Alignment Healthcare vs Chemed

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KIRA’s take AI analyst

I put Alignment Healthcare and Chemed side by side, using each one’s latest annual report. Here is what stands out:

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 41.5x against 25.8x for Chemed.

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Alignment Healthcare

ALHC

3/9

Revenue growth5-year growthNet debt / EBITDA

Chemed

CHE

5/9

Operating marginNet marginFCF marginReturn on equityShare count change

Side by side

Best in the row

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	41.5x	25.8x
Piotroski F-score	5	5

Ten years

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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.