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Alphatec Holdings, Inc.（ATEC）与医疗房产信托（SVC）财务数据对比。点击上方公司名可切换其他公司
医疗房产信托的季度营收约是Alphatec Holdings, Inc.的1.4倍（$296.5M vs $212.9M），医疗房产信托净利率更高（-0.3% vs -10.2%，领先9.9%），Alphatec Holdings, Inc.同比增速更快（20.4% vs -17.0%），Alphatec Holdings, Inc.自由现金流更多（$7.7M vs $-95.2M），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs -6.1%）
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。
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
ATEC vs SVC — 直观对比
营收规模更大
SVC
是对方的1.4倍
$212.9M
营收增速更快
ATEC
高出37.4%
-17.0%
净利率更高
SVC
高出9.9%
-10.2%
自由现金流更多
ATEC
多$102.9M
$-95.2M
两年增速更快
ATEC
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $296.5M |
| 净利润 | $-21.7M | $-782.0K |
| 毛利率 | 70.2% | — |
| 营业利润率 | -4.1% | -3.9% |
| 净利率 | -10.2% | -0.3% |
| 营收同比 | 20.4% | -17.0% |
| 净利润同比 | 34.8% | 99.0% |
| 每股收益（稀释后） | $-0.15 | $-0.01 |
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ATECSVC
| Q4 25 | $212.9M | $296.5M | ||
| Q3 25 | $196.5M | $377.6M | ||
| Q2 25 | $185.5M | $404.4M | ||
| Q1 25 | $169.2M | $335.0M | ||
| Q4 24 | $176.8M | $357.0M | ||
| Q3 24 | $150.7M | $390.9M | ||
| Q2 24 | $145.6M | $412.5M | ||
| Q1 24 | $138.5M | $336.2M |
净利润ATECSVC
| Q4 25 | $-21.7M | $-782.0K | ||
| Q3 25 | $-28.6M | $-46.9M | ||
| Q2 25 | $-41.1M | $-38.2M | ||
| Q1 25 | $-51.9M | $-116.4M | ||
| Q4 24 | $-33.3M | $-76.4M | ||
| Q3 24 | $-39.6M | $-46.9M | ||
| Q2 24 | $-40.7M | $-73.8M | ||
| Q1 24 | $-48.5M | $-78.4M |
毛利率ATECSVC
| 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ATECSVC
| Q4 25 | -4.1% | -3.9% | ||
| Q3 25 | -8.1% | -12.8% | ||
| Q2 25 | -7.1% | -9.2% | ||
| Q1 25 | -26.2% | -33.3% | ||
| Q4 24 | -13.5% | -19.4% | ||
| Q3 24 | -22.4% | -12.8% | ||
| Q2 24 | -24.3% | -17.1% | ||
| Q1 24 | -31.3% | -21.4% |
净利率ATECSVC
| Q4 25 | -10.2% | -0.3% | ||
| Q3 25 | -14.5% | -12.4% | ||
| Q2 25 | -22.2% | -9.4% | ||
| Q1 25 | -30.7% | -34.8% | ||
| Q4 24 | -18.9% | -21.4% | ||
| Q3 24 | -26.3% | -12.0% | ||
| Q2 24 | -27.9% | -17.9% | ||
| Q1 24 | -35.0% | -23.3% |
每股收益（稀释后）ATECSVC
| Q4 25 | $-0.15 | $-0.01 | ||
| Q3 25 | $-0.19 | $-0.28 | ||
| Q2 25 | $-0.27 | $-0.23 | ||
| Q1 25 | $-0.35 | $-0.70 | ||
| Q4 24 | $-0.22 | $-0.46 | ||
| Q3 24 | $-0.28 | $-0.28 | ||
| Q2 24 | $-0.29 | $-0.45 | ||
| Q1 24 | $-0.34 | $-0.48 |
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 | $346.8M |
| 总债务越低越好 | $565.9M | $5.5B |
| 股东权益账面价值 | $12.4M | $646.1M |
| 总资产 | $791.2M | $6.5B |
| 负债/权益比越低杠杆越低 | 45.54× | 8.52× |
8季度趋势，按日历期对齐
现金及短期投资ATECSVC
| Q4 25 | $160.8M | $346.8M | ||
| Q3 25 | $155.7M | $417.4M | ||
| Q2 25 | $157.1M | $63.2M | ||
| Q1 25 | $153.2M | $80.1M | ||
| Q4 24 | $138.8M | $143.5M | ||
| Q3 24 | $81.0M | $48.6M | ||
| Q2 24 | $99.8M | $14.6M | ||
| Q1 24 | $144.1M | $71.3M |
总债务ATECSVC
| Q4 25 | $565.9M | $5.5B | ||
| Q3 25 | $559.7M | — | ||
| Q2 25 | $553.9M | — | ||
| Q1 25 | $548.4M | — | ||
| Q4 24 | $576.2M | $5.8B | ||
| Q3 24 | $527.7M | — | ||
| Q2 24 | $519.2M | — | ||
| Q1 24 | $514.4M | — |
股东权益ATECSVC
| Q4 25 | $12.4M | $646.1M | ||
| Q3 25 | $11.5M | $647.9M | ||
| Q2 25 | $23.8M | $695.9M | ||
| Q1 25 | $-85.9M | $734.6M | ||
| Q4 24 | $-14.2M | $851.9M | ||
| Q3 24 | $-1.4M | $929.0M | ||
| Q2 24 | $17.1M | $1.0B | ||
| Q1 24 | $37.6M | $1.1B |
总资产ATECSVC
| Q4 25 | $791.2M | $6.5B | ||
| Q3 25 | $787.2M | $7.0B | ||
| Q2 25 | $790.3M | $6.9B | ||
| Q1 25 | $785.5M | $7.0B | ||
| Q4 24 | $775.7M | $7.1B | ||
| Q3 24 | $745.9M | $7.1B | ||
| Q2 24 | $768.6M | $7.1B | ||
| Q1 24 | $774.6M | $7.2B |
负债/权益比ATECSVC
| Q4 25 | 45.54× | 8.52× | ||
| Q3 25 | 48.64× | — | ||
| Q2 25 | 23.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.85× | ||
| 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 | $-18.5M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $-95.2M |
| 自由现金流率自由现金流/营收 | 3.6% | -32.1% |
| 资本支出强度资本支出/营收 | 6.1% | 25.9% |
| 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 | $-107.0M |
8季度趋势，按日历期对齐
经营现金流ATECSVC
| Q4 25 | $20.7M | $-18.5M | ||
| Q3 25 | $14.0M | $98.1M | ||
| Q2 25 | $15.5M | $-7.0K | ||
| Q1 25 | $-5.0M | $38.2M | ||
| Q4 24 | $10.5M | $-9.7M | ||
| Q3 24 | $-5.3M | $106.2M | ||
| Q2 24 | $-11.4M | $43.8M | ||
| Q1 24 | $-38.4M | $-926.0K |
自由现金流ATECSVC
| Q4 25 | $7.7M | $-95.2M | ||
| Q3 25 | $4.8M | $57.9M | ||
| Q2 25 | $5.2M | $-46.6M | ||
| Q1 25 | $-15.0M | $-23.2M | ||
| Q4 24 | $8.5M | $-88.9M | ||
| Q3 24 | $-21.2M | $24.1M | ||
| Q2 24 | $-45.5M | $-22.3M | ||
| Q1 24 | $-69.8M | $-77.2M |
自由现金流率ATECSVC
| Q4 25 | 3.6% | -32.1% | ||
| Q3 25 | 2.4% | 15.3% | ||
| Q2 25 | 2.8% | -11.5% | ||
| Q1 25 | -8.9% | -6.9% | ||
| Q4 24 | 4.8% | -24.9% | ||
| Q3 24 | -14.1% | 6.2% | ||
| Q2 24 | -31.3% | -5.4% | ||
| Q1 24 | -50.4% | -23.0% |
资本支出强度ATECSVC
| Q4 25 | 6.1% | 25.9% | ||
| Q3 25 | 4.7% | 10.6% | ||
| Q2 25 | 5.6% | 11.5% | ||
| Q1 25 | 5.9% | 18.3% | ||
| Q4 24 | 1.1% | 22.2% | ||
| Q3 24 | 10.5% | 21.0% | ||
| Q2 24 | 23.4% | 16.0% | ||
| Q1 24 | 22.6% | 22.7% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
