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Alphatec Holdings, Inc.（ATEC）与VIRTUS INVESTMENT PARTNERS, INC.（VRTS）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VIRTUS INVESTMENT PARTNERS, INC.的1.1倍（$212.9M vs $199.5M），VIRTUS INVESTMENT PARTNERS, INC.净利率更高（3.6% vs -10.2%，领先13.8%），Alphatec Holdings, Inc.同比增速更快（20.4% vs -4.1%），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs -5.7%）
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。
Virtus Investment Partners是一家美国多管理人资产管理企业，旗下汇集多家具备独立投资流程与自有品牌的关联投资管理人，同时也提供非关联子投资顾问服务，为客户提供多元化的资产管理解决方案。
ATEC vs VRTS — 直观对比
营收规模更大
ATEC
是对方的1.1倍
$199.5M
营收增速更快
ATEC
高出24.5%
-4.1%
净利率更高
VRTS
高出13.8%
-10.2%
两年增速更快
ATEC
近两年复合增速
-5.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $199.5M |
| 净利润 | $-21.7M | $7.1M |
| 毛利率 | 70.2% | — |
| 营业利润率 | -4.1% | 7.7% |
| 净利率 | -10.2% | 3.6% |
| 营收同比 | 20.4% | -4.1% |
| 净利润同比 | 34.8% | -78.1% |
| 每股收益（稀释后） | $-0.15 | $1.05 |
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ATECVRTS
| Q1 26 | — | $199.5M | ||
| Q4 25 | $212.9M | $208.0M | ||
| Q3 25 | $196.5M | $216.4M | ||
| Q2 25 | $185.5M | $210.5M | ||
| Q1 25 | $169.2M | $217.9M | ||
| Q4 24 | $176.8M | $233.5M | ||
| Q3 24 | $150.7M | $227.0M | ||
| Q2 24 | $145.6M | $224.4M |
净利润ATECVRTS
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-21.7M | $33.9M | ||
| Q3 25 | $-28.6M | $31.3M | ||
| Q2 25 | $-41.1M | $42.7M | ||
| Q1 25 | $-51.9M | $28.1M | ||
| Q4 24 | $-33.3M | $39.5M | ||
| Q3 24 | $-39.6M | $49.1M | ||
| Q2 24 | $-40.7M | $26.0M |
毛利率ATECVRTS
| Q1 26 | — | — | ||
| 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% | — |
营业利润率ATECVRTS
| Q1 26 | — | 7.7% | ||
| Q4 25 | -4.1% | 19.1% | ||
| Q3 25 | -8.1% | 21.7% | ||
| Q2 25 | -7.1% | 21.5% | ||
| Q1 25 | -26.2% | 16.8% | ||
| Q4 24 | -13.5% | 21.7% | ||
| Q3 24 | -22.4% | 24.3% | ||
| Q2 24 | -24.3% | 19.7% |
净利率ATECVRTS
| Q1 26 | — | 3.6% | ||
| Q4 25 | -10.2% | 16.3% | ||
| Q3 25 | -14.5% | 14.5% | ||
| Q2 25 | -22.2% | 20.3% | ||
| Q1 25 | -30.7% | 12.9% | ||
| Q4 24 | -18.9% | 16.9% | ||
| Q3 24 | -26.3% | 21.6% | ||
| Q2 24 | -27.9% | 11.6% |
每股收益（稀释后）ATECVRTS
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-0.15 | $5.15 | ||
| Q3 25 | $-0.19 | $4.65 | ||
| Q2 25 | $-0.27 | $6.12 | ||
| Q1 25 | $-0.35 | $4.05 | ||
| Q4 24 | $-0.22 | $4.65 | ||
| Q3 24 | $-0.28 | $5.71 | ||
| Q2 24 | $-0.29 | $2.43 |
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 | $136.6M |
| 总债务越低越好 | $565.9M | — |
| 股东权益账面价值 | $12.4M | $93.6B |
| 总资产 | $791.2M | — |
| 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ATECVRTS
| Q1 26 | — | $136.6M | ||
| Q4 25 | $160.8M | — | ||
| Q3 25 | $155.7M | — | ||
| Q2 25 | $157.1M | — | ||
| Q1 25 | $153.2M | — | ||
| Q4 24 | $138.8M | — | ||
| Q3 24 | $81.0M | — | ||
| Q2 24 | $99.8M | — |
总债务ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | $565.9M | $390.0M | ||
| Q3 25 | $559.7M | $390.6M | ||
| Q2 25 | $553.9M | $231.3M | ||
| Q1 25 | $548.4M | $231.7M | ||
| Q4 24 | $576.2M | $232.1M | ||
| Q3 24 | $527.7M | $237.5M | ||
| Q2 24 | $519.2M | $247.6M |
股东权益ATECVRTS
| Q1 26 | — | $93.6B | ||
| Q4 25 | $12.4M | $934.0M | ||
| Q3 25 | $11.5M | $918.7M | ||
| Q2 25 | $23.8M | $896.4M | ||
| Q1 25 | $-85.9M | $893.7M | ||
| Q4 24 | $-14.2M | $897.5M | ||
| Q3 24 | $-1.4M | $889.0M | ||
| Q2 24 | $17.1M | $868.7M |
总资产ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | $791.2M | $4.3B | ||
| Q3 25 | $787.2M | $3.9B | ||
| Q2 25 | $790.3M | $3.7B | ||
| Q1 25 | $785.5M | $3.7B | ||
| Q4 24 | $775.7M | $4.0B | ||
| Q3 24 | $745.9M | $3.6B | ||
| Q2 24 | $768.6M | $3.6B |
负债/权益比ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | 45.54× | 0.42× | ||
| Q3 25 | 48.64× | 0.43× | ||
| Q2 25 | 23.30× | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | 30.34× | 0.29× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $7.7M | — |
| 自由现金流率自由现金流/营收 | 3.6% | — |
| 资本支出强度资本支出/营收 | 6.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | $20.7M | $-67.2M | ||
| Q3 25 | $14.0M | $108.3M | ||
| Q2 25 | $15.5M | $75.8M | ||
| Q1 25 | $-5.0M | $-3.8M | ||
| Q4 24 | $10.5M | $1.8M | ||
| Q3 24 | $-5.3M | $69.1M | ||
| Q2 24 | $-11.4M | $70.0M |
自由现金流ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | $7.7M | $-74.1M | ||
| Q3 25 | $4.8M | $106.9M | ||
| Q2 25 | $5.2M | $74.2M | ||
| Q1 25 | $-15.0M | $-6.8M | ||
| Q4 24 | $8.5M | $-3.8M | ||
| Q3 24 | $-21.2M | $68.7M | ||
| Q2 24 | $-45.5M | $68.6M |
自由现金流率ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | -35.6% | ||
| Q3 25 | 2.4% | 49.4% | ||
| Q2 25 | 2.8% | 35.2% | ||
| Q1 25 | -8.9% | -3.1% | ||
| Q4 24 | 4.8% | -1.6% | ||
| Q3 24 | -14.1% | 30.3% | ||
| Q2 24 | -31.3% | 30.6% |
资本支出强度ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | 6.1% | 3.3% | ||
| Q3 25 | 4.7% | 0.7% | ||
| Q2 25 | 5.6% | 0.7% | ||
| Q1 25 | 5.9% | 1.4% | ||
| Q4 24 | 1.1% | 2.4% | ||
| Q3 24 | 10.5% | 0.2% | ||
| Q2 24 | 23.4% | 0.6% |
现金转化率ATECVRTS
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
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
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
