Alignment Healthcare, Inc.
- Open
- 13.59
- Day high
- 13.87
- Day low
- 13.40
- Prev close
- 13.59
- Volume
- 3.6M
- Mkt cap
- $2.8B
- P/E (TTM)
- 68.1
- EPS (TTM)
- $0.20
- P/B
- 10.6
- P/S
- 0.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$23.4M over the last 3 months (0 open-market buys, 13 sales)
- 🏛Institutions accumulating (13F)
Alignment Healthcare, Inc. (ALHC) is a Healthcare company listed on NASDAQ. The stock is down 16% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 13 sales (SEC Form 4). Drillr has 1 published research article covering ALHC.
Alignment Healthcare, Inc. (ALHC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ALHC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.13 | $0.17 | +31.8% | $1.3B | +2.0% |
| Apr 30, 2026 | $0.01 | $0.05 | +400.0% | $1.2B | +1.4% |
| Oct 30, 2025 | $-0.01 | $0.02 | +300.0% | $994M | +1.3% |
| Jul 30, 2025 | $-0.07 | $0.07 | +200.0% | $1.0B | +5.8% |
| May 1, 2025 | $-0.12 | $-0.05 | +58.3% | $927M | +4.4% |
| Feb 27, 2025 | $-0.18 | $-0.16 | +11.1% | $701M | +3.5% |
| Aug 1, 2024 | $-0.14 | $-0.13 | +7.1% | $681M | +7.1% |
| May 2, 2024 | $-0.24 | $-0.25 | -4.2% | $629M | +5.6% |
| Feb 27, 2024 | $-0.22 | $-0.25 | -13.6% | $465M | +4.6% |
| Nov 2, 2023 | $-0.19 | $-0.19 | +0.0% | $457M | +3.4% |
| Aug 3, 2023 | $-0.21 | $-0.15 | +28.6% | $462M | +5.3% |
| May 4, 2023 | $-0.25 | $-0.20 | +20.0% | $439M | +1.8% |
ALHC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Maroney Dawn Christineofficer: President | Sell | 5,000 | $14.00 |
| Aug 10, 2026 | KAO JOHN Edirector, officer: Chief Executive Officer | Sell | 298,000 | $13.88 |
| Jul 16, 2026 | Maroney Dawn Christineofficer: President | Option | 152,068 | $9.06 |
| Jul 16, 2026 | Maroney Dawn Christineofficer: President | Sell | 177,068 | $20.83 |
| Jul 14, 2026 | KAO JOHN Edirector, officer: Chief Executive Officer | Sell | 279,644 | $19.81 |
| Jul 14, 2026 | KAO JOHN Edirector, officer: Chief Executive Officer | Sell | 18,356 | $20.65 |
| Jul 2, 2026 | Hochradel Shane J.officer: Chief Operations Officer | Grant | 87,719 | — |
| Jul 1, 2026 | KONOWIECKI JOSEPH Sdirector, officer: EVP, Corporate Affairs | Sell | 25,000 | $24.00 |
| Jun 26, 2026 | KONOWIECKI JOSEPH Sdirector, officer: EVP, Corporate Affairs | Sell | 25,000 | $23.00 |
| Jun 18, 2026 | KONOWIECKI JOSEPH Sdirector, officer: EVP, Corporate Affairs | Sell | 25,000 | $22.00 |
| Jun 15, 2026 | Maroney Dawn Christineofficer: President | Sell | 30,000 | $19.55 |
| Jun 15, 2026 | Kim Hyongofficer: Chief Medical Officer | Sell | 35,951 | $19.86 |
| Jun 12, 2026 | KAO JOHN Edirector, officer: Chief Executive Officer | Sell | 223,064 | $20.60 |
| Jun 12, 2026 | KAO JOHN Edirector, officer: Chief Executive Officer | Sell | 74,936 | $19.65 |
| Jun 12, 2026 | KONOWIECKI JOSEPH Sdirector, officer: EVP, Corporate Affairs | Sell | 25,000 | $21.00 |
Source: ALHC SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full ALHC insider & 13F page →Alignment Healthcare, Inc. company profile
Overview
Alignment Healthcare, Inc. (NYSE:ALHC) is a technology-enabled Medicare Advantage company founded in 2013 and based in Orange, California. The company went public in March 2021, positioning itself as a consumer-centric healthcare platform that serves seniors through Medicare Advantage plans. Alignment operates in California, North Carolina, and Nevada, focusing on delivering coordinated healthcare services through its proprietary technology platform called AVA (Alignment Virtual Assistant). The company has grown rapidly since its founding, reaching over 217,500 members by Q1 2025, representing significant growth in the competitive Medicare Advantage market.
