Alignment Healthcare, Inc. (ALHC) vs Progyny, Inc. (PGNY)

Alignment Healthcare, Inc. and Progyny, Inc. are both Healthcare Plans companies. Progyny, Inc. is the larger, with a market value of $2.0B against $1.6B — 1.3× the size. Progyny, Inc. trades at the lower P/E: 26.2× against 39.1×. Alignment Healthcare, Inc. grew revenue faster over the last twelve months: 37.2% against 5.54%. Progyny, Inc. has the higher net margin (6.00% vs 0.89%) and the higher return on invested capital (32.4% vs 0.00%). Across the 22 metrics below, Progyny, Inc. leads on 13 and Alignment Healthcare, Inc. on 9.

Valuation

Metric ALHC PGNY Healthcare Plans median
P/E 39.10 26.23 23.75
P/S 0.37 1.52 0.40
P/B 6.42 4.39 2.48
Price to free cash flow 9.59 11.15 11.15
EV/EBITDA 15.14 15.03 10.94
EV/Sales 0.29 1.35 0.37
Earnings yield 2.56% 3.81% 3.25%
Free cash flow yield 10.42% 8.97% 8.15%

Profitability

Metric ALHC PGNY Healthcare Plans median
Gross margin 12.55% 24.57% 19.04%
Operating margin 1.20% 8.55% 1.93%
Net margin 0.89% 6.00% 1.04%
Free cash flow margin 3.88% 13.61% 3.18%
Return on equity 20.04% 16.24% 12.48%
Return on assets 3.57% 10.65% 2.98%
Return on invested capital 0.00% 32.40% 2.04%

Growth

Metric ALHC PGNY Healthcare Plans median
Revenue growth (TTM) 37.21% 5.54% 7.57%
EPS growth (last fiscal year) 100.00% 14.04% —
Revenue growth, 5-year CAGR 32.71% 30.17% 11.88%
Net income growth, 5-year CAGR 0.00% 4.72% 0.00%

Health

Metric ALHC PGNY Healthcare Plans median
Debt to equity 1.22 0.00 0.70
Current ratio 1.70 2.14 1.32
Net debt to EBITDA (6.15) (3.44) 0.05

Dividend

Metric ALHC PGNY Healthcare Plans median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric ALHC PGNY Healthcare Plans median
Market cap 1.57b 1.99b 20.34b

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