Alphatec (ATEC) Financials

$10.23 -0.10 (-0.97%)

Closing price 05/5/2026 04:00 PM Eastern

Extended Trading

$8.14 -2.09 (-20.44%)

As of 05/5/2026 07:57 PM Eastern

Annual Income Statements for Alphatec

This table shows Alphatec's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-179	-30	-2.29	-42	-57	-79	-143	-151	-187	-162	-143
Consolidated Net Income / (Loss)	-179	-30	-2.29	-29	-57	-79	-143	-151	-187	-162	-143
Net Income / (Loss) Continuing Operations	-171	-26	-4.54	-29	-57	-79	-143	-151	-187	-162	-143
Total Pre-Tax Income	-172	-31	-4.57	-30	-57	-79	-144	-152	-187	-162	-143
Total Operating Income	-176	-15	-9.00	-22	-47	-59	-128	-147	-173	-136	-82
Total Gross Profit	88	76	68	63	78	103	158	233	310	424	532
Total Revenue	134	120	102	92	113	145	243	351	482	612	764
Operating Revenue	134	120	102	92	113	145	243	351	482	612	764
Total Cost of Revenue	46	44	34	28	36	42	85	118	172	187	232
Operating Cost of Revenue	46	44	34	28	36	42	85	118	172	187	232
Total Operating Expenses	264	92	77	86	125	161	286	380	484	560	614
Selling, General & Admin Expense	28	26	70	73	102	129	229	300	374	450	499
Research & Development Expense	18	9.25	4.92	9.85	14	19	32	44	70	81	76
Amortization Expense	1.20	0.93	0.69	0.74	0.70	0.69	5.35	10	14	16	15
Other Operating Expenses / (Income)	-	-	-	5.68	8.55	8.55	11	24	22	9.80	24
Restructuring Charge	0.60	2.29	2.21	2.93	0.06	4.22	8.06	1.93	2.83	3.46	0.38
Total Other Income / (Expense), net	3.46	-16	4.43	-7.73	-9.87	-20	-16	-5.03	-14	-26	-61
Interest Expense	4.00	9.48	-	0.59	9.87	20	15	5.51	17	25	63
Other Income / (Expense), net	7.45	-0.72	12	-7.14	-	0.00	-1.56	0.47	3.12	-1.03	2.22
Income Tax Expense	-1.15	-4.63	-0.03	-1.36	-0.24	0.15	-1.13	-0.72	-0.28	0.05	-0.05
Basic Earnings per Share	($21.53)	($3.49)	($0.18)	($1.20)	($1.09)	($1.18)	($1.49)	($1.46)	($1.54)	($1.13)	($0.96)
Weighted Average Basic Shares Outstanding	8.30M	8.58M	12.79M	35.32M	52.23M	67.02M	96.20M	103.37M	121.24M	142.95M	150.06M
Diluted Earnings per Share	($21.53)	($3.49)	($1.08)	($1.20)	($1.09)	($1.18)	($1.49)	($1.46)	($1.54)	($1.13)	($0.96)
Weighted Average Diluted Shares Outstanding	8.30M	8.58M	13.28M	35.32M	52.23M	67.02M	96.20M	103.37M	121.24M	142.95M	150.06M
Weighted Average Basic & Diluted Shares Outstanding	102.15M	9.05M	25.47M	35.32M	52.23M	67.02M	96.20M	111.11M	137.98M	144.15M	151.36M

This table shows Alphatec's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-51	-43	-49	-48	-41	-40	-33	-52	-41	-29	-22
Consolidated Net Income / (Loss)	-51	-43	-49	-48	-41	-40	-33	-52	-41	-29	-22
Net Income / (Loss) Continuing Operations	-51	-43	-49	-48	-41	-40	-33	-52	-41	-29	-22
Total Pre-Tax Income	-51	-43	-49	-49	-41	-40	-33	-52	-41	-29	-22
Total Operating Income	-50	-38	-45	-43	-35	-34	-24	-44	-13	-16	-8.82
Total Gross Profit	65	80	95	97	103	103	122	116	129	137	149
Total Revenue	117	118	138	138	146	151	177	169	186	197	213
Operating Revenue	117	118	138	138	146	151	177	169	186	197	213
Total Cost of Revenue	52	38	43	41	43	48	55	53	56	59	63
Operating Cost of Revenue	52	38	43	41	43	48	55	53	56	59	63
Total Operating Expenses	114	118	140	141	138	136	145	160	142	153	158
Selling, General & Admin Expense	87	91	104	114	113	109	115	127	119	124	129
Research & Development Expense	15	20	22	18	19	20	23	17	18	19	23
Amortization Expense	3.71	3.87	3.82	3.85	3.84	3.85	4.72	4.10	3.80	3.73	3.42
Other Operating Expenses / (Income)	6.91	2.72	9.47	4.43	2.09	2.09	1.19	12	1.59	6.52	3.46
Total Other Income / (Expense), net	-1.57	-4.41	-4.37	-5.22	-5.66	-5.95	-9.07	-7.68	-28	-13	-13
Interest Expense	3.89	4.46	4.42	5.34	5.82	6.57	7.15	25	12	13	13
Other Income / (Expense), net	2.32	0.05	0.04	0.12	0.16	0.62	-1.92	18	-16	0.31	-0.03
Income Tax Expense	-0.05	-0.12	-0.12	-0.07	-0.29	-0.04	0.44	-0.06	-0.04	0.07	-0.02
Basic Earnings per Share	($0.43)	($0.35)	($0.36)	($0.34)	($0.29)	($0.28)	($0.22)	($0.35)	($0.27)	($0.19)	($0.15)
Weighted Average Basic Shares Outstanding	118.72M	122.47M	121.24M	140.98M	142.69M	143.49M	142.95M	146.73M	149.91M	151.40M	150.06M
Diluted Earnings per Share	($0.43)	($0.35)	($0.36)	($0.34)	($0.29)	($0.28)	($0.22)	($0.35)	($0.27)	($0.19)	($0.15)
Weighted Average Diluted Shares Outstanding	118.72M	122.47M	121.24M	140.98M	142.69M	143.49M	142.95M	146.73M	149.91M	151.40M	150.06M
Weighted Average Basic & Diluted Shares Outstanding	120.32M	136.30M	137.98M	139.88M	140.46M	141.77M	144.15M	146.17M	147.98M	148.55M	151.36M

