ALHC Nasdaq Health Care Services Financials FY2019βFY2025
Alignment Healthcare had $3.9B of revenue in fiscal 2025, up 46.1% on the year before. Over five years, revenue changed +32.7% a year on average.
Hi! I read Alignment Healthcareβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+46.1%
Yes. Sales grew 46.1% last year.
Does it make a profit?
β0.0%
No. It lost money last year.
Does profit turn into cash?
2.9%
Partly. 2.9% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
41.5x
One share costs 41.5 times its yearly profit per share. Typical for its sector: 27.9x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Alignment Healthcare had $3.9B of revenue in fiscal 2025, up 46.1% on the year before. Over five years, revenue changed +32.7% a year on average. Its operating margin was 0.4%, up 4.1Β pts: of every 100 in sales, about 0 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Alignment Healthcare lost $0.7M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $113M in fiscal 2025, 2.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Alignment Healthcare returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.2M and sold $315M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.2M
1 insider
Sold, 12 months
$315M
10 insiders
Of sales under plans
26%
$82.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 6, 2026 | Hyong KimChief Medical Officer | Sold | 32,479 | $8.30 | $0.3M | Form 4 |
| 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 | John E KaoChief Executive Officer, Director | Sold plan | 385,270 | $12.68 | $4.9M | Form 4 |
| Sep 11, 2026 | Dawn Christine MaroneyPresident | Sold | 122,707 | $12.68 | $1.6M | 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 |
| Jun 15, 2026 | Dawn Christine MaroneyPresident | Sold plan | 30,000 | $19.55 | $0.6M | Form 4 |
| Jun 12, 2026 | Hyong KimChief Medical Officer | Sold plan | 35,951 | $19.86 | $0.7M | Form 4 |
| Jun 11, 2026 | Joseph S KonowieckiEVP, Corporate Affairs, Director | Sold plan | 25,000 | $21.00 | $0.5M | Form 4 |
| Jun 10, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 298,000 | $20.36 | $6.1M | Form 4 |
| Jun 2, 2026 | Mark D. KentPresident - MSO | Bought | 14,848 | $13.31 | $0.2M | Form 4 |
| May 15, 2026 | Dawn Christine MaroneyPresident | Sold plan | 30,000 | $16.09 | $0.5M | Form 4 |
| May 11, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 298,000 | $16.89 | $5.0M | Form 4 |
| Apr 15, 2026 | Dawn Christine MaroneyPresident | Sold plan | 30,000 | $20.87 | $0.6M | Form 4 |
| Apr 13, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 82,299 | $20.80 | $1.7M | Form 4 |
| Apr 10, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 215,701 | $20.63 | $4.5M | Form 4 |
| Apr 7, 2026 | James M HeadChief Financial Officer | Sold | 11,100 | $21.08 | $0.2M | Form 4 |
| Apr 7, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 250,000 | $21.01 | $5.3M | Form 4 |
| Apr 1, 2026 | Christopher J JoyceChief Legal and Admin. Officer | Sold plan | 18,013 | $17.79 | $0.3M | Form 4 |
| Mar 23, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 118,000 | $17.48 | $2.1M | Form 4 |
| Mar 19, 2026 | Andreas P. WagnerChief Human Resources Officer | Sold plan | 11,602 | $18.22 | $0.2M | Form 4 |
| Mar 18, 2026 | John E KaoChief Executive Officer, Director | Sold | 73,046 | $17.84 | $1.3M | Form 4 |
| Mar 18, 2026 | Sebastian BurzacchiCOO - Mgmt Services Org | Sold | 15,361 | $17.84 | $0.3M | Form 4 |
| Mar 18, 2026 | Hyong KimChief Medical Officer | Sold | 18,404 | $17.84 | $0.3M | Form 4 |
| Mar 18, 2026 | Dawn Christine MaroneyPresident | Sold | 36,749 | $17.84 | $0.7M | Form 4 |
| Mar 18, 2026 | Christopher J JoyceChief Legal and Admin. Officer | Sold | 25,125 | $17.84 | $0.4M | Form 4 |
| Mar 18, 2026 | Robert L. ScavoChief Information Officer | Sold | 11,285 | $17.84 | $0.2M | Form 4 |
| Mar 18, 2026 | Andreas P. WagnerChief Human Resources Officer | Sold plan | 12,000 | $17.84 | $0.2M | Form 4 |
| Mar 16, 2026 | Dawn Christine MaroneyPresident | Sold plan | 30,000 | $17.48 | $0.5M | Form 4 |
| Mar 12, 2026 | Dawn Christine MaroneyPresident | Sold | 29,113 | $17.45 | $0.5M | Form 4 |
