Alignment Healthcare vs Labcorp
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The short version
- Labcorp is the larger business, with $14.0B of revenue in fiscal 2025 against $3.9B for Alignment Healthcare, about 3.5 times as much.
- Alignment Healthcare grew revenue faster (46.1%, against 7.3%).
- Labcorp kept more of each dollar of sales as operating profit (9.9% operating margin, against 0.4%).
- Labcorp turned more of its sales into free cash flow (8.6% FCF margin, against 2.9%).
- Investors pay more for each dollar of Alignment Healthcare’s earnings: a P/E of 42.4x against 27.2x for Labcorp.
| Latest fiscal year | ALHC · FY25 | LH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $27.0B |
| Revenue | $3.9B | $14.0B |
| Free cash flow | $113M | $1.2B |
| Net income | −$0.7M | $877M |
| Growth | ||
| Revenue growth | 46.1% | 7.3% |
| 5-year growth | 32.7% | −0.0% |
| Share count change | 3.8% | −0.7% |
| Profitability | ||
| Gross margin | — | 28.8% |
| Operating margin | 0.4% | 9.9% |
| Net margin | −0.0% | 6.3% |
| FCF margin | 2.9% | 8.6% |
| Return on capital | — | 8.2% |
| Return on equity | −0.5% | 10.5% |
| Balance sheet | ||
| Net debt | −$281M | $5.1B |
| Net debt / EBITDA | −6.2x | 2.5x |
| Dividends and buybacks | $0.0M | $691M |
| Valuation & quality | ||
| P/E | 42.4x | 27.2x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
ALHC —
LH $9.6B
FY17
ALHC —
LH $10.3B
FY18
ALHC —
LH $11.3B
FY19
ALHC $757M
LH $11.6B
FY20
ALHC $959M
LH $14.0B
FY21
ALHC $1.2B
LH $13.1B
FY22
ALHC $1.4B
LH $11.9B
FY23
ALHC $1.8B
LH $12.2B
FY24
ALHC $2.7B
LH $13.0B
FY25
ALHC $3.9B
LH $14.0B
ALHC
LH
Operating margin
FY16
ALHC —
LH 13.3%
FY17
ALHC —
LH 12.7%
FY18
ALHC —
LH 11.7%
FY19
ALHC −3.9%
LH 11.5%
FY20
ALHC −0.6%
LH 17.5%
FY21
ALHC −15.3%
LH 23.2%
FY22
ALHC −9.0%
LH 12.1%
FY23
ALHC −7.0%
LH 6.0%
FY24
ALHC −3.8%
LH 8.4%
FY25
ALHC 0.4%
LH 9.9%
ALHC
LH
Free cash flow
FY16
ALHC —
LH $918M
FY17
ALHC —
LH $1.2B
FY18
ALHC —
LH $926M
FY19
ALHC —
LH $1.0B
FY20
ALHC —
LH $1.8B
FY21
ALHC —
LH $2.7B
FY22
ALHC −$69.2M
LH $1.5B
FY23
ALHC −$95.2M
LH $874M
FY24
ALHC −$6.7M
LH $1.1B
FY25
ALHC $113M
LH $1.2B
ALHC
LH
Return on capital
FY16
ALHC —
LH 7.9%
FY17
ALHC —
LH 10.9%
FY18
ALHC —
LH 7.1%
FY19
ALHC —
LH 7.6%
FY20
ALHC —
LH 12.6%
FY21
ALHC —
LH 16.6%
FY22
ALHC —
LH 8.0%
FY23
ALHC —
LH 3.7%
FY24
ALHC —
LH 6.9%
FY25
ALHC —
LH 8.2%
ALHC
LH
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.