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Alignment Healthcare

ALHC Nasdaq Health Care Services Financials FY2019–FY2025

Alignment Healthcare's revenue rose 46.1% to $3.9 billion in fiscal 2025. Its operating margin was 0.4%, up from −3.8% a year earlier. Free cash flow was $113 million. The diluted share count rose 3.8%.

Last close · Oct 23, 2026

$8.06

4.4%
Value it Compare
Revenue Total sales reported in the income statement.
$3.9B
46.1% vs prior year
Operating margin Operating income as a share of revenue.
0.4%
4.1 pts
Net income Profit after all expenses, interest and tax.
−$0.7M
Free cash flow Cash from operations minus capital spending.
$113M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$1.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
42.4x
On $0.19 EPS (TTM)

What Alignment Healthcare does

No business description yet.

Legal name
ALIGNMENT HEALTHCARE, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-012545
0001832466

Revenue and margins

Alignment Healthcare had $3.9B of revenue in fiscal 2025, up 46.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $113M in fiscal 2025, 2.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Alignment Healthcare returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Alignment Healthcare yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $281M and divides by 198.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 42.4x · peers 25.3x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Alignment Healthcare can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $467M$410M$319M$471M$604M
Debt incl. finance leases $151M$161M$162M$321M$323M
Net debt / EBITDA ————−6.2x
Debt / equity 0.5x0.7x1.0x3.2x1.8x
Interest coverage −10.2x−7.0x−6.0x−4.3x0.9x
Current ratio 3.3x2.4x1.8x1.9x1.7x
Quick ratio 3.3x2.4x1.8x1.9x1.7x
Total assets $631M$634M$592M$782M$1.1B
Total liabilities $325M$395M$434M$681M$887M
Shareholders' equity $306M$238M$157M$99.9M$179M
Net debt (− = net cash) −$316M−$248M−$157M−$149M−$281M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$24.8M

3 insiders

Of sales under plans

93%

$23.0M

DateInsiderTradeSharesPriceValueFiling
Sep 17, 2026 Joseph S KonowieckiEVP, Corporate Affairs, Director Sold 23,511 $8.61 $0.2M Form 4
Sep 14, 2026 John E KaoChief Executive Officer, Director Sold plan 27,400 $13.00 $0.4M Form 4
Sep 11, 2026 Dawn Christine MaroneyPresident Sold 122,707 $12.68 $1.6M Form 4
Sep 11, 2026 John E KaoChief Executive Officer, Director Sold plan 385,270 $12.68 $4.9M Form 4
Sep 10, 2026 John E KaoChief Executive Officer, Director Sold plan 172,600 $12.96 $2.2M Form 4
Aug 14, 2026 Dawn Christine MaroneyPresident Sold plan 5,000 $14.00 $0.1M Form 4
Aug 10, 2026 John E KaoChief Executive Officer, Director Sold plan 298,000 $13.88 $4.1M Form 4
Jul 15, 2026 Dawn Christine MaroneyPresident Sold plan 177,068 $20.83 $3.7M Form 4
Jul 10, 2026 John E KaoChief Executive Officer, Director Sold plan 298,000 $19.86 $5.9M Form 4
Jul 1, 2026 Joseph S KonowieckiEVP, Corporate Affairs, Director Sold plan 25,000 $24.00 $0.6M Form 4
Jun 26, 2026 Joseph S KonowieckiEVP, Corporate Affairs, Director Sold plan 25,000 $23.00 $0.6M Form 4
Jun 18, 2026 Joseph S KonowieckiEVP, Corporate Affairs, Director Sold plan 25,000 $22.00 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 3 / 85 / 85 / 8
Accruals ratio −14.5%−23.7%−15.2%
Altman Z'' −3.47−2.32−0.35

