Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Alphatec Holdings, Inc.ATEC · healthcare | |
|---|---|
| Grade |  Bsecond fifth of 371 graded peers; percentile 27.6, sampling error 2.5 points; lower is stronger |
| Rank | 103 of 371 |
| Profitability | B/Cpercentile 37.5 |
| Solvency | Cpercentile 51.7 |
| Growth and financing | Bpercentile 31.2 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $791.2M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 24, 2026227 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $10.362026-10-08; market equity $1.6B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 24, 2026; the document on sec.gov.
We are a medical technology company, headquartered in Carlsbad, California, focused on the design, development, and advancement of technology for better surgical treatment of spine disorders. By applying our unique, 100% spine focus and deep industry know-how, we aim to revolutionize spine surgery through clinical distinction. The sophisticated approaches that we create from the ground up integrate with our expanding InformatiX™ ("IX") platform to objectively inform surgery and achieve the goals of spine surgery more predictably and more reproducibly.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 37.5 | |||||||
| Gross profitability | 67.2% | [1,3] | 32.2% | 12.1 | 372 | 2025-12-31 | |
| Return on invested capital | (19.5%) | [4-12] | 9.3% | 82.2 | 74 | 2025-12-31 | |
| Accruals ratio | (24.1%) | [1,13-15] | (6.6%) | 18.0 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 2.2 pts | [2-3,16-23] | 2.8 pts | 37.6 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 51.7 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | (0.31) | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | not computable | 1.82x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | (1.79x) | [4,24] | (4.51x) | 32.5 | 81 | 2025-12-31 | |
| Current ratio | 2.06x | [25-26] | 2.96x | 70.9 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 31.2 | |||||||
| Revenue growth, three-year compound | 29.6% | [2,17,19,21] | 10.0% | 22.2 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | 14.9% | [1,15,27-28] | 2.1% | 26.3 | 704 | 2025-12-31 | |
| Net share issuance, one year | 5.0% | [29-30] | 2.5% | 45.2 | 634 | 2026-02-17 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.209; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 98 | GE HealthCare Technologies Inc. (GEHC) GE HealthCare Technologies Inc. (GEHC) Bsecond fifth; percentile 26.2 Nasdaq · X-Ray Apparatus & Tubes & Related Irradiation Apparatus market equity $29.2B; last close $64.23 No active warnings; 9 of 14 inputs | 26.2 | B | |
| 99 | Sensus Healthcare, Inc. (SRTS) Sensus Healthcare, Inc. (SRTS) Bsecond fifth; percentile 26.5 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $48.9M; last close $2.97 No active warnings; 8 of 14 inputs | 26.5 | B | |
| 100 | Lineage Cell Therapeutics, Inc. (LCTX) Lineage Cell Therapeutics, Inc. (LCTX) Bsecond fifth; percentile 26.8 NYSE · Biological Products, (No Diagnostic Substances) market equity $260.5M; last close $1.02 No active warnings; 7 of 14 inputs | 26.8 | B | |
| 101 | Travere Therapeutics, Inc. (TVTX) Travere Therapeutics, Inc. (TVTX) Bsecond fifth; percentile 27.0 Nasdaq · Pharmaceutical Preparations market equity $4.9B; last close $52.05 No active warnings; 8 of 14 inputs | 27.0 | B | |
| 102 | Tela Bio, Inc. (TELA) Tela Bio, Inc. (TELA) Bsecond fifth; percentile 27.3 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $47.1M; last close $1.06 Warnings: fortress balance sheet; 8 of 14 inputs | 27.3 | B | fortress balance sheet |
| 103 | Alphatec Holdings, Inc. (ATEC) Alphatec Holdings, Inc. (ATEC) Bsecond fifth; percentile 27.6 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $1.6B; last close $10.36 No active warnings; 9 of 14 inputs | 27.6 | B | |
| 104 | Agape ATP Corp. (ATPC) Agape ATP Corp. (ATPC) Bsecond fifth; percentile 27.8 Nasdaq · Services-Health Services market equity $2.1M; last close $2.10 Warnings: late filer; 8 of 14 inputs | 27.8 | B | late filer |
| 105 | Agios Pharmaceuticals, Inc. (AGIO) Agios Pharmaceuticals, Inc. (AGIO) Bsecond fifth; percentile 28.1 Nasdaq · Pharmaceutical Preparations market equity $1.9B; last close $31.92 Warnings: short runway; 8 of 14 inputs | 28.1 | B | short runway |
| 106 | Myriad Genetics Inc. (MYGN) Myriad Genetics Inc. (MYGN) Bsecond fifth; percentile 28.4 Nasdaq · In Vitro & In Vivo Diagnostic Substances market equity $401.7M; last close $4.17 Warnings: fortress balance sheet; 7 of 14 inputs | 28.4 | B | fortress balance sheet |
| 107 | DocGo Inc. (DCGO) DocGo Inc. (DCGO) Bsecond fifth; percentile 28.6 Nasdaq · Services-Health Services market equity $33.5M; last close $0.34 Warnings: late filer, fortress balance sheet; 7 of 14 inputs | 28.6 | B | late filer, fortress balance sheet |
| 108 | Healthcare Services Group Inc. (HCSG) Healthcare Services Group Inc. (HCSG) Bsecond fifth; percentile 28.9 Nasdaq · Services-Nursing & Personal Care Facilities market equity $1.4B; last close $20.66 No active warnings; 7 of 14 inputs | 28.9 | B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 37.4 | 2204 |
| sector peers, equal sleeves (the grade) | B | 27.6 | 371 |
| same exchange, equal sleeves | B | 32.9 | 1219 |
