Alphatec Holdings
ATEC on Nasdaq. Surgical & medical instruments & apparatus. Market value $1.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.14 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -37 cents a year. Above 10 is good.
Quality score: 24 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$10.54 a share, 55% above its 1-year low
Over the past year the price has ranged from $6.82 to $23.29.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $243m | $351m | $482m | $612m | $764m |
| Operating margin | |||||
| Operating margin | -52.7% | -41.9% | -36.0% | -22.3% | -10.7% |
| Debt to equity | |||||
| Debt to equity | 4.06 | n/a | 6.59 | n/a | 50.74 |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.14bn | 0.14bn | 0.15bn | 0.15bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt50.74× equity
- Revenue growth, five yearsStrong, 39.5% a year
- Buying back its own sharesNo, 47% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $214 million last quarter, up 15% on a year ago.
- A loss of $26 million, compared with a loss of $41 million a year ago.
- It loses 6 cents on each $1 of sales, compared with 17 cents a year earlier.
- Spare cash over the past 12 months: $2 million. A year earlier it spent $22 million more than it brought in.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $522 million more than cash, up from $399 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $151m |
| December 2024 | $177m |
| March 2025 | $169m |
| June 2025 | $186m |
| September 2025 | $197m |
| December 2025 | $213m |
| March 2026 | $192m |
| June 2026 | $214m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$40m |
| December 2024 | -$33m |
| March 2025 | -$52m |
| June 2025 | -$41m |
| September 2025 | -$29m |
| December 2025 | -$22m |
| March 2026 | -$34m |
| June 2026 | -$26m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 267 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $17m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $3m | <0.1% | Added |
Largest holders overall
- BlackRock$98mAdded
- Braidwell LP$56mAdded
- American Century Companies$56m
- Vanguard Capital Management$44mAdded
- BNP PARIBAS ASSET MANAGEMENT Holding$31mCut
- State Street$30mAdded
- Jacobs Levy Equity Management$29mNew
- Geode Capital Management$28mAdded
- Royal Bank of Canada$26mCut
- Nuveen$23mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Jennifer N. PritzkerPassive investorat least 8.9%(filed with 3 related holders)Since 15 December 2025
- L-5 Healthcare Partners, LLCPassive investorat least 5.0%−0.3 pts(filed with 1 related holder)Since 23 April 2025
| Holder | Stake | Since | |
|---|---|---|---|
Jennifer N. Pritzker Passive investor | at least 8.9% (filed with 3 related holders) | 15 December 2025 | |
L-5 Healthcare Partners, LLC Passive investor | at least 5.0%−0.3 pts (filed with 1 related holder) | 23 April 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $2m of shares on the open market. 10 sold $49m, $18m of it under preset trading plans.
- Miles PatrickCEO, DirectorBought
- Date
- 10 September 2026
- Shares
- 115,000
- Price
- $8.81
- Value
- $1m
- Marshall Tyson EliotGENERAL COUNSEL & CORP. SEC.Soldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 8,168
- Price
- $9.65
- Value
- $78,821
- MCGINNIS KAREN KDirectorSoldunder a preset trading plan
- Date
- 11 June 2026
- Shares
- 6,050
- Price
- $8.01
- Value
- $48,461
- Valentine KeithDirectorBought
- Date
- 11 May 2026
- Shares
- 35,000
- Price
- $7.00
- Value
- $245,000
- Valentine KeithDirectorBought
- Date
- 8 May 2026
- Shares
- 43,847
- Price
- $7.54
- Value
- $330,606
- Valentine KeithDirectorBought
- Date
- 7 May 2026
- Shares
- 56,153
- Price
- $7.49
- Value
- $420,586
- Lish ScottCHIEF OPERATING OFFICERSold
- Date
- 13 March 2026
- Shares
- 260,535
- Price
- $12.30
- Value
- $3m
- Koning John ToddCHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 13 March 2026
- Shares
- 79,789
- Price
- $12.36
- Value
- $986,192
- Sponsel DavidEVP, SALESSoldunder a preset trading plan
- Date
- 11 March 2026
- Shares
- 163,452
- Price
- $12.52
- Value
- $2m
- Hunsaker Craig EEVP, PEOPLE & CULTURESoldunder a preset trading plan
- Date
- 9 March 2026
- Shares
- 82,765
- Price
- $12.45
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 September 2026 | Miles Patrick CEO, Director | Bought | 115,000 | $8.81 | $1m |
| 5 August 2026 | Marshall Tyson Eliot GENERAL COUNSEL & CORP. SEC. | Sold under a preset trading plan | 8,168 | $9.65 | $78,821 |
| 11 June 2026 | MCGINNIS KAREN K Director | Sold under a preset trading plan | 6,050 | $8.01 | $48,461 |
| 11 May 2026 | Valentine Keith Director | Bought | 35,000 | $7.00 | $245,000 |
| 8 May 2026 | Valentine Keith Director | Bought | 43,847 | $7.54 | $330,606 |
| 7 May 2026 | Valentine Keith Director | Bought | 56,153 | $7.49 | $420,586 |
| 13 March 2026 | Lish Scott CHIEF OPERATING OFFICER | Sold | 260,535 | $12.30 | $3m |
| 13 March 2026 | Koning John Todd CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 79,789 | $12.36 | $986,192 |
| 11 March 2026 | Sponsel David EVP, SALES | Sold under a preset trading plan | 163,452 | $12.52 | $2m |
| 9 March 2026 | Hunsaker Craig E EVP, PEOPLE & CULTURE | Sold under a preset trading plan | 82,765 | $12.45 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 50.7× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.