This table details how cash moves in and out of Alphatec's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-8.51	8.52	2.87	6.59	18	61	79	-103	136	-82	22
Net Cash From Operating Activities	10	-9.96	-8.73	-26	-33	-46	-73	-75	-78	-45	45
Net Cash From Continuing Operating Activities	10	-9.96	-8.73	-26	-33	-46	-73	-75	-78	-45	45
Net Income / (Loss) Continuing Operations	-179	-30	-2.29	-29	-57	-79	-143	-151	-187	-162	-143
Consolidated Net Income / (Loss)	-179	-30	-2.29	-29	-57	-79	-143	-151	-187	-162	-143
Depreciation Expense	19	12	7.48	6.79	7.58	11	27	41	56	78	77
Amortization Expense	4.70	3.63	2.76	2.09	4.64	4.66	5.29	4.80	7.18	9.36	28
Non-Cash Adjustments To Reconcile Net Income	171	8.80	-6.26	3.75	20	33	60	53	99	89	107
Changes in Operating Assets and Liabilities, net	-5.62	-4.83	-10	-9.26	-8.53	-16	-22	-23	-54	-59	-23
Net Cash From Investing Activities	-12	62	-6.50	-22	-13	-24	-158	-58	-142	-93	-53
Net Cash From Continuing Investing Activities	-12	62	-6.50	-22	-13	-24	-158	-58	-142	-93	-53
Purchase of Property, Plant & Equipment	-12	-8.90	-7.60	-6.51	-13	-23	-69	-49	-81	-83	-42
Acquisitions	0.00	-0.25	-	-16	0.00	-0.76	-83	-8.83	-61	-9.91	-10
Other Investing Activities, net	-	-	1.10	-	-	0.00	-2.99	0.00	0.00	0.00	-0.77
Net Cash From Financing Activities	-6.53	-43	18	54	64	131	312	31	357	56	30
Net Cash From Continuing Financing Activities	-6.53	-43	18	54	64	131	312	31	357	56	30
Repayment of Debt	-153	-190	-103	-123	-116	-23	-57	-28	-138	-166	-67
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	0.00	-268
Issuance of Debt	147	147	96	125	124	42	316	63	282	223	407
Issuance of Common Equity	0.38	0.11	24	52	56	108	132	0.00	213	0.00	0.00
Other Financing Activities, net	-	-	-	-	-	3.34	-54	-3.04	-1.06	-0.56	-42
Effect of Exchange Rate Changes	0.15	-0.09	0.28	-0.02	0.03	0.09	-1.40	-0.37	-0.19	-0.55	0.13
Cash Interest Paid	7.63	7.37	4.70	5.14	5.97	6.33	5.03	3.86	17	20	24
Cash Income Taxes Paid	0.62	0.92	0.11	0.13	0.16	0.19	0.22	0.27	0.33	0.28	0.39

This table details how cash moves in and out of Alphatec's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-16	22	98	-77	-44	-19	58	14	3.82	-1.32	5.07
Net Cash From Operating Activities	-18	-17	-25	-38	-11	-5.34	11	-5.04	16	14	21
Net Cash From Continuing Operating Activities	-18	-17	-25	-38	-11	-5.34	11	-5.04	16	14	21
Net Income / (Loss) Continuing Operations	-51	-43	-49	-48	-41	-40	-33	-52	-41	-29	-22
Consolidated Net Income / (Loss)	-51	-43	-49	-48	-41	-40	-33	-52	-41	-29	-22
Depreciation Expense	14	15	16	18	20	21	20	20	19	19	19
Amortization Expense	1.87	1.79	1.99	2.09	2.26	2.43	2.59	3.69	7.70	7.93	8.27
Non-Cash Adjustments To Reconcile Net Income	30	25	25	21	22	23	23	28	36	20	22
Changes in Operating Assets and Liabilities, net	-12	-16	-18	-31	-15	-11	-1.27	-5.12	-6.49	-4.20	-7.37
Net Cash From Investing Activities	-76	-21	-28	-34	-36	-20	-3.75	-12	-12	-14	-16
Net Cash From Continuing Investing Activities	-76	-21	-28	-34	-36	-20	-3.75	-12	-12	-14	-16
Purchase of Property, Plant & Equipment	-19	-19	-26	-31	-34	-16	-1.98	-9.93	-10	-9.23	-13
Acquisitions	-56	-2.01	-2.50	-2.31	-1.79	-4.04	-1.77	-1.68	-1.85	-4.66	-2.00
Net Cash From Financing Activities	78	60	152	-4.37	3.24	6.69	51	31	0.37	-1.31	0.21
Net Cash From Continuing Financing Activities	78	60	152	-4.37	3.24	6.69	51	31	0.37	-1.31	0.21
Repayment of Debt	-34	113	-185	-42	-43	-27	-53	-52	-5.69	388	-397
Issuance of Debt	55	-61	190	42	46	34	101	397	3.70	-389	396
Other Financing Activities, net	-0.45	-0.78	-0.06	-4.70	-0.33	0.29	3.02	-45	2.36	-0.05	1.21
Effect of Exchange Rate Changes	-0.16	-0.15	0.09	-0.46	-0.21	-0.33	0.45	0.30	0.08	-0.16	-0.09
Cash Interest Paid	3.11	4.36	6.07	5.46	4.30	5.58	4.97	6.53	5.19	7.05	5.05
Cash Income Taxes Paid	-	0.04	0.09	0.00	-	-	-	0.00	0.35	-	0.04

This table presents Alphatec's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	146	94	85	129	170	261	572	521	805	776	791
Total Current Assets	101	73	66	76	108	184	331	256	451	417	451
Cash & Equivalents	6.30	20	22	29	47	108	187	85	221	139	161
Accounts Receivable	27	19	15	15	16	24	42	60	73	83	97
Inventories, net	33	30	27	29	35	46	92	102	137	175	169
Prepaid Expenses	3.14	4.26	1.77	2.03	9.88	5.44	10	9.36	21	20	23
Plant, Property, & Equipment, net	16	15	13	13	20	37	87	102	150	156	135
Total Noncurrent Assets	29	6.29	5.51	41	42	40	153	163	204	202	205
Goodwill	-	-	-	14	14	14	40	47	73	71	75
Intangible Assets	8.81	5.71	5.25	26	26	25	85	83	102	94	93
Other Noncurrent Operating Assets	0.50	0.52	0.21	0.35	2.35	1.72	29	33	29	37	36
Total Liabilities & Shareholders' Equity	146	94	85	129	170	261	572	521	805	776	791
Total Liabilities	159	112	88	88	103	108	469	532	703	766	755
Total Current Liabilities	125	40	30	31	36	58	101	139	158	153	219
Short-Term Debt	80	3.11	3.31	3.28	0.49	4.17	0.34	15	1.81	1.66	65
Accounts Payable	14	8.70	3.88	4.40	7.77	18	26	35	49	53	41
Accrued Expenses	21	28	22	22	26	35	56	72	88	81	97
Other Current Liabilities	0.69	-	-	-	1.31	0.89	19	17	19	17	17
Total Noncurrent Liabilities	34	72	58	58	66	49	368	393	546	613	536
Long-Term Debt	0.48	43	38	42	53	38	326	350	511	575	501
Capital Lease Obligations	-	-	-	-	-	-	-	27	24	27	24
Other Noncurrent Operating Liabilities	32	29	20	15	13	11	41	17	11	11	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	24	24	24	24	24	24	24	24	24	24	24
Total Equity & Noncontrolling Interests	-37	-42	-27	18	44	130	79	-35	78	-14	12
Total Preferred & Common Equity	-37	-42	-27	18	44	130	79	-35	78	-14	12
Total Common Equity	-37	-42	-27	18	44	130	79	-35	78	-14	12
Common Stock	417	420	437	524	607	771	893	934	1,230	1,306	1,466
Retained Earnings	-427	-457	-459	-502	-559	-638	-782	-932	-1,119	-1,281	-1,424
Treasury Stock	-0.10	-0.10	-0.10	-0.10	-0.10	-0.10	-25	-25	-25	-25	-25
Accumulated Other Comprehensive Income / (Loss)	-21	0.97	1.09	1.06	1.09	1.20	-5.99	-11	-8.32	-14	-4.43
Other Equity Adjustments	-5.00	-5.00	-5.00	-5.00	-5.00	-4.00	0.00	0.00	0.00	0.00	0.00