| sector peers, equal inputs | B | 23.2 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (35.6%) | 8.0% | 20 | hotter than 20 of 100 peers |
| Distance from 52-week high | (54.4%) | (31.4%) | 22 | closer to its high than 22 of 100 peers |
| EBIT to enterprise value | (4.0%) | (1.5%) | 44 | pricier than 56 of 100 peers |
| Free cash flow yield | 0.2% | (1.0%) | 55 | pricier than 45 of 100 peers |
| Book value to price | (0.01) | 0.28 | 11 | pricier than 89 of 100 peers |
| Sales to price | 0.48 | 0.31 | 64 | pricier than 36 of 100 peers |
| Composite equity issuance, five years | 48.4% | 20.3% | 65 | more equity-funded than 65 of 100 peers |
| Relative strength against the sector, log excess return | (0.65) | (0.14) | 20 | ahead of 20 of 100 peers |
Inputs: market equity $1.6B; EBIT -$82.1M; free cash flow $2.8M; book equity -$12.1M; sales $764.2M; debt $575.8M; cash $118.7M[31].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 6 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (18.5%) | ✗ fail[13,15] |
| Operating cash flow above zero | $45.2M | ✓ pass[14] |
| Return on assets improved | 1.7 pts | ✓ pass[13,15,27,32] |
| Operating cash flow exceeds net income | $188.6M | ✓ pass[13-14] |
| Long-term leverage fell | (8.7 pts) | ✓ pass[1,15,27,33-34] |
| Current ratio improved | (67.0 pts) | ✗ fail[25-26,35-36] |
| No new shares issued | 5.0% | ✗ fail[29-30] |
| Gross margin improved | 0.2 pts | ✓ pass[2-3,16-17] |
| Asset turnover improved | 22.6 pts | ✓ pass[2,15,17,27] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $118.7M[37] |
| Operating cash flow, four quarters | $56.5M[14,37-41] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 66 |
| 10-Q received Aug 4, 2026 | |
| Median daily dollar volume | $17.3M |
| 63 sessions | |
| Days since newest grade input | 227 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $791.2M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $764.2M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $531.9M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | -$82.1M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$143.4M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$45,000 | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $565.9M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $12.4M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $160.8M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebt | $576.2M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | -$14.2M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $138.8M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | -$143.4M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $45.2M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $775.7M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $424.3M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $611.6M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 18 | gross profit | us-gaap:GrossProfit | $310.2M | 2023-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $482.3M | 2023-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 20 | gross profit | us-gaap:GrossProfit | $233.1M | 2022-12-31 | 2025-02-26 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $350.9M | 2022-12-31 | 2025-02-26 | 10-K | filing · viewer · series |
| 22 | gross profit | us-gaap:GrossProfit | $157.8M | 2021-12-31 | 2024-02-27 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $243.2M | 2021-12-31 | 2024-02-27 | 10-K | filing · viewer · series |
| 24 | interest expense | us-gaap:InterestExpense | $45.9M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $450.9M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $219.2M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $805.2M | 2023-12-31 | 2025-02-26 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $521.0M | 2022-12-31 | 2024-02-27 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 151,356,620 | 2026-02-17 | 2026-02-24 | 10-K | filing · viewer · series |
| 30 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 144,149,232 | 2025-02-19 | 2025-02-26 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 154,451,076 | 2026-07-28 | 2026-08-04 | 10-Q | filing · viewer · series |
| 32 | net income | us-gaap:NetIncomeLoss | -$162.1M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 33 | long term debt | us-gaap:LongTermDebtNoncurrent | $501.4M | 2025-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 34 | long term debt | us-gaap:LongTermDebtNoncurrent | $574.5M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 35 | current assets | us-gaap:AssetsCurrent | $417.4M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 36 | current liabilities | us-gaap:LiabilitiesCurrent | $153.0M | 2024-12-31 | 2026-02-24 | 10-K | filing · viewer · series |
| 37 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $118.7M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $21.8M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.3M | 2026-03-31 | 2026-05-05 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $24.5M | 2025-09-30 | 2025-10-30 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $10.5M | 2025-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 27.6 is 7.6 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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