '23
Free cash flow −$36.7M
Q4 '23
Free cash flow −$50.7M
Q1 '24
Free cash flow −$69.8M
Q2 '24
Free cash flow −$45.5M
Q3 '24
Free cash flow −$21.2M
Q4 '24
Free cash flow $8.5M
Q1 '25
Free cash flow −$15.0M
Q2 '25
Free cash flow $5.2M
Q3 '25
Free cash flow $4.8M
Q4 '25
Free cash flow $7.7M
Q1 '26
Free cash flow −$10.8M
Q2 '26
Free cash flow $0.6M
FY16
Cash from operations −$10.0M
Capital spending $8.9M
FY17
Cash from operations −$8.7M
Capital spending $7.6M
FY18
Cash from operations −$25.6M
Capital spending $6.5M
FY19
Cash from operations −$33.1M
Capital spending $13.0M
FY20
Cash from operations −$46.4M
Capital spending $23.1M
FY21
Cash from operations −$73.3M
Capital spending $68.5M
FY22
Cash from operations −$75.1M
Capital spending $49.5M
FY23
Cash from operations −$78.5M
Capital spending $80.5M
FY24
Cash from operations −$44.7M
Capital spending $83.2M
FY25
Cash from operations $45.2M
Capital spending $42.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$17.3M
Capital spending $19.4M
Q4 '23
Cash from operations −$25.0M
Capital spending $25.7M
Q1 '24
Cash from operations −$38.4M
Capital spending $31.3M
Q2 '24
Cash from operations −$11.4M
Capital spending $34.1M
Q3 '24
Cash from operations −$5.3M
Capital spending $15.8M
Q4 '24
Cash from operations $10.5M
Capital spending $2.0M
Q1 '25
Cash from operations −$5.0M
Capital spending $9.9M
Q2 '25
Cash from operations $15.5M
Capital spending $10.3M
Q3 '25
Cash from operations $14.0M
Capital spending $9.2M
Q4 '25
Cash from operations $20.7M
Capital spending $13.0M
Q1 '26
Cash from operations $1.3M
Capital spending $12.1M
Q2 '26
Cash from operations $20.5M
Capital spending $19.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Alphatec Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 5.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $25.0M
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.07B
FY21
Diluted shares 0.10B
FY22
Diluted shares 0.10B
FY23
Diluted shares 0.12B
FY24
Diluted shares 0.14B
FY25
Diluted shares 0.15B
Balance sheet
Cash, debt and the ratios that show how comfortably Alphatec Holdings, Inc. can carry it.
FY16
Cash $19.6M
Debt $49.3M
FY17
Cash $22.5M
Debt $42.9M
FY18
Cash $29.1M
Debt $49.3M
FY19
Cash $47.1M
Debt $61.2M
FY20
Cash $108M
Debt $46.3M
FY21
Cash $187M
Debt $327M
FY22
Cash $84.7M
Debt $379M
FY23
Cash $221M
Debt $515M
FY24
Cash $139M
Debt $578M
FY25
Cash $161M
Debt $630M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $187M | $84.7M | $221M | $139M | $161M |
| Debt incl. finance leases | $327M | $379M | $515M | $578M | $630M |
| Debt / equity | 4.1x | — | 6.6x | — | 50.7x |
| Interest coverage | −18.0x | −26.7x | −10.4x | −5.5x | −1.8x |
| Current ratio | 3.3x | 1.8x | 2.9x | 2.7x | 2.1x |
| Quick ratio | 2.4x | 1.1x | 2.0x | 1.6x | 1.3x |
| Total assets | $572M | $521M | $805M | $776M | $791M |
| Total liabilities | $491M | $556M | $727M | $790M | $779M |
| Shareholders' equity | $80.7M | −$34.7M | $78.1M | −$14.2M | $12.4M |
