Alphatec Holdings (ATEC) AI Stock Analysis

• Market Cap: $1.86B
• Dividend Yield: N/A
• Average Volume (3M): 2.70M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: 27.11%
• EPS Growth: 17.66%
• Country: US
• Employees: 867
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.06
• Shares Outstanding: 151,356,610
• 10 Day Avg. Volume: 2,585,753
• 30 Day Avg. Volume: 2,699,994
• PEG Ratio: 1.46
• Price to Book (P/B): 87.63
• Price to Sales (P/S): 4.13
• P/FCF Ratio: 1.14K
• Enterprise Value/Market Cap: 1.27
• Enterprise Value/Revenue: 3.10
• Enterprise Value/Gross Profit: 4.61
• Enterprise Value/Ebitda: -53.82
• 1Y Price Target: $24.20
• Price Target Upside: 92.06% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 0.26
• Revenue Forecast (FY): $891.44M

• Rating: 51 Neutral
• Price Target: $12.50 ▼(-0.79% Downside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is held back primarily by weak financial performance (ongoing losses and prior balance-sheet stress) and bearish technicals (below key moving averages with negative MACD). Offsetting these, the latest earnings call featured upbeat guidance for growth, margin expansion, and positive free cash flow, providing a meaningful support to the overall score despite valuation being constrained by negative earnings.

Positive Factors

Sustained Top‑Line Momentum

Consistent double‑digit revenue growth driven by procedural volume and surgeon adoption indicates durable commercial traction. A growing installed base and expanding surgeon users support recurring instrument and implant sales, improving revenue visibility and scale over the next several quarters.

Improving Profitability and Margins

Material adjusted EBITDA expansion and a high exit margin reflect structural operating leverage from scale and healthy gross margins. If gross margins and SG&A efficiencies persist, the company can sustainably convert revenue growth into operating profitability and incremental cash generation.

Product Roadmap & Strategic Partnership

A differentiated product pipeline (navigation/robotic Valence, EOS platform) plus an exclusive BMP partnership expand clinical capabilities and addressable market. These structural product and partnership investments can increase procedure mix, implant usage, and long‑term competitive advantage.

Negative Factors

Historic Balance Sheet Stress

Prior negative equity and elevated leverage create lingering refinancing and covenant risk despite 2025 repair. Historic capital structure weakness reduces financial flexibility and raises uncertainty about durability of investment plans if cash generation weakens or markets tighten.

Modest and Volatile Free Cash Flow

Free cash flow remains thin because growth requires instrument and inventory reinvestment; modest FCF limits ability to de‑risk the balance sheet or fund R&D/acquisitions internally. Volatile FCF raises questions about the sustainability of planned margin and leverage improvements.

High Absolute Operating Spend

Although SG&A improved as a percent of sales, the large absolute cost base necessitates continued high revenue growth to realize operating leverage. If growth decelerates, elevated fixed selling and infrastructure costs could compress margins and slow cash conversion.

Alphatec Holdings Business Overview & Revenue Model

Company Description

Alphatec Holdings, Inc., a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders. The company offers SafeOp Neural InformatiX System, an Alpha InformatiX product platform designed to reduce the risk of intraoperative nerve injury; Sigma transforaminal lumbar interbody fusion pedicle-based access system that provides direct visualization of anatomical landmarks; Sigma PTP Access and Patient Positioning System; squadron lateral retractor designed to maximize patient outcomes; Invictus Spinal Fixation System, a thoracolumbar fixation system to treat a range of pathologies; and Invictus MIS SingleStep System that provides minimally invasive pedicle screw placement. It also provides Invictus Modular Fixation Systems designed to increase adaptability with the power of screw modularity; OsseoScrew system to restore the integrity of the spinal column; Arsenal spinal fixation system, a comprehensive thoracolumbar fixation platform to fix a range of degenerative to deformity pathologies and surgical procedures; Aspida Anterior Lumbar Plating System, a fixation system for anterior lumbar interbody fusion; AMP Anti-Migration Plate; OCT Spinal Fixation System; trestle luxe anterior cervical plate system; and Insignia Anterior Cervical Plate System. In addition, the company offers IdentiTi Porous Ti, Transcend Lateral, and Battalion Posterior Interbody Implants; and biologics consisting of Cervical Structural Allograft Spacers, 3D ProFuse Demineralized Bone Scaffold, Neocore Osteoconductive Matrix, Alphagraft Demineralized and Cellular Bone Matrix, and Amnioshield Amniotic Tissue Barrier, as well as EOS imaging products. It sells its products through a network of independent distributors and direct sales representatives in the United States. The company was founded in 1990 and is headquartered in Carlsbad, California.

How the Company Makes Money

Alphatec primarily makes money by selling spine-surgery products to healthcare providers, generating revenue from the commercial sale of spinal implants (e.g., fixation systems and interbody devices) and the specialized instruments and procedural technologies used to implant them. Revenue is recognized from product sales and is driven by procedure volume, surgeon and hospital adoption, and the company’s ability to provide a comprehensive set of tools that support specific surgical approaches. The company’s earnings are influenced by the breadth of its product portfolio, the effectiveness and scale of its direct sales/distribution efforts, and purchasing dynamics in hospitals and surgery centers (including the impact of contracting, pricing, and inventory practices). Specific material partnerships or their quantitative contribution to revenue are null.

