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Alphatec Holdings, Inc.（ATEC）与Clearwater Paper Corp（CLW）财务数据对比。点击上方公司名可切换其他公司
Clearwater Paper Corp的季度营收约是Alphatec Holdings, Inc.的1.7倍（$360.3M vs $212.9M），Clearwater Paper Corp净利率更高（-3.6% vs -10.2%，领先6.7%），Alphatec Holdings, Inc.同比增速更快（20.4% vs -4.7%），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs 2.3%）
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。
净水纸业公司是美国的一家纸浆与纸板制造商，总部位于华盛顿州斯波坎。公司于2008年12月9日从波特拉奇公司分拆设立，专注于纸浆及纸板产品的研发生产与销售，是北美地区该领域颇具影响力的生产企业。
ATEC vs CLW — 直观对比
营收规模更大
CLW
是对方的1.7倍
$212.9M
营收增速更快
ATEC
高出25.2%
-4.7%
净利率更高
CLW
高出6.7%
-10.2%
两年增速更快
ATEC
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $360.3M |
| 净利润 | $-21.7M | $-12.8M |
| 毛利率 | 70.2% | -0.2% |
| 营业利润率 | -4.1% | — |
| 净利率 | -10.2% | -3.6% |
| 营收同比 | 20.4% | -4.7% |
| 净利润同比 | 34.8% | -103.2% |
| 每股收益（稀释后） | $-0.15 | — |
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ATECCLW
| Q1 26 | — | $360.3M | ||
| Q4 25 | $212.9M | $386.4M | ||
| Q3 25 | $196.5M | $399.0M | ||
| Q2 25 | $185.5M | $391.8M | ||
| Q1 25 | $169.2M | $378.2M | ||
| Q4 24 | $176.8M | $387.1M | ||
| Q3 24 | $150.7M | $393.3M | ||
| Q2 24 | $145.6M | $344.4M |
净利润ATECCLW
| Q1 26 | — | $-12.8M | ||
| Q4 25 | $-21.7M | $38.3M | ||
| Q3 25 | $-28.6M | $-53.3M | ||
| Q2 25 | $-41.1M | $2.7M | ||
| Q1 25 | $-51.9M | $-6.3M | ||
| Q4 24 | $-33.3M | $199.1M | ||
| Q3 24 | $-39.6M | $5.8M | ||
| Q2 24 | $-40.7M | $-25.8M |
毛利率ATECCLW
| Q1 26 | — | -0.2% | ||
| Q4 25 | 70.2% | 4.5% | ||
| Q3 25 | 69.9% | 4.7% | ||
| Q2 25 | 69.6% | 11.0% | ||
| Q1 25 | 68.6% | 9.7% | ||
| Q4 24 | 68.8% | 3.8% | ||
| Q3 24 | 68.2% | 7.7% | ||
| Q2 24 | 70.5% | -0.6% |
营业利润率ATECCLW
| Q1 26 | — | — | ||
| Q4 25 | -4.1% | 1.9% | ||
| Q3 25 | -8.1% | -13.9% | ||
| Q2 25 | -7.1% | 2.5% | ||
| Q1 25 | -26.2% | -1.1% | ||
| Q4 24 | -13.5% | -4.0% | ||
| Q3 24 | -22.4% | -0.3% | ||
| Q2 24 | -24.3% | -13.6% |
净利率ATECCLW
| Q1 26 | — | -3.6% | ||
| Q4 25 | -10.2% | 9.9% | ||
| Q3 25 | -14.5% | -13.4% | ||
| Q2 25 | -22.2% | 0.7% | ||
| Q1 25 | -30.7% | -1.7% | ||
| Q4 24 | -18.9% | 51.4% | ||
| Q3 24 | -26.3% | 1.5% | ||
| Q2 24 | -27.9% | -7.5% |
每股收益（稀释后）ATECCLW
| Q1 26 | — | — | ||
| Q4 25 | $-0.15 | $2.36 | ||
| Q3 25 | $-0.19 | $-3.30 | ||
| Q2 25 | $-0.27 | $0.17 | ||
| Q1 25 | $-0.35 | $-0.38 | ||
| Q4 24 | $-0.22 | $11.87 | ||
| Q3 24 | $-0.28 | $0.35 | ||
| Q2 24 | $-0.29 | $-1.55 |
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 | $36.5M |
| 总债务越低越好 | $565.9M | $361.1M |
| 股东权益账面价值 | $12.4M | $813.8M |
| 总资产 | $791.2M | $1.6B |
| 负债/权益比越低杠杆越低 | 45.54× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资ATECCLW
