biote Corp.

Hormone-optimization (bioidentical-therapy) company — highly profitable with strong free cash flow; negative equity reflects buybacks.

Strengths

• Highly profitable — operating margin 18% (100th), net margin 14% (94th), ROA 25% (92nd)
• Strong free cash flow — FCF $30M (93rd), FCF margin 16%, OCF margin 18% (95th)

Risks

• Negative book equity from buybacks — ROE artifact, D/E artifact
• Practitioner-network/competition risk — per 10-K
• Regulatory (compounding) risk — per 10-K

Notable findings

• Restatement• Our internal controls over financial reporting currently do not meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act, and a material weakness resulted in the restatement o 8-K ↗
• Negative equityNegative book equity (debt/equity -1.64)
• Material weakness• Our internal controls over financial reporting currently do not meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act, and a material weakness resulted in the restatement o
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
• Chronic dilutionShare count +62%/yr over 3y (dilution)
• Notable holderHeld by 4 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)