BTMD · biote Corp.
biote Corp. operates in practice-building business within the hormone optimization space. It trains physicians and nurse practitioners in hormone optimization using bioidentical hormone replacement pellet therapy in men and women experiencing hormonal imbalance. The company offers Biote Method, a comprehensive end-to-end practice building platform that provides Biote-certified practitioners with the components developed for practitioners in the hormone optimization space comprising Biote Method education, training, and certification; practice management software that allows Biote-certified practitioners to order, track, and manage hormone optimization product inventory and meet other administrative requirements; inventory management software to facilitate ordering and inventory control; and information regarding available hormone replacement therapy products, as well as digital and point-of-care marketing support. It also sells dietary supplements under the Biote brand; and sterile pellet insertion kits that is used with hormone optimization therapies for male and female patients. The company was founded in 2012 and is headquartered in Irving, Texas.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.42 |
| SO | 35.9M |
| Options | 10.5M |
| Warrants | 0.0M |
| FD SO | 46.5M |
| MC | $66.0M |
| Cash | $11.2M |
| Total debt | $125.0M |
| EV | $179.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.0x |
| EV / EBITDA | 9.7x |
| MC / Net Income | 9.3x |
| EV / FCF | 9.0x |
| MC / FCF | 3.3x |
| Ownership & coverage | |
|---|---|
| Institutional | 59.8% |
| Insiders | 11.0% |
| # Institutions | 120 |
| Analysts | 5 |
| Consensus | Strong Buy |
| Avg target | $2.61 |
| Short % float | 2.5% |
| Days to cover | 2.43 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-30; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 44.23 | 44.94 | 46.41 | 47.96 |
| Revenue YoY % | (9.5%) | (8.3%) | (6.9%) | (6.7%) |
| Cost of Revenue | 15.31 | 13.98 | 14.84 | 13.54 |
| Gross Profit | 28.92 | 30.95 | 31.57 | 34.42 |
| Gross Profit YoY % | (17.3%) | (14.9%) | (11.8%) | (4.7%) |
| Gross Margin % | 65.4% | 68.9% | 68.0% | 71.8% |
| SG&A | 32.43 | 27.79 | 24.74 | 26.15 |
| Operating Expense | 32.43 | 27.79 | 24.74 | 26.15 |
| Operating Income | (3.51) | 3.17 | 6.83 | 8.27 |
| Operating Income YoY % | (132.6%) | (67.3%) | 146.8% | (32.1%) |
| Operating Margin % | (7.9%) | 7.0% | 14.7% | 17.2% |
| EBITDA | (2.54) | 4.15 | 7.78 | 9.22 |
| EBITDA Margin % | (5.8%) | 9.2% | 16.8% | 19.2% |
| Other Income / (Expense) | (3.62) | — | (1.23) | — |
| Pretax Income | (7.13) | 3.34 | 5.60 | 8.45 |
| Tax Provision | 0.30 | 0.66 | 2.99 | (0.77) |
| Net Income | (7.43) | 2.68 | 2.62 | 9.22 |
| Net Income to Common | (6.56) | 2.28 | 1.95 | 8.19 |
| Net Margin % | (16.8%) | 6.0% | 5.6% | 19.2% |
| Diluted EPS | -$0.23 | $0.06 | $0.06 | $0.22 |
| Basic EPS | -$0.23 | $0.07 | $0.06 | $0.26 |
| Diluted Avg Shares | 28.6 | 36.0 | — | 36.7 |
