Alignment Healthcare
ALHC · Health Care Services
$8.06
4.4%BrightSpring Health Services
BTSG · Health Care Services
$60.11
1.2%The short version
- BrightSpring Health Services is the larger business, with $12.9B of revenue in fiscal 2025 against $3.9B for Alignment Healthcare, about 3.3 times as much.
- Alignment Healthcare grew revenue faster (46.1%, against 28.2%).
- BrightSpring Health Services kept more of each dollar of sales as operating profit (2.3% operating margin, against 0.4% operating margin).
- Investors pay more for each dollar of Alignment Healthcare’s earnings: a P/E of 42.4x against 36.2x for BrightSpring Health Services.
| Latest fiscal year | ALHC · FY25 | BTSG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $13.2B |
| Revenue | $3.9B | $12.9B |
| Free cash flow | $113M | $395M |
| Net income | −$0.7M | $191M |
| Growth | ||
| Revenue growth | 46.1% | 28.2% |
| 5-year growth | 32.7% | — |
| Share count change | 3.8% | 13.9% |
| Profitability | ||
| Gross margin | — | 11.8% |
| Operating margin | 0.4% | 2.3% |
| Net margin | −0.0% | 1.5% |
| FCF margin | 2.9% | 3.1% |
| Return on capital | — | 5.3% |
| Return on equity | −0.5% | 10.8% |
| Balance sheet | ||
| Net debt | −$281M | $2.4B |
| Net debt / EBITDA | −6.2x | 5.3x |
| Dividends and buybacks | $0.0M | $43.2M |
| Valuation & quality | ||
| P/E | 42.4x | 36.2x |
| Piotroski F-score | 5 | 7 |
FY19
ALHC $757M
BTSG —
FY20
ALHC $959M
BTSG —
FY21
ALHC $1.2B
BTSG —
FY22
ALHC $1.4B
BTSG $7.7B
FY23
ALHC $1.8B
BTSG $7.7B
FY24
ALHC $2.7B
BTSG $10.1B
FY25
ALHC $3.9B
BTSG $12.9B
ALHC
BTSG
FY19
ALHC −3.9%
BTSG —
FY20
ALHC −0.6%
BTSG —
FY21
ALHC −15.3%
BTSG —
FY22
ALHC −9.0%
BTSG 2.4%
FY23
ALHC −7.0%
BTSG 0.8%
FY24
ALHC −3.8%
BTSG 1.1%
FY25
ALHC 0.4%
BTSG 2.3%
ALHC
BTSG
FY19
ALHC —
BTSG —
FY20
ALHC —
BTSG —
FY21
ALHC —
BTSG —
FY22
ALHC −$69.2M
BTSG −$74.8M
FY23
ALHC −$95.2M
BTSG $137M
FY24
ALHC −$6.7M
BTSG −$57.1M
FY25
ALHC $113M
BTSG $395M
ALHC
BTSG
FY19
ALHC —
BTSG —
FY20
ALHC —
BTSG —
FY21
ALHC —
BTSG —
FY22
ALHC —
BTSG —
FY23
ALHC —
BTSG —
FY24
ALHC —
BTSG 2.1%
FY25
ALHC —
BTSG 5.3%
ALHC
BTSG
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.