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Maker of spine surgery implants and technology, including screws, cages and navigation/robotics systems.
Maker of spine surgery implants and technology, including screws, cages and navigation/robotics systems.
Earns per spine surgery, selling the implants and the instrument sets and technology around them, and grows by signing surgeons who adopt its full set of tools. It bought the French imaging company EOS imaging in 2021 to supply pre-surgery planning that complements the implants.
Moat: narrow (switching costs, process know-how). Integrated implant-plus-navigation ecosystem builds surgeon workflow lock-in versus standalone implant makers.
Headquarters: Carlsbad, California · Founded: 1990 · Employees: 913
Size Alphatec (ATEC) is a United States Health Care company (Medical Specialties) with a market value of $1.15B, the 2160th largest of 3,117 United States companies the cockpit tracks. Shares closed at $7.44 on 6 Nov 2026.
Performance Over six months the shares fell 1.1%, against -13.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 15.3% over the last twelve months (peer median +12.5%); the operating margin is -3.0% (peer median 13.9%).
Valuation It trades at 15.0× forward earnings against a peer median of 27.0× (3rd cheapest of 12).
Capital Return on invested capital runs 11.6 points below its cost of capital (7.9% WACC).
Credit Alphatec has 1 bond outstanding ($405M).
Short interest Short interest is 8.6% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $840M | $764M | $612M | $482M | $351M |
| Revenue growth | — | +25% | +27% | +37% | — |
| Gross profit | $520M | $454M | $346M | $254M | $192M |
| EBITDA | $58.2M | $24.6M | -$39.6M | -$88.6M | -$77.2M |
| Net income | -$86.9M | -$143M | -$162M | -$187M | -$151M |
| Free cash flow | $3.07M | $2.78M | -$128M | -$159M | -$125M |
| Capital expenditure | $71.8M | $49.6M | $93.1M | $87.0M | $58.3M |
| Total debt | $594M | $596M | $610M | $542M | $396M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Alphatec ATEC | $1.15B | -1% | +15% | -3% | 15.0× | n/a |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Globus Medical GMED | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATEC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.1% | +3.0% | 3rd lowest of 21 |
| 6-month return | -1.1% | -13.9% | 9th highest of 20 |
| Distance from 52-week high | -68.0% | -34.5% | lowest of 21 |
| Revenue growth (TTM) | +15.3% | +12.5% | 8th highest of 19 |
| Operating margin | -3.0% | 13.9% | 7th lowest of 19 |
| Forward P/E | 15.0× | 27.0× | 3rd cheapest of 12 |
| ROIC minus cost of capital | -11.6 pp | -0.2 pp | 8th lowest of 20 |
| EV / EBITDA | 29.1× | 15.8× | 3rd most expensive of 6 |
| Net debt / EBITDA | 8.8× | 0.1× | most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alphatec ATEC | United States | $1.15B | -1% | +15% | -3% | 15.0× | n/a | n/a |
| Inno Laser Technology 301021.SZ | China | $1.16B | -18% | +17% | 9% | n/a | 53.9% | +8.6% |
| Mingyue Optical Lens 301101.SZ | China | $1.14B | +6% | +14% | 25% | 33.7× | 10.0% | +8.8% |
| Tandem Diabetes Care TNDM | United States | $1.18B | +9% | +4% | -4% | n/a | n/a | n/a |
| PROCEPT BioRobotics PRCT | United States | $1.18B | -19% | +23% | -34% | n/a | n/a | n/a |
| Beijing Strong Biotechnologies 300406.SZ | China | $1.13B | +1% | -4% | 36% | 18.2× | 1.5% | +9.9% |
| Beijing Wandong Medical Technology 600055.SS | China | $1.11B | -27% | -11% | -33% | n/a | n/a | n/a |
| IRadimed IRMD | United States | $1.10B | 0% | +11% | 32% | 36.0× | 19.1% | +21.5% |
| Amoy Diagnostics 300685.SZ | China | $1.10B | -14% | +7% | 34% | 20.9× | 6.5% | +10.3% |
| Freenome FRNM | United States | $1.09B | n/a | n/a | n/a | n/a | n/a | n/a |
| SI-BONE SIBN | United States | $1.09B | +98% | +14% | -8% | n/a | n/a | n/a |
| PHC 6523.T | Japan | $1.09B | +36% | +3% | 7% | 7.9× | -2.3% | +3.6% |
| Tinavi Medical Technologies 688277.SS | China | $1.08B | -30% | -2% | -59% | n/a | n/a | n/a |
| INKON Life Technology 300143.SZ | China | $1.08B | -14% | +22% | 12% | 55.2× | 12.4% | +12.9% |
| Shandong Weigao Orthopaedic Device 688161.SS | China | $1.24B | -25% | -6% | 18% | 27.0× | 12.7% | -3.5% |
| L&C BIO 290650.KS | South Korea | $1.07B | -17% | +53% | 17% | 213.2× | n/a | n/a |
| CLASSYS 214150.KS | South Korea | $1.25B | -54% | +25% | 46% | 12.1× | -8.7% | +34.5% |
| Guangzhou Hexin Instrument 688622.SS | China | $1.26B | +58% | -29% | -74% | n/a | n/a | n/a |
| STAAR Surgical STAA | United States | $1.26B | -6% | +51% | 18% | 45.8× | n/a | n/a |
| Eyebright Medical Technology (Beijing) 688050.SS | China | $1.27B | -15% | +21% | 16% | 25.2× | 10.8% | +40.3% |
| Alpha Tau Medical DRTS | United States | $1.27B | +61% | n/a | n/a | n/a | n/a | n/a |
Alphatec has 1 bond outstanding with $405M face value.