| Mar 12, 2026 | Robert L. ScavoChief Information Officer | Sold | 4,044 | $17.45 | $0.1M | Form 4 |
| Mar 12, 2026 | John E KaoChief Executive Officer, Director | Sold | 48,899 | $17.45 | $0.9M | Form 4 |
| Mar 10, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 180,000 | $18.19 | $3.3M | Form 4 |
| Mar 4, 2026 | Andreas P. WagnerChief Human Resources Officer | Sold plan | 21,118 | $18.62 | $0.4M | Form 4 |
| Feb 17, 2026 | Dawn Christine MaroneyPresident | Sold plan | 30,000 | $20.63 | $0.6M | Form 4 |
| Feb 10, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 180,000 | $20.49 | $3.7M | Form 4 |
| Feb 10, 2026 | Andreas P. WagnerChief Human Resources Officer | Sold | 22,238 | $20.47 | $0.5M | Form 4 |
| Jan 15, 2026 | Dawn Christine MaroneyPresident | Sold plan | 30,000 | $22.48 | $0.7M | Form 4 |
| Jan 12, 2026 | John E KaoChief Executive Officer, Director | Sold plan | 180,000 | $21.11 | $3.8M | Form 4 |
| Jan 6, 2026 | Hyong KimChief Medical Officer | Sold plan | 16,506 | $21.35 | $0.4M | Form 4 |
| Jan 6, 2026 | Dawn Christine MaroneyPresident | Sold plan | 228,152 | $21.33 | $4.9M | Form 4 |
| Jan 2, 2026 | Christopher J JoyceChief Legal and Admin. Officer | Sold plan | 10,611 | $20.03 | $0.2M | Form 4 |
| Jan 2, 2026 | Dawn Christine MaroneyPresident | Sold plan | 100,000 | $20.03 | $2.0M | Form 4 |
| Dec 29, 2025 | John E KaoChief Executive Officer, Director | Sold | 605,648 | $18.75 | $11.4M | Form 4 |
| Dec 29, 2025 | Hyong KimChief Medical Officer | Sold | 12,694 | $18.75 | $0.2M | Form 4 |
| Dec 29, 2025 | Christopher J JoyceChief Legal and Admin. Officer | Sold | 16,187 | $18.75 | $0.3M | Form 4 |
| Dec 29, 2025 | Robert L. ScavoChief Information Officer | Sold | 69,541 | $18.75 | $1.3M | Form 4 |
| Dec 29, 2025 | Dawn Christine MaroneyPresident | Sold | 282,070 | $18.75 | $5.3M | Form 4 |
| Dec 15, 2025 | Dawn Christine MaroneyPresident | Sold plan | 113,319 | $20.01 | $2.3M | Form 4 |
| Dec 12, 2025 | Dawn Christine MaroneyPresident | Sold plan | 16,681 | $20.02 | $0.3M | Form 4 |
| Dec 12, 2025 | General Atlantic Genpar, L.P.10% owner | Sold | 11,119,494 | $18.57 | $206M | Form 4 |
| Dec 10, 2025 | John E KaoChief Executive Officer, Director | Sold plan | 180,000 | $19.02 | $3.4M | Form 4 |
| Dec 10, 2025 | Sebastian BurzacchiCOO - Mgmt Services Org | Sold | 12,585 | $19.26 | $0.2M | Form 4 |
| Dec 8, 2025 | Christopher J JoyceChief Legal and Admin. Officer | Sold plan | 19,706 | $19.33 | $0.4M | Form 4 |
| Nov 25, 2025 | Joseph S KonowieckiDirector | Sold plan | 25,000 | $19.00 | $0.5M | Form 4 |
| Nov 11, 2025 | Joseph S KonowieckiDirector | Sold | 4,832 | $16.49 | $0.1M | Form 4 |
| Nov 10, 2025 | John E KaoChief Executive Officer, Director | Sold plan | 180,000 | $16.32 | $2.9M | Form 4 |
| Oct 28, 2025 | Joseph S KonowieckiDirector | Sold plan | 25,000 | $18.00 | $0.5M | Form 4 |
| Oct 10, 2025 | John E KaoChief Executive Officer, Director | Sold plan | 180,000 | $17.29 | $3.1M | Form 4 |
| Oct 9, 2025 | Hyong KimChief Medical Officer | Sold plan | 51,379 | $17.57 | $0.9M | Form 4 |
| Oct 8, 2025 | Hyong KimChief Medical Officer | Sold plan | 33,655 | $17.29 | $0.6M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Alignment Healthcare has $281M more cash than debt.
Cash, debt and the ratios that show how comfortably Alignment Healthcare can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $467M | $410M | $319M | $471M | $604M |
| Debt incl. finance leases | $151M | $161M | $162M | $321M | $323M |
| Net debt / EBITDA | β | β | β | β | β6.2x |
| Debt / equity | 0.5x | 0.7x | 1.0x | 3.2x | 1.8x |
| Interest coverage | β10.2x | β7.0x | β6.0x | β4.3x | 0.9x |
| Current ratio | 3.3x | 2.4x | 1.8x | 1.9x | 1.7x |
| Quick ratio | 3.3x | 2.4x | 1.8x | 1.9x | 1.7x |
| 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 (β = net cash) | β$316M | β$248M | β$157M | β$149M | β$281M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Alignment Healthcare passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 3 / 8 | 5 / 8 | 5 / 8 |
| Accruals ratio | β14.5% | β23.7% | β15.2% |
| Altman Z'' | β3.47 | β2.32 | β0.35 |
What does the share cost, and how does it compare?