Business
Alignment Healthcare operates in the Medicare Advantage industry, which is a privatized alternative to traditional Medicare that allows seniors to receive their Medicare benefits through private insurance companies rather than directly from the government. Medicare Advantage plans typically offer additional benefits beyond traditional Medicare, such as prescription drug coverage, dental, vision, and wellness programs. The company's core offering centers around its Medicare Advantage health plans, which provide comprehensive healthcare coverage to seniors aged 65 and older. These plans coordinate all aspects of a member's healthcare, including primary care, specialist visits, hospital stays, prescription drugs, and additional supplemental benefits. What distinguishes Alignment from traditional insurers is its technology-first approach, utilizing its proprietary AVA platform for care management and coordination. AVA serves as the technological backbone that enables real-time data analysis, member risk stratification, care coordination, and clinical decision support. This platform helps identify high-risk members, coordinate care across providers, and manage medical costs more effectively than traditional actuarial approaches. The company also operates a smaller Healthcare Services segment, which provides administrative and clinical services to other Medicare Advantage organizations. However, the vast majority of revenue (over 95%) comes from the Health Plan segment, where Alignment directly operates Medicare Advantage plans and assumes medical risk for its members. Alignment's business model emphasizes clinical care management rather than pure actuarial underwriting. The company employs over 400 clinical staff representing 25% of its workforce, focusing on proactive member engagement through programs like Care Anywhere, which provides in-home and virtual care coordination for complex patients.
Revenue model
Alignment Healthcare generates revenue primarily through Medicare premium payments from the Centers for Medicare & Medicaid Services (CMS). For each enrolled member, the company receives monthly capitation payments from CMS based on risk-adjusted rates that vary by geography, member demographics, and health status. In 2024, the company generated $2.7 billion in revenue from approximately 189,100 members, translating to roughly $1,200 per member per month. The company's profitability depends on maintaining a Medical Loss Ratio (MLR) below the premium revenue received. The MLR represents the percentage of premium revenue spent on actual medical care and services. Alignment's MLR has improved from 89.4% in 2023 to 87.5% in Q4 2024, indicating better cost management. The remaining revenue after medical costs covers administrative expenses, technology investments, and profit margins. Several factors significantly impact Alignment's margins and profitability. Star Ratings from CMS provide substantial revenue upside, as higher-rated plans receive bonus payments. Currently, 98% of Alignment's members are enrolled in 4-star or above plans, providing meaningful revenue premiums. Member tenure also drives margin expansion, as new members typically have higher medical costs in their first year, but margins improve significantly by years 2-3 as the company better manages their care. Risk adjustment represents another critical margin driver, where CMS adjusts payments based on member health status and documented conditions. Alignment's conservative approach to risk coding and focus on clinical documentation helps optimize these payments. External factors that could pressure margins include increased medical utilization trends, regulatory changes to Medicare Advantage payment methodologies, competitive pressures in key markets like California, and broader healthcare cost inflation. Conversely, the company benefits from economies of scale as membership grows, improved provider relationships that can reduce medical costs, and technological efficiencies from its AVA platform.
