vs
Alphatec Holdings, Inc.（ATEC）与Penumbra Inc（PEN）财务数据对比。点击上方公司名可切换其他公司
Penumbra Inc的季度营收约是Alphatec Holdings, Inc.的1.8倍（$385.4M vs $212.9M），Penumbra Inc净利率更高（12.3% vs -10.2%，领先22.5%），Penumbra Inc同比增速更快（22.1% vs 20.4%），Penumbra Inc自由现金流更多（$68.0M vs $7.7M），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs 17.6%）
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。
Penumbra Inc是2004年由Arani Bose与Adam Elsesser联合创立的美国医疗器械企业，总部位于加利福尼亚州阿拉米达，核心业务为研发、生产中风、动脉瘤等血管疾病介入治疗所用的专业医疗设备，产品已在全球多个国家的临床诊疗场景中投入使用。
ATEC vs PEN — 直观对比
营收规模更大
PEN
是对方的1.8倍
$212.9M
营收增速更快
PEN
高出1.7%
20.4%
净利率更高
PEN
高出22.5%
-10.2%
自由现金流更多
PEN
多$60.3M
$7.7M
两年增速更快
ATEC
近两年复合增速
17.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $385.4M |
| 净利润 | $-21.7M | $47.3M |
| 毛利率 | 70.2% | 68.0% |
| 营业利润率 | -4.1% | 15.4% |
| 净利率 | -10.2% | 12.3% |
| 营收同比 | 20.4% | 22.1% |
| 净利润同比 | 34.8% | 40.6% |
| 每股收益（稀释后） | $-0.15 | $1.20 |
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ATECPEN
| Q4 25 | $212.9M | $385.4M | ||
| Q3 25 | $196.5M | $354.7M | ||
| Q2 25 | $185.5M | $339.5M | ||
| Q1 25 | $169.2M | $324.1M | ||
| Q4 24 | $176.8M | $315.5M | ||
| Q3 24 | $150.7M | $301.0M | ||
| Q2 24 | $145.6M | $299.4M | ||
| Q1 24 | $138.5M | $278.7M |
净利润ATECPEN
| Q4 25 | $-21.7M | $47.3M | ||
| Q3 25 | $-28.6M | $45.9M | ||
| Q2 25 | $-41.1M | $45.3M | ||
| Q1 25 | $-51.9M | $39.2M | ||
| Q4 24 | $-33.3M | $33.7M | ||
| Q3 24 | $-39.6M | $29.5M | ||
| Q2 24 | $-40.7M | $-60.2M | ||
| Q1 24 | $-48.5M | $11.0M |
毛利率ATECPEN
| Q4 25 | 70.2% | 68.0% | ||
| Q3 25 | 69.9% | 67.8% | ||
| Q2 25 | 69.6% | 66.0% | ||
| Q1 25 | 68.6% | 66.6% | ||
| Q4 24 | 68.8% | 66.8% | ||
| Q3 24 | 68.2% | 66.5% | ||
| Q2 24 | 70.5% | 54.4% | ||
| Q1 24 | 70.3% | 65.0% |
营业利润率ATECPEN
| Q4 25 | -4.1% | 15.4% | ||
| Q3 25 | -8.1% | 13.8% | ||
| Q2 25 | -7.1% | 12.0% | ||
| Q1 25 | -26.2% | 12.4% | ||
| Q4 24 | -13.5% | 13.6% | ||
| Q3 24 | -22.4% | 11.7% | ||
| Q2 24 | -24.3% | -27.0% | ||
| Q1 24 | -31.3% | 4.3% |
净利率ATECPEN
| Q4 25 | -10.2% | 12.3% | ||
| Q3 25 | -14.5% | 12.9% | ||
| Q2 25 | -22.2% | 13.3% | ||
| Q1 25 | -30.7% | 12.1% | ||
| Q4 24 | -18.9% | 10.7% | ||
| Q3 24 | -26.3% | 9.8% | ||
| Q2 24 | -27.9% | -20.1% | ||
| Q1 24 | -35.0% | 3.9% |
每股收益（稀释后）ATECPEN
| Q4 25 | $-0.15 | $1.20 | ||
| Q3 25 | $-0.19 | $1.17 | ||
| Q2 25 | $-0.27 | $1.15 | ||
| Q1 25 | $-0.35 | $1.00 | ||
| Q4 24 | $-0.22 | $0.88 | ||
| Q3 24 | $-0.28 | $0.75 | ||
| Q2 24 | $-0.29 | $-1.55 | ||
| Q1 24 | $-0.34 | $0.28 |
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 | $186.9M |
