Alphatec (ATEC)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $1.7B, Alphatec's free cash flow of $3M (fiscal 2025) would need to grow about 53% a year for the stock to be worth today's price.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Alphatec's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ATEC's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Alphatec's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $243M | $351M | $482M | $612M | $764M |
| Net income | -$143M | -$151M | -$187M | -$162M | -$143M |
| Free cash flow | -$142M | -$125M | -$159M | -$128M | $3M |
| EPS (diluted) | -$1.49 | -$1.46 | -$1.54 | -$1.13 | -$0.96 |
| Operating margin | -52.7% | -41.9% | -36.0% | -22.3% | -10.7% |
Where the revenue comes from
Revenue by products, fiscal 2022. Every breakdown, year by year.
Superinvestors who own ATEC
From each investor's latest 13F filing (what a 13F shows). 2 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $21M | 0.01% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $9M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Alphatec's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Patrick Miles CEO |
115,000 | $8.81 | $1M |
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In the full deep dive
Questions
What growth does Alphatec's stock price imply?
At a market value of $1.7B, Alphatec would need its free cash flow to grow about 53% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price.
Are Alphatec insiders buying the stock?
1 open-market insider purchase of ATEC in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Alphatec?
2 of the superinvestors Investingly tracks hold ATEC in their latest 13F, including Cliff Asness, Jean-Marie Eveillard.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.