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Alignment Healthcare ALHC $1.7B 46.1% 0.4% 2.9% — 42.4x 5
Amn Healthcare Services AMN $1.9B −8.5% −2.0% 8.6% −2.8% 17.9x 5 Compare →
Chemed CHE $6.8B 4.1% 13.4% 12.9% 27.3% 25.8x 5 Compare →
Hims & Hers Health HIMS $6.4B 59.0% 4.5% 2.5% 19.0% — 4 Compare →
Concentra Group Holdings Parent CON $5.0B 13.9% 15.4% 9.1% 14.9% 25.3x 5 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $757M $959M $1.2B $1.4B $1.8B $2.7B $3.9B
Operating income −$29.5M −$5.3M −$178M −$129M −$128M −$102M $14.8M
Interest expense $14.9M $16.9M $17.4M $18.3M $21.2M $23.5M $15.8M
Pretax income −$44.7M −$22.9M −$195M −$149M −$148M −$128M −$1.0M
Income tax $0.0M $0.0M $0.0M $0.3M $0.0M $0.0M $0.0M
Net income −$44.7M −$22.9M −$195M −$150M −$148M −$128M −$0.7M
Diluted EPS −$0.33 −$0.15 −$1.14 −$0.83 −$0.79 −$0.67 $0.00
Diluted shares 0.00B 0.00B 0.18B 0.18B 0.19B 0.19B 0.20B
Cash flow
Cash from operations $9.2M $7.6M −$78.8M −$45.4M −$59.2M $34.8M $140M
Capital expenditure — — — $23.8M $36.0M $41.4M $26.8M
Free cash flow — — — −$69.2M −$95.2M −$6.7M $113M
Depreciation and amortization $14.9M $15.1M $15.8M $17.3M $21.4M $26.9M $30.4M
Stock-based compensation $0.0M $0.4M $0.6M $81.7M $66.8M $71.1M $62.1M
Acquisitions $0.0M $0.0M $1.4M $0.0M $0.0M $0.0M $0.0M
Share buybacks $2.0M $1.5M $1.5M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $2.0M $1.5M $1.5M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $86.5M $207M $467M $410M $319M $471M $604M
Total debt — $144M $151M $161M $162M $321M $323M
Finance lease liabilities $0.0M $0.6M $0.4M $0.3M $0.1M $0.0M $0.3M
Current assets — $265M $553M $545M $484M $662M $952M
Current liabilities — $154M $167M $230M $263M $352M $557M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $27.1M $30.4M $37.2M $51.9M $67.1M $64.3M
Total assets — $339M $631M $634M $592M $782M $1.1B
Total liabilities — $308M $325M $395M $434M $681M $887M
Shareholders' equity −$78.7M $30.6M $306M $238M $157M $99.9M $179M
Margins
Operating margin −3.9% −0.6% −15.3% −9.0% −7.0% −3.8% 0.4%
EBITDA margin −1.9% 1.0% −13.9% −7.8% −5.8% −2.8% 1.1%
Net margin −5.9% −2.4% −16.7% −10.4% −8.1% −4.7% −0.0%
FCF margin — — — −4.8% −5.2% −0.3% 2.9%
Returns
Return on capital employed — — −54.9% −29.7% −34.9% −26.8% 3.1%
Return on equity — — −116.0% −55.0% −74.9% −99.7% −0.5%
Return on assets — — −40.3% −23.7% −24.2% −18.6% −0.1%
Growth
Revenue growth — 26.7% 21.7% 22.8% 27.2% 48.3% 46.1%
Share count change — — — −0.4% 2.8% 2.5% 3.8%
Financial health
Net debt / EBITDA — −6.4x — — — — −6.2x
Debt / equity — 4.7x 0.5x 0.7x 1.0x 3.2x 1.8x
Interest coverage −2.0x −0.3x −10.2x −7.0x −6.0x −4.3x 0.9x
Current ratio — 1.7x 3.3x 2.4x 1.8x 1.9x 1.7x
Quick ratio — 1.7x 3.3x 2.4x 1.8x 1.9x 1.7x
Capital allocation
Capex / revenue — — — 1.7% 2.0% 1.5% 0.7%
Stock comp / revenue 0.0% 0.1% 0.1% 5.7% 3.7% 2.6% 1.6%
Payouts / FCF — — — — — — 0.0%
Quality scores
Piotroski F-score — — — 4.0 3.0 5.0 5.0
Altman Z'' — −1.5 0.1 −1.2 −3.5 −2.3 −0.4
Accruals ratio — — −24.0% −16.5% −14.5% −23.7% −15.2%

Source: SEC EDGAR XBRL filings (CIK 0001832466). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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