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Alphatec Holdings, Inc.（ATEC）与Guidewire Software, Inc.（GWRE）财务数据对比。点击上方公司名可切换其他公司
Guidewire Software, Inc.的季度营收约是Alphatec Holdings, Inc.的1.6倍（$332.6M vs $212.9M），Guidewire Software, Inc.净利率更高（9.4% vs -10.2%，领先19.6%），Guidewire Software, Inc.同比增速更快（26.5% vs 20.4%），Alphatec Holdings, Inc.自由现金流更多（$7.7M vs $-72.3M），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs 17.5%）
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。
Guidewire Software是总部位于美国加利福尼亚州圣马特奥的软件企业，面向美国及全球的财产与意外伤害保险经营机构提供专业行业平台，支持险企优化业务流程、推进数字化升级，满足保险行业的各类专业化运营需求。
ATEC vs GWRE — 直观对比
营收规模更大
GWRE
是对方的1.6倍
$212.9M
营收增速更快
GWRE
高出6.1%
20.4%
净利率更高
GWRE
高出19.6%
-10.2%
自由现金流更多
ATEC
多$80.0M
$-72.3M
两年增速更快
ATEC
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $332.6M |
| 净利润 | $-21.7M | $31.3M |
| 毛利率 | 70.2% | 63.0% |
| 营业利润率 | -4.1% | 5.6% |
| 净利率 | -10.2% | 9.4% |
| 营收同比 | 20.4% | 26.5% |
| 净利润同比 | 34.8% | 242.6% |
| 每股收益（稀释后） | $-0.15 | $0.36 |
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ATECGWRE
| Q4 25 | $212.9M | $332.6M | ||
| Q3 25 | $196.5M | $356.6M | ||
| Q2 25 | $185.5M | $293.5M | ||
| Q1 25 | $169.2M | $289.5M | ||
| Q4 24 | $176.8M | $262.9M | ||
| Q3 24 | $150.7M | $291.5M | ||
| Q2 24 | $145.6M | $240.7M | ||
| Q1 24 | $138.5M | $240.9M |
净利润ATECGWRE
| Q4 25 | $-21.7M | $31.3M | ||
| Q3 25 | $-28.6M | $52.0M | ||
| Q2 25 | $-41.1M | $46.0M | ||
| Q1 25 | $-51.9M | $-37.3M | ||
| Q4 24 | $-33.3M | $9.1M | ||
| Q3 24 | $-39.6M | $16.8M | ||
| Q2 24 | $-40.7M | $-5.5M | ||
| Q1 24 | $-48.5M | $9.7M |
毛利率ATECGWRE
| Q4 25 | 70.2% | 63.0% | ||
| Q3 25 | 69.9% | 65.0% | ||
| Q2 25 | 69.6% | 62.2% | ||
| Q1 25 | 68.6% | 61.9% | ||
| Q4 24 | 68.8% | 60.2% | ||
| Q3 24 | 68.2% | 64.0% | ||
| Q2 24 | 70.5% | 59.1% | ||
| Q1 24 | 70.3% | 59.1% |
营业利润率ATECGWRE
| Q4 25 | -4.1% | 5.6% | ||
| Q3 25 | -8.1% | 8.3% | ||
| Q2 25 | -7.1% | 1.5% | ||
| Q1 25 | -26.2% | 4.0% | ||
| Q4 24 | -13.5% | -1.8% | ||
| Q3 24 | -22.4% | 3.5% | ||
| Q2 24 | -24.3% | -6.9% | ||
| Q1 24 | -31.3% | -5.2% |
净利率ATECGWRE
| Q4 25 | -10.2% | 9.4% | ||
| Q3 25 | -14.5% | 14.6% | ||
| Q2 25 | -22.2% | 15.7% | ||
| Q1 25 | -30.7% | -12.9% | ||
| Q4 24 | -18.9% | 3.5% | ||
| Q3 24 | -26.3% | 5.7% | ||
| Q2 24 | -27.9% | -2.3% | ||
| Q1 24 | -35.0% | 4.0% |
每股收益（稀释后）ATECGWRE
| Q4 25 | $-0.15 | $0.36 | ||
| Q3 25 | $-0.19 | $0.61 | ||
| Q2 25 | $-0.27 | $0.54 | ||
| Q1 25 | $-0.35 | $-0.45 | ||
| Q4 24 | $-0.22 | $0.11 | ||
| Q3 24 | $-0.28 | $0.21 | ||
| Q2 24 | $-0.29 | $-0.07 | ||
| Q1 24 | $-0.34 | $0.12 |
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 | $1.0B |
| 总债务越低越好 | $565.9M | — |
| 股东权益账面价值 | $12.4M | $1.5B |
| 总资产 | $791.2M | $2.6B |
| 负债/权益比越低杠杆越低 | 45.54× | — |
8季度趋势，按日历期对齐
现金及短期投资ATECGWRE
| Q4 25 | $160.8M | $1.0B | ||
