Alphatec Holdings Inc. Common Stock (ATEC)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I want consistent earnings, honest book value, and a price that offers a margin of safety. Alphatec fails the first tests. Revenue has grown from $482.3M in fiscal year 2023, the year ended 2023-12-31, to $764.2M in fiscal year 2025, the year ended 2025-12-31, and fiscal Q2 2026, the quarter ended 2026-06-30, produced $213.5M of revenue. But the company still reported a net loss of $143.4M in fiscal year 2025, the year ended 2025-12-31, and $25.8M in fiscal Q2 2026, the quarter ended 2026-06-30. It has lost money in each of the last four years, so FairStock's computed Lynch category is none. Free cash flow is negative $5.7M trailing twelve months, and the FCF yield is negative 0.3%. The balance sheet is stretched: debt-to-equity of 52.37, Altman Z-score of negative 0.80, and return on equity of negative 373.44% by FairStock's calculation. Valuation is not cheap: at the 2026-10-13 close of $10.82, P/B is 84.22, EV/EBITDA is 101.89, and the P/E is negative 15.24. Some operating improvement is visible: losses narrowed from fiscal year 2023, the year ended 2023-12-31, to fiscal year 2025, the year ended 2025-12-31, and fiscal Q2 2026 revenue rose 15.07% with profit growth of 37.34% on the supplied figures. The spine-surgery platform may have switching costs and clinical relevance, but without profits or cash generation, any moat is unproven. This is a speculative growth story priced for future success, not a Graham bargain.

In plain English: Alphatec makes surgical tools and implants for spinal disorders. Sales are growing, but the company has lost money for years and still is not profitable. At the 2026-10-13 close of $10.82, the price looks expensive against today's losses and low book value, so it depends heavily on future improvement.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer