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Alphatec Holdings, Inc.（ATEC）与BILL Holdings, Inc.（BILL）财务数据对比。点击上方公司名可切换其他公司
BILL Holdings, Inc.的季度营收约是Alphatec Holdings, Inc.的1.9倍（$414.7M vs $212.9M），BILL Holdings, Inc.净利率更高（-0.6% vs -10.2%，领先9.6%），Alphatec Holdings, Inc.同比增速更快（20.4% vs 14.4%），BILL Holdings, Inc.自由现金流更多（$103.8M vs $7.7M），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs 13.3%）
Alphatec Holdings是一家全球医疗科技企业，专注于研发、生产及销售脊柱外科手术相关的植入物、手术器械与数字化手术平台，服务骨科及神经外科医疗从业者，核心市场覆盖北美、欧洲及亚太主要区域。
BILL Holdings, Inc. 是总部位于美国加利福尼亚州圣何塞的企业，专注为美国小型企业提供自动化云原生财务运营软件。旗下Bill.com Connect是白标端到端支付自动化平台，可供金融机构接入其单点登录的线上企业银行生态中使用。
ATEC vs BILL — 直观对比
营收规模更大
BILL
是对方的1.9倍
$212.9M
营收增速更快
ATEC
高出6.1%
14.4%
净利率更高
BILL
高出9.6%
-10.2%
自由现金流更多
BILL
多$96.1M
$7.7M
两年增速更快
ATEC
近两年复合增速
13.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $414.7M |
| 净利润 | $-21.7M | $-2.6M |
| 毛利率 | 70.2% | 79.8% |
| 营业利润率 | -4.1% | -4.4% |
| 净利率 | -10.2% | -0.6% |
| 营收同比 | 20.4% | 14.4% |
| 净利润同比 | 34.8% | -107.7% |
| 每股收益（稀释后） | $-0.15 | $-0.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ATECBILL
| Q4 25 | $212.9M | $414.7M | ||
| Q3 25 | $196.5M | $395.7M | ||
| Q2 25 | $185.5M | $383.3M | ||
| Q1 25 | $169.2M | $358.2M | ||
| Q4 24 | $176.8M | $362.6M | ||
| Q3 24 | $150.7M | $358.4M | ||
| Q2 24 | $145.6M | $343.7M | ||
| Q1 24 | $138.5M | $323.0M |
净利润ATECBILL
| Q4 25 | $-21.7M | $-2.6M | ||
| Q3 25 | $-28.6M | $-3.0M | ||
| Q2 25 | $-41.1M | $-7.1M | ||
| Q1 25 | $-51.9M | $-11.6M | ||
| Q4 24 | $-33.3M | $33.5M | ||
| Q3 24 | $-39.6M | $8.9M | ||
| Q2 24 | $-40.7M | $7.6M | ||
| Q1 24 | $-48.5M | $31.8M |
毛利率ATECBILL
| Q4 25 | 70.2% | 79.8% | ||
| Q3 25 | 69.9% | 80.5% | ||
| Q2 25 | 69.6% | 80.8% | ||
| Q1 25 | 68.6% | 81.2% | ||
| Q4 24 | 68.8% | 81.6% | ||
| Q3 24 | 68.2% | 82.0% | ||
| Q2 24 | 70.5% | 81.0% | ||
| Q1 24 | 70.3% | 83.0% |
营业利润率ATECBILL
| Q4 25 | -4.1% | -4.4% | ||
| Q3 25 | -8.1% | -5.2% | ||
| Q2 25 | -7.1% | -5.8% | ||
| Q1 25 | -26.2% | -8.1% | ||
| Q4 24 | -13.5% | -6.0% | ||
| Q3 24 | -22.4% | -2.1% | ||
| Q2 24 | -24.3% | -6.5% | ||
| Q1 24 | -31.3% | -8.6% |
净利率ATECBILL
| Q4 25 | -10.2% | -0.6% | ||
| Q3 25 | -14.5% | -0.7% | ||
| Q2 25 | -22.2% | -1.8% | ||
| Q1 25 | -30.7% | -3.2% | ||
| Q4 24 | -18.9% | 9.3% | ||
| Q3 24 | -26.3% | 2.5% | ||
| Q2 24 | -27.9% | 2.2% | ||
| Q1 24 | -35.0% | 9.8% |
每股收益（稀释后）ATECBILL
| Q4 25 | $-0.15 | $-0.03 | ||
| Q3 25 | $-0.19 | $-0.03 | ||
| Q2 25 | $-0.27 | $0.02 | ||
| Q1 25 | $-0.35 | $-0.11 | ||
| Q4 24 | $-0.22 | $-0.06 | ||
| Q3 24 | $-0.28 | $0.08 | ||
| Q2 24 | $-0.29 | $0.37 | ||
| Q1 24 | $-0.34 | $0.00 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $160.8M | $1.1B |
| 总债务越低越好 | $565.9M | $1.8B |
| 股东权益账面价值 | $12.4M | $3.8B |
| 总资产 | $791.2M | $10.1B |
| 负债/权益比越低杠杆越低 | 45.54× | 0.48× |
8季度趋势，按日历期对齐
现金及短期投资ATECBILL
| Q4 25 | $160.8M | $1.1B | ||
| Q3 25 | $155.7M | $1.1B | ||
| Q2 25 | $157.1M | $1.0B | ||
| Q1 25 | $153.2M | $1.0B | ||
| Q4 24 | $138.8M | $1.6B | ||
| Q3 24 | $81.0M | $853.5M | ||
| Q2 24 | $99.8M | $985.9M | ||
| Q1 24 | $144.1M | $952.5M |
总债务ATECBILL
| Q4 25 | $565.9M | $1.8B | ||
| Q3 25 | $559.7M | $1.9B | ||
| Q2 25 | $553.9M | $1.7B | ||
| Q1 25 | $548.4M | $1.7B | ||
| Q4 24 | $576.2M | $1.7B | ||
| Q3 24 | $527.7M | $914.8M | ||
| Q2 24 | $519.2M | $914.0M | ||
| Q1 24 | $514.4M | $1.1B |
股东权益ATECBILL
| Q4 25 | $12.4M | $3.8B | ||
| Q3 25 | $11.5M | $3.9B | ||
| Q2 25 | $23.8M | $3.9B | ||
| Q1 25 | $-85.9M | $3.9B | ||
| Q4 24 | $-14.2M | $3.8B | ||
| Q3 24 | $-1.4M | $4.0B | ||
| Q2 24 | $17.1M | $4.1B | ||
| Q1 24 | $37.6M | $4.1B |
总资产ATECBILL
| Q4 25 | $791.2M | $10.1B | ||
| Q3 25 | $787.2M | $10.2B | ||
| Q2 25 | $790.3M | $10.1B | ||
| Q1 25 | $785.5M | $9.6B | ||
| Q4 24 | $775.7M | $9.7B | ||
| Q3 24 | $745.9M | $9.0B | ||
| Q2 24 | $768.6M | $9.2B | ||
| Q1 24 | $774.6M | $9.1B |
负债/权益比ATECBILL
| Q4 25 | 45.54× | 0.48× | ||
| Q3 25 | 48.64× | 0.48× | ||
| Q2 25 | 23.30× | 0.44× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | 30.34× | 0.22× | ||
| Q1 24 | 13.70× | 0.28× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $20.7M | $105.3M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $103.8M |
| 自由现金流率自由现金流/营收 | 3.6% | 25.0% |
| 资本支出强度资本支出/营收 | 6.1% | 0.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $2.8M | $378.8M |
8季度趋势，按日历期对齐
经营现金流ATECBILL
| Q4 25 | $20.7M | $105.3M | ||
| Q3 25 | $14.0M | $96.9M | ||
| Q2 25 | $15.5M | $83.8M | ||
| Q1 25 | $-5.0M | $99.5M | ||
| Q4 24 | $10.5M | $78.7M | ||
| Q3 24 | $-5.3M | $88.6M | ||
| Q2 24 | $-11.4M | $78.6M | ||
| Q1 24 | $-38.4M | $66.8M |
自由现金流ATECBILL
| Q4 25 | $7.7M | $103.8M | ||
| Q3 25 | $4.8M | $95.6M | ||
| Q2 25 | $5.2M | $81.0M | ||
| Q1 25 | $-15.0M | $98.4M | ||
| Q4 24 | $8.5M | $78.3M | ||
| Q3 24 | $-21.2M | $88.6M | ||
| Q2 24 | $-45.5M | $78.4M | ||
| Q1 24 | $-69.8M | $66.8M |
自由现金流率ATECBILL
| Q4 25 | 3.6% | 25.0% | ||
| Q3 25 | 2.4% | 24.1% | ||
| Q2 25 | 2.8% | 21.1% | ||
| Q1 25 | -8.9% | 27.5% | ||
| Q4 24 | 4.8% | 21.6% | ||
| Q3 24 | -14.1% | 24.7% | ||
| Q2 24 | -31.3% | 22.8% | ||
| Q1 24 | -50.4% | 20.7% |
资本支出强度ATECBILL
| Q4 25 | 6.1% | 0.4% | ||
| Q3 25 | 4.7% | 0.3% | ||
| Q2 25 | 5.6% | 0.7% | ||
| Q1 25 | 5.9% | 0.3% | ||
| Q4 24 | 1.1% | 0.1% | ||
| Q3 24 | 10.5% | 0.0% | ||
| Q2 24 | 23.4% | 0.1% | ||
| Q1 24 | 22.6% | 0.0% |
现金转化率ATECBILL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.35× | ||
| Q3 24 | — | 9.94× | ||
| Q2 24 | — | 10.35× | ||
| Q1 24 | — | 2.10× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ATEC
暂无分部数据
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