| Basic Avg Shares | 28.6 | 30.6 | — | 31.3 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 183.53 | 192.22 | 197.19 | 185.36 | 164.96 |
| Revenue YoY % | (4.5%) | (2.5%) | 6.4% | 12.4% | — |
| Cost of Revenue | 57.67 | 54.86 | 58.13 | 57.88 | 54.58 |
| Gross Profit | 125.86 | 137.36 | 139.06 | 127.48 | 110.38 |
| Gross Profit YoY % | (8.4%) | (1.2%) | 9.1% | 15.5% | — |
| Gross Margin % | 68.6% | 71.5% | 70.5% | 68.8% | 66.9% |
| SG&A | 111.11 | 101.81 | 107.45 | 98.83 | 171.10 |
| Operating Expense | 111.11 | 101.81 | 107.45 | 98.83 | 171.10 |
| Operating Income | 14.75 | 35.55 | 31.61 | 28.66 | (60.72) |
| Operating Income YoY % | (58.5%) | 12.5% | 10.3% | 147.2% | — |
| Operating Margin % | 8.0% | 18.5% | 16.0% | 15.5% | (36.8%) |
| EBITDA | 18.60 | 39.22 | 35.19 | 31.65 | (58.52) |
| EBITDA Margin % | 10.1% | 20.4% | 17.8% | 17.1% | (35.5%) |
| Other Income / (Expense) | (4.49) | 2.03 | (30.59) | (28.78) | 62.43 |
| Pretax Income | 10.26 | 37.58 | 1.02 | (0.12) | 1.71 |
| Tax Provision | 3.18 | 5.99 | 0.97 | 2.68 | 0.39 |
| Net Income | 7.08 | 31.60 | 0.05 | (2.81) | 1.32 |
| Net Income to Common | 5.86 | 27.05 | 3.16 | 3.32 | (0.97) |
| Net Margin % | 3.9% | 16.4% | 0.0% | (1.5%) | 0.8% |
| Diluted EPS | $0.11 | $0.74 | $0.09 | $0.13 | -$0.12 |
| Basic EPS | $0.16 | $0.86 | $0.09 | $0.13 | -$0.12 |
| Diluted Avg Shares | 28.6 | 36.7 | 34.3 | 25.7 | 8.1 |
| Basic Avg Shares | 28.6 | 31.3 | 34.3 | 25.7 | 8.1 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 11.17 | 5.32 | 24.12 | 28.05 |
| Receivables | 7.81 | 7.40 | 6.87 | 7.97 |
| Inventory | 18.33 | 19.88 | 19.06 | 16.45 |
| Other Current Assets | 5.73 | 3.76 | 4.62 | 4.66 |
| Total Current Assets | 43.04 | 36.36 | 54.67 | 57.12 |
| Net PPE | 12.85 | 10.70 | 10.75 | 10.06 |
| Operating Lease ROU | 6.85 | 2.56 | 2.70 | 2.84 |
| Goodwill | 5.83 | 5.83 | 5.83 | 5.83 |
| Intangible Assets | 3.65 | 3.96 | 4.27 | 4.57 |
| Other Assets | 29.48 | 29.63 | 29.39 | 30.89 |
| Total Assets | 101.70 | 89.03 | 107.61 | 111.32 |
| Accounts Payable | 6.58 | 8.24 | 6.83 | 4.36 |
| Current Debt | 3.12 | 6.25 | 6.25 | 6.25 |
| Current Lease Liabilities | 0.70 | 0.61 | 0.59 | 0.57 |
| Other Current Liabilities | 19.69 | 13.13 | 31.32 | 45.12 |
| Total Current Liabilities | 30.10 | 28.23 | 44.99 | 56.31 |
| Long-term Debt | 118.38 | 94.42 | 95.78 | 97.13 |
| Long-term Lease Liabilities | 6.43 | 2.14 | 2.30 | 2.45 |
| Other Liabilities | 4.98 | 12.20 | 14.94 | 20.90 |
| Total Liabilities | 159.89 | 136.99 | 158.01 | 176.79 |
| Retained Earnings | (50.94) | (46.03) | (49.55) | (63.76) |
| Total Equity | (58.19) | (47.95) | (50.40) | (65.47) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 11.17 | 24.12 | 39.34 | 89.00 | 79.23 |
| Receivables | 7.81 | 6.87 | 7.63 | 6.81 | 6.95 |
| Inventory | 18.33 | 19.06 | 14.85 | 17.31 | 11.18 |
| Other Current Assets | 5.73 | 4.62 | 6.31 | 9.22 | 3.82 |
| Total Current Assets | 43.04 | 54.67 | 68.13 | 122.34 | 101.18 |
| Net PPE | 12.85 | 10.75 | 6.97 | 1.22 | 1.50 |
