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Alphatec Holdings, Inc.（ATEC）与Inspire Medical Systems, Inc.（INSP）财务数据对比。点击上方公司名可切换其他公司
Inspire Medical Systems, Inc.的季度营收约是Alphatec Holdings, Inc.的1.3倍（$269.1M vs $212.9M），Inspire Medical Systems, Inc.净利率更高（50.6% vs -10.2%，领先60.8%），Alphatec Holdings, Inc.同比增速更快（20.4% vs 12.2%），Inspire Medical Systems, Inc.自由现金流更多（$41.8M vs $7.7M），过去两年Inspire Medical Systems, Inc.的营收复合增速更高（28.1% 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。
Inspire Medical Systems是一家专注于阻塞性睡眠呼吸暂停治疗的医疗科技企业，研发、生产并销售植入式神经刺激设备，面向无法耐受持续气道正压通气治疗的患者，核心市场覆盖北美、欧洲及部分亚太地区，服务睡眠医学、耳鼻喉科等临床领域。
ATEC vs INSP — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $269.1M |
| 净利润 | $-21.7M | $136.1M |
| 毛利率 | 70.2% | 86.6% |
| 营业利润率 | -4.1% | 17.1% |
| 净利率 | -10.2% | 50.6% |
| 营收同比 | 20.4% | 12.2% |
| 净利润同比 | 34.8% | 286.4% |
| 每股收益（稀释后） | $-0.15 | $4.57 |
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
| Q4 25 | $212.9M | $269.1M | ||
| Q3 25 | $196.5M | $224.5M | ||
| Q2 25 | $185.5M | $217.1M | ||
| Q1 25 | $169.2M | $201.3M | ||
| Q4 24 | $176.8M | $239.7M | ||
| Q3 24 | $150.7M | $203.2M | ||
| Q2 24 | $145.6M | $195.9M | ||
| Q1 24 | $138.5M | $164.0M |
| Q4 25 | $-21.7M | $136.1M | ||
| Q3 25 | $-28.6M | $9.9M | ||
| Q2 25 | $-41.1M | $-3.6M | ||
| Q1 25 | $-51.9M | $3.0M | ||
| Q4 24 | $-33.3M | $35.2M | ||
| Q3 24 | $-39.6M | $18.5M | ||
| Q2 24 | $-40.7M | $9.8M | ||
| Q1 24 | $-48.5M | $-10.0M |
| Q4 25 | 70.2% | 86.6% | ||
| Q3 25 | 69.9% | 85.8% | ||
| Q2 25 | 69.6% | 84.0% | ||
| Q1 25 | 68.6% | 84.7% | ||
| Q4 24 | 68.8% | 85.0% | ||
| Q3 24 | 68.2% | 84.1% | ||
| Q2 24 | 70.5% | 84.8% | ||
| Q1 24 | 70.3% | 84.9% |
| Q4 25 | -4.1% | 17.1% | ||
| Q3 25 | -8.1% | 4.3% | ||
| Q2 25 | -7.1% | -1.5% | ||
| Q1 25 | -26.2% | -0.7% | ||
| Q4 24 | -13.5% | 13.3% | ||
| Q3 24 | -22.4% | 7.0% | ||
| Q2 24 | -24.3% | 2.6% | ||
| Q1 24 | -31.3% | -9.3% |
| Q4 25 | -10.2% | 50.6% | ||
| Q3 25 | -14.5% | 4.4% | ||
| Q2 25 | -22.2% | -1.7% | ||
| Q1 25 | -30.7% | 1.5% | ||
| Q4 24 | -18.9% | 14.7% | ||
| Q3 24 | -26.3% | 9.1% | ||
| Q2 24 | -27.9% | 5.0% | ||
| Q1 24 | -35.0% | -6.1% |
| Q4 25 | $-0.15 | $4.57 | ||
| Q3 25 | $-0.19 | $0.34 | ||
| Q2 25 | $-0.27 | $-0.12 | ||
| Q1 25 | $-0.35 | $0.10 | ||
| Q4 24 | $-0.22 | $1.17 | ||
| Q3 24 | $-0.28 | $0.60 | ||
| Q2 24 | $-0.29 | $0.32 | ||
| Q1 24 | $-0.34 | $-0.34 |
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 | $308.3M |
| 总债务越低越好 | $565.9M | — |
| 股东权益账面价值 | $12.4M | $781.2M |
| 总资产 | $791.2M | $907.3M |
| 负债/权益比越低杠杆越低 | 45.54× | — |
