ATEC
Alphatec Holdings, Inc.
ATEC's outlook is improving, though it still trails on the overall score.
LLY
Eli Lilly and Company
LLY has the edge over ATEC overall, supported by lower modeled downside and stronger fundamentals.
ATEC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Weak |
ATEC's revenue is currently healthy, and its profitability is stable, but its cash flow and balance sheet are under pressure.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
ATEC PE Valuation
ATEC has no meaningful PE right now: it lost money over the past year.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
ATEC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for ATEC, with profitability improving. However, they disagree widely on these estimates.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LLY, with profitability improving.
ATEC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.50 | — |
| Q3 2026 | -$0.56 | +$0.47 |
| Q2 2026 | -$0.72 | +$0.40 |
| Q1 2026 | -$0.83 | +$0.31 |
| Q4 2025 | -$0.96 | +$0.17 |
| Q3 2025 | -$1.03 | +$0.24 |
| Q2 2025 | -$1.12 | +$0.22 |
| Q1 2025 | -$1.14 | +$0.34 |
| Q4 2024 | -$1.13 | +$0.41 |
ATEC is still losing money, but far less than before: $0.56 per share over the past year, against $1.67 at its worst in early 2022.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over ATEC on earnings quality, reporting a profit while its opponent remains loss making.
ATEC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $221.2M | +13% |
| Q2 2026 | $213.5M | +15% |
| Q1 2026 | $192.1M | +14% |
| Q4 2025 | $212.9M | +20% |
| Q3 2025 | $196.5M | +30% |
| Q2 2025 | $185.5M | +27% |
| Q1 2025 | $169.2M | +22% |
| Q4 2024 | $176.8M | +28% |
ATEC's revenue has grown year over year every quarter since late 2020: $221M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.5% | +9.6 points |
| Q2 2026 | -0.9% | +6.2 points |
| Q1 2026 | -12% | +14 points |
| Q4 2025 | -4.1% | +9.3 points |
| Q3 2025 | -8.1% | +14 points |
| Q2 2025 | -7% | +17 points |
| Q1 2025 | -26% | +5.1 points |
| Q4 2024 | -13% | +19 points |
ATEC's operating margin was 1.5% last quarter, up 9.6 points from the same quarter a year ago, near the top of its range since 2019.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over ATEC on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over ATEC on profitability, with a higher operating margin.
ATEC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.6M | +16% |
| Q2 2026 | $582K | -89% |
| Q1 2026 | -$10.8M | +$4.2M |
| Q4 2025 | $7.7M | -9.7% |
| Q3 2025 | $4.8M | +$26M |
| Q2 2025 | $5.2M | +$50.7M |
| Q1 2025 | -$15M | +$54.8M |
| Q4 2024 | $8.5M | +$59.3M |
ATEC has burned cash in most quarters: $3M over the past year, down 15% from the year before.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY generated $19.7B in free cash flow over the past year, up 112% from the year before.
ATEC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +801K shares |
| 1 year | +3.9% | +6M shares |
| 3 years | +29% | +34.9M shares |
| 5 years | +58% | +57.8M shares |
| Available history | +201% | +105M shares |
ATEC has 157M diluted shares, up 3.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has the edge over ATEC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
ATEC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 12.1x | High |
| Q2 2026 | 27.3x | High |
| Q1 2026 | 64.7x | High |
ATEC's net debt is about 12 years of its operating earnings (EBITDA).
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY has the edge over ATEC on leverage, with a lower net debt burden relative to earnings.
ATEC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.7 | Neutral |
| Stochastic | 6.9 | Oversold |
ATEC's weekly RSI is 36 (neutral) and its Stochastic is 7 (oversold).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
ATEC PE vs Healthcare Sector
ATEC has no meaningful PE right now: it lost money over the past year.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% premium to the Healthcare sector's median of 26x.
ATEC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.24 | 24% below |
| 20 week MA | $9.35 | 24% below |
| 50 week MA | $11.7 | 39% below |
| 100 week MA | $12.3 | 43% below |
| 200 week MA | $12.4 | 43% below |
ATEC is in a downtrend: it's below all five of its weekly moving averages, and 43% below its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY has the edge over ATEC on trend strength, trading above more of its moving averages.
ATEC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.09 | $14.1 | +99% |
| 2021 | $14.1 | $12.4 | -12% |
| 2022 | $12.4 | $11.7 | -5.4% |
| 2023 | $11.7 | $15.1 | +29% |
| 2024 | $15.1 | $9.19 | -39% |
| 2025 | $9.19 | $21.0 | +128% |
| 2026 YTD | $21.0 | $7.06 | -66% |
ATEC has finished lower in three of the last six years. It's down 66% so far in 2026.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has the edge over ATEC on returns for 2026, with the stronger performance.