KIRA Β· At $7.89 a share, the company is worth $1.7B: 41.5 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $281M and divides by 198.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 42.4x Β· peers 25.3x Β· sector 27.9x.
KIRA Β· Alignment Healthcare grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 3 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Alignment Healthcare ALHC | $1.7B | 46.1% | 0.4% | 2.9% | β | 41.5x | 5 | |
| Amn Healthcare Services AMN | $1.9B | β8.5% | β2.0% | 8.6% | β2.8% | 18.2x | 5 | Compare β |
| Chemed CHE | $6.8B | 4.1% | 13.4% | 12.9% | 27.3% | 25.8x | 5 | Compare β |
| Hims & Hers Health HIMS | $6.4B | 59.0% | 4.5% | 2.5% | 19.0% | β | 4 | Compare β |
| Concentra Group Holdings Parent CON | $5.1B | 13.9% | 15.4% | 9.1% | 14.9% | 25.9x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $757M | $959M | $1.2B | $1.4B | $1.8B | $2.7B | $3.9B |
| Operating income | β$29.5M | β$5.3M | β$178M | β$129M | β$128M | β$102M | $14.8M |
| Interest expense | $14.9M | $16.9M | $17.4M | $18.3M | $21.2M | $23.5M | $15.8M |
| Pretax income | β$44.7M | β$22.9M | β$195M | β$149M | β$148M | β$128M | β$1.0M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.3M | $0.0M | $0.0M | $0.0M |
| Net income | β$44.7M | β$22.9M | β$195M | β$150M | β$148M | β$128M | β$0.7M |
| Diluted EPS | β$0.33 | β$0.15 | β$1.14 | β$0.83 | β$0.79 | β$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 | β$78.8M | β$45.4M | β$59.2M | $34.8M | $140M |
| Capital expenditure | β | β | β | $23.8M | $36.0M | $41.4M | $26.8M |
| Free cash flow | β | β | β | β$69.2M | β$95.2M | β$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 | β | $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 | β | $265M | $553M | $545M | $484M | $662M | $952M |
| Current liabilities | β | $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 | β | $27.1M | $30.4M | $37.2M | $51.9M | $67.1M | $64.3M |
| Total assets | β | $339M | $631M | $634M | $592M | $782M | $1.1B |
| Total liabilities | β | $308M | $325M | $395M | $434M | $681M | $887M |
| Shareholders' equity | β$78.7M | $30.6M | $306M | $238M | $157M | $99.9M | $179M |
| Margins | |||||||
| Operating margin | β3.9% | β0.6% | β15.3% | β9.0% | β7.0% | β3.8% | 0.4% |
| EBITDA margin | β1.9% | 1.0% | β13.9% | β7.8% | β5.8% | β2.8% | 1.1% |
| Net margin | β5.9% | β2.4% | β16.7% | β10.4% | β8.1% | β4.7% | β0.0% |
| FCF margin | β | β | β | β4.8% | β5.2% | β0.3% | 2.9% |
| Returns | |||||||
| Return on capital employed | β | β | β54.9% | β29.7% | β34.9% | β26.8% | 3.1% |
| Return on equity | β | β | β116.0% | β55.0% | β74.9% | β99.7% | β0.5% |
| Return on assets | β | β | β40.3% | β23.7% | β24.2% | β18.6% | β0.1% |
| Growth | |||||||
| Revenue growth | β | 26.7% | 21.7% | 22.8% | 27.2% | 48.3% | 46.1% |
| Share count change | β | β | β | β0.4% | 2.8% | 2.5% | 3.8% |
| Financial health | |||||||
| Net debt / EBITDA | β | β6.4x | β | β | β | β | β6.2x |
| Debt / equity | β | 4.7x | 0.5x | 0.7x | 1.0x | 3.2x | 1.8x |
| Interest coverage | β2.0x | β0.3x | β10.2x | β7.0x | β6.0x | β4.3x | 0.9x |
| Current ratio | β | 1.7x | 3.3x | 2.4x | 1.8x | 1.9x | 1.7x |
| Quick ratio | β | 1.7x | 3.3x | 2.4x | 1.8x | 1.9x | 1.7x |
| Capital allocation | |||||||
| Capex / revenue | β | β | β | 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 | β | β | β | β | β | β | 0.0% |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 4.0 | 3.0 | 5.0 | 5.0 |
| Altman Z'' | β | β1.5 | 0.1 | β1.2 | β3.5 | β2.3 | β0.4 |
| Accruals ratio | β | β | β24.0% | β16.5% | β14.5% | β23.7% | β15.2% |
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 β not investment advice. Check the original filings before relying on any figure.