| Operating Lease ROU | 6.85 | 2.70 | 3.25 | 1.88 | 2.05 |
| Goodwill | 5.83 | 5.83 | 5.83 | — | — |
| Intangible Assets | 3.65 | 4.27 | 5.50 | 0.00 | — |
| Other Assets | 29.48 | 29.39 | 32.69 | 29.86 | 6.91 |
| Total Assets | 101.70 | 107.61 | 122.37 | 155.29 | 111.64 |
| Accounts Payable | 6.58 | 6.83 | 5.81 | 4.16 | 4.11 |
| Current Debt | 3.12 | 6.25 | 6.25 | 6.25 | 6.25 |
| Current Lease Liabilities | 0.70 | 0.59 | 0.52 | 0.31 | 0.17 |
| Other Current Liabilities | 19.69 | 31.32 | 38.93 | 11.50 | 8.24 |
| Total Current Liabilities | 30.10 | 44.99 | 51.51 | 22.21 | 18.77 |
| Long-term Debt | 118.38 | 95.78 | 101.20 | 106.63 | 112.09 |
| Long-term Lease Liabilities | 6.43 | 2.30 | 2.89 | 1.68 | 1.93 |
| Other Liabilities | 4.98 | 14.94 | 68.97 | 61.32 | 37.14 |
| Total Liabilities | 159.89 | 158.01 | 224.57 | 191.84 | 169.92 |
| Retained Earnings | (50.94) | (49.55) | (100.30) | (29.39) | (44.46) |
| Total Equity | (58.19) | (50.40) | (102.20) | (36.55) | (58.27) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (7.43) | 2.68 | 2.62 | 9.22 |
| D&A | 0.96 | 0.98 | 0.95 | 0.95 |
| Stock-Based Comp | 1.97 | 1.76 | 2.20 | 2.41 |
| Δ Working Cap & Other | 3.32 | (1.51) | 1.80 | 1.49 |
| Operating Cash Flow | (1.18) | 3.90 | 7.57 | 14.07 |
| CapEx | (2.56) | (0.36) | (1.08) | (0.50) |
| Other Investing | — | (0.81) | (1.29) | — |
| Investing Cash Flow | (2.62) | (1.17) | (2.36) | (0.69) |
| Stock Buyback | (4.79) | (1.07) | 0.00 | — |
| Dividends Paid | (0.62) | (0.41) | (0.14) | (0.01) |
| Other Financing | 15.05 | (20.06) | (8.99) | (4.93) |
| Financing Cash Flow | 9.65 | (21.54) | (9.13) | (4.93) |
| Free Cash Flow | (3.73) | 3.54 | 6.49 | 13.57 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 7.08 | 31.60 | 0.05 | (2.81) | 1.32 |
| D&A | 3.85 | 3.67 | 3.57 | 2.99 | 2.20 |
| Stock-Based Comp | 8.34 | 8.92 | 8.73 | 9.06 | 82.18 |
| Δ Working Cap & Other | 5.10 | (8.99) | 32.89 | 17.64 | (94.86) |
| Operating Cash Flow | 24.37 | 35.19 | 45.24 | 26.88 | (9.16) |
| CapEx | (4.50) | (5.01) | (6.43) | (0.36) | (0.33) |
| Acquisitions | — | — | (11.84) | — | — |
| Other Investing | (2.35) | (1.85) | (0.53) | (2.35) | (1.50) |
| Investing Cash Flow | (6.85) | (6.86) | (18.80) | (2.71) | (1.84) |
| Stock Buyback | — | (3.37) | (5.60) | — | — |
| Dividends Paid | (1.17) | (1.73) | (4.74) | (8.69) | (12.89) |
| Other Financing | (24.79) | (38.46) | (65.74) | (5.69) | 76.35 |
| Financing Cash Flow | (25.96) | (43.55) | (76.08) | (14.38) | 63.46 |
| Free Cash Flow | 19.87 | 30.18 | 38.81 | 26.52 | (9.49) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.43 | 1.29 | 1.22 | 1.01 |
| Quick Ratio | 0.82 | 0.58 | 0.79 | 0.72 |
| Debt / Equity | -2.75 | -2.86 | -3.14 | -2.70 |
| EBITDA Margin % | (5.8%) | 9.2% | 16.8% | 19.2% |
| Working Capital | 12.94 | 8.13 | 9.68 | 0.81 |
| Net Debt | 107.21 | 89.11 | 71.66 | 69.08 |
| ROE % | 12.8% | (5.6%) | (5.2%) | (14.1%) |
| ROA % | (7.3%) | 3.0% | 2.4% | 8.3% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.22 | 1.32 | 5.51 | 5.39 |
