biote Corp. (BTMD) Stock

biote Corp. (BTMD) is a Healthcare stock trading at $1.61 (as of 2026-08-21), with a market capitalization of $46.23M and a trailing P/E of 7.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

biote Corp. provides services and products used by Biote-certified practitioners to evaluate and support patients’ hormone, vitamin, and mineral levels and to prescribe bioidentical hormone therapies along with dietary supplements. The company also sells Biote-branded supplements and sterile pellet insertion kits for men and women.

Understand biote Corp.: how it makes money

biote Corp. builds a medical practice network in hormone optimization, earning money when Biote-certified practitioners use its therapeutic wellness platform to drive hormone optimization work, when patients receive bioidentical hormone therapies via sterile pellet insertion kits, and when the company sells Biote-branded dietary supplements.

Profitability is driven by how many hormone optimization procedures happen through the Biote-certified provider network, which depends on provider retention and clinic/provider scale, and then converts into product and procedure revenue (pellet insertion kits and related therapies) plus supplementary revenue from Biote-branded dietary supplements.

Revenue by segment (latest quarter)
Product	$0.1B
Procedure	$0.0B
Dietary Supplement	$0.0B
Service	$0.0B

Business quality (Weak): Segment sales total about 0.09B while total revenue is shown as 0.0B, suggesting rounding in the provided dataset, so the revenue scale should be interpreted cautiously.

Valuation: At 6× earnings, BTMD trades 66% below the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

Provider network stability: Provider Retention Rate is 90.0 percent, which supports continued demand from Biote-certified practitioners for hormone optimization services delivered through the platform.
Scale of clinics and practitioners: The company reports Therapeutic Wellness Platform Clinics Enrolled at 600 (count) and Number of Providers at 8,600 (count), with 400,000 active patients (count), indicating a large base for ongoing procedures.

Bear case

Dependence on provider adoption: Because the business is built around a platform for Biote-certified practitioners, weaker retention or slower clinic enrollment could reduce the number of procedures and therefore product and procedure revenue.
Concentration in physical product supply relationships: The company reports Share of Shipped Pellets Produced by Asteria Health at 30.0 percent, implying reliance on upstream pellet supply and partner execution for a portion of shipped pellets.
Limited evidence of service revenue contribution: Service Revenue is 0.0B in the latest period provided, which may indicate limited contribution from service-type offerings in current results.

Valuation — source: SEC EDGAR (first-party)
Price	$1.61
Market Cap	$46.23M
P/E Ratio	7.0
EV / EBITDA	9.7
Price / Sales	0.25
FCF Yield	66.1%
DCF Value (model)	$78.35
DCF Upside vs Price	4751.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$192.22M
Net Margin	14.1%
Revenue Growth (YoY)	-2.5%
EPS Growth (YoY)	855.6%
FCF Growth (YoY)	-22.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.56 (grey)

Valuation vs Sector & Industry
Stock P/E	7.0
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2
vs Sector	-67.7%
vs Industry	-59.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	325 CAPITAL LLC ($6.14M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Bret Christensen
Employees	217
Country	US
IPO Date	2021-04-28

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Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.