Is the business good?
How good a business is ATEC?
Alphatec Holdings, Inc. earns −7.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−7.6%
Return on invested capital · cost of capital 9.0% · 17 points below what the capital costs: growth destroys value
- Operating margin
- −6.0%
Operating margin · Medical Devices median 11% · 12 months to Q2 2026
- Share count, year on year
- +4.5%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 9.4%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −41% |
| FY2021 | −53% |
| FY2022 | −42% |
| FY2023 | −36% |
| FY2024 | −22% |
| FY2025 | −11% |
Details›
- Gross margin12 months to Q2 2026
- 71%
- Operating margin12 months to Q2 2026
- −6.0%
- Net margin12 months to Q2 2026
- −14%
- Free cash flow margin
- 0.28%
- R&D as % of revenue
- 9.4%
- Revenue, trailing twelve months
- $815M
- Free cash flow, trailing twelve months
- $2.3M
- Net income, trailing twelve months
- −$110M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −7.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.