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The Moat Index

Alphatec Holdings, Inc.

ATEC · Healthcare · $1.3B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

44/ 100
Shallow moat

The four filters

Pricing power99

Median gross margin 67.7% over 10y, very stable.

Returns on capital0

Median ROIC -45.3%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -2x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$8.54
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Alphatec Holdings, Inc. booked $764.2M of revenue in FY2025 in the Healthcare sector and kept 69.6% of it as gross profit — a high-margin business by that measure. After every other cost, −18.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $120.6M (FY2009) to $764.2M (FY2025) — about 12.2% a year compounded over 16 years.

It earned −13.5% on invested capital in FY2025, with a median of −28.3% across 15 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $630.5M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 68.8% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (99/100) and Returns on Capital the weakest (0/100), which is how ATEC lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from ATEC’s SEC filings

RevenueSales, as filed$764.2M FY2025
$0$500M2008201420202025
Gross marginRevenue kept after cost of goods69.6% FY2025
0%50%2008201420202025
Return on invested capitalOperating profit on the capital employed−13.5% FY2025
−400%−200%0%2008201420202025
Owner earningsCash an owner could take out−$108.3M FY2025
−$200M−$100M$02008201420202025

Gaps in a line mean that item isn’t in ATEC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ATEC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#184 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #182LHX L3HARRIS TECHNOLOGIES, INC.44.1Shallow moat
  2. #183OFIX ORTHOFIX MEDICAL INC.44.1Shallow moat
  3. #185WRBY Warby Parker Inc.44.0Shallow moat
  4. #186CRNX Crinetics Pharmaceuticals, Inc.44.0Shallow moat

Compare ATEC with its nearest peers →All Healthcare companies on the Index →

Common questions about ATEC

Does Alphatec Holdings, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Alphatec Holdings, Inc. (ATEC) 44.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has ATEC's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 44.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ATEC. See the disclaimer.

Alphatec Holdings, Inc. (ATEC) Moat Score — The Moat Index · Buy Like Buffett