Alignment Healthcare vs Concentra Group Holdings Parent

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KIRA’s take AI analyst

I put Alignment Healthcare and Concentra Group Holdings Parent 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 $2.2B for Concentra Group Holdings Parent, about 1.8 times as much.
Alignment Healthcare grew revenue faster (46.1%, against 13.9%).
Concentra Group Holdings Parent kept more of each dollar of sales as operating profit (15.4% operating margin, against 0.4%).
Concentra Group Holdings Parent turned more of its sales into free cash flow (9.1% FCF margin, against 2.9%).
Investors pay more for each dollar of Alignment Healthcare’s earnings: a P/E of 41.5x against 25.9x for Concentra Group Holdings Parent.

Who comes out ahead

Of the 8 measures where higher (or lower) is clearly better, how many each company leads.

Alignment Healthcare

ALHC

3/8

Revenue growthNet debt / EBITDAShare count change

Concentra Group Holdings Parent

CON

4/8

Operating marginNet marginFCF marginReturn on equity

Side by side

Best in the row

Latest fiscal year	ALHC FY25	CON FY25
Size
Market cap	$1.7B	$5.1B
Revenue	$3.9B	$2.2B
Free cash flow	$113M	$197M
Net income	−$0.7M	$166M
Growth
Revenue growth	46.1%	13.9%
5-year growth	32.7%	—
Share count change	3.8%	12.3%
Profitability
Gross margin	—	—
Operating margin	0.4%	15.4%
Net margin	−0.0%	7.7%
FCF margin	2.9%	9.1%
Return on capital	—	14.9%
Return on equity	−0.5%	49.8%
Balance sheet
Net debt	−$281M	$1.5B
Net debt / EBITDA	−6.2x	3.7x
Dividends and buybacks	$0.0M	$54.5M
Valuation & quality
P/E	41.5x	25.9x
Piotroski F-score	5	5

Ten years

Revenue

FY19

ALHC $757M

CON —

FY20

ALHC $959M

CON —

FY21

ALHC $1.2B

CON —

FY22

ALHC $1.4B

CON $1.7B

FY23

ALHC $1.8B

CON $1.8B

FY24

ALHC $2.7B

CON $1.9B

FY25

ALHC $3.9B

CON $2.2B

ALHC CON

Operating margin

FY19

ALHC −3.9%

CON —

FY20

ALHC −0.6%

CON —

FY21

ALHC −15.3%

CON —

FY22

ALHC −9.0%

CON 15.0%

FY23

ALHC −7.0%

CON 15.7%

FY24

ALHC −3.8%

CON 16.0%

FY25

ALHC 0.4%

CON 15.4%

ALHC CON

Free cash flow

FY19

ALHC —

CON —

FY20

ALHC —

CON —

FY21

ALHC —

CON —

FY22

ALHC −$69.2M

CON $228M

FY23

ALHC −$95.2M

CON $169M

FY24

ALHC −$6.7M

CON $210M

FY25

ALHC $113M

CON $197M

ALHC CON

Return on capital

FY19

ALHC —

CON —

FY20

ALHC —

CON —

FY21

ALHC —

CON —

FY22

ALHC —

CON —

FY23

ALHC —

CON —

FY24

ALHC —

CON —

FY25

ALHC —

CON 14.9%

ALHC CON

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.