This table presents Alphatec's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	516	570	628	670	775	769	746	785	790	787
Total Current Assets	269	299	300	334	405	377	362	435	443	440
Cash & Equivalents	106	117	101	123	144	100	81	153	157	156
Accounts Receivable	51	62	60	65	89	84	78	89	96	97
Inventories, net	102	108	120	131	153	172	183	171	170	167
Prepaid Expenses	9.72	12	19	16	20	20	20	21	21	20
Plant, Property, & Equipment, net	99	110	119	134	171	181	171	147	140	138
Total Noncurrent Assets	149	161	209	203	198	211	212	204	207	209
Goodwill	38	48	73	72	72	72	73	72	75	75
Intangible Assets	80	81	106	102	100	99	99	95	96	96
Other Noncurrent Operating Assets	31	32	31	29	26	40	40	37	36	38
Total Liabilities & Shareholders' Equity	516	570	628	670	775	769	746	785	790	787
Total Liabilities	515	604	633	691	713	728	724	848	743	752
Total Current Liabilities	125	143	139	148	169	169	156	158	154	221
Short-Term Debt	14	16	2.21	1.77	2.55	2.29	1.79	2.57	1.93	65
Accounts Payable	33	39	44	50	60	73	60	39	47	37
Accrued Expenses	62	69	74	77	88	76	76	99	87	103
Other Current Liabilities	17	19	19	19	19	18	19	18	18	17
Total Noncurrent Liabilities	390	462	494	543	544	558	567	690	589	531
Long-Term Debt	348	419	455	507	512	517	526	546	552	495
Capital Lease Obligations	27	26	25	24	21	30	29	27	26	25
Other Noncurrent Operating Liabilities	14	16	13	12	11	12	12	118	11	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	24	24	24	24	24	24	24	24	24	24
Total Equity & Noncontrolling Interests	-23	-58	-28	-44	38	17	-1.36	-86	24	12
Total Preferred & Common Equity	-23	-58	-28	-44	38	17	-1.36	-86	24	12
Total Common Equity	-23	-58	-28	-44	38	17	-1.36	-86	24	12
Common Stock	919	952	1,034	1,063	1,241	1,262	1,280	1,283	1,427	1,444
Retained Earnings	-899	-976	-1,027	-1,070	-1,167	-1,208	-1,248	-1,333	-1,374	-1,403
Treasury Stock	-25	-25	-25	-25	-25	-25	-25	-25	-25	-25
Accumulated Other Comprehensive Income / (Loss)	-17	-9.69	-9.51	-12	-11	-12	-8.41	-10	-4.26	-4.35