| Net debt (− = net cash) | $140M | $295M | $294M | $439M | $470M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ |
| F-score | — / 3 | 4 / 9 | 4 / 9 | 3 / 9 | 5 / 9 | 3 / 9 | 3 / 9 | 4 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | −21.2% | 7.2% | −3.1% | −16.0% | −15.1% | −16.7% | −13.9% | −16.3% | −14.9% | −24.1% |
| Altman Z'' | −14.96 | −15.81 | −11.36 | −9.45 | −5.28 | −3.14 | −6.33 | −3.47 | −4.35 | −4.63 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $120M | $102M | $91.7M | $113M | $145M | $243M | $351M | $482M | $612M | $764M |
| Gross profit | $76.1M | $68.2M | $63.2M | $77.6M | $103M | $158M | $233M | $310M | $424M | $532M |
| Research and development | $9.2M | $4.9M | $9.9M | $13.8M | $18.7M | $32.0M | $44.0M | $70.1M | $80.7M | $76.3M |
| Operating income | −$15.4M | −$9.0M | −$22.4M | −$47.3M | −$58.9M | −$128M | −$147M | −$173M | −$136M | −$82.1M |
| Interest expense | $5.4M | — | — | $9.9M | $12.4M | $7.1M | $5.5M | $16.6M | $24.9M | $45.9M |
| Pretax income | −$30.9M | −$4.6M | −$30.2M | −$57.1M | −$78.8M | −$144M | −$152M | −$187M | −$162M | −$143M |
| Income tax | −$4.6M | −$0.0M | −$1.4M | −$0.2M | $0.1M | −$1.1M | −$0.7M | −$0.3M | $0.1M | −$0.0M |
| Net income | −$29.9M | −$2.3M | −$29.0M | −$57.0M | −$79.0M | −$143M | −$151M | −$187M | −$162M | −$143M |
| Net income to common | — | −$2.3M | −$42.5M | −$57.0M | −$79.0M | −$143M | −$151M | −$187M | −$162M | −$143M |
| Diluted EPS | −$3.49 | −$1.08 | −$1.20 | −$1.09 | −$1.18 | −$1.49 | −$1.46 | −$1.54 | −$1.13 | −$0.96 |
| Diluted shares | 0.01B | 0.01B | 0.04B | 0.05B | 0.07B | 0.10B | 0.10B | 0.12B | 0.14B | 0.15B |
| Cash flow | ||||||||||
| Cash from operations | −$10.0M | −$8.7M | −$25.6M | −$33.1M | −$46.4M | −$73.3M | −$75.1M | −$78.5M | −$44.7M | $45.2M |
| Capital expenditure | $8.9M | $7.6M | $6.5M | $13.0M | $23.1M | $68.5M | $49.5M | $80.5M | $83.2M | $42.5M |
| Free cash flow | −$18.9M | −$16.3M | −$32.1M | −$46.2M | −$69.5M | −$142M | −$125M | −$159M | −$128M | $2.8M |
| Depreciation and amortization | $12.4M | $7.5M | $6.8M | $7.6M | $10.9M | $26.8M | $41.2M | $56.1M | $78.4M | $77.5M |
| Stock-based compensation | $1.6M | $4.0M | $5.3M | $11.0M | $17.7M | $36.5M | $40.6M | $81.2M | $73.3M | $73.7M |
| Acquisitions | — | — | $15.1M | — | — | $62.1M | — | $55.0M | $0.0M | $0.0M |
| Share buybacks | — | — | — | — | — | $25.0M | — | — | — | — |
| Dividends and buybacks | — | — | — | — | — | $25.0M | — | — | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $19.6M | $22.5M | $29.1M | $47.1M | $108M | $187M | $84.7M | $221M | $139M | $161M |
| Total debt | $49.3M | $42.9M | $49.3M | $61.2M | $46.3M | $327M | $379M | $515M | $578M | $630M |
| Current assets | $72.8M | $66.5M | $75.5M | $108M | $184M | $331M | $256M | $451M | $417M | $451M |
| Current liabilities | $40.1M | $29.7M | $30.6M | $36.4M | $58.3M | $101M | $139M | $158M | $153M | $219M |
| Inventory | $30.1M | $27.3M | $28.8M | $34.9M | $46.0M | $91.7M | $102M | $137M | $175M | $169M |