| Q1 26 | — | $36.5M | ||
| Q4 25 | $160.8M | $30.7M | ||
| Q3 25 | $155.7M | $34.4M | ||
| Q2 25 | $157.1M | $46.7M | ||
| Q1 25 | $153.2M | $44.0M | ||
| Q4 24 | $138.8M | $79.6M | ||
| Q3 24 | $81.0M | $35.5M | ||
| Q2 24 | $99.8M | $39.6M |
总债务ATECCLW
| Q1 26 | — | $361.1M | ||
| Q4 25 | $565.9M | $346.8M | ||
| Q3 25 | $559.7M | $337.0M | ||
| Q2 25 | $553.9M | $330.1M | ||
| Q1 25 | $548.4M | — | ||
| Q4 24 | $576.2M | $283.4M | ||
| Q3 24 | $527.7M | $1.2B | ||
| Q2 24 | $519.2M | $1.1B |
股东权益ATECCLW
| Q1 26 | — | $813.8M | ||
| Q4 25 | $12.4M | $825.3M | ||
| Q3 25 | $11.5M | $783.0M | ||
| Q2 25 | $23.8M | $836.8M | ||
| Q1 25 | $-85.9M | $836.6M | ||
| Q4 24 | $-14.2M | $854.6M | ||
| Q3 24 | $-1.4M | $664.6M | ||
| Q2 24 | $17.1M | $658.6M |
总资产ATECCLW
| Q1 26 | — | $1.6B | ||
| Q4 25 | $791.2M | $1.6B | ||
| Q3 25 | $787.2M | $1.6B | ||
| Q2 25 | $790.3M | $1.6B | ||
| Q1 25 | $785.5M | $1.6B | ||
| Q4 24 | $775.7M | $1.7B | ||
| Q3 24 | $745.9M | $2.5B | ||
| Q2 24 | $768.6M | $2.5B |
负债/权益比ATECCLW
| Q1 26 | — | 0.44× | ||
| Q4 25 | 45.54× | 0.42× | ||
| Q3 25 | 48.64× | 0.43× | ||
| Q2 25 | 23.30× | 0.39× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.33× | ||
| Q3 24 | — | 1.73× | ||
| Q2 24 | 30.34× | 1.74× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $7.7M | — |
| 自由现金流率自由现金流/营收 | 3.6% | — |
| 资本支出强度资本支出/营收 | 6.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流ATECCLW
| Q1 26 | — | — | ||
| Q4 25 | $20.7M | $5.0M | ||
| Q3 25 | $14.0M | $34.0M | ||
| Q2 25 | $15.5M | $-28.2M | ||
| Q1 25 | $-5.0M | $1.5M | ||
| Q4 24 | $10.5M | $-35.1M | ||
| Q3 24 | $-5.3M | $16.2M | ||
| Q2 24 | $-11.4M | $21.1M |
自由现金流ATECCLW
| Q1 26 | — | — | ||
| Q4 25 | $7.7M | $-9.9M | ||
| Q3 25 | $4.8M | $15.7M | ||
| Q2 25 | $5.2M | $-51.1M | ||
| Q1 25 | $-15.0M | $-31.2M | ||
| Q4 24 | $8.5M | $-68.1M | ||
| Q3 24 | $-21.2M | $-30.8M | ||
| Q2 24 | $-45.5M | $3.0M |
自由现金流率ATECCLW
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | -2.6% | ||
| Q3 25 | 2.4% | 3.9% | ||
| Q2 25 | 2.8% | -13.0% | ||
| Q1 25 | -8.9% | -8.2% | ||
| Q4 24 | 4.8% | -17.6% | ||
| Q3 24 | -14.1% | -7.8% | ||
| Q2 24 | -31.3% | 0.9% |
资本支出强度ATECCLW
| Q1 26 | — | — | ||
| Q4 25 | 6.1% | 3.9% | ||
| Q3 25 | 4.7% | 4.6% | ||
| Q2 25 | 5.6% | 5.8% | ||
| Q1 25 | 5.9% | 8.6% | ||
| Q4 24 | 1.1% | 8.5% | ||
| Q3 24 | 10.5% | 12.0% | ||
| Q2 24 | 23.4% | 5.3% |
现金转化率ATECCLW
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -10.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.18× | ||
| Q3 24 | — | 2.79× | ||
| Q2 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