This table displays calculated financial ratios and metrics derived from Alphatec's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.09%	-10.52%	-15.39%	-9.87%	23.70%	27.71%	67.89%	44.26%	37.45%	26.81%	24.95%
EBITDA Growth	-609.34%	99.93%	13,654.08%	-255.86%	-69.34%	-23.38%	-125.58%	-3.03%	-6.39%	53.80%	150.94%
EBIT Growth	-5,171.03%	90.44%	118.90%	-1,072.67%	-59.83%	-24.51%	-120.21%	-13.03%	-16.22%	19.43%	41.76%
NOPAT Growth	-26,037.03%	91.26%	41.45%	-149.25%	-110.68%	-24.51%	-117.55%	-14.77%	-17.98%	21.47%	39.69%
Net Income Growth	-1,287.02%	83.25%	92.33%	-1,163.08%	-96.73%	-38.58%	-81.07%	-5.78%	-23.36%	13.14%	11.57%
EPS Growth	-1,287.02%	83.79%	69.05%	-11.11%	9.17%	-8.26%	-26.27%	2.01%	-5.48%	26.62%	15.04%
Operating Cash Flow Growth	149.94%	-198.37%	12.35%	-193.37%	-29.34%	-40.13%	-57.97%	-2.48%	-4.46%	43.11%	201.30%
Free Cash Flow Firm Growth	3,310.77%	-99.36%	-2,405.84%	-347.91%	15.33%	-11.88%	-344.39%	36.35%	-56.48%	37.50%	68.16%
Invested Capital Growth	-91.20%	-55.67%	73.84%	270.12%	27.68%	18.61%	176.10%	21.70%	41.32%	13.61%	-1.91%
Revenue Q/Q Growth	4.80%	19.55%	-0.79%	-1.01%	6.59%	8.71%	14.07%	10.03%	7.11%	6.78%	4.96%
EBITDA Q/Q Growth	-11.86%	-104.45%	621.52%	-127.08%	2.27%	-6.37%	-20.69%	7.13%	-5.47%	32.35%	617.91%
EBIT Q/Q Growth	-9.50%	8.14%	124.40%	-61.17%	-1.72%	-4.50%	-21.19%	3.11%	-6.78%	12.19%	17.45%
NOPAT Q/Q Growth	-7.39%	13.64%	27.75%	-22.27%	-16.81%	-4.50%	-19.73%	2.07%	-5.99%	13.37%	15.44%
Net Income Q/Q Growth	-5.70%	15.64%	85.39%	-211.83%	-12.65%	-14.11%	-9.24%	2.64%	-8.29%	8.85%	7.49%
EPS Q/Q Growth	-5.70%	15.70%	4.42%	-445.45%	27.33%	0.00%	0.00%	5.81%	-2.67%	11.02%	6.80%
Operating Cash Flow Q/Q Growth	81.47%	-324.71%	51.36%	-49.45%	0.06%	4.80%	-12.27%	7.78%	-26.83%	44.31%	28.97%
Free Cash Flow Firm Q/Q Growth	58.35%	-98.90%	45.04%	-13.32%	2.89%	-16.36%	-6.23%	-3.54%	-10.35%	30.33%	-42.70%
Invested Capital Q/Q Growth	-67.93%	17,582.35%	5.14%	8.87%	-1.98%	5.34%	1.69%	4.06%	7.05%	-4.83%	0.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.50%	63.31%	67.06%	68.97%	68.41%	70.76%	64.87%	66.42%	64.32%	69.37%	69.60%
EBITDA Margin	-107.66%	-0.08%	13.06%	-22.58%	-30.91%	-29.86%	-40.12%	-28.65%	-22.18%	-8.08%	3.29%
Operating Margin	-130.86%	-12.79%	-8.85%	-24.47%	-41.68%	-40.63%	-52.65%	-41.89%	-35.95%	-22.27%	-10.75%
EBIT Margin	-125.32%	-13.38%	2.99%	-32.26%	-41.68%	-40.63%	-53.30%	-41.75%	-35.31%	-22.43%	-10.46%
Profit (Net Income) Margin	-132.96%	-24.89%	-2.25%	-31.60%	-50.25%	-54.53%	-58.81%	-43.12%	-38.70%	-26.51%	-18.76%
Tax Burden Percent	103.64%	96.74%	50.15%	96.04%	99.76%	100.18%	99.22%	99.53%	99.85%	100.03%	99.97%
Interest Burden Percent	102.37%	192.24%	-150.41%	101.99%	120.87%	133.95%	111.22%	103.76%	109.77%	118.13%	179.47%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-97.91%	-73.32%	-51.04%	-42.63%	-50.10%	-50.88%	-54.25%	-38.26%	-34.07%	-21.39%	-12.24%
ROIC Less NNEP Spread (ROIC-NNEP)	-218.93%	-136.94%	-33.48%	-117.21%	-251.91%	77.73%	-198.61%	-59.97%	-55.06%	-38.51%	-31.46%
Return on Net Nonoperating Assets (RNNOA)	-126.01%	267.17%	72.93%	-109.39%	-55.06%	-20.70%	-57.27%	-290.78%	-377.69%	-270.32%	-618.41%
Return on Equity (ROE)	-223.93%	193.85%	21.89%	-152.01%	-105.16%	-71.58%	-111.52%	-329.04%	-411.75%	-291.71%	-630.66%
Cash Return on Invested Capital (CROIC)	69.72%	3.83%	-104.97%	-157.54%	-74.41%	-67.91%	-147.89%	-57.83%	-68.32%	-34.13%	-10.31%
Operating Return on Assets (OROA)	-68.56%	-13.38%	3.40%	-27.63%	-31.58%	-27.30%	-31.11%	-26.81%	-25.68%	-17.36%	-10.20%
Return on Assets (ROA)	-72.74%	-24.88%	-2.57%	-27.06%	-38.07%	-36.64%	-34.33%	-27.68%	-28.15%	-20.51%	-18.30%
Return on Common Equity (ROCE)	-157.69%	490.25%	71.21%	36.22%	-59.37%	-56.27%	-91.00%	-160.13%	-197.35%	-167.82%	24.18%
Return on Equity Simple (ROE_SIMPLE)	488.51%	72.10%	8.61%	-164.87%	-130.65%	-60.82%	-180.09%	436.42%	-238.92%	1,144.21%	0.00%
Net Operating Profit after Tax (NOPAT)	-123	-11	-6.30	-16	-33	-41	-90	-103	-121	-95	-57
NOPAT Margin	-91.60%	-8.95%	-6.19%	-17.13%	-29.18%	-28.44%	-36.86%	-29.32%	-25.17%	-15.59%	-7.52%
Net Nonoperating Expense Percent (NNEP)	121.01%	63.62%	-17.56%	74.58%	201.80%	-128.62%	144.36%	21.71%	20.99%	17.13%	19.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-28.87%	-19.75%	-16.17%	-9.55%
Cost of Revenue to Revenue	34.50%	36.69%	32.94%	31.03%	31.59%	29.24%	35.13%	33.58%	35.68%	30.63%	30.40%
SG&A Expenses to Revenue	20.93%	21.90%	68.76%	79.22%	89.67%	89.16%	94.27%	85.51%	77.57%	73.61%	65.24%
R&D to Revenue	13.31%	7.69%	4.84%	10.75%	12.21%	12.94%	13.16%	12.55%	14.54%	13.20%	9.98%
Operating Expenses to Revenue	196.35%	76.10%	75.91%	93.44%	110.09%	111.39%	117.52%	108.31%	100.28%	91.64%	80.35%
Earnings before Interest and Taxes (EBIT)	-168	-16	3.04	-30	-47	-59	-130	-147	-170	-137	-80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-145	-0.10	13	-21	-35	-43	-98	-101	-107	-49	25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	5.63	9.98	8.77	14.29	0.00	26.36	0.00	251.53
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	105.44	12.48	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.23	0.24	0.44	1.08	3.84	7.86	4.67	3.70	4.27	2.13	4.09
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.17	8.74	5.53	2.40	6.29	12.48	5.35	5.51	5.75	3.78	7.69
Enterprise Value to Revenue (EV/Rev)	0.93	0.66	0.85	1.52	4.11	7.57	5.34	4.64	4.97	2.93	4.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	6.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	142.16
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	28.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	12.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	79.11
Enterprise Value to Free Cash Flow (EV/FCFF)	1.43	140.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-6.18	-2.58	-13.44	1.11	0.80	0.27	3.17	-35.34	5.27	63.97	16.37
Long-Term Debt to Equity	-0.04	-2.41	-12.36	1.03	0.80	0.25	3.17	-33.99	5.26	63.79	14.58
Financial Leverage	0.58	-1.95	-2.18	0.93	0.22	-0.27	0.29	4.85	6.86	7.02	19.66
Leverage Ratio	3.08	-7.79	-8.53	5.62	2.76	1.95	3.25	11.89	14.63	14.22	34.47
Compound Leverage Factor	3.15	-14.98	12.84	5.73	3.34	2.62	3.61	12.33	16.06	16.80	61.85
Debt to Total Capital	119.29%	163.25%	108.04%	52.53%	44.51%	21.55%	76.03%	102.91%	84.06%	98.46%	94.24%
Short-Term Debt to Total Capital	118.58%	11.00%	8.70%	3.78%	0.40%	2.13%	0.08%	3.93%	0.28%	0.27%	10.31%
Long-Term Debt to Total Capital	0.71%	152.25%	99.34%	48.76%	44.11%	19.42%	75.95%	98.98%	83.78%	98.19%	83.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	35.10%	83.39%	62.08%	27.21%	19.48%	12.06%	5.49%	6.21%	3.70%	3.85%	3.77%
Common Equity to Total Capital	-54.39%	-146.64%	-70.12%	20.26%	36.01%	66.38%	18.48%	-9.12%	12.24%	-2.31%	1.99%
Debt to EBITDA	-0.55	-471.48	3.09	-2.20	-1.54	-0.97	-3.35	-3.89	-5.02	-12.21	23.43
Net Debt to EBITDA	-0.49	-271.55	1.40	-0.80	-0.19	1.52	-1.43	-3.05	-2.95	-9.40	17.04
Long-Term Debt to EBITDA	0.00	-439.71	2.84	-2.04	-1.52	-0.88	-3.35	-3.74	-5.00	-12.18	20.87
Debt to NOPAT	-0.65	-4.29	-6.52	-2.90	-1.63	-1.02	-3.65	-3.80	-4.42	-6.33	-10.26
Net Debt to NOPAT	-0.58	-2.47	-2.95	-1.05	-0.21	1.59	-1.56	-2.98	-2.60	-4.87	-7.46
Long-Term Debt to NOPAT	0.00	-4.00	-5.99	-2.69	-1.62	-0.92	-3.64	-3.66	-4.41	-6.31	-9.14
Altman Z-Score	-7.05	-5.51	-5.45	-4.38	-1.80	3.31	-0.30	-1.03	0.15	-0.68	0.95
Noncontrolling Interest Sharing Ratio	29.58%	-152.90%	-225.26%	123.83%	43.54%	21.39%	18.40%	51.33%	52.07%	42.47%	103.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	1.81	2.24	2.47	2.98	3.16	3.28	1.84	2.86	2.73	2.06
Quick Ratio	0.27	0.95	1.25	1.44	1.74	2.25	2.27	1.04	1.86	1.45	1.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	88	0.56	-13	-58	-49	-55	-244	-156	-243	-152	-48
Operating Cash Flow to CapEx	82.67%	-111.94%	-114.92%	-415.31%	-254.15%	-200.88%	-106.96%	-151.93%	-97.49%	-53.65%	106.54%
Free Cash Flow to Firm to Interest Expense	21.91	0.06	0.00	-98.40	-4.98	-2.75	-16.80	-28.25	-14.63	-6.11	-0.76
Operating Cash Flow to Interest Expense	2.53	-1.05	0.00	-43.40	-3.36	-2.32	-5.04	-13.65	-4.72	-1.79	0.71
Operating Cash Flow Less CapEx to Interest Expense	-0.53	-1.99	0.00	-53.85	-4.68	-3.48	-9.76	-22.63	-9.55	-5.14	0.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	1.00	1.14	0.86	0.76	0.67	0.58	0.64	0.73	0.77	0.98
