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ALHC

Alignment Healthcare, Inc.

ALHC

Alignment Healthcare, Inc. • NASDAQ
$19.21 ▼ -0.05% (-0.01)
Market Cap $3.84 B
52w High $21.06
52w Low $10.18
Dividend Yield 0%
P/E -174.64
Volume 831.45K
Outstanding Shares 200.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $993.695M ▼ $117.992M ▲ $3.729M ▼ 0.375% ▼ $0.019 ▼ $15.666M ▼
Q2-2025 $1.015B ▲ $110.8M ▼ $15.667M ▲ 1.543% ▲ $0.079 ▲ $29.863M ▲
Q1-2025 $926.932M ▲ $111.425M ▲ $-9.114M ▲ -0.983% ▲ $-0.047 ▲ $2.244M ▲
Q4-2024 $701.241M ▲ $108.89M ▲ $-31.091M ▼ -4.434% ▼ $-0.16 ▼ $-18.757M ▼
Q3-2024 $692.433M $98.511M $-26.413M -3.815% $-0.14 $-11.814M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $644.08M ▲ $1.103B ▲ $940.743M ▲ $161.871M ▲
Q2-2025 $503.777M ▲ $1B ▲ $859.183M ▲ $140.967M ▲
Q1-2025 $479.544M ▲ $895.617M ▲ $786.622M ▲ $108.131M ▲
Q4-2024 $470.65M ▲ $782.063M ▲ $681.108M ▲ $99.851M ▼
Q3-2024 $380.976M $692.287M $576.66M $114.55M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.729M ▼ $144.556M ▲ $2.315M ▲ $948K ▼ $147.819M ▲ $160.811M ▲
Q2-2025 $15.653M ▲ $29.13M ▲ $-6.664M ▼ $1.616M ▲ $24.082M ▲ $21.127M ▲
Q1-2025 $-9.354M ▲ $16.616M ▲ $-3.462M ▲ $181K ▼ $13.335M ▼ $8.364M ▲
Q4-2024 $-31.064M ▼ $-8.711M ▼ $-5.92M ▲ $106.875M ▲ $92.244M ▲ $-17.995M ▼
Q3-2024 $-26.429M $26.19M $-24.56M $0 $1.63M $16.91M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q4-2023
Health Care Capitation
Health Care Capitation
 $40.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Health Care Premium
Health Care Premium
 $400.00M ▲$420.00M ▲$420.00M ▲$430.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past several years, with especially strong growth recently, which shows the model is gaining traction in Medicare Advantage. Gross profit has also improved, indicating better scale and some efficiency gains. However, the company still runs at an operating loss, and net losses remain meaningful, even though they are gradually narrowing. In simple terms, the business is growing quickly and moving toward better efficiency, but it is not yet profitable and still depends on continued execution to close that gap.

Balance Sheet

Balance Sheet The balance sheet shows a relatively asset‑light, cash‑rich model for its size, but with a noticeable build‑up of debt and a shrinking equity base in recent years. Cash levels are healthy compared with total assets, which provides some financial flexibility and a buffer against short‑term shocks. At the same time, recurring losses have eroded equity, which is a sign that the company needs to reach sustained profitability to strengthen its capital position longer term. Overall, financial resources look adequate for now but not yet robust.

Cash Flow

Cash Flow Cash generation has been a weak spot but is slowly improving. Operating cash flow was negative for several years and has only recently turned modestly positive, which suggests the underlying economics are moving in the right direction but are not yet firmly established. Free cash flow has consistently been negative, as the company continues to invest in growth and technology while still absorbing operating losses. Capital spending is relatively modest, but the overall cash profile still reflects a growth company that has not yet matured into a self‑funding business.

Competitive Edge

Competitive Edge Alignment operates in a highly competitive Medicare Advantage market, but it competes with a focused strategy rather than broad scale. Its strength lies in serving seniors—especially higher‑risk and complex members—through technology‑driven, high‑touch care. Strong quality scores and member satisfaction, if sustained, can translate into better government payments and stickier membership, which are important advantages. However, the company still faces intense competition from much larger national insurers, ongoing regulatory scrutiny in Medicare, and pressure to keep benefits attractive while managing medical costs. Its competitive edge rests on execution of its specialized model more than on sheer size.

Innovation and R&D

Innovation and R&D Innovation is a central part of Alignment’s identity. Its AVA platform uses data and artificial intelligence to predict health issues, customize care plans, and coordinate care teams in real time, which can improve outcomes and reduce avoidable costs. The company is leaning into specialized plans for complex seniors, home‑based and virtual care models, and a concierge‑style service that differentiates the member experience. Looking ahead, it is pushing further into advanced analytics, expanding into new geographies, and testing a “Care‑as‑a‑Service” offering that sells its platform and know‑how to other organizations. These initiatives underscore a clear commitment to technology and care model innovation, but they also add execution risk and require ongoing investment.

Summary

Alignment Healthcare is a fast‑growing, tech‑enabled Medicare Advantage player that is improving its operating performance but is still loss‑making and cash‑consuming. Its business model is built around using data and AI to manage complex senior populations more proactively than traditional insurers, supported by high‑touch services like home visits and 24/7 concierge support. This creates clear differentiation and the potential for a durable competitive position if quality, satisfaction, and cost metrics remain strong. On the other hand, the company’s declining equity base, reliance on continued improvement in margins and cash flow, and exposure to regulatory and competitive pressures all represent important risks. Overall, it is a growth‑oriented healthcare insurer with promising technology and a focused niche, but with financials that still need to mature toward consistent profitability and stronger balance‑sheet resilience.

NEWS

November 19, 2025 · 8:00 AM UTC

Alignment Healthcare to Present at Piper Sandler 37th Annual Healthcare Conference

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October 14, 2025 · 11:00 AM UTC

Alignment Health Plan and Intermountain Health Launch $0-Premium, 5-star Medicare Advantage Plan for Nevada Seniors

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October 10, 2025 · 8:00 AM UTC

Alignment Healthcare Maintains High 2026 Star Ratings from Medicare, 100% of Members Enrolled in Plans Rated 4 Stars or Higher for Second Consecutive Year

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October 2, 2025 · 8:00 AM UTC

Alignment Healthcare to Announce Third Quarter 2025 Financial Results and Host Conference Call Thursday, Oct. 30, 2025

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October 1, 2025 · 8:00 AM UTC

Alignment Health Unveils 2026 Medicare Advantage Plans with Strong Benefits, Expanded Support for Seniors

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