Alphatec Holdings Financial Statement Overview

Summary

Strong multi-year revenue growth and healthy gross margins are outweighed by persistent operating/net losses and historically stressed equity/leverage metrics (including negative equity in 2022 and very high leverage in 2024). Cash flow improved meaningfully with positive operating cash flow and slightly positive free cash flow in 2025, but durability is still uncertain and recent-period data quality appears inconsistent.

Income Statement

Revenue expanded strongly from 2020–2024, indicating solid demand momentum, and gross margins were consistently healthy in those years (~64–71%). However, profitability remains a major issue: operating results and net income were deeply negative across the period, with only modest improvement in net margin from 2021 to 2024 (still materially loss-making). The 2025 annual revenue shown as zero alongside substantial gross profit suggests reporting/data irregularities, which reduces confidence in the latest period’s trend.

Balance Sheet

Leverage and equity quality have been volatile. Debt relative to equity was extremely elevated in 2024 (very thin equity base), and equity was negative in 2022—both are meaningful risk signals. Positively, 2025 shows a much lower debt-to-equity level and a more substantial equity base, suggesting recapitalization and/or balance sheet repair. Still, returns on equity are sharply negative due to ongoing losses, keeping overall balance sheet strength below average.

Cash Flow

Cash flow trends improved materially in the most recent year: 2025 shows positive operating cash flow and slightly positive free cash flow, a notable turnaround from 2020–2024 when both were consistently negative. That said, free cash flow has been volatile and thin relative to the scale of losses, and prior years show the business required ongoing cash support. Overall, the direction is encouraging, but durability remains unproven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	764.15M	611.56M	482.26M	350.87M	243.21M
Gross Profit	531.89M	424.26M	310.20M	233.06M	157.76M
EBITDA	-39.70M	-53.87M	-110.59M	-102.58M	-106.88M
Net Income	-143.36M	-162.12M	-186.64M	-151.29M	-143.03M
Balance Sheet
Total Assets	791.21M	775.71M	805.21M	520.97M	572.05M
Cash, Cash Equivalents and Short-Term Investments	160.81M	138.84M	220.97M	84.70M	187.25M
Total Debt	619.95M	609.94M	541.68M	395.86M	355.43M
Total Liabilities	755.18M	766.28M	703.49M	555.63M	492.63M
Stockholders Equity	36.03M	9.43M	101.72M	-34.67M	79.42M
Cash Flow
Free Cash Flow	2.78M	-137.79M	-165.46M	-133.41M	-141.86M
Operating Cash Flow	45.23M	-44.65M	-78.48M	-75.13M	-73.32M
Investing Cash Flow	-53.41M	-93.14M	-141.97M	-58.28M	-157.76M
Financing Cash Flow	30.02M	56.21M	356.92M	31.23M	311.97M

Alphatec Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 12.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATEC, the sentiment is Negative. The current price of 12.6 is below the 20-day moving average (MA) of 13.10, below the 50-day MA of 15.15, and below the 200-day MA of 15.44, indicating a bearish trend. The MACD of -0.69 indicates Negative momentum. The RSI at 38.66 is Neutral, neither overbought nor oversold. The STOCH value of 37.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ATEC.

Alphatec Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UFPT	69 Neutral	$1.57B	25.04	17.36%	―	29.47%	23.24%
LIVN	68 Neutral	$3.36B	-13.83	-21.49%	―	8.97%	-1024.86%
ESTA	67 Neutral	$1.86B	-42.28	-201.79%	―	24.76%	-10.41%
AORT	59 Neutral	$1.79B	211.68	2.44%	―	9.81%	-1067.00%
AHCO	56 Neutral	$1.44B	―	-4.63%	―	-0.23%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ATEC	51 Neutral	$1.86B	―	-1760.45%	―	27.11%	17.66%

Alphatec Holdings Corporate Events

Alphatec Holdings Announces Board Director Retirement and Changes

On February 25, 2026, Alphatec Holdings, Inc. announced that director Ward W. Woods would retire from its Board of Directors, effective February 27, 2026, citing personal reasons and confirming there was no disagreement with the company’s operations, policies, or practices. In connection with his departure, Alphatec entered into a Vesting Acceleration Agreement under which any restricted stock units granted to Woods on June 11, 2025, that remained unvested as of his departure date became fully vested, and on February 26, 2026, the Board reduced its size from eight to seven members to reflect his resignation.

These governance changes suggest a modest streamlining of the company’s board structure while providing customary equity treatment for a departing director, signaling an orderly transition rather than a shift in strategic direction or internal discord and offering stability for shareholders and other stakeholders.

The most recent analyst rating on (ATEC) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Alphatec Holdings stock, see the ATEC Stock Forecast page.