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Alignment Healthcare, Inc.

ALHC Healthcare Healthcare Plans

Alignment Healthcare, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.9 billion, up 46.1% from fiscal 2024.

Revenue
+36.7%
EPS
−293.0%
Free cash flow
−72.3%
Total debt
+0.55%

Quarter to September 2026, against a year earlier

7.02 0.25 −3.44%
Market cap
$1.5B
P/E
46.4×
Fwd P/E
−91.4×
Dividend yield
—
F-score
6/9
Altman Z
5.52
Beneish M
−2.73
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.20
Sold, $m 517.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell 11 5 3 14 5 2 6 3 2 4 1 —
Insider Ownership 4.04%

Capital & Financial Ratios $m

Size
Market Cap 1,460.00
Revenue ttm 4,941.92
Net income ttm 28.92
Free cash flow ttm 77.04
Net debt Q (418.46)
Valuation
P/E 46.37 (above 35: high)
Forward P/E (91.40) (negative: loss-making)
Price / sales 0.30
Forward P/S Powerpack
Price / FCF 19.00
Price / book 5.28
Financial health
Current ratio Q 1.71 (at or above 1.5: strong)
Debt / equity Q 1.17
Interest coverage Q (0.89)
Growth
Revenue growth Q +36.69% (above 0%: growing)
Operating income growth Q −149.40% (below 0%: shrinking)
EPS, this year +84.76% (at or above 15%: strong)
EPS, next year A +569.74% (at or above 15%: strong)
Revenue, next year A +32.12% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +62.27% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.2×, against a ten-year median of 0.9×; over the ten years it ranged from 0.2× in 2026 to 3.7× in 2021.
P/S against its own 10 years 0.07%
10-year low 10-year high
P/B against its own 10 years 8.66%
10-year low 10-year high
EV/Sales against its own 10 years 0.07%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 319 471 604 743
Receivables 120 154 253 243
Inventory — — — —
Other — — — —
484 662 952 1,178
2023 2024 2025 Q'26
Payables 229 312 508 656
ST’ Debt — — — —
Other — — — —
263 352 557 689

