Alphatec Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Alphatec Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	120	102	91.7	113	145	243	351	482	612	764
Cost of revenue	44.1	33.5	28.5	35.8	42.4	85.5	118	172	187	232
Gross profit	76.1	68.2	63.2	77.6	103	158	233	310	424	532
Research and development	9.25	4.92	9.85	13.8	18.7	32	44	70.1	80.7	76.3
Selling, general and administrative		70	72.6	102	129	229	300	374	450	499
Selling and marketing	51	41.2
General and administrative	26.3	23.2
Operating expenses	91.5	77.2	85.7	125	161	286	380	484	560	614
Operating income	-15.4	-9	-22.4	-47.3	-58.9	-128	-147	-173	-136	-82.1
Interest expense	5.37			9.87	12.4	7.11	5.51	16.6	24.9	45.9
Interest income	0
Other non-operating income	-15.6	4.43	-7.73	-9.87		-1.56	0.47	3.12	-1.03	1.6
Pre-tax income	-30.9	-4.57	-30.2	-57.1	-78.8	-144	-152	-187	-162	-143
Income tax	-4.63	-0.03	-1.36	-0.24	0.15	-1.13	-0.72	-0.28	0.05	-0.05
Income from continuing operations	-26.3	-4.54	-28.8	-56.9	-79
Net income	-29.9	-2.29	-29	-57	-79	-143	-151	-187	-162	-143
EBITDA	-3.01	-1.52	-15.7	-39.7	-47.9	-101	-106	-117	-57.8	-4.64
EPS, basic	-3.49	-0.18	-1.20	-1.09	-1.18	-1.49	-1.46	-1.54	-1.13	-0.96
EPS, diluted	-3.49	-1.08	-1.20	-1.09	-1.18	-1.49	-1.46	-1.54	-1.13	-0.96
Shares, basic (weighted)	8.58	12.8	35.3	52.2	67	96.2	103	121	143	150
Shares, diluted (weighted)	8.58	13.3	35.3	52.2	67	96.2	103	121	143	150

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	19.6	22.5	29.1	47.1	108	187	84.7	221	139	161
Receivables	18.5	14.8	15.1	16.2	23.5	41.9	60.1	72.6	83	97.3
Inventory	30.1	27.3	28.8	34.9	46	91.7	102	137	175	169
Other current assets	4.26	1.77	2.03	9.88	5.44	10.3	9.36	20.7	20.3	23.3
Total current assets	72.8	66.5	75.5	108	184	331	256	451	417	451
Property, plant and equipment	15.1	12.7	13.2	19.7	36.7	87.4	102	150	156	135
Lease right-of-use assets				1.86	1.18	25.3	28.4	26.4	34.7	31.2
Goodwill	0		13.9	13.9	13.9	39.7	47.4	73	71	75.2
Intangible assets	5.71	5.25	26.4	25.6	24.7	85.3	82.8	102	93.5	93.5
Other non-current assets	0.52	0.21	0.35	0.49	0.54	3.25	4.87	2.42	2.72	5.12
Total assets	94.2	84.7	129	170	261	572	521	805	776	791
Accounts payable	8.7	3.88	4.4	7.77	17.6	25.7	34.7	49	53	40.9
Accrued liabilities	27.6	22.2	22.3	26.4	35.3	18.4	19.8	29.2	29.1	33.4
Deferred revenue						15.3	12	13.9	10.5	10.4
Short-term debt	3.11	3.31	3.28	0.49	4.17	0.34	14.9	1.81	1.66	64.5
Total current liabilities	40.1	29.7	30.6	36.4	58.3	101	139	158	153	219
Long-term debt	43.1	37.8	42.3	53.4	38	326	350	511	575	501
Lease liabilities				0.93	0.04	24.4	26.6	23.7	27.3	23.9
Other non-current liabilities	28.9	20.2	15.4	12	11.4	17.1	17.1	11.2	11.4	10.7
Total liabilities	136	111	112	126	131	491	556	727	790	779
Total debt	49.3	42.9	49.3	61.2	42.2	327	364	513	576	566
Paid-in capital	420	437	524	607	771	893	934	1,230	1,306	1,466
Retained earnings	-457	-459	-502	-559	-638	-781	-932	-1,119	-1,281	-1,424
Treasury stock	-0.1	-0.1	-0.1	-0.1	-0.1	-25.1	-25.1	-25.1	-25.1	-25.1
Other comprehensive income	0.97	1.09	1.06	1.09	1.2	-6.04	-10.8	-8.32	-13.7	-4.43
Shareholders' equity	-41.5	-26.7	17.6	43.6	130	80.7	-34.7	78.1	-14.2	12.4
Total equity	-41.5	-26.7	17.6	43.6	130	80.7	-34.7	78.1	-14.2	12.4
Total liabilities and equity	94.2	84.7	129	170	261	572	521	805	776	791
Shares outstanding	9.05	19.9	43.4	61.4	82.1	99.5	107	139	144	150

