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Alphatec Holdings, Inc.（ATEC）与FTAI Infrastructure Inc.（FIP）财务数据对比。点击上方公司名可切换其他公司
Alphatec Holdings, Inc.的季度营收约是FTAI Infrastructure Inc.的1.5倍（$212.9M vs $143.5M），Alphatec Holdings, Inc.净利率更高（-10.2% vs -68.1%，领先57.9%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 20.4%），Alphatec Holdings, Inc.自由现金流更多（$7.7M vs $-68.6M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 24.0%）
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。
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
ATEC vs FIP — 直观对比
营收规模更大
ATEC
是对方的1.5倍
$143.5M
营收增速更快
FIP
高出57.3%
20.4%
净利率更高
ATEC
高出57.9%
-68.1%
自由现金流更多
ATEC
多$76.4M
$-68.6M
两年增速更快
FIP
近两年复合增速
24.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $143.5M |
| 净利润 | $-21.7M | $-97.7M |
| 毛利率 | 70.2% | — |
| 营业利润率 | -4.1% | -45.7% |
| 净利率 | -10.2% | -68.1% |
| 营收同比 | 20.4% | 77.7% |
| 净利润同比 | 34.8% | 21.6% |
| 每股收益（稀释后） | $-0.15 | $-1.04 |
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ATECFIP
| Q4 25 | $212.9M | $143.5M | ||
| Q3 25 | $196.5M | $140.6M | ||
| Q2 25 | $185.5M | $122.3M | ||
| Q1 25 | $169.2M | $96.2M | ||
| Q4 24 | $176.8M | $80.8M | ||
| Q3 24 | $150.7M | $83.3M | ||
| Q2 24 | $145.6M | $84.9M | ||
| Q1 24 | $138.5M | $82.5M |
净利润ATECFIP
| Q4 25 | $-21.7M | $-97.7M | ||
| Q3 25 | $-28.6M | $-104.5M | ||
| Q2 25 | $-41.1M | $-70.0M | ||
| Q1 25 | $-51.9M | $120.2M | ||
| Q4 24 | $-33.3M | $-124.7M | ||
| Q3 24 | $-39.6M | $-43.0M | ||
| Q2 24 | $-40.7M | $-48.1M | ||
| Q1 24 | $-48.5M | $-50.3M |
毛利率ATECFIP
| Q4 25 | 70.2% | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | 69.6% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 68.8% | — | ||
| Q3 24 | 68.2% | — | ||
| Q2 24 | 70.5% | — | ||
| Q1 24 | 70.3% | — |
营业利润率ATECFIP
| Q4 25 | -4.1% | -45.7% | ||
| Q3 25 | -8.1% | -70.8% | ||
| Q2 25 | -7.1% | -56.4% | ||
| Q1 25 | -26.2% | 81.8% | ||
| Q4 24 | -13.5% | -152.7% | ||
| Q3 24 | -22.4% | -51.7% | ||
| Q2 24 | -24.3% | -56.4% | ||
| Q1 24 | -31.3% | -58.8% |
净利率ATECFIP
| Q4 25 | -10.2% | -68.1% | ||
| Q3 25 | -14.5% | -74.4% | ||
| Q2 25 | -22.2% | -57.2% | ||
| Q1 25 | -30.7% | 125.0% | ||
| Q4 24 | -18.9% | -154.4% | ||
| Q3 24 | -26.3% | -51.6% | ||
| Q2 24 | -27.9% | -56.7% | ||
| Q1 24 | -35.0% | -60.9% |
每股收益（稀释后）ATECFIP
| Q4 25 | $-0.15 | $-1.04 | ||
| Q3 25 | $-0.19 | $-1.38 | ||
| Q2 25 | $-0.27 | $-0.73 | ||
| Q1 25 | $-0.35 | $0.89 | ||
| Q4 24 | $-0.22 | $-1.21 | ||
| Q3 24 | $-0.28 | $-0.45 | ||
| Q2 24 | $-0.29 | $-0.52 | ||
| Q1 24 | $-0.34 | $-0.54 |
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 | $57.4M |
| 总债务越低越好 | $565.9M | $3.8B |
| 股东权益账面价值 | $12.4M | $21.3M |