| Quick Ratio | 0.82 | 0.79 | 1.03 | 4.73 | 4.80 |
| Debt / Equity | -2.75 | -3.14 | -2.20 | -5.25 | -2.92 |
| EBITDA Margin % | 10.1% | 20.4% | 17.8% | 17.1% | (35.5%) |
| Working Capital | 12.94 | 9.68 | 16.61 | 100.13 | 82.41 |
| Net Debt | 107.21 | 71.66 | 61.86 | 17.63 | 32.85 |
| ROE % | (12.2%) | (62.7%) | (0.0%) | 7.7% | (2.3%) |
| ROA % | 7.0% | 29.4% | 0.0% | (1.8%) | 1.2% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-12 | Beer Marc D | Director, Officer (Executive Chairman) | 2026-08-11 | P | 16,000 | $1.55 | $24,800 |
| 2026-08-12 | Beer Marc D | Director, Officer (Executive Chairman) | 2026-08-10 | P | 115,950 | $1.53 | $177,404 |
| 2026-06-16 | Peterson Robert Charles | Director, Officer (Interim CEO) | 2026-06-12 | A | 206,746 | — | $0 |
| 2026-06-10 | Christensen Bret | Director | 2026-06-08 | A | 130,000 | — | $0 |
| 2026-06-10 | Beer Marc D | Director, Officer (Executive Chairman) | 2026-06-08 | A | 114,157 | — | $0 |
| 2026-05-14 | HEYER ANDREW R | Director | 2026-05-12 | A | 35,259 | — | $0 |
| 2026-05-14 | HEYER ANDREW R | Director | 2026-05-12 | A | 130,000 | — | $0 |
| 2026-05-13 | MORRIS DEBRA L | Director | 2026-05-12 | M | 21,407 | — | $0 |
| 2026-05-13 | MORRIS DEBRA L | Director | 2026-05-12 | M | (21,407) | — | $-0 |
| 2026-05-13 | MORRIS DEBRA L | Director | 2026-05-12 | A | 39,036 | — | $0 |
| 2026-05-13 | MORRIS DEBRA L | Director | 2026-05-12 | A | 130,000 | — | $0 |
| 2026-05-13 | Cone Stephen Mark | Director | 2026-05-12 | A | 31,481 | — | $0 |
| 2026-05-13 | Cone Stephen Mark | Director | 2026-05-12 | A | 130,000 | — | $0 |
| 2026-05-13 | Jacoby Dana Lynn | Director | 2026-05-12 | A | 37,777 | — | $0 |
| 2026-05-13 | Jacoby Dana Lynn | Director | 2026-05-12 | A | 130,000 | — | $0 |
| 2026-05-13 | Beer Marc D | Director | 2026-05-12 | A | 195,000 | — | $0 |
| 2026-05-13 | Barrera Richard R | Director, 10% Owner | 2026-05-12 | A | 121,452 | — | $0 |
| 2026-05-04 | Monico Daniel Michael | Officer (General Counsel) | 2026-05-01 | A | 88,800 | — | $0 |
| 2026-04-03 | Christensen Bret | Director, Officer (Chief Executive Officer) | 2026-04-01 | A | 441,653 | — | $0 |
| 2026-04-03 | Peterson Robert Charles | Officer (Chief Financial Officer) | 2026-04-01 | A | 107,169 | — | $0 |
| 2025-06-11 | Barrera Richard R | Director, 10% Owner | 2025-06-09 | A | 150,439 | — | $0 |
| 2025-05-15 | MORRIS DEBRA L | Director | 2025-05-13 | M | 11,045 | — | $0 |
| 2025-05-15 | MORRIS DEBRA L | Director | 2025-05-13 | M | (11,045) | — | $-0 |
| 2025-05-15 | MORRIS DEBRA L | Director | 2025-05-13 | A | 21,407 | — | $0 |
| 2025-05-15 | MORRIS DEBRA L | Director | 2025-05-13 | A | 104,547 | — | $0 |
| 2025-05-14 | HEYER STEVEN J | Director | 2025-05-13 | A | 104,547 | — | $0 |
| 2025-05-14 | Jacoby Dana Lynn | Director | 2025-05-13 | M | 12,994 | — | $0 |
| 2025-05-14 | Jacoby Dana Lynn | Director | 2025-05-13 | M | (12,994) | — | $-0 |
| 2025-05-14 | Jacoby Dana Lynn | Director | 2025-05-13 | A | 21,587 | — | $0 |
