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Held by 276 of 5,944 reporting institutions (94th percentile) — extremely crowded.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $10.28 today, the market must believe free cash flow compounds 59.8%/yr for a decade (off $3M normalized FCF).
2-stage DCF · 0.15B shares · net debt $405M
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $764.2M 100.0% | $611.6M 100.0% | $482.3M 100.0% | $350.9M 100.0% | $243.2M 100.0% | $144.9M 100.0% | $113.4M 100.0% | $91.7M 100.0% | $101.7M 100.0% | $120.2M 100.0% |
| Cost of Revenue | $232.3M 30.4% | $187.3M 30.6% | $172.1M 35.7% | $117.8M 33.6% | $85.5M 35.1% | $42.4M 29.2% | $35.8M 31.6% | $28.5M 31.0% | $33.5M 32.9% | $44.1M 36.7% |
| Gross Profit | $531.9M 69.6% | $424.3M 69.4% | $310.2M 64.3% | $233.1M 66.4% | $157.8M 64.9% | $102.5M 70.8% | $77.6M 68.4% | $63.2M 69.0% | $68.2M 67.1% | $76.1M 63.3% |
| Selling, General & Admin | $498.5M 65.2% | $450.2M 73.6% | $374.1M 77.6% | $300.0M 85.5% | $229.3M 94.3% | $129.2M 89.2% | $101.7M 89.7% | $72.6M 79.2% | $70.0M 68.8% | $26.3M 21.9% |
| Total Operating Expenses | $614.0M 80.4% | $560.4M 91.6% | $483.6M 100.3% | $380.0M 108.3% | $285.8M 117.5% | $161.4M 111.4% | $124.9M 110.1% | $85.7M 93.4% | $77.2M 75.9% | $91.5M 76.1% |
| Operating Income | -$82.1M -10.7% | -$136.2M -22.3% | -$173.4M -36.0% | -$147.0M -41.9% | -$128.1M -52.7% | -$58.9M -40.6% | -$47.3M -41.7% | -$22.4M -24.5% | -$9.0M -8.8% | -$15.4M -12.8% |
| Interest Expense | $45.9M 6.0% | $24.9M 4.1% | $16.6M 3.5% | $5.5M 1.6% | $7.1M 2.9% | $12.4M 8.5% | $9.9M 8.7% | — | — | $5.4M 4.5% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | — | $3K 0.0% |
| Other Income (Expense), net | $1.6M 0.2% | -$1.0M -0.2% | $3.1M 0.6% | $471K 0.1% | -$1.6M -0.6% | — | -$9.9M -8.7% | -$7.7M -8.4% | $4.4M 4.4% | -$15.6M -12.9% |
| Pretax Income | -$143.4M -18.8% | -$162.1M -26.5% | -$186.9M -38.8% | -$152.0M -43.3% | -$144.2M -59.3% | -$78.8M -54.4% | -$57.1M -50.4% | -$30.2M -32.9% | -$4.6M -4.5% | -$30.9M -25.7% |
| Income Tax Expense | -$45K -0.0% | $50K 0.0% | -$277K -0.1% | -$716K -0.2% | -$1.1M -0.5% | $145K 0.1% | -$239K -0.2% | -$1.4M -1.5% | -$34K -0.0% | -$4.6M -3.9% |
| Net Income | -$143.4M -18.8% | -$162.1M -26.5% | -$186.6M -38.7% | -$151.3M -43.1% | -$143.0M -58.8% | -$79.0M -54.5% | -$57.0M -50.3% | -$29.0M -31.6% | -$2.3M -2.3% | -$29.9M -24.9% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.96 | $-1.13 | $-1.54 | $-1.46 | $-1.49 | $-1.18 | — | $-1.20 | $-0.18 | $-3.49 |
| EPS (Diluted) | $-0.96 | $-1.13 | $-1.54 | $-1.46 | $-1.49 | $-1.18 | — | $-1.20 | $-1.08 | $-3.49 |
| Weighted Avg Shares (Basic) | 150.1M | 142.9M | 121.2M | 103.4M | 96.2M | 67.0M | — | 35.3M | 12.8M | 8.6M |
| Weighted Avg Shares (Diluted) | 150.1M | 142.9M | 121.2M | 103.4M | 96.2M | 67.0M | — | 35.3M | 13.3M | 8.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $3M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -25%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $161M covers the $342000 due within a year 470.2× over. Scheduled principal only (excludes interest & revolver draws). As of 2021-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~8.1% on $566M of debt.
Cash of $161M fully covers short-term debt of $65M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 59th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 31.0 | 31.6 | 29.2 | 35.1 | 33.6 | 35.7 | 30.6 | 30.4 |
| Gross Profit | 69.0 | 68.4 | 70.8 | 64.9 | 66.4 | 64.3 | 69.4 | 69.6 |
| SG&A | 79.2 | 89.7 | 89.2 | 94.3 | 85.5 | 77.6 | 73.6 | 65.2 |
| Operating Income | -24.5 | -41.7 | -40.6 | -52.7 | -41.9 | -36.0 | -22.3 | -10.7 |
| Income Tax | -1.5 | -0.2 | 0.1 | -0.5 | -0.2 | -0.1 | 0.0 | -0.0 |
| Net Income | -31.6 | -50.3 | -54.5 | -58.8 | -43.1 | -38.7 | -26.5 | -18.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ATEC: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| ATEC | $1.5B | — | — | 2.0× | 25.0% | 69.6% | -18.8% | -1154% | -24.8% | -122.1× | 276 |
Peers = companies sharing ATEC's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.