Alphatec Holdings (ATEC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Alphatec Holdings

NasdaqGS•Healthcare•Medical Devices

$10.50-0.16(-0.02%)Pre-market

Market Cap

$1.59B

P/S

2.0x

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. 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.

How this company scores

WeakMetricSide Score: 51/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (20/25); weakest: Balance Sheet & Red Flags (4/25).

Profitability15/25

Growth20/25

Balance Sheet & Red Flags4/25

Cash & Earnings Quality12/25

Strengths

Growing revenueProfit converts from growthConsistent growthImproving margins

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-1.1x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 2.0x5y range 1.4x – 5.0x

Currently below its 17-quarter median.

P/B · 255.5x5y range 23.5x – 255.5x

Currently above its 7-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.0x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $1.59B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $815.05M
Q. Revenue: $213.51M
TTM EBITDA: $66.43M
TTM Op. Income: $-49.24M
Q. Op. Income: $-1.91M
TTM Net Income: $-109.99M
Q. Net Income: $-25.78M
EPS: $-0.16
Shares Out.: $156.57M

$815.05M in TTM revenue grew 19.5% YoY, reaching $213.51M last quarter. TTM EBITDA of $66.43M and TTM operating income of $-49.24M show growth is flowing through to the bottom line. However, net income is negative at $109.99M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 72.2%
EBITDA Margin: 8.4%
Op. Margin: -0.9%
Net Margin: -12.1%

Op. margin of -0.9% is up 6.2% YoY — cost efficiency is improving. Net margin at -12.1% and gross margin of 72.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 87% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 2.0x
P/B Ratio: N/A

P/S of 2.0x and P/B of 0.0x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $791.03M
Cash: $118.66M
Long-Term Debt: $510.74M
Book Value: $-12.07M
D/E Ratio: N/A
Debt/EBITDA: 28.6

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $20.51M
TTM Free Cash Flow: $2.31M
FCF Margin: 0.3%
FCF / Net Income: -0.0

TTM FCF of $2.31M on $20.51M in operating cash flow. The FCF / Net Income ratio of -0.0x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 110% — a weakening trend.