| Q3 25 | $155.7M | $1.1B | ||
| Q2 25 | $157.1M | $920.4M | ||
| Q1 25 | $153.2M | $1.2B | ||
| Q4 24 | $138.8M | $1.3B | ||
| Q3 24 | $81.0M | $1.0B | ||
| Q2 24 | $99.8M | $782.3M | ||
| Q1 24 | $144.1M | $777.6M |
总债务ATECGWRE
| Q4 25 | $565.9M | — | ||
| Q3 25 | $559.7M | — | ||
| Q2 25 | $553.9M | — | ||
| Q1 25 | $548.4M | — | ||
| Q4 24 | $576.2M | — | ||
| Q3 24 | $527.7M | $398.9M | ||
| Q2 24 | $519.2M | — | ||
| Q1 24 | $514.4M | — |
股东权益ATECGWRE
| Q4 25 | $12.4M | $1.5B | ||
| Q3 25 | $11.5M | $1.5B | ||
| Q2 25 | $23.8M | $1.4B | ||
| Q1 25 | $-85.9M | $1.3B | ||
| Q4 24 | $-14.2M | $1.3B | ||
| Q3 24 | $-1.4M | $1.3B | ||
| Q2 24 | $17.1M | $1.3B | ||
| Q1 24 | $37.6M | $1.3B |
总资产ATECGWRE
| Q4 25 | $791.2M | $2.6B | ||
| Q3 25 | $787.2M | $2.7B | ||
| Q2 25 | $790.3M | $2.5B | ||
| Q1 25 | $785.5M | $2.5B | ||
| Q4 24 | $775.7M | $2.6B | ||
| Q3 24 | $745.9M | $2.2B | ||
| Q2 24 | $768.6M | $2.0B | ||
| Q1 24 | $774.6M | $2.0B |
负债/权益比ATECGWRE
| Q4 25 | 45.54× | — | ||
| Q3 25 | 48.64× | — | ||
| Q2 25 | 23.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | 30.34× | — | ||
| Q1 24 | 13.70× | — |
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 | $-67.4M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $-72.3M |
| 自由现金流率自由现金流/营收 | 3.6% | -21.7% |
| 资本支出强度资本支出/营收 | 6.1% | 1.5% |
| 现金转化率经营现金流/净利润 | — | -2.15× |
| 过去12个月自由现金流最近4个季度 | $2.8M | $286.0M |
8季度趋势，按日历期对齐
经营现金流ATECGWRE
| Q4 25 | $20.7M | $-67.4M | ||
| Q3 25 | $14.0M | $244.8M | ||
| Q2 25 | $15.5M | $32.4M | ||
| Q1 25 | $-5.0M | $86.0M | ||
| Q4 24 | $10.5M | $-62.3M | ||
| Q3 24 | $-5.3M | $193.8M | ||
| Q2 24 | $-11.4M | $4.8M | ||
| Q1 24 | $-38.4M | $69.3M |
自由现金流ATECGWRE
| Q4 25 | $7.7M | $-72.3M | ||
| Q3 25 | $4.8M | $241.4M | ||
| Q2 25 | $5.2M | $31.6M | ||
| Q1 25 | $-15.0M | $85.2M | ||
| Q4 24 | $8.5M | $-63.1M | ||
| Q3 24 | $-21.2M | $192.1M | ||
| Q2 24 | $-45.5M | $4.1M | ||
| Q1 24 | $-69.8M | $66.3M |
自由现金流率ATECGWRE
| Q4 25 | 3.6% | -21.7% | ||
| Q3 25 | 2.4% | 67.7% | ||
| Q2 25 | 2.8% | 10.8% | ||
| Q1 25 | -8.9% | 29.4% | ||
| Q4 24 | 4.8% | -24.0% | ||
| Q3 24 | -14.1% | 65.9% | ||
| Q2 24 | -31.3% | 1.7% | ||
| Q1 24 | -50.4% | 27.5% |
资本支出强度ATECGWRE
| Q4 25 | 6.1% | 1.5% | ||
| Q3 25 | 4.7% | 1.0% | ||
| Q2 25 | 5.6% | 0.2% | ||
| Q1 25 | 5.9% | 0.3% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 10.5% | 0.6% | ||
| Q2 24 | 23.4% | 0.3% | ||
| Q1 24 | 22.6% | 1.2% |
现金转化率ATECGWRE
| Q4 25 | — | -2.15× | ||
| Q3 25 | — | 4.71× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.82× | ||
| Q3 24 | — | 11.56× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 7.15× |
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
GWRE
| Subscription | $222.7M | 67% |
| Services | $62.4M | 19% |
| Other | $33.1M | 10% |
| Support | $14.5M | 4% |
