At a glance
Alignment Healthcare LLC is worth $1.71B. Revenue grew 46.1% to $3.95B in fiscal 2025, at a loss; over 5 years it has grown 32.7% a year. It pays no dividend; it spent $1.5M buying back its shares over FY2021–FY2025. The stock returned −54.7% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Alignment Healthcare runs Medicare Advantage health plans for seniors. Medicare Advantage is the private alternative to Traditional Medicare, the government-run program. A senior picks a plan from a private company, which then covers hospital, doctor and often prescription drug costs. Alignment's plans have contracts directly with the Centers for Medicare & Medicaid Services (CMS), the federal agency that runs Medicare.
CMS pays Alignment a fixed monthly amount for each member. The amount depends on where members live, how sick they are and the plan's Star Rating, a quality score from one to five stars. Alignment then pays for its members' care, so its profit depends on keeping medical and running costs below what CMS pays. Its approach is to spend more on care for its sickest members through Care Anywhere, a program of Alignment-employed clinicians who work in members' homes and virtually, guided by the company's own AVA software. In 2025, chronically ill members were 14% of membership but 78% of institutional claims (hospital and facility bills).
Membership grew from about 13,000 when the company started to 236,300 as of December 31, 2025. For the 2025 plan year, Alignment offered plans in 45 markets: 22 in California, 16 in North Carolina, 3 in Arizona, 2 in Nevada and 2 in Texas. Revenue reached $3.95 billion in fiscal 2025, up 46.1%. The annual report doesn't split revenue by state or product.
Price history
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ALHC -54.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.36B, up 36.7% from a year earlier, and net income was $-8.1M (-315.9%).
- For fiscal 2025, revenue was $3.95B (+46.1% year over year; +32.7% a year from FY2020 to FY2025) with a 0% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +32.7% good |
|---|---|
| Operating margin | 0.4% weak |
| Free cash flow margin | 2.9% watch |
| Return on equity (FY2025) | -0.4% weak |
| Return on assets (FY2025) | -0.1% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $959.2M | $-22.9M | — |
| FY2021 | $1.17B | $-195.3M | — |
| FY2022 | $1.43B | $-149.5M | $-69.2M |
| FY2023 | $1.82B | $-148.0M | $-95.2M |
| FY2024 | $2.70B | $-128.0M | $-6.6M |
| FY2025 | $3.95B | $-724K | $113.1M |
Valuation snapshot
| Market value | $1.71B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Alignment Healthcare LLC’s market value went from $2.20B at the end of 2022 to $1.71B on Oct 28, 2026, down 22%; since the end of 2025 it is down 57%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.71B | -56.7% |
| 2025 | $3.95B | +83.2% |
| 2024 | $2.16B | +32.5% |
| 2023 | $1.63B | -26.1% |
| 2022 | $2.20B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ALHC price data to Oct 28, 2026 | -58.6% | -54.7% | +6.1% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -58.6% |
| 2025 | +75.6% |
| 2024 | +30.7% |
| 2023 | -26.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($198K) and 27 sales ($45.5M), 23 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 10, 2026 | John E Kao Chief Executive Officer, Director | sell (plan) | $5.5M |
| Sep 11, 2026 | John E Kao Chief Executive Officer, Director | sell (plan) | $4.9M |
| May 11, 2026 | John E Kao Chief Executive Officer, Director | sell (plan) | $4.7M |
| Jun 10, 2026 | John E Kao Chief Executive Officer, Director | sell (plan) | $4.6M |
| Apr 10, 2026 | John E Kao Chief Executive Officer, Director | sell (plan) | $4.2M |
Who owns it
Large shareholders (13G filings)
| General Atlantic, L.P. | 12.3% | Sep 17, 2025 |
| BlackRock, Inc. | 11.3% | Sep 30, 2026 |
| Wellington Management Group LLP | 8.4% | Mar 31, 2026 |
| FMR LLC | 7.7% | Dec 31, 2025 |
| Qatar Investment Authority | 6.69% | Sep 17, 2025 |
| T. Rowe Price Investment Management, Inc. | 6.2% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.74% | Jun 30, 2026 |
| Invesco Ltd. | 5% | Jun 30, 2026 |
| Deerfield Mgmt, L.P. | 3.81% | Dec 31, 2024 |
| Citadel Advisors LLC | 3.4% | Sep 30, 2025 |
| GENERAL ATLANTIC, L.P. | 0.1% | Mar 31, 2026 |
ETFs with the most weight in ALHC
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 4.33% |
| FFTY Innovator IBD 50 ETF | 4.24% |
| XHS SPDR S&P Health Care Services ETF | 2.22% |
| HEAL Global X HealthTech ETF | 1.75% |
| PINK Simplify Health Care ETF | 1.43% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.66% |
| IHF iShares U.S. Healthcare Providers ETF | 0.3% |
| SEIS SEI Select Small Cap ETF | 0.28% |
What could go wrong
- Plans concentrated in a few states. In the 2025 plan year, 22 of Alignment's 45 markets were in California and the rest were in just four other states. A local jump in illness or medical costs would hit results hard.
