Alignment Healthcare vs Chemed
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The short version
- Alignment Healthcare is the larger business, with $3.9B of revenue in fiscal 2025 against $2.5B for Chemed, about 1.6 times as much.
- Alignment Healthcare grew revenue faster (46.1%, against 4.1%).
- Chemed kept more of each dollar of sales as operating profit (13.4% operating margin, against 0.4%).
- Chemed turned more of its sales into free cash flow (12.9% FCF margin, against 2.9%).
- Investors pay more for each dollar of Alignment Healthcare’s earnings: a P/E of 42.4x against 25.8x for Chemed.
| Latest fiscal year | ALHC · FY25 | CHE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $6.8B |
| Revenue | $3.9B | $2.5B |
| Free cash flow | $113M | $325M |
| Net income | −$0.7M | $265M |
| Growth | ||
| Revenue growth | 46.1% | 4.1% |
| 5-year growth | 32.7% | 4.0% |
| Share count change | 3.8% | −4.8% |
| Profitability | ||
| Gross margin | — | 32.5% |
| Operating margin | 0.4% | 13.4% |
| Net margin | −0.0% | 10.5% |
| FCF margin | 2.9% | 12.9% |
| Return on capital | — | 27.3% |
| Return on equity | −0.5% | 25.3% |
| Balance sheet | ||
| Net debt | −$281M | −$74.5M |
| Net debt / EBITDA | −6.2x | −0.2x |
| Dividends and buybacks | $0.0M | $463M |
| Valuation & quality | ||
| P/E | 42.4x | 25.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
ALHC —
CHE $1.6B
FY17
ALHC —
CHE $1.7B
FY18
ALHC —
CHE $1.8B
FY19
ALHC $757M
CHE $1.9B
FY20
ALHC $959M
CHE $2.1B
FY21
ALHC $1.2B
CHE $2.1B
FY22
ALHC $1.4B
CHE $2.1B
FY23
ALHC $1.8B
CHE $2.3B
FY24
ALHC $2.7B
CHE $2.4B
FY25
ALHC $3.9B
CHE $2.5B
ALHC
CHE
Operating margin
FY16
ALHC —
CHE 11.3%
FY17
ALHC —
CHE 6.8%
FY18
ALHC —
CHE 13.7%
FY19
ALHC −3.9%
CHE 13.3%
FY20
ALHC −0.6%
CHE 18.7%
FY21
ALHC −15.3%
CHE 16.0%
FY22
ALHC −9.0%
CHE 16.1%
FY23
ALHC −7.0%
CHE 15.0%
FY24
ALHC −3.8%
CHE 15.1%
FY25
ALHC 0.4%
CHE 13.4%
ALHC
CHE
Free cash flow
FY16
ALHC —
CHE $95.6M
FY17
ALHC —
CHE $98.2M
FY18
ALHC —
CHE $234M
FY19
ALHC —
CHE $248M
FY20
ALHC —
CHE $430M
FY21
ALHC —
CHE $250M
FY22
ALHC −$69.2M
CHE $253M
FY23
ALHC −$95.2M
CHE $273M
FY24
ALHC −$6.7M
CHE $368M
FY25
ALHC $113M
CHE $325M
ALHC
CHE
Return on capital
FY16
ALHC —
CHE 18.2%
FY17
ALHC —
CHE 15.2%
FY18
ALHC —
CHE 32.0%
FY19
ALHC —
CHE 29.1%
FY20
ALHC —
CHE 40.6%
FY21
ALHC —
CHE 34.7%
FY22
ALHC —
CHE 32.6%
FY23
ALHC —
CHE 31.8%
FY24
ALHC —
CHE 31.1%
FY25
ALHC —
CHE 27.3%
ALHC
CHE
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.