Competitive moat
Alignment Healthcare's competitive moat is moderate but growing, built primarily around its technology platform, clinical care model, and market positioning advantages. The company's strongest moat elements include its AVA technology platform, which provides real-time data analytics and care coordination capabilities that many traditional insurers lack. This technological advantage enables better medical cost management and member engagement, as evidenced by the company's improving MLR performance. The company's Star Ratings advantage creates a meaningful competitive moat, as 98% of members are in 4-star or above plans, providing both revenue premiums and marketing advantages during annual enrollment periods. These ratings are difficult for competitors to replicate quickly, as they depend on sustained operational excellence across multiple quality metrics. Alignment's clinical care management approach differentiates it from traditional actuarial-focused insurers. With 400+ clinical staff and programs like Care Anywhere, the company focuses on "more care, not less care," which can improve member satisfaction and health outcomes while controlling costs. However, the moat faces significant challenges. The Medicare Advantage industry is highly competitive with well-capitalized incumbents like UnitedHealth, Humana, and Anthem that have vastly larger scale and resources. Regulatory risk is substantial, as CMS can change payment methodologies, star rating criteria, or other rules that could significantly impact profitability. The company's geographic concentration in California (over 50% of members) creates vulnerability to state-specific regulatory changes or competitive pressures. Potential disruption could come from larger health insurers expanding their technology capabilities, new entrants with superior digital platforms, or changes in Medicare policy that reduce the advantages of private Medicare Advantage plans versus traditional Medicare. The company's relatively small scale compared to industry giants also limits its negotiating power with providers and pharmaceutical companies.
Risks & safety
Alignment Healthcare presents a moderate margin of safety with solid liquidity but ongoing profitability challenges and high valuation metrics. **Cash and Solvency:** - Strong cash position of $446 million as of Q1 2025 - Current ratio of 1.69x indicates adequate short-term liquidity - Low debt-to-equity ratio of 0.07x shows minimal leverage risk - Positive free cash flow of $8.4 million in Q1 2025, though historically volatile - Cash burn has moderated significantly from previous years **Valuation Concerns:** - Extremely high EV/EBITDA of 353x due to minimal EBITDA generation - Price-to-book ratio of 33.3x reflects substantial premium to book value - Negative return on equity of -8.4% indicates ongoing profitability challenges - Market cap of approximately $3 billion for a company still approaching profitability **Other Considerations:** - Regulatory dependency on CMS creates policy risk exposure - Improving operational metrics with MLR declining to 88.4% - Growing membership base provides scale benefits over time - Geographic concentration risk in California market
Recent development
Over the past few years, Alignment Healthcare has undergone significant strategic evolution focused on profitable growth and operational efficiency. The company has shifted from pure growth-at-all-costs to emphasizing margin expansion while maintaining membership growth above 20% annually. **Technology and Clinical Platform Development:** The company has substantially enhanced its AVA platform with improved risk stratification capabilities for high-risk members, enhanced clinical management modules, and better end-to-end member experience workflows. The Care Anywhere program has expanded engagement from 30% to targeting 60% of eligible members, providing in-home and virtual care coordination. **Geographic Strategy and Market Expansion:** While maintaining its California stronghold where it holds 4.5% market share, Alignment has successfully expanded in ex-California markets, with Nevada growing to over 10,000 members and other states reaching 5,000-8,000 members each. The company is preparing for potential expansion into 2-3 additional states in 2026-2027 after achieving sustained profitability. **Quality and Stars Performance:** A major strategic focus has been maintaining and improving Star Ratings, with 98% of members now in 4-star or above plans. The company anticipates benefits from new Health Equity Index scoring that could provide additional star rating bonuses. **Operational Excellence Initiatives:** Alignment has invested heavily in provider relationship management, clinical staff expansion (now 400+ clinical employees), and care management automation. The company has also implemented more sophisticated utilization management and pharmacy cost controls. **Leadership and Financial Management:** Recent leadership changes include appointing Jim Head as the new CFO, bringing experience from healthcare technology companies. The company has also focused on achieving positive EBITDA, reaching $20 million in adjusted EBITDA in Q1 2025 compared to losses in previous periods.
ALHC company profile · for informational purposes only — not investment advice.
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