Alignment Healthcare, Inc. ALHC
•act with a serving heart.
We created Alignment after our own families faced frustrating experiences within the fragmented healthcare system. Without an advocate to create an integrated, high quality healthcare experience for them, our loved ones were left to navigate a care delivery and insurance landscape fraught with confusion and complexity. Seniors across the country are systemically and disproportionately impacted by the lack of care coordination, transparency and clear information. Furthermore, they are disadvantaged by misaligned incentives that dominate today's healthcare system. As one of our most vulnerable populations, seniors across America need and deserve better. We put our combined decades of healthcare experience to work to create the Alignment model, incorporating best practices learned over our years serving seniors. Through the combination of this experienced, mission-driven team with purpose-built technology, we have found a way to address the unmet health and wellness needs of seniors. We aim to bring this senior-first healthcare experience to millions in the United States, become the most trusted senior healthcare brand in the country, and ultimately "do well by doing good."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.95B | $2.70B | $1.82B | $1.43B | $1.17B | $955.4M | $754.0M | — |
| SG&A | $443.4M | $371.4M | $307.4M | $295.6M | $291.0M | $156.4M | $110.1M | — |
| Total operating expenses | $3.93B | $2.81B | $1.95B | $1.56B | $1.35B | $964.5M | $786.4M | — |
| Operating income | $14.8M | -$101.6M | -$127.8M | -$128.6M | -$178.1M | -$5.3M | -$29.5M | — |
| Interest expense | $15.8M | $23.5M | $21.2M | $18.3M | $17.4M | $16.9M | $14.9M | — |
| Pre-tax income | -$958.0K | -$128.1M | -$148.2M | -$149.3M | -$195.3M | -$22.9M | -$44.7M | — |
| Income tax | $20.0K | $21.0K | $22.0K | $339.0K | $0 | $0 | $0 | — |
| Net income | -$1.0M | -$128.1M | -$148.2M | -$149.6M | -$195.3M | -$22.9M | -$44.7M | — |
| EPS, basic | 0.00 | -0.67 | -0.79 | -0.83 | -1.14 | -0.15 | — | — |
| EPS, diluted | 0.00 | -0.67 | -0.79 | -0.83 | -1.14 | -0.15 | -0.33 | — |
| Shares, diluted (wtd. avg.) | $198.0M | $190.8M | $186.2M | $181.2M | $181.9M | $0 | $0 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $575.8M | $432.9M | $202.9M | $411.3M | $468.4M | $207.8M | $86.5M | $34.9M |
| Short-term investments | $28.4M | $37.8M | $115.9M | $0 | — | — | — | — |
| Receivables | $253.2M | $153.9M | $119.7M | $92.9M | $58.5M | $40.1M | — | — |
| Total current assets | $951.6M | $661.6M | $483.5M | $544.5M | $552.9M | $264.7M | — | — |
| Property, plant and equipment | $64.3M | $67.1M | $51.9M | $37.2M | $30.4M | $27.1M | — | — |
| Goodwill | $32.1M | $34.8M | $34.8M | $34.8M | $29.3M | $29.3M | — | — |
| Other intangibles | $4.5M | $4.5M | $5.3M | $5.5M | $35.1M | $34.6M | — | — |
| Total assets | $1.07B | $782.1M | $591.9M | $633.9M | $630.9M | $338.5M | — | — |
| Accounts payable | $33.3M | $22.1M | $23.5M | $32.3M | $17.4M | $15.7M | — | — |
| Short-term debt | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
| Total current liabilities | $556.9M | $351.8M | $263.0M | $230.0M | $167.2M | $153.5M | — | — |
| Long-term debt | $323.2M | $321.4M | $161.8M | $160.9M | $150.6M | $144.2M | — | — |
| Total liabilities | $886.5M | $681.1M | $433.8M | $394.6M | $324.8M | $307.9M | — | — |
| Retained earnings | -$1.01B | -$1.01B | -$880.3M | -$732.2M | -$582.7M | -$379.6M | — | — |
| Total equity | $179.3M | $99.9M | $158.1M | $239.3M | $306.1M | $30.6M | -$78.7M | -$33.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $139.9M | $34.8M | -$59.2M | -$45.4M | -$78.8M | $7.6M | $9.2M | — |
| Depreciation and amortisation | $30.4M | $26.9M | $21.4M | $17.3M | $15.8M | $15.1M | $14.9M | — |
| Stock-based compensation | $62.1M | $71.1M | $66.8M | $81.7M | $621.0K | $446.0K | $0 | — |
| Capital expenditure | $26.8M | $41.4M | $36.0M | $23.8M | — | — | — | — |
| Investing cash flow | -$15.0M | $39.2M | -$147.3M | -$28.2M | -$20.8M | -$16.4M | -$10.2M | — |
| Financing cash flow | $18.0M | $156.0M | $105.0K | $16.6M | $360.1M | $130.1M | $52.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027058.
Others in SIC 6324
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | $356.47B | 30.0x | 11.8% |
| ELV | Elevance Health, Inc. | $88.37B | 16.2x | 12.5% |
| CI | Cigna Group | $74.65B | 12.7x | 11.2% |
| HUM | HUMANA INC | $48.21B | 40.8x | 31.6% |
| CNC | CENTENE CORP | $33.12B | — | 20.0% |
| MOH | MOLINA HEALTHCARE, INC. | $10.48B | 22.5x | 11.7% |
| OSCR | Oscar Health, Inc. | $9.75B | — | 39.0% |
| CLOV | CLOVER HEALTH INVESTMENTS, CORP. /DE | $2.23B | — | 40.3% |