ATEC
Alphatec Holdings, Inc.
ATEC has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ATEC PE Valuation
ATEC has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
ATEC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
ATEC has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO 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 has the edge over NVO on sales, with more consistent year-over-year improvement.
| 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO 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 the edge over NVO on cash flow, with more consistent year-over-year improvement.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over ATEC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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).
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO 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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
ATEC PE vs Healthcare Sector
ATEC has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
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.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO 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.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over ATEC on returns for 2026, with the stronger performance.