Compound Annual Growth %

10y 5y 3y
Sales — 32.71% 40.16%
Cash Flow — 79.25% 0.00%
Earnings — 0.00% 0.00%
Book Value — 42.41% (9.18%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.04 Actual −0.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.15 −0.05 Beat by 0.10
Q1 FY26 0.01 0.05 Beat by 0.04
Q2 FY26 0.13 0.17 Beat by 0.04
Q3 FY26 −0.04 −0.04 Met by 0.00
Q4 FY26 −0.05 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.05 0.17 (0.04) — —
’25 (0.05) 0.07 0.02 (0.05) 0.00
’24 (0.25) (0.13) (0.14) (0.16) (0.67)
’23 (0.20) (0.15) (0.19) (0.25) (0.79)
’22 (0.23) (0.06) (0.22) (0.31) (0.83)
’21 (0.37) (0.25) (0.26) (0.27) (1.14)
’20 (0.07) 0.05 0.07 (0.20) (0.15)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,235 1,336 1,358 — —
’25 927 1,015 994 1,013 3,949
’24 629 681 692 701 2,704
’23 439 462 457 465 1,824
’22 346 366 360 362 1,434
’21 267 309 293 298 1,168
’20 225 244 248 242 959
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 129 (17) 47 — —
’25 17 29 145 (50) 140
’24 (6) 24 26 (9) 35
’23 85 37 6 (187) (59)
’22 (12) 10 105 (149) (45)
’21 (38) (23) 13 (30) (79)
’20 (22) 13 26 (10) 8
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 121 (27) 39 — —
’25 8 21 139 (55) 113
’24 (17) 12 17 (18) (7)
’23 78 29 (4) (198) (95)
’22 (17) 4 99 (156) (69)
’21 (43) (28) 7 (33) (97)
’20 (25) 10 22 (15) (8)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 757 959 1,168 1,434 1,824 2,704 3,949 4,942 +31.7% 5,217 6,555 7,884 +25.9%
Gross margin, % — — — 12.63 17.33 11.02 12.85 11.02 10.97 12.37 11.93 (0.3) pt
EBT — — — (45) (23) (195) (149) (148) (128) (1) 27 (47.3%)
EBT margin, % — — — (5.91) (2.39) (16.72) (10.41) (8.13) (4.74) (0.02) 0.55 +5.9 pt
Net income — 0 — (45) (23) (195) (150) (148) (128) (1) 29 n/m
Per share, $
Per share, $ Revenue — — — 5.57 6.31 6.79 7.91 9.79 14.17 19.94 23.70 +23.7%
Earnings — — — (0.33) (0.15) (1.14) (0.83) (0.79) (0.67) 0.00 0.15 n/m
Cash flow — — — 0.07 0.05 (0.46) (0.25) (0.32) 0.18 0.71 0.52 +47.8%
Capex — — — (0.08) (0.10) (0.11) (0.13) (0.19) (0.22) (0.13) (0.15) +10.2%
Free cash flow — — — (0.01) (0.05) (0.56) (0.38) (0.51) (0.03) 0.57 0.37 n/m
Book value — — — (0.58) 0.20 1.78 1.32 0.85 0.53 0.91 1.33 n/m
Shares, m — — — 136 152 172 181 186 191 198 205 +6.5%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46.37 0.0
P/S — — — 2.75 2.75 2.07 1.47 0.87 0.79 0.99 0.30 1.7
P/B — — — 86.03 86.03 7.90 8.79 10.00 21.26 21.81 5.28 34.5
EV/Sales — — — 2.68 2.68 1.80 1.29 0.78 0.74 0.92 0.21 1.6
EV/FCF — — — (319.41) (319.41) (21.64) (26.81) (14.96) (301.30) 32.07 13.59 (138.8)
Cash, $m
Cash, $m Operating cash flow — — — 9 8 (79) (45) (59) 35 140 108 +57.4%
Capex — — — (10) (16) (18) (24) (36) (41) (27) (31) +17.3%
Free cash flow — — — (1) (8) (97) (69) (95) (7) 113 77 n/m
Balance, $m
Balance, $m Working capital — — — (3) 111 386 315 221 310 395 489 n/m
Net debt — — — 51 (63) (316) (249) (157) (149) (281) (418) n/m
Shareholders’ equity — — — (79) 31 306 239 158 101 179 277 n/m
Returns, %
Returns, % ROA — — — (46.25) (8.62) (40.29) (23.65) (24.15) (18.64) (0.08) 2.41 +46.2 pt
ROIC — — — 0.00 0.00 0.00 0.00 (7,493.96) 0.00 0.00 0.00 0.0 pt
ROE — — — 186.00 95.33 (116.01) (54.84) (74.50) (98.86) (0.52) 13.18 (186.5) pt
People
People Employees — — — — 775 847 1,037 1,536 1,679 1,849 — +19.0%
Revenue/emp, $m — — — 0.00 1.24 1.38 1.38 1.19 1.61 2.14 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Alignment Healthcare, Inc. vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ELV Elevance Health, Inc. $89.4B 17.7× 18.7× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18% Compare
CI Cigna Group $78.0B 12.2× 12.0× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $49.3B 38.4× 56.8× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $32.9B 22.4× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%) Compare
MOH Molina Healthcare, Inc $10.9B — (loss-making) 59.6× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96% Compare
OSCR Oscar Health, Inc. $9.6B 18.2× 15.8× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.3B — (loss-making) 80.8× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
PGNY Progyny, Inc. $2.3B 30.3× 22.7× +5.30% (above 0%: growing) +80.00% (above 0%: growing) −12.01% (below 0%: shrinking) 25.48% 11.41% Compare
ALHC Alignment Healthcare, Inc. $1.5B 46.4× — (loss-making) +36.69% (above 0%: growing) n/m −72.25% (below 0%: shrinking) 10.36% (0.28%)
Median of peers $21.9B 20.3× 20.7× +5.99% +17.86% +43.77% 18.08% 3.75%

All 12 Healthcare Plans stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.28m 52.29m 114.10
2024 6.37m 25.24m 64.99
2023 14.30m (2.67m) 49.74
2022 34.07m 25.81m 67.94
2021 46.00m 37.30m 81.22
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Alignment Healthcare, Inc. (ALHC) Latest News

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

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30 Oct

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29 Oct

Impact 4 · · MarketBeat transcript
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Impact 3 · · Zacks
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Impact 3 · · Associated Press
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28 Oct

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22 Oct

Impact 4 · · GlobeNewswire

21 Oct

Impact 4 · · GlobeNewswire

20 Oct

Impact 3 · · GlobeNewswire

19 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire

16 Oct

Impact 3 · · StockStory

15 Oct

Impact 4 · · GlobeNewswire

13 Oct

Impact 4 · · healthcaredive.com
Impact 4 · · GlobeNewswire

12 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · StockStory

9 Oct

Impact 4 · · StockStory
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · TIKR
Impact 4 · · Benzinga
Impact 3 · · MT Newswires

8 Oct

Impact 4 · · Investing.com
stockrow.com/ALHC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com