8季度趋势，按日历期对齐
| Q4 25 | $160.8M | $308.3M | ||
| Q3 25 | $155.7M | $322.6M | ||
| Q2 25 | $157.1M | $300.9M | ||
| Q1 25 | $153.2M | $369.2M | ||
| Q4 24 | $138.8M | $445.5M | ||
| Q3 24 | $81.0M | $411.0M | ||
| Q2 24 | $99.8M | $439.7M | ||
| Q1 24 | $144.1M | $441.4M |
| Q4 25 | $565.9M | — | ||
| Q3 25 | $559.7M | — | ||
| Q2 25 | $553.9M | — | ||
| Q1 25 | $548.4M | — | ||
| Q4 24 | $576.2M | — | ||
| Q3 24 | $527.7M | — | ||
| Q2 24 | $519.2M | — | ||
| Q1 24 | $514.4M | — |
| Q4 25 | $12.4M | $781.2M | ||
| Q3 25 | $11.5M | $666.5M | ||
| Q2 25 | $23.8M | $677.8M | ||
| Q1 25 | $-85.9M | $635.7M | ||
| Q4 24 | $-14.2M | $689.7M | ||
| Q3 24 | $-1.4M | $696.6M | ||
| Q2 24 | $17.1M | $638.1M | ||
| Q1 24 | $37.6M | $589.0M |
| Q4 25 | $791.2M | $907.3M | ||
| Q3 25 | $787.2M | $807.7M | ||
| Q2 25 | $790.3M | $802.2M | ||
| Q1 25 | $785.5M | $730.8M | ||
| Q4 24 | $775.7M | $808.4M | ||
| Q3 24 | $745.9M | $796.2M | ||
| Q2 24 | $768.6M | $728.4M | ||
| Q1 24 | $774.6M | $685.8M |
| Q4 25 | 45.54× | — | ||
| Q3 25 | 48.64× | — | ||
| Q2 25 | 23.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | $52.5M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $41.8M |
| 自由现金流率自由现金流/营收 | 3.6% | 15.5% |
| 资本支出强度资本支出/营收 | 6.1% | 4.0% |
| 现金转化率经营现金流/净利润 | — | 0.39× |
| 过去12个月自由现金流最近4个季度 | $2.8M | $78.5M |
8季度趋势，按日历期对齐
| Q4 25 | $20.7M | $52.5M | ||
| Q3 25 | $14.0M | $68.5M | ||
| Q2 25 | $15.5M | $2.7M | ||
| Q1 25 | $-5.0M | $-6.7M | ||
| Q4 24 | $10.5M | $69.2M | ||
| Q3 24 | $-5.3M | $52.3M | ||
| Q2 24 | $-11.4M | $-78.0K | ||
| Q1 24 | $-38.4M | $8.9M |
| Q4 25 | $7.7M | $41.8M | ||
| Q3 25 | $4.8M | $58.1M | ||
| Q2 25 | $5.2M | $-6.3M | ||
| Q1 25 | $-15.0M | $-15.1M | ||
| Q4 24 | $8.5M | $62.2M | ||
| Q3 24 | $-21.2M | $44.3M | ||
| Q2 24 | $-45.5M | $-12.5M | ||
| Q1 24 | $-69.8M | $-2.8M |
| Q4 25 | 3.6% | 15.5% | ||
| Q3 25 | 2.4% | 25.9% | ||
| Q2 25 | 2.8% | -2.9% | ||
| Q1 25 | -8.9% | -7.5% | ||
| Q4 24 | 4.8% | 25.9% | ||
| Q3 24 | -14.1% | 21.8% | ||
| Q2 24 | -31.3% | -6.4% | ||
| Q1 24 | -50.4% | -1.7% |
| Q4 25 | 6.1% | 4.0% | ||
| Q3 25 | 4.7% | 4.6% | ||
| Q2 25 | 5.6% | 4.1% | ||
| Q1 25 | 5.9% | 4.2% | ||
| Q4 24 | 1.1% | 2.9% | ||
| Q3 24 | 10.5% | 3.9% | ||
| Q2 24 | 23.4% | 6.3% | ||
| Q1 24 | 22.6% | 7.1% |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 6.90× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -2.24× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 2.83× | ||
| Q2 24 | — | -0.01× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
