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. In the quarter to June 2026, revenue grew 31.6%, EPS grew 125.0%, free cash flow fell 229.5% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Alignment Healthcare, Inc. (ALHC) Altman Z-score
Alignment Healthcare, Inc.'s Altman Z-score for fiscal 2025 is 5.52, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.52 | 1.93 |
| FY2024 | 3.59 | 0.64 |
| FY2023 | 2.95 | (0.86) |
| FY2022 | 3.81 | (1.01) |
| FY2021 | 4.83 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | (0.95) | — | −1.33 | |
| EBIT / total assets | 0.01 | — | 0.05 | |
| Market value of equity / total liabilities | 4.41 | — | 2.65 | |
| Sales / total assets | 3.70 | — | 3.70 | |
| Altman Z-score | Safe zone | 5.52 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.35 | ||
Z and Z″ put Alignment Healthcare, Inc. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PGNY Progyny, Inc. compare | 8.9× |
| ALHC Alignment Healthcare, Inc. | 5.5× |
| HUM Humana Inc. compare | 4.7× |
| MOH Molina Healthcare, Inc compare | 4.3× |
| ELV Elevance Health, Inc. compare | 3.1× |
| CNC Centene Corporation compare | 2.6× |
| CI Cigna Group compare | 2.6× |
| OSCR Oscar Health, Inc. compare | 1.1× |
| CLOV Clover Health Investments, Corp. compare | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets