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Alphatec Holdings, Inc. (ATEC) stock analysis

ATECNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 29, 2026Score 7/30
$7.35+0.35 (+5.00%)

Close on Nov 11, 2026Market cap $1.14BP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value1Growth3Performance2Health1Dividend0

Weak7 of 30 checks passed

Alphatec passes 7 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
1/6
Growth
3/6
Past performance
2/6
Financial health
1/6
Dividend
0/6

What stands out

  • Revenue growing 10%+ a year

    Revenue grew 29.6% a year over the last three fiscal years.

  • P/S below the industry

    Alphatec's price-to-sales of 1.36 is below the Surgical, Medical, and Dental Instruments and Supplies median of 2.82 (book value is negative, so we use sales).

  • Growing faster than the industry

    Revenue grew 15.3% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 11.0%.

  • Gross margin improving

    Gross margin was 71.3% over the last twelve months, against 69.2% a year earlier.

What to watch

  • Return on equity under 15%

    Return on equity was -1888% over the last twelve months and averaged -540% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -5.0%, below the 10% that usually covers the cost of capital.

  • Interest not well covered

    Operating income covers interest expense -0.7 times; we look for at least 5.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 11.1% of total debt; we look for at least 20%.

Valuation1/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/S below the industry

    Alphatec's price-to-sales of 1.36 is below the Surgical, Medical, and Dental Instruments and Supplies median of 2.82 (book value is negative, so we use sales).

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth3/6

  • Revenue growing 10%+ a year

    Revenue grew 29.6% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 15.3% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 11.0%.

  • Guidance lowered

    Alphatec lowered its fiscal year 2026 total revenue outlook on Oct 29, 2026.

  • Gross margin improving

    Gross margin was 71.3% over the last twelve months, against 69.2% a year earlier.

Past performance2/6

  • Return on equity under 15%

    Return on equity was -1888% over the last twelve months and averaged -540% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -5.0%, below the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    Alphatec's return on equity of -1888% is below the Surgical, Medical, and Dental Instruments and Supplies median of -31.3%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was -10.3% over the last twelve months, against a 5-year average of -37.2%.

  • Net margin above the industry

    Alphatec's net margin of -10.3% is above the Surgical, Medical, and Dental Instruments and Supplies median of -14.1%.

Financial health1/6

  • Debt level

    Needs debt and equity figures.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals 11.1% of total debt; we look for at least 20%.

  • Interest not well covered

    Operating income covers interest expense -0.7 times; we look for at least 5.

  • Short-term assets cover short-term debts

    Current assets are 2.36 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -0.46; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Alphatec has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Alphatec. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • EV/EBITDA at month end
  • Surgical, Medical, and Dental Instruments and Supplies median 16.7

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$39.70M
Value traded per 1% price move
$8.90M

Downside

High risk

Typical loss in a bad month
36.3%
Volatility (annualized)
79%
Sharpe ratio, 1 year
-0.86
Beta to the S&P 500 (5Y)
1.17

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

69.6%−1.2 pts over 5 years

Operating margin

-10.7%+29.9 pts over 5 years

Net margin

-18.8%+35.8 pts over 5 years

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