| 总资产 | $791.2M | $5.7B |
| 负债/权益比越低杠杆越低 | 45.54× | 176.99× |
8季度趋势，按日历期对齐
现金及短期投资ATECFIP
| Q4 25 | $160.8M | $57.4M | ||
| Q3 25 | $155.7M | $34.7M | ||
| Q2 25 | $157.1M | $33.6M | ||
| Q1 25 | $153.2M | $26.3M | ||
| Q4 24 | $138.8M | $27.8M | ||
| Q3 24 | $81.0M | $20.3M | ||
| Q2 24 | $99.8M | $33.1M | ||
| Q1 24 | $144.1M | $23.0M |
总债务ATECFIP
| Q4 25 | $565.9M | $3.8B | ||
| Q3 25 | $559.7M | $3.7B | ||
| Q2 25 | $553.9M | $3.1B | ||
| Q1 25 | $548.4M | $2.8B | ||
| Q4 24 | $576.2M | $1.6B | ||
| Q3 24 | $527.7M | $1.5B | ||
| Q2 24 | $519.2M | $1.6B | ||
| Q1 24 | $514.4M | $1.3B |
股东权益ATECFIP
| Q4 25 | $12.4M | $21.3M | ||
| Q3 25 | $11.5M | $181.1M | ||
| Q2 25 | $23.8M | $375.5M | ||
| Q1 25 | $-85.9M | $476.2M | ||
| Q4 24 | $-14.2M | $202.7M | ||
| Q3 24 | $-1.4M | $370.8M | ||
| Q2 24 | $17.1M | $394.8M | ||
| Q1 24 | $37.6M | $402.5M |
总资产ATECFIP
| Q4 25 | $791.2M | $5.7B | ||
| Q3 25 | $787.2M | $5.5B | ||
| Q2 25 | $790.3M | $4.4B | ||
| Q1 25 | $785.5M | $4.1B | ||
| Q4 24 | $775.7M | $2.4B | ||
| Q3 24 | $745.9M | $2.4B | ||
| Q2 24 | $768.6M | $2.5B | ||
| Q1 24 | $774.6M | $2.3B |
负债/权益比ATECFIP
| Q4 25 | 45.54× | 176.99× | ||
| Q3 25 | 48.64× | 20.59× | ||
| Q2 25 | 23.30× | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | 30.34× | 3.94× | ||
| Q1 24 | 13.70× | 3.34× |
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 | $-2.8M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $-68.6M |
| 自由现金流率自由现金流/营收 | 3.6% | -47.8% |
| 资本支出强度资本支出/营收 | 6.1% | 45.9% |
| 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 | $-398.5M |
8季度趋势，按日历期对齐
经营现金流ATECFIP
| Q4 25 | $20.7M | $-2.8M | ||
| Q3 25 | $14.0M | $-24.4M | ||
| Q2 25 | $15.5M | $-5.2M | ||
| Q1 25 | $-5.0M | $-85.7M | ||
| Q4 24 | $10.5M | $-8.1M | ||
| Q3 24 | $-5.3M | $14.2M | ||
| Q2 24 | $-11.4M | $-17.6M | ||
| Q1 24 | $-38.4M | $-3.9M |
自由现金流ATECFIP
| Q4 25 | $7.7M | $-68.6M | ||
| Q3 25 | $4.8M | $-90.7M | ||
| Q2 25 | $5.2M | $-87.5M | ||
| Q1 25 | $-15.0M | $-151.7M | ||
| Q4 24 | $8.5M | $-34.3M | ||
| Q3 24 | $-21.2M | $-11.7M | ||
| Q2 24 | $-45.5M | $-32.1M | ||
| Q1 24 | $-69.8M | $-16.7M |
自由现金流率ATECFIP
| Q4 25 | 3.6% | -47.8% | ||
| Q3 25 | 2.4% | -64.5% | ||
| Q2 25 | 2.8% | -71.6% | ||
| Q1 25 | -8.9% | -157.7% | ||
| Q4 24 | 4.8% | -42.4% | ||
| Q3 24 | -14.1% | -14.0% | ||
| Q2 24 | -31.3% | -37.9% | ||
| Q1 24 | -50.4% | -20.3% |
资本支出强度ATECFIP
| Q4 25 | 6.1% | 45.9% | ||
| Q3 25 | 4.7% | 47.2% | ||
| Q2 25 | 5.6% | 67.3% | ||
| Q1 25 | 5.9% | 68.6% | ||
| Q4 24 | 1.1% | 32.5% | ||
| Q3 24 | 10.5% | 31.1% | ||
| Q2 24 | 23.4% | 17.2% | ||
| Q1 24 | 22.6% | 15.6% |
现金转化率ATECFIP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
