ATECAlphatec Holdings, Inc.

Surgical & Medical Instruments & Apparatus

Revenue: $764M; 25% YoY
Operating margin: -10.7%; 52% YoY
EBITDA: −$5M; 92% YoY
Market cap: $1.1B
Employees: 913; $837K revenue each
Net debt / EBITDA: —; $247M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
10% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentYes
71% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$837K · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$91M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$243M	$351M	$482M	$612M	$764M	25%
Operating income	−$128M	−$147M	−$173M	−$136M	−$82M	40%
Net income	−$143M	−$151M	−$187M	−$162M	−$143M	12%
Operating cash flow	−$73M	−$75M	−$78M	−$45M	$45M	201%
Capex	$69M	$49M	$81M	$83M	$42M	49%
Stock-based comp	$36M	$41M	$81M	$73M	$74M	0.6%
Buybacks	$25M	—	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 17, 2025	Squadron Capital LLC	SCHEDULE 13D/A	22.7%	Passive
Apr 23, 2025	L-5 Healthcare Partners, LLC	SCHEDULE 13D/A	5.0%	Passive
Apr 11, 2025	L-5 Healthcare Partners, LLC	SCHEDULE 13D/A	10.6%	Passive
Feb 6, 2025	L-5 Healthcare Partners, LLC	SCHEDULE 13D/A	12.9%	Passive
Nov 12, 2024	L-5 Healthcare Partners, LLC	SC 13D/A	7.4%	Passive
Mar 22, 2024	L-5 Healthcare Partners, LLC	SC 13D/A	8.0%	Passive
May 12, 2023	L-5 Healthcare Partners, LLC	SC 13D/A	9.3%	Passive
Jan 27, 2023	L-5 Healthcare Partners, LLC	SC 13D/A	12.4%	Passive
Jun 29, 2022	L-5 Healthcare Partners, LLC	SC 13D/A	13.5%	Passive
Mar 11, 2021	Squadron Capital LLC	SC 13D	38.4%	Active

Insider trading

Open-market buys, 12 mo: $2M · 4
Open-market sells, 12 mo: $93M · 41
Net: −$91M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$30M	192	155
FY2024	$6M	$4M	25	73
FY2023	$9M	$23M	108	124
FY2022	$6M	$7M	69	99
FY2021	$5M	$8M	56	138