Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Alphatec Holdings, Inc. (ATEC)
A forensic read on Alphatec Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-4.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-366.6%
ROE
$1.4B
Market cap
Alphatec Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -4.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-14%Return on invested capital.Return on invested capital is -14% and rising from -37% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+15.1%/yrShare-count dilution.Diluted share count changed +45% over the last 3 years to FY2025 (+15.1%/yr). The count is GROWING — existing holders are being diluted. That's ~15.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~45%.
10% of revStock-based comp load.Stock-based compensation ran 10% of revenue and 2656% of free cash flow in FY2025 — about $0.49 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-18.8%
Free Cash Flow$2.8M
Latest Revenue$764.2M
Revenue Growth YoY+25.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Alphatec Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ATEC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown