Healthcare · Medical - Healthcare Plans
Price
$23.59
Market Cap
$4.9B
Employees
1,679
Beta
1.15
Avg Volume
5,543,575
CEO
John E. Kao
Business Description
Alignment Healthcare, Inc. is a technology-driven Medicare Advantage provider operating a healthcare platform focused squarely on the consumer. This organization delivers personalized medical services across the United States, primarily for elderly individuals and others requiring specific support, leveraging its suite of Medicare Advantage plans. The company directly owns and operates Medicare Advantage programs in California, North Carolina, and Nevada. Beyond its proprietary offerings, it also orchestrates and furnishes essential healthcare services—including professional, institutional, and supplementary care—for beneficiaries of select plans from unrelated Medicare Advantage Health Maintenance Organizations. Established in 2013, Alignment Healthcare maintains its corporate base in Orange, California.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-6,375.86
Stock Price: $23.59
EPS (Diluted): 0.00
EPS (Diluted): 0.00
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
21.81
Stock Price: $23.59
Total Equity: $179.28M
Shares: 198,006,216
Total Equity: $179.28M
Shares: 198,006,216
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
80.99
Market Cap: $4.88B
Total Debt: $325.13M
Cash: $577.94M
EBITDA: $45.32M
Total Debt: $325.13M
Cash: $577.94M
EBITDA: $45.32M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$3.7B
Market Cap: $4.88B
Total Debt: $325.13M
Cash: $577.94M
Total Debt: $325.13M
Cash: $577.94M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.99
Stock Price: $23.59
Revenue: $3.95B
Shares: 198,006,216
Revenue: $3.95B
Shares: 198,006,216
EV/Sales (Total value vs revenue — works when P/E can't)
API0.93
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
12.4%
Gross Profit: $488.56M
Revenue: $3.95B
Revenue: $3.95B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
0.4%
Operating Income: $14.75M
Revenue: $3.95B
Revenue: $3.95B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
0.0%
Net Income: -$724,000
Revenue: $3.95B
Revenue: $3.95B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
-0.4%
Net Income: -$724,000
Total Equity: $179.28M
Total Equity: $179.28M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
-20.5%
Operating Income: $14.75M
Tax Rate: -2.1%
Equity: $179.28M
Total Debt: $325.13M
Cash: $577.94M
Tax Rate: -2.1%
Equity: $179.28M
Total Debt: $325.13M
Cash: $577.94M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.74
Current Assets: $831.14M
Current Liabilities: $476.53M
Current Liabilities: $476.53M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.81
Short-Term Debt: $1.96M
Long-Term Debt: $323.18M
Total Debt: $325.13M
Total Equity: $179.28M
Long-Term Debt: $323.18M
Total Debt: $325.13M
Total Equity: $179.28M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$19.94
Revenue: $3.95B
Shares: 198,006,216
Shares: 198,006,216
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.91
Total Equity: $179.28M
Shares: 198,006,216
Shares: 198,006,216
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$0.57
Operating CF: $139.93M
CapEx: -$26.78M
Shares: 198,006,216
CapEx: -$26.78M
Shares: 198,006,216
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $23.59
Stock Price: $23.59
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$724,000
Net Income: -$724,000
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ALHC against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 20, 2026 11:11am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $1.8B | $2.7B | $3.9B |
| Cost of Revenue | $1.0B | $1.2B | $1.6B | $2.4B | $3.5B |
| Gross Profit | $128.7M | $184.3M | $201.0M | $296.7M | $488.6M |
| Operating Expenses | $306.8M | $312.9M | $328.8M | $398.2M | $473.8M |
| Operating Income | -$178.1M | -$128.6M | -$127.8M | -$101.6M | $14.8M |
| Net Income | -$195.3M | -$149.5M | -$148.0M | -$128.0M | $-724,000 |
| EBITDA | -$161.8M | -$113.5M | -$105.3M | -$77.4M | $45.3M |
| EPS | $-1.14 | $-0.83 | $-0.79 | $-0.67 | $0.00 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 20, 2026 11:11am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $466.6M | $409.5M | $202.9M | $432.9M | $577.9M |
| Total Current Assets | $552.9M | $544.5M | $483.5M | $661.6M | $831.1M |
| Total Assets | $630.9M | $633.9M | $591.9M | $782.1M | $1.1B |
| Current Liabilities | $167.2M | $230.0M | $263.0M | $351.8M | $476.5M |
| Long-Term Debt | $150.6M | $160.9M | $161.8M | $321.4M | $323.2M |
| Total Liabilities | $324.8M | $394.6M | $433.8M | $681.1M | $886.5M |
| Total Equity | $306.0M | $238.1M | $156.9M | $99.9M | $179.3M |
| Retained Earnings | -$582.7M | -$732.2M | -$880.3M | -$1.0B | -$1.0B |
Cash Flow (Annual)
Last updated: Jun 20, 2026 11:11am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$78.8M | -$45.4M | -$59.2M | $34.8M | $139.9M |
| Capital Expenditure | -$18.4M | -$23.8M | -$36.0M | -$41.4M | -$26.8M |
| Free Cash Flow | -$97.1M | -$69.2M | -$95.2M | -$6.6M | $113.1M |
| Acquisitions (net) | $0 | -$4.0M | $0 | $0 | $1.1M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1.5M | $0 | $0 | $-350,000 | $0 |
| Net Change in Cash | $260.5M | -$57.1M | -$206.3M | $230.0M | $143.0M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 11:57am (22h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$6.5B $6.3B – $6.8B
|
$8.1B $8.1B – $8.1B
|
$10.8B $10.6B – $11.1B
|
$13.7B $13.4B – $14.1B
|
| EBITDA |
-$380.8M -$398.8M – -$368.1M
|
-$471.2M -$471.2M – -$471.2M
|
-$630.4M -$649.1M – -$619.1M
|
-$801.1M -$824.9M – -$786.7M
|
| Net Income |
$96.9M $71.4M – $106.1M
|
$163.5M $113.9M – $167.7M
|
$236.6M $231.1M – $245.8M
|
$316.8M $309.4M – $329.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 20, 2026 11:11am (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +22.8% | +27.2% | +48.3% | +46.1% |
| Gross Profit Growth | +43.2% | +9.1% | +47.6% | +64.7% |
| Operating Income Growth | +27.8% | +0.6% | +20.5% | +114.5% |
| Net Income Growth | +23.4% | +1.0% | +13.5% | +99.4% |
| EBITDA Growth | +29.8% | +7.2% | +26.5% | +158.5% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ALHC — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30