Accounts Receivable Turnover	3.99	5.30	6.10	6.13	7.26	7.30	7.44	6.88	7.27	7.86	8.48
Inventory Turnover	1.25	1.41	1.17	1.02	1.13	1.05	1.24	1.22	1.44	1.20	1.35
Fixed Asset Turnover	6.38	7.72	7.33	7.08	6.88	5.14	3.92	3.71	3.83	3.99	5.24
Accounts Payable Turnover	3.92	3.97	5.33	6.88	5.89	3.34	3.94	3.90	4.11	3.67	4.95
Days Sales Outstanding (DSO)	91.41	68.88	59.79	59.54	50.27	49.99	49.09	53.03	50.21	46.43	43.06
Days Inventory Outstanding (DIO)	292.76	259.49	312.46	359.50	324.02	348.35	294.10	299.33	252.83	304.11	270.85
Days Payable Outstanding (DPO)	93.17	92.02	68.49	53.08	61.99	109.31	92.55	93.69	88.81	99.36	73.76
Cash Conversion Cycle (CCC)	290.99	236.35	303.76	365.97	312.30	289.03	250.64	258.67	214.23	251.19	240.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20	9.02	16	58	74	88	243	295	417	474	465
Invested Capital Turnover	1.07	8.19	8.24	2.49	1.72	1.79	1.47	1.30	1.35	1.37	1.63
Increase / (Decrease) in Invested Capital	-211	-11	6.66	42	16	14	155	53	122	57	-9.06
Enterprise Value (EV)	126	79	87	139	466	1,097	1,298	1,627	2,399	1,790	3,578
Market Capitalization	30	29	44	99	435	1,139	1,135	1,297	2,060	1,301	3,125
Book Value per Share	($0.36)	($4.66)	($1.59)	$0.41	$0.71	$1.66	$0.80	($0.33)	$0.57	($0.10)	$0.08
Tangible Book Value per Share	($0.45)	($5.30)	($1.91)	($0.53)	$0.07	$1.16	($0.46)	($1.57)	($0.71)	($1.26)	($1.05)
Total Capital	67	28	38	87	121	196	430	380	638	613	626
Total Debt	80	46	41	46	54	42	327	391	537	603	590
Total Long-Term Debt	0.48	43	38	42	53	38	326	376	535	602	525
Net Debt	72	27	19	17	6.82	-66	140	306	316	465	429
Capital Expenditures (CapEx)	12	8.90	7.60	6.17	13	23	69	49	81	83	42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	16	18	19	25	22	43	47	74	127	135
Debt-free Net Working Capital (DFNWC)	56	36	40	48	72	130	230	132	295	266	296
Net Working Capital (NWC)	-24	33	37	45	72	126	230	117	294	264	232
Net Nonoperating Expense (NNE)	56	19	-4.01	13	24	38	53	48	65	67	86
Net Nonoperating Obligations (NNO)	33	27	19	17	6.85	-66	140	306	316	465	429
Total Depreciation and Amortization (D&A)	24	16	10	8.88	12	16	32	46	63	88	105
Debt-free, Cash-free Net Working Capital to Revenue	35.39%	13.48%	17.28%	20.88%	22.31%	15.36%	17.74%	13.40%	15.42%	20.80%	17.72%
Debt-free Net Working Capital to Revenue	41.82%	29.77%	39.36%	52.57%	63.84%	89.75%	94.73%	37.54%	61.24%	43.50%	38.77%
Net Working Capital to Revenue	-17.52%	27.18%	36.11%	48.99%	63.41%	86.88%	94.59%	33.28%	60.86%	43.23%	30.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($21.48)	($3.49)	($0.18)	($1.20)	($1.09)	($1.18)	($1.50)	($1.47)	($1.54)	($1.13)	($0.96)
Adjusted Weighted Average Basic Shares Outstanding	8.30M	8.58M	12.79M	35.32M	62.99M	95.15M	99.79M	103.37M	121.24M	142.95M	150.06M
Adjusted Diluted Earnings per Share	($21.48)	($3.49)	($1.08)	($1.20)	($1.09)	($1.18)	($1.50)	($1.47)	($1.54)	($1.13)	($0.96)
Adjusted Weighted Average Diluted Shares Outstanding	8.30M	8.58M	13.28M	35.32M	62.99M	95.15M	99.79M	103.37M	121.24M	142.95M	150.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($1.09)	($1.18)	($1.50)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.51M	9.05M	25.47M	46.85M	52.23M	67.02M	96.20M	111.11M	137.98M	144.15M	151.36M
Normalized Net Operating Profit after Tax (NOPAT)	-7.70	-7.94	-5.14	-18	-33	-38	-84	-102	-119	-93	-57
Normalized NOPAT Margin	-5.73%	-6.61%	-5.05%	-19.60%	-29.14%	-26.40%	-34.54%	-28.94%	-24.76%	-15.19%	-7.49%
Pre Tax Income Margin	-128.28%	-25.73%	-4.50%	-32.90%	-50.38%	-54.43%	-59.27%	-43.32%	-38.76%	-26.50%	-18.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-42.09	-1.70	0.00	-50.13	-4.79	-2.95	-8.91	-26.61	-10.23	-5.51	-1.26
NOPAT to Interest Expense	-30.77	-1.14	0.00	-26.62	-3.35	-2.06	-6.16	-18.69	-7.29	-3.83	-0.91
EBIT Less CapEx to Interest Expense	-45.15	-2.64	0.00	-60.58	-6.11	-4.10	-13.63	-35.60	-15.07	-8.86	-1.93
NOPAT Less CapEx to Interest Expense	-33.83	-2.07	0.00	-37.07	-4.68	-3.22	-10.88	-27.67	-12.13	-7.18	-1.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-17.48%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Alphatec's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	38.94%	31.64%	30.23%	26.92%	24.51%	27.45%	28.14%	22.17%	27.46%	30.38%	20.44%
EBITDA Growth	-28.23%	7.22%	-26.13%	12.01%	59.29%	54.10%	88.25%	87.28%	85.83%	214.57%	688.62%
EBIT Growth	-33.22%	-7.66%	-31.81%	-9.04%	26.05%	13.66%	42.53%	38.57%	17.86%	52.76%	65.61%
NOPAT Growth	-39.47%	-9.69%	-27.99%	-7.42%	29.19%	12.14%	46.87%	-2.19%	62.94%	52.73%	62.97%
Net Income Growth	-38.48%	-15.93%	-41.10%	-11.41%	20.82%	7.12%	32.08%	-7.04%	-1.14%	27.86%	34.81%
EPS Growth	-19.44%	0.00%	-12.50%	15.00%	32.56%	20.00%	38.89%	-2.94%	6.90%	32.14%	31.82%
Operating Cash Flow Growth	34.62%	-17.67%	-197.56%	-109.77%	36.25%	69.09%	142.09%	86.89%	236.46%	362.82%	96.54%
Free Cash Flow Firm Growth	-64.28%	-90.82%	-98.76%	-139.93%	-5.08%	0.72%	52.10%	135.96%	107.36%	117.36%	103.93%
Invested Capital Growth	33.94%	37.37%	41.32%	46.01%	29.80%	27.79%	13.61%	-20.59%	-3.93%	-6.84%	-1.91%
Revenue Q/Q Growth	7.16%	1.15%	16.66%	0.37%	5.12%	3.54%	17.30%	-4.31%	9.67%	5.91%	8.36%
EBITDA Q/Q Growth	-21.04%	31.89%	-22.92%	13.17%	44.00%	23.20%	68.53%	5.98%	37.63%	720.87%	61.66%
EBIT Q/Q Growth	-19.91%	19.40%	-16.90%	3.49%	18.68%	5.89%	22.19%	-3.16%	-8.73%	45.88%	43.34%
NOPAT Q/Q Growth	-23.58%	23.07%	-16.87%	3.32%	18.54%	4.54%	29.33%	-85.96%	70.46%	-21.77%	44.65%
Net Income Q/Q Growth	-18.03%	16.98%	-15.06%	1.19%	16.12%	2.62%	15.86%	-55.73%	20.74%	30.54%	23.97%
EPS Q/Q Growth	-7.50%	18.60%	-2.86%	5.56%	14.71%	3.45%	21.43%	-59.09%	22.86%	29.63%	21.05%
Operating Cash Flow Q/Q Growth	2.47%	3.28%	-44.66%	-53.73%	70.36%	53.12%	296.99%	-147.89%	408.55%	-9.70%	47.31%
Free Cash Flow Firm Q/Q Growth	-81.05%	-1.84%	-15.42%	-33.33%	20.71%	3.79%	44.30%	184.63%	-83.78%	126.99%	-87.39%
Invested Capital Q/Q Growth	21.71%	3.32%	7.05%	14.99%	8.20%	1.73%	-4.83%	-24.19%	30.90%	-1.35%	0.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.20%	67.69%	68.99%	70.30%	70.48%	68.16%	68.77%	68.56%	69.58%	69.87%	70.21%
EBITDA Margin	-27.35%	-18.42%	-19.41%	-16.79%	-8.94%	-6.63%	-1.78%	-1.75%	-0.99%	5.83%	8.70%
Operating Margin	-42.64%	-32.44%	-32.49%	-31.30%	-24.25%	-22.36%	-13.47%	-26.18%	-7.05%	-8.11%	-4.14%
EBIT Margin	-40.66%	-32.40%	-32.46%	-31.21%	-24.15%	-21.95%	-14.56%	-15.70%	-15.56%	-7.95%	-4.16%
Profit (Net Income) Margin	-43.94%	-36.07%	-35.57%	-35.02%	-27.94%	-26.28%	-18.85%	-30.68%	-22.17%	-14.54%	-10.20%
Tax Burden Percent	99.90%	99.73%	99.75%	99.86%	99.30%	99.91%	101.34%	99.88%	99.91%	100.26%	99.92%
Interest Burden Percent	108.19%	111.64%	109.86%	112.36%	116.54%	119.87%	127.78%	195.72%	142.63%	182.41%	245.65%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-38.22%	-30.35%	-30.79%	-29.40%	-21.16%	-20.19%	-12.94%	-28.99%	-7.02%	-8.59%	-4.72%
ROIC Less NNEP Spread (ROIC-NNEP)	-43.45%	-34.92%	-36.48%	-34.33%	-25.00%	-23.81%	-17.21%	-34.13%	-14.35%	-12.44%	-8.20%
Return on Net Nonoperating Assets (RNNOA)	-924.13%	1,239.42%	-250.25%	-957.48%	-574.42%	-12,537.73%	-120.81%	23,501.29%	-142.07%	-196.28%	-161.18%
Return on Equity (ROE)	-962.35%	1,209.06%	-281.04%	-986.88%	-595.58%	-12,557.93%	-133.75%	23,472.30%	-149.09%	-204.87%	-165.89%
Cash Return on Invested Capital (CROIC)	-63.05%	-65.49%	-68.32%	-69.79%	-52.07%	-49.19%	-34.13%	-0.69%	-12.74%	-7.05%	-10.31%
Operating Return on Assets (OROA)	-30.08%	-24.59%	-23.61%	-23.76%	-18.68%	-17.75%	-11.26%	-12.92%	-13.62%	-7.55%	-4.06%
Return on Assets (ROA)	-32.51%	-27.37%	-25.87%	-26.66%	-21.62%	-21.26%	-14.59%	-25.26%	-19.41%	-13.81%	-9.95%
Return on Common Equity (ROCE)	572.82%	4,132.38%	-134.69%	778.03%	181.85%	339,675.85%	-76.95%	961,688.49%	-69.19%	-36.24%	6.36%
Return on Equity Simple (ROE_SIMPLE)	591.35%	390.26%	0.00%	-510.24%	-1,057.26%	0.00%	0.00%	192.62%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-35	-27	-31	-30	-25	-24	-17	-31	-9.16	-11	-6.17
NOPAT Margin	-29.85%	-22.70%	-22.74%	-21.91%	-16.98%	-15.65%	-9.43%	-18.33%	-4.94%	-5.68%	-2.90%