| Property and equipment, net | $15.1M | $12.7M | $13.2M | $19.7M | $36.7M | $87.4M | $102M | $150M | $156M | $135M |
| Goodwill | $0.0M | — | $13.9M | $13.9M | $13.9M | $39.7M | $47.4M | $73.0M | $71.0M | $75.2M |
| Intangible assets | $5.7M | $5.2M | $26.4M | $25.6M | $24.7M | $85.3M | $82.8M | $102M | $93.5M | $93.5M |
| Total assets | $94.2M | $84.7M | $129M | $170M | $261M | $572M | $521M | $805M | $776M | $791M |
| Total liabilities | $136M | $111M | $112M | $126M | $131M | $491M | $556M | $727M | $790M | $779M |
| Shareholders' equity | −$41.5M | −$26.7M | $17.6M | $43.6M | $130M | $80.7M | −$34.7M | $78.1M | −$14.2M | $12.4M |
| Margins | ||||||||||
| Gross margin | 63.3% | 67.1% | 69.0% | 68.4% | 70.8% | 64.9% | 66.4% | 64.3% | 69.4% | 69.6% |
| Operating margin | −12.8% | −8.8% | −24.5% | −41.7% | −40.6% | −52.7% | −41.9% | −36.0% | −22.3% | −10.7% |
| EBITDA margin | −2.5% | −1.5% | −17.1% | −35.0% | −33.1% | −41.7% | −30.2% | −24.3% | −9.4% | −0.6% |
| Net margin | −24.9% | −2.3% | −31.6% | −50.3% | −54.5% | −58.8% | −43.1% | −38.7% | −26.5% | −18.8% |
| FCF margin | −15.7% | −16.0% | −35.0% | −40.7% | −48.0% | −58.3% | −35.5% | −33.0% | −20.9% | 0.4% |
| Returns | ||||||||||
| Return on capital | — | — | −46.9% | −64.7% | −67.9% | −45.9% | −44.7% | −36.8% | −25.3% | −13.5% |
| Return on capital employed | −28.4% | −16.4% | −22.7% | −35.4% | −29.0% | −27.2% | −38.5% | −26.8% | −21.9% | −14.4% |
| Return on equity | — | — | — | −186.3% | −91.1% | −135.9% | −657.7% | −859.1% | −507.1% | — |
| Return on assets | −31.8% | −2.6% | −27.1% | −38.1% | −36.6% | −34.3% | −27.7% | −28.1% | −20.5% | −18.3% |
| Return on tangible equity | — | — | — | −1,380.5% | −86.6% | — | — | — | — | — |
| Growth | ||||||||||
| Revenue growth | — | −15.4% | −9.9% | 23.7% | 27.7% | 67.9% | 44.3% | 37.4% | 26.8% | 25.0% |
| Share count change | — | 54.8% | 165.9% | 47.9% | 28.3% | 43.5% | 7.5% | 17.3% | 17.9% | 5.0% |
| Financial health | ||||||||||
| Debt / equity | — | — | 2.8x | 1.4x | 0.4x | 4.1x | — | 6.6x | — | 50.7x |
| Interest coverage | −2.9x | — | — | −4.8x | −4.8x | −18.0x | −26.7x | −10.4x | −5.5x | −1.8x |
| Current ratio | 1.8x | 2.2x | 2.5x | 3.0x | 3.2x | 3.3x | 1.8x | 2.9x | 2.7x | 2.1x |
| Quick ratio | 1.1x | 1.3x | 1.5x | 2.0x | 2.4x | 2.4x | 1.1x | 2.0x | 1.6x | 1.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 7.4% | 7.5% | 7.1% | 11.5% | 16.0% | 28.2% | 14.1% | 16.7% | 13.6% | 5.6% |
| Stock comp / revenue | 1.4% | 3.9% | 5.8% | 9.7% | 12.2% | 15.0% | 11.6% | 16.8% | 12.0% | 9.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 4.0 | 3.0 | 5.0 | 3.0 | 3.0 | 4.0 | 4.0 | 5.0 |
| Altman Z'' | −15.0 | −15.8 | −11.4 | −9.5 | −5.3 | −3.1 | −6.3 | −3.5 | −4.3 | −4.6 |
| Accruals ratio | −21.2% | 7.2% | −3.1% | −16.0% | −15.1% | −16.7% | −13.9% | −16.3% | −14.9% | −24.1% |
Source: SEC EDGAR XBRL filings (CIK 0001350653). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.