| 2025-05-14 | Jacoby Dana Lynn | Director | 2025-05-13 | A | 104,547 | — | $0 |
| 2025-05-14 | HEYER ANDREW R | Director | 2025-05-13 | A | 20,687 | — | $0 |
| 2025-05-14 | HEYER ANDREW R | Director | 2025-05-13 | A | 104,547 | — | $0 |
| 2025-05-14 | Cone Stephen Mark | Director | 2025-05-13 | A | 17,989 | — | $0 |
| 2025-05-14 | Cone Stephen Mark | Director | 2025-05-13 | A | 104,547 | — | $0 |
| 2025-05-08 | Guines LLC | 10% Owner | 2025-05-07 | P | 11,677 | $3.35 | $39,107 |
| 2025-05-08 | Guines LLC | 10% Owner | 2025-05-06 | P | 436,037 | $3.26 | $1,422,265 |
| 2025-05-02 | Guines LLC | 10% Owner | 2025-04-30 | P | 1,933 | $3.30 | $6,371 |
| 2025-04-23 | Guines LLC | 10% Owner | 2025-04-21 | P | 8,801 | $3.27 | $28,782 |
| 2025-04-18 | Guines LLC | 10% Owner | 2025-04-17 | P | 6,874 | $3.29 | $22,615 |
| 2025-04-18 | Guines LLC | 10% Owner | 2025-04-16 | P | 1,000 | $3.29 | $3,292 |
| 2025-04-10 | Guines LLC | 10% Owner | 2025-04-09 | P | 13,532 | $3.21 | $43,403 |
| 2025-04-10 | Guines LLC | 10% Owner | 2025-04-08 | P | 34,907 | $3.21 | $111,985 |
| 2025-04-07 | Guines LLC | 10% Owner | 2025-04-07 | P | 43,378 | $3.15 | $136,706 |
| 2025-04-07 | Guines LLC | 10% Owner | 2025-04-04 | P | 23,741 | $3.24 | $76,954 |
| 2025-04-07 | Guines LLC | 10% Owner | 2025-04-03 | P | 7,321 | $3.24 | $23,746 |
| 2025-04-03 | Guines LLC | 10% Owner | 2025-03-17 | P | 100 | $3.74 | $374 |
| 2025-04-03 | Guines LLC | 10% Owner | 2025-03-14 | P | 106,509 | $3.50 | $372,270 |
| 2025-04-03 | Guines LLC | 10% Owner | 2025-03-13 | P | 750,000 | $3.22 | $2,411,775 |
| 2025-04-02 | Beer Marc D | Director, Officer (Executive Chairman) | 2025-04-01 | A | 495,600 | — | $0 |
| 2025-04-02 | Peterson Robert Charles | Officer (Chief Financial Officer) | 2025-04-01 | A | 350,000 | — | $0 |
| 2025-04-02 | Conlon Mary Elizabeth | Officer (General Counsel) | 2025-04-01 | A | 178,000 | — | $0 |
| 2025-04-02 | Guines LLC | 10% Owner | 2025-03-31 | P | 106,000 | $3.32 | $351,920 |
| 2025-03-19 | HEYER ANDREW R | Director | 2025-03-17 | P | 50,000 | $3.95 | $197,380 |
| 2025-03-19 | HEYER ANDREW R | Director | 2025-03-17 | P | 25,000 | $3.95 | $98,662 |
| 2025-03-18 | Christensen Bret | Director, Officer (Chief Executive Officer) | 2025-03-17 | P | 37,595 | $3.87 | $145,493 |
| 2025-03-18 | Cone Stephen Mark | Director | 2025-03-17 | P | 38,104 | $3.88 | $147,844 |
| 2025-03-18 | Beer Marc D | Director | 2025-03-17 | P | 107,794 | $3.87 | $417,163 |
| 2025-03-17 | Guines LLC | 10% Owner | 2025-03-17 | P | 100 | $3.74 | $374 |
| 2025-03-17 | Guines LLC | 10% Owner | 2025-03-14 | P | 106,509 | $3.50 | $372,270 |
| 2025-03-17 | Guines LLC | 10% Owner | 2025-03-13 | P | 750,000 | $3.22 | $2,411,775 |
| 2025-03-03 | Christensen Bret | Director, Officer (Chief Executive Officer) | 2025-03-01 | A | 1,500,000 | — | $0 |
| 2024-09-11 | Peterson Robert Charles | Officer (Chief Financial Officer) | 2024-09-09 | S | (32,874) | $6.20 | -$203,848 |