ALHC

MKT CAP:$4B

Alignment Healthcare, Inc.

Market Cap

$4B

Healthcare·Medical - Healthcare Plans·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$20.68+$0.46 (+2.27%)

Apr 24, 2026

Company Details

Alignment Healthcare, Inc., a tech-enabled Medicare advantage company, operates consumer-centric health care platform. It provides customized health care in the United States to seniors and those who need it through its Medicare advantage p...

CEO

John E. Kao

IPO Date

Mar 26, 2021

Website

www.alignmenthealthcare.com

Key Metrics TTM

Revenue

$3.7B

+50.9% YoY

Net Income

-$23M

EPS (Diluted)

-$0.12

Free Cash Flow

$97M

Revenue / Share

$18.80

Gross Margin

12.1%

Operating Margin

-0.1%

Net Margin

-0.6%

FCF Margin

2.6%

P/S

1.2x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$3.9B+46.1%EPS -$0.00

Q4 2025

Feb 26, 2026

$1.0B+44.4%EPS -$0.05

Q3 2025

Oct 30, 2025

$994M+43.5%EPS $0.02

Q2 2025

Jul 30, 2025

$1.0B+49.0%EPS $0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$298M	$39M	-$43M
Q1 22	$346M	$42M	-$36M
Q2 22	$366M	$59M	-$7M
Q3 22	$360M	$47M	-$33M
Q4 22	$362M	$36M	-$52M
Q1 23	$439M	$43M	-$32M
Q2 23	$462M	$52M	-$24M
Q3 23	$457M	$59M	-$30M
Q4 23	$465M	$48M	-$42M
Q1 24	$629M	$55M	-$41M
Q2 24	$681M	$76M	-$18M
Q3 24	$692M	$79M	-$20M
Q4 24	$701M	$86M	-$23M
Q2 25	$1.0B	$134M	$23M
Q3 25	$994M	$126M	$8M
Q4 25	$1.0B	$106M	-$10M

Valuation

Quarter	P/S	P/E
Q4 21	3.7x	—
Q1 22	3.4x	—
Q2 22	3.3x	—
Q3 22	3.1x	—
Q4 22	3.0x	—
Q1 23	2.8x	—
Q2 23	2.6x	—
Q3 23	2.5x	—
Q4 23	2.4x	—
Q1 24	2.1x	—
Q2 24	1.9x	—
Q3 24	1.7x	—
Q4 24	1.6x	—
Q2 25	1.4x	—
Q3 25	1.3x	—
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$30M	-$33M
Q1 22	-$12M	-$17M
Q2 22	$10M	$4M
Q3 22	$105M	$99M
Q4 22	-$149M	-$156M
Q1 23	$85M	$78M
Q2 23	$37M	$29M
Q3 23	$6M	-$4M
Q4 23	-$187M	-$198M
Q1 24	-$6M	-$17M
Q2 24	$24M	$12M
Q3 24	$26M	$17M
Q4 24	-$9M	-$18M
Q2 25	$29M	$21M
Q3 25	$145M	$161M
Q4 25	-$50M	-$67M

Capital Expenditures

Quarter	CapEx
Q4 21	$3M
Q1 22	$5M
Q2 22	$6M
Q3 22	$7M
Q4 22	$6M
Q1 23	$7M
Q2 23	$9M
Q3 23	$10M
Q4 23	$11M
Q1 24	$11M
Q2 24	$12M
Q3 24	$9M
Q4 24	$9M
Q2 25	$8M
Q3 25	$16M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+23.0%	+26.5%
Q1 22	+29.4%	+19.5%
Q2 22	+18.6%	+6.8%
Q3 22	+22.8%	+17.6%
Q4 22	+21.3%	+21.1%
Q1 23	+27.1%	+23.5%
Q2 23	+26.2%	+30.3%
Q3 23	+26.7%	+23.5%
Q4 23	+28.6%	+22.6%
Q1 24	+43.1%	+42.0%
Q2 24	+47.3%	+44.0%
Q3 24	+51.6%	+46.4%
Q4 24	+50.7%	+42.7%
Q2 25	+61.5%	+48.2%
Q3 25	+45.9%	+40.9%
Q4 25	+46.3%	+43.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$29M	9.7%
Q1 22	$28M	8.1%
Q2 22	$12M	3.3%
Q3 22	$19M	5.2%
Q4 22	$23M	6.3%
Q1 23	$22M	5.0%
Q2 23	$16M	3.4%
Q3 23	$14M	3.0%
Q4 23	$16M	3.4%
Q1 24	$21M	3.3%
Q2 24	$17M	2.5%
Q3 24	$17M	2.5%
Q4 24	$16M	2.3%
Q2 25	$16M	1.5%
Q3 25	$16M	1.6%
Q4 25	$13M	1.3%

OpEx Breakdown

Quarter	SG&A
Q4 21	$78M
Q1 22	$74M
Q2 22	$62M
Q3 22	$76M
Q4 22	$83M
Q1 23	$70M
Q2 23	$70M
Q3 23	$83M
Q4 23	$84M
Q1 24	$91M
Q2 24	$88M
Q3 24	$91M
Q4 24	$102M
Q2 25	$104M
Q3 25	$110M
Q4 25	$126M

Revenue Segments

Quarter	Health Care Capitation	Health Care, Premium
Q4 21	$14M	$284M
Q1 22	$14M	$331M
Q2 22	$15M	$351M
Q3 22	$15M	$345M
Q4 22	$15M	$345M
Q1 23	$35M	$400M
Q2 23	$32M	$425M
Q3 23	$32M	$418M
Q4 23	$33M	$426M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$449M	$0	$449M
Q2 22	$453M	$0	$453M
Q3 22	$567M	$0	$567M
Q4 22	$410M	$0	$410M
Q1 23	$384M	$103M	$488M
Q2 23	$395M	$122M	$518M
Q3 23	$392M	$124M	$516M
Q4 23	$203M	$116M	$319M
Q1 24	$239M	$63M	$302M
Q2 24	$339M	$25M	$364M
Q3 24	$340M	$41M	$381M
Q4 24	$433M	$38M	$471M
Q1 25	$446M	$33M	$480M
Q2 25	$470M	$34M	$504M
Q3 25	$618M	$26M	$644M
Q4 25	$578M	$0	$578M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	178M	+0.3%	+4.4%
Q1 22	179M	+0.3%	+15.8%
Q2 22	181M	+1.3%	+2.5%
Q3 22	182M	+0.5%	+2.4%
Q4 22	183M	+0.2%	+2.3%
Q1 23	183M	+0.3%	+2.4%
Q2 23	186M	+1.6%	+2.6%
Q3 23	187M	+0.7%	+2.9%
Q4 23	188M	+0.5%	+3.2%
Q1 24	189M	+0.4%	+3.2%
Q2 24	191M	+1.0%	+2.6%
Q3 24	191M	+0.2%	+2.2%
Q4 24	192M	+0.3%	+1.9%
Q2 25	210M	+9.2%	+10.9%
Q3 25	209M	-0.3%	+9.4%
Q4 25	198M	-5.2%	+3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$352.2K	847
Q1 22	$407.9K	847
Q2 22	$432.7K	847
Q3 22	$425.4K	847
Q4 22	$348.9K	1K
Q1 23	$423.5K	1K
Q2 23	$445.9K	1K
Q3 23	$440.4K	1K
Q4 23	$303.0K	2K
Q1 24	$409.2K	2K
Q2 24	$443.5K	2K
Q3 24	$450.8K	2K
Q4 24	$417.7K	2K
Q2 25	$604.7K	2K
Q3 25	$591.8K	2K
Q4 25	$547.8K	2K

Revenue / Employee