Net Nonoperating Expense Percent (NNEP)	5.24%	4.56%	5.69%	4.93%	3.84%	3.62%	4.27%	5.14%	7.34%	3.85%	3.48%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-5.11%	-	-	-	-2.83%	-6.34%	-1.52%	-1.87%	-1.03%
Cost of Revenue to Revenue	44.80%	32.31%	31.01%	29.70%	29.52%	31.84%	31.23%	31.44%	30.42%	30.13%	29.79%
SG&A Expenses to Revenue	74.66%	77.30%	75.47%	82.13%	77.44%	72.45%	64.79%	75.08%	63.87%	63.26%	60.44%
R&D to Revenue	12.46%	16.91%	16.15%	13.01%	13.12%	13.51%	13.15%	9.80%	9.85%	9.51%	10.68%
Operating Expenses to Revenue	97.84%	100.12%	101.49%	101.60%	94.73%	90.52%	82.25%	94.74%	76.63%	77.98%	74.35%
Earnings before Interest and Taxes (EBIT)	-48	-38	-45	-43	-35	-33	-26	-27	-29	-16	-8.85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-32	-22	-27	-23	-13	-10.00	-3.15	-2.96	-1.85	11	19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	26.36	50.05	85.43	0.00	0.00	0.00	68.26	187.01	251.53
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.05	3.47	4.27	3.67	2.71	1.36	2.13	2.28	2.38	2.96	4.09
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.72	5.12	5.75	5.07	3.95	2.57	3.78	5.31	4.40	5.61	7.69
Enterprise Value to Revenue (EV/Rev)	6.01	4.43	4.97	4.48	3.58	2.24	2.93	2.97	3.03	3.58	4.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	742.80	142.16
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	131.88	74.25	79.11
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-106.12	-25.92	5.27	8.76	13.48	25.04	63.97	-9.22	12.25	16.65	16.37
Long-Term Debt to Equity	-105.63	-25.83	5.26	8.71	13.42	24.96	63.79	-9.18	12.20	14.81	14.58
Financial Leverage	21.27	-35.50	6.86	27.89	22.97	526.58	7.02	-688.52	9.90	15.78	19.66
Leverage Ratio	38.53	-60.77	14.63	50.93	38.62	841.42	14.22	-1,320.96	17.70	26.73	34.47
Compound Leverage Factor	41.68	-67.84	16.07	57.22	45.01	1,008.59	18.17	-2,585.36	25.24	48.76	84.66
Debt to Total Capital	100.95%	104.01%	84.06%	89.75%	93.09%	96.16%	98.46%	112.16%	92.45%	94.34%	94.24%
Short-Term Debt to Total Capital	0.46%	0.34%	0.28%	0.43%	0.39%	0.31%	0.27%	0.50%	0.31%	10.43%	10.31%
Long-Term Debt to Total Capital	100.49%	103.67%	83.78%	89.32%	92.71%	95.85%	98.19%	111.66%	92.14%	83.90%	83.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.93%	4.61%	3.70%	3.96%	4.00%	4.08%	3.85%	4.60%	3.76%	3.81%	3.77%
Common Equity to Total Capital	-5.89%	-8.62%	12.24%	6.29%	2.90%	-0.24%	-2.31%	-16.76%	3.79%	1.86%	1.99%
Debt to EBITDA	-4.68	-5.25	-5.02	-5.16	-6.47	-7.62	-12.21	-19.74	-32.32	166.77	23.43
Net Debt to EBITDA	-3.70	-4.05	-2.95	-3.77	-5.29	-6.52	-9.40	-14.48	-23.57	122.35	17.04
Long-Term Debt to EBITDA	-4.66	-5.24	-5.00	-5.14	-6.44	-7.60	-12.18	-19.66	-32.22	148.33	20.87
Debt to NOPAT	-4.31	-4.65	-4.42	-4.34	-4.84	-5.06	-6.33	-5.99	-7.21	-8.60	-10.26
Net Debt to NOPAT	-3.40	-3.58	-2.60	-3.17	-3.96	-4.33	-4.87	-4.39	-5.26	-6.31	-7.46
Long-Term Debt to NOPAT	-4.29	-4.64	-4.41	-4.32	-4.82	-5.04	-6.31	-5.96	-7.19	-7.65	-9.14
Altman Z-Score	0.46	-0.06	0.66	0.31	-0.12	-0.74	-0.21	-0.21	0.06	0.42	1.24
Noncontrolling Interest Sharing Ratio	159.52%	-241.78%	52.07%	178.84%	130.53%	2,804.87%	42.47%	-3,997.12%	53.59%	82.31%	103.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.16	2.25	2.86	2.39	2.22	2.32	2.73	2.75	2.88	1.99	2.06
Quick Ratio	1.16	1.26	1.86	1.37	1.08	1.02	1.45	1.54	1.64	1.14	1.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-130	-133	-153	-173	-137	-132	-73	62	10	23	2.89
Operating Cash Flow to CapEx	-93.38%	-89.22%	-97.23%	-122.76%	-33.41%	-33.73%	532.81%	-50.72%	150.60%	152.06%	159.53%
Free Cash Flow to Firm to Interest Expense	-33.53	-29.80	-34.73	-32.38	-23.58	-20.07	-10.28	2.45	0.82	1.78	0.22
Operating Cash Flow to Interest Expense	-4.59	-3.88	-5.66	-7.20	-1.96	-0.81	1.47	-0.20	1.26	1.09	1.60
Operating Cash Flow Less CapEx to Interest Expense	-9.51	-8.22	-11.49	-13.06	-7.82	-3.22	1.20	-0.59	0.42	0.37	0.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.76	0.73	0.76	0.77	0.81	0.77	0.82	0.88	0.95	0.98
Accounts Receivable Turnover	8.12	7.81	7.27	6.77	7.51	8.01	7.86	7.21	7.58	8.31	8.48
Inventory Turnover	1.42	1.43	1.44	1.34	1.13	1.11	1.20	1.23	1.24	1.28	1.35
Fixed Asset Turnover	3.86	3.87	3.83	3.64	3.60	3.75	3.99	4.04	4.26	4.70	5.24
Accounts Payable Turnover	4.12	3.99	4.11	3.51	2.84	3.19	3.67	4.02	3.55	4.65	4.95
Days Sales Outstanding (DSO)	44.94	46.71	50.21	53.88	48.61	45.56	46.43	50.62	48.12	43.94	43.06
Days Inventory Outstanding (DIO)	256.51	255.40	252.83	273.20	323.07	327.46	304.11	296.47	293.34	285.11	270.85
Days Payable Outstanding (DPO)	88.50	91.57	88.81	103.99	128.71	114.46	99.36	90.73	102.88	78.57	73.76
Cash Conversion Cycle (CCC)	212.95	210.54	214.23	223.10	242.98	258.56	251.19	256.36	238.58	250.48	240.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	377	390	417	453	490	498	474	359	470	464	465
Invested Capital Turnover	1.28	1.34	1.35	1.34	1.25	1.29	1.37	1.58	1.42	1.51	1.63
Increase / (Decrease) in Invested Capital	96	106	122	143	112	108	57	-93	-19	-34	-9.06
Enterprise Value (EV)	2,536	1,994	2,399	2,295	1,934	1,280	1,790	1,907	2,069	2,604	3,578
Market Capitalization	2,131	1,561	2,060	1,880	1,462	781	1,301	1,462	1,623	2,152	3,125
Book Value per Share	($0.24)	($0.37)	$0.57	$0.27	$0.12	($0.01)	($0.10)	($0.60)	$0.16	$0.08	$0.08
Tangible Book Value per Share	($1.74)	($1.81)	($0.71)	($0.95)	($1.10)	($1.24)	($1.26)	($1.76)	($1.01)	($1.08)	($1.05)
Total Capital	478	512	638	597	590	579	613	513	627	620	626
Total Debt	483	533	537	536	549	557	603	575	580	585	590
Total Long-Term Debt	481	531	535	533	547	555	602	572	578	520	525
Net Debt	382	410	316	391	449	476	465	422	423	429	429
Capital Expenditures (CapEx)	19	19	26	31	34	16	1.98	9.93	10	9.23	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	62	65	74	94	110	127	127	126	134	128	135
Debt-free Net Working Capital (DFNWC)	163	187	295	239	209	208	266	280	291	284	296
Net Working Capital (NWC)	161	186	294	236	207	206	264	277	289	219	232
Net Nonoperating Expense (NNE)	16	16	18	18	16	16	17	21	32	17	16
Net Nonoperating Obligations (NNO)	382	410	316	391	449	476	465	422	423	429	429
Total Depreciation and Amortization (D&A)	16	17	18	20	22	23	23	24	27	27	27
Debt-free, Cash-free Net Working Capital to Revenue	14.72%	14.38%	15.42%	18.46%	20.29%	22.18%	20.80%	19.67%	19.64%	17.56%	17.72%
Debt-free Net Working Capital to Revenue	38.67%	41.60%	61.24%	46.63%	38.77%	36.32%	43.50%	43.53%	42.66%	38.96%	38.77%
Net Working Capital to Revenue	38.15%	41.20%	60.86%	46.13%	38.34%	36.00%	43.23%	43.13%	42.38%	30.08%	30.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.43)	($0.35)	($0.36)	($0.34)	($0.29)	($0.28)	($0.22)	($0.35)	($0.27)	($0.19)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	118.72M	122.47M	121.24M	140.98M	142.69M	143.49M	142.95M	146.73M	149.91M	151.40M	150.06M
Adjusted Diluted Earnings per Share	($0.43)	($0.35)	($0.36)	($0.34)	($0.29)	($0.28)	($0.22)	($0.35)	($0.27)	($0.19)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	118.72M	122.47M	121.24M	140.98M	142.69M	143.49M	142.95M	146.73M	149.91M	151.40M	150.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	120.32M	136.30M	137.98M	139.88M	140.46M	141.77M	144.15M	146.17M	147.98M	148.55M	151.36M
Normalized Net Operating Profit after Tax (NOPAT)	-34	-27	-31	-30	-25	-23	-15	-31	-9.15	-11	-6.17
Normalized NOPAT Margin	-28.70%	-22.46%	-22.58%	-21.57%	-16.91%	-15.22%	-8.75%	-18.17%	-4.93%	-5.68%	-2.90%
Pre Tax Income Margin	-43.98%	-36.17%	-35.66%	-35.07%	-28.14%	-26.31%	-18.60%	-30.72%	-22.19%	-14.51%	-10.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-12.21	-8.59	-10.14	-8.09	-6.04	-5.03	-3.60	-1.04	-2.35	-1.21	-0.69
NOPAT to Interest Expense	-8.97	-6.02	-7.11	-5.68	-4.25	-3.59	-2.33	-1.22	-0.74	-0.87	-0.48
EBIT Less CapEx to Interest Expense	-17.13	-12.94	-15.97	-13.96	-11.91	-7.44	-3.88	-1.44	-3.18	-1.93	-1.69
NOPAT Less CapEx to Interest Expense	-13.89	-10.37	-12.93	-11.54	-10.11	-6.00	-2.61	-1.61	-1.58	-1.58	-1.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Alphatec Holdings, Inc. (ATEC) has shown revenue growth and improving cash flow over the past four years, but it continues to operate at a loss with a sizable debt load. Here are the key takeaways for retail investors from the company’s quarterly statements (2022–2025).