| 总债务越低越好 | $565.9M | — |
| 股东权益账面价值 | $12.4M | $1.4B |
| 总资产 | $791.2M | $1.8B |
| 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ATECPEN
| Q4 25 | $160.8M | $186.9M | ||
| Q3 25 | $155.7M | $321.0M | ||
| Q2 25 | $157.1M | $421.8M | ||
| Q1 25 | $153.2M | $376.1M | ||
| Q4 24 | $138.8M | $324.4M | ||
| Q3 24 | $81.0M | $280.5M | ||
| Q2 24 | $99.8M | $288.3M | ||
| Q1 24 | $144.1M | $223.1M |
总债务ATECPEN
| 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 | — |
股东权益ATECPEN
| Q4 25 | $12.4M | $1.4B | ||
| Q3 25 | $11.5M | $1.4B | ||
| Q2 25 | $23.8M | $1.3B | ||
| Q1 25 | $-85.9M | $1.2B | ||
| Q4 24 | $-14.2M | $1.2B | ||
| Q3 24 | $-1.4M | $1.1B | ||
| Q2 24 | $17.1M | $1.2B | ||
| Q1 24 | $37.6M | $1.2B |
总资产ATECPEN
| Q4 25 | $791.2M | $1.8B | ||
| Q3 25 | $787.2M | $1.7B | ||
| Q2 25 | $790.3M | $1.7B | ||
| Q1 25 | $785.5M | $1.6B | ||
| Q4 24 | $775.7M | $1.5B | ||
| Q3 24 | $745.9M | $1.5B | ||
| Q2 24 | $768.6M | $1.5B | ||
| Q1 24 | $774.6M | $1.6B |
负债/权益比ATECPEN
| 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 | $86.5M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $68.0M |
| 自由现金流率自由现金流/营收 | 3.6% | 17.7% |
| 资本支出强度资本支出/营收 | 6.1% | 4.8% |
| 现金转化率经营现金流/净利润 | — | 1.83× |
| 过去12个月自由现金流最近4个季度 | $2.8M | $174.9M |
8季度趋势，按日历期对齐
经营现金流ATECPEN
| Q4 25 | $20.7M | $86.5M | ||
| Q3 25 | $14.0M | $58.3M | ||
| Q2 25 | $15.5M | $44.9M | ||
| Q1 25 | $-5.0M | $49.0M | ||
| Q4 24 | $10.5M | $51.1M | ||
| Q3 24 | $-5.3M | $56.5M | ||
| Q2 24 | $-11.4M | $22.6M | ||
| Q1 24 | $-38.4M | $38.3M |
自由现金流ATECPEN
| Q4 25 | $7.7M | $68.0M | ||
| Q3 25 | $4.8M | $42.0M | ||
| Q2 25 | $5.2M | $29.4M | ||
| Q1 25 | $-15.0M | $35.5M | ||
| Q4 24 | $8.5M | $45.7M | ||
| Q3 24 | $-21.2M | $51.0M | ||
| Q2 24 | $-45.5M | $18.1M | ||
| Q1 24 | $-69.8M | $32.5M |
自由现金流率ATECPEN
| Q4 25 | 3.6% | 17.7% | ||
| Q3 25 | 2.4% | 11.8% | ||
| Q2 25 | 2.8% | 8.7% | ||
| Q1 25 | -8.9% | 11.0% | ||
| Q4 24 | 4.8% | 14.5% | ||
| Q3 24 | -14.1% | 16.9% | ||
| Q2 24 | -31.3% | 6.0% | ||
| Q1 24 | -50.4% | 11.7% |
资本支出强度ATECPEN
| Q4 25 | 6.1% | 4.8% | ||
| Q3 25 | 4.7% | 4.6% | ||
| Q2 25 | 5.6% | 4.6% | ||
| Q1 25 | 5.9% | 4.2% | ||
| Q4 24 | 1.1% | 1.7% | ||
| Q3 24 | 10.5% | 1.8% | ||
| Q2 24 | 23.4% | 1.5% | ||
| Q1 24 | 22.6% | 2.1% |
现金转化率ATECPEN
| Q4 25 | — | 1.83× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 0.99× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.48× |
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
PEN
| Thrombectomy | $254.7M | 66% |
| Other | $130.7M | 34% |