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-29.9	-2.29	-29	-57	-79	-143	-151	-187	-162	-143
Depreciation and amortization	12.4	7.48	6.79	7.58	10.9	26.8	41.2	56.1	78.4	77.5
Stock-based compensation	1.63	3.98	5.3	11	17.7	36.5	40.6	81.2	73.3	73.7
Deferred income tax	-4.7	-0.04	-1.39	-0.45	0.01	-1.49	-0.11	-0.83	-0.59	-0.59
Change in receivables	8	4.15	-0.4	-1.3	-7.48	-10.1	-18.8	-12.8	-14.6	-21.9
Change in inventory	-5.74	0.26	-5.01	-14.7	-18.2	-27.7	-20.7	-45.6	-54.7	-6.31
Change in payables	-4.87	-2.59	0.02	6	7.13	0.76	9.8	6.99	9.67	-11.2
Cash from operations	-9.96	-8.73	-25.6	-33.1	-46.4	-73.3	-75.1	-78.5	-44.7	45.2
Capital expenditures	-8.9	-7.6	-6.51	-13	-23.1	-68.5	-49.5	-80.5	-83.2	-42.5
Acquisitions			-15.1			-62.1		-55	0	0
Purchases of investments						-3
Cash from investing	62	-6.5	-21.7	-13	-23.9	-158	-58.3	-142	-93.1	-53.4
Debt issued			34.1	9.7	34			148	48	0
Stock issued	0.11		51.9	1.98	108	132		213	0	0
Share buybacks						-25
Cash from financing	-43.4	17.8	53.9	64.2	131	312	31.2	357	56.2	30
Exchange rate effect	-0.09	0.28	-0.02	0.03	0.09	-1.29
Net change in cash	8.52	2.87	6.59	18.1	60.7	79.5	-103	136	-82.1	22
Free cash flow	-18.9	-16.3	-32.1	-46.2	-69.5	-142	-125	-159	-128	2.78
Interest paid	7.37	4.7	5.14	5.97	6.33	5.03	3.86	17.3	20.3	23.8
Income taxes paid	0.92	0.11	0.13	0.16	0.19	0.22	0.27	0.33	0.28	0.39

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	70.8%	Gross profit / revenue.
Operating margin	-6.0%	Operating income / revenue.
EBITDA margin	2.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.5%	Pre-tax income / revenue.
Net margin	-13.5%	Net income / revenue.
FCF margin	0.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.9%	Cash from operations / revenue.
Return on assets (ROA)	-13.9%	Net income / average total assets.
Return on invested capital (ROIC)	-8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.4%	Research and development expense / revenue.
SG&A / revenue	64.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	9.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.7%	Capital expenditures / revenue.
D&A / revenue	8.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	25.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	39.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	39.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value CAGR, 5y	-37.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	13.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.89x	Current assets / current liabilities.
Quick ratio	0.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.50x	(Cash + short-term investments) / current liabilities.
Debt / assets	72.8%	Total debt / total assets.
Liabilities / assets	101.5%	Total liabilities / total assets.
Net debt	$457.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	23.9x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.02x	Operating income / interest expense.
Working capital	$211.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$174.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	5.85x	Revenue / average property, plant and equipment.
Inventory turnover	1.22x	Cost of revenue / average inventory.
Days inventory	299 days	365 x average inventory / cost of revenue.
Receivables turnover	7.40x	Revenue / average receivables.
Days sales outstanding	49 days	365 x average receivables / revenue.
Days payables	95 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	253 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	95.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.70	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.21	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.36	Cash from operations / diluted weighted shares.
Book value per share	-$0.08	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.13	Tangible book value / shares outstanding.
Cash per share	$0.77	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.56B	Share price x shares outstanding.
Enterprise value	$2.02B	Market cap + total debt - cash - short-term investments.
P/S	1.92x	Market cap / revenue.
P/FCF	678x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.7x	Market cap / cash from operations, when positive.
EV/Sales	2.48x	Enterprise value / revenue.
EV/EBITDA	106x	Enterprise value / EBITDA, when both are positive.
EV/FCF	876x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.1%	Free cash flow / market cap.
Earnings yield	-7.0%	Net income / market cap (the inverse of P/E).

What was Alphatec Holdings, Inc.'s revenue in fiscal 2025?

Alphatec Holdings, Inc. reported revenue of $764.2M for fiscal 2025, 25% higher than the year before.

Was Alphatec Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $143.4M.

How much free cash flow did Alphatec Holdings, Inc. generate in fiscal 2025?

Cash from operations of $45.2M minus capital expenditures of $42.5M left free cash flow of $2.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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