Revenue growth and scale: Operating revenue rose from about $105.9 million in 2022 Q4 to about $212.9 million in 2025 Q4 (roughly doubling over four years).
Gross margin stability: Gross margin has stayed in the high 60s to around 70% range across the period, indicating consistent product profitability at the gross level.
Improving cash flow from operations: Net cash from continuing operating activities turned positive in late 2024 and remained positive in 2025 (e.g., Q4 2025 approx. $20.7 million; Q3 2025 approx. $14.0 million; Q2 2025 approx. $15.5 million), signaling better cash generation from core operations.
Healthy near-term liquidity: Cash and cash equivalents have hovered around $150–$157 million in 2025 quarters, providing liquidity cushion for ongoing operations and investments.
Persistent net losses, though improving: The company continues to report quarterly net losses, but 2025 saw improvements relative to earlier years (for example, 2025 Q4 net loss around $21.7 million versus larger losses in prior years).
Significant leverage remains: Long-term debt sits in the mid-to-high hundreds of millions (roughly $500–$550 million by 2025), indicating a high leverage load that weighs on profits and financing costs.
Accumulated losses on retained earnings: Retained earnings have been consistently negative across the period, reflecting cumulative losses that have not yet been offset by earnings.
Operating expenses remain a drag: Selling, general & administrative expenses and R&D expenses remain sizable relative to revenue, contributing to ongoing operating losses (for example, SG&A and RD together represented a large portion of revenue in recent quarters).
Continued investment outflows: Cash used for investing activities (PPE purchases and acquisitions) remains meaningful each year, contributing to ongoing cash burn potential in the absence of sustained profitability.
Net income consistently negative and not yet profitable: Despite revenue growth and improving cash flow, quarterly net income attributable to common shareholders remained negative in every quarter analyzed, indicating the path to profitability is not yet realized.

05/06/26 12:33 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Alphatec's Financials

When does Alphatec's financial year end?

According to the most recent income statement we have on file, Alphatec's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Alphatec's net income changed over the last 10 years?

Alphatec's net income appears to be on an upward trend, with a most recent value of -$143.36 million in 2025, falling from -$178.68 million in 2015. The previous period was -$162.12 million in 2024. Check out Alphatec's forecast to explore projected trends and price targets.

What is Alphatec's operating income?

Alphatec's total operating income in 2025 was -$82.13 million, based on the following breakdown:

Total Gross Profit: $531.89 million
Total Operating Expenses: $614.02 million

How has Alphatec's revenue changed over the last 10 years?

Over the last 10 years, Alphatec's total revenue changed from $134.39 million in 2015 to $764.16 million in 2025, a change of 468.6%.

How much debt does Alphatec have?

Alphatec's total liabilities were at $755.18 million at the end of 2025, a 1.4% decrease from 2024, and a 374.0% increase since 2015.

How much cash does Alphatec have?

In the past 10 years, Alphatec's cash and equivalents has ranged from $6.30 million in 2015 to $220.97 million in 2023, and is currently $160.81 million as of their latest financial filing in 2025.

How has Alphatec's book value per share changed over the last 10 years?

Over the last 10 years, Alphatec's book value per share changed from -0.36 in 2015 to 0.08 in 2025, a change of -123.1%.

Related Companies

Financial statements for NASDAQ:ATEC last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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