- Star Ratings drive extra payments. CMS pays more to plans with higher Star Ratings, and strong ratings help brokers sell Alignment's plans. If its ratings slip, revenue could fall and its benefits could become less attractive to seniors.
- Medical bills can outrun fixed payments. Alignment receives a set fee per member but pays the actual bills. If members use more care than it planned for, or it underestimates bills not yet received, profits could disappear.
- Thin profits, debt and possible dilution. Alignment lost money every year from fiscal 2020 to 2024 and roughly broke even in fiscal 2025. It carries debt, including convertible notes that could dilute shareholders if they are converted into stock.
- Risk-score coding errors could bring penalties. CMS pays more for sicker members, based on the diagnoses doctors record. If those records are inaccurate or unsupported, Alignment could misstate its revenue and face penalties.
- Medicare Advantage funding cuts. As a government contractor, Alignment depends on CMS. Lower Medicare Advantage payments, Inflation Reduction Act changes to Part D drug coverage, audits, or the loss of a CMS contract could cut revenue and profit.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Alignment Healthcare pays no dividend. Its annual report says it has no plans to pay regular cash dividends for the foreseeable future. Share buybacks, where a company repurchases its own stock, totaled only about $1.5 million from fiscal 2021 through 2025. Over the same stretch, the share count rose 10.8% between August 4, 2021, and July 27, 2026, which diluted existing holders. For an income investor, any return would have to come from selling shares at a higher price.
We have no share price record for the stock during the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, so we can't show how it held up in a broad market slump. Its own swings have been severe. After gaining 75.6% in 2025, the stock was down 58.6% for 2026 through October 28, 2026. It had also fallen as much as 69.3% from its high over the prior year. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Alignment Healthcare make money?
Alignment Healthcare makes money by running Medicare Advantage plans for seniors. The Centers for Medicare & Medicaid Services (CMS) pays it a fixed monthly amount for each member. That amount depends on location, members' health risks and the plan's Star Rating. CMS also pays separately for Part D prescription drug coverage. Alignment then pays for members' hospital, doctor and drug care, and it profits when those costs plus its running costs come in below what CMS pays. Revenue was $3.95 billion in fiscal 2025, up 46.1%.
Is Alignment Healthcare profitable?
Close to it. Alignment Healthcare had net losses every year from fiscal 2020 through 2024, then lost just $724,000 on $3.95 billion of revenue in fiscal 2025. Free cash flow, the cash left after running and investing in the business, turned positive at $113.1 million that year. In the quarter ended June 30, 2026, it reported net income of $36.6 million on revenue of $1.34 billion. That revenue was up 31.6% from a year earlier.
Does Alignment Healthcare pay a dividend?
No. Alignment Healthcare pays no dividend, and its annual report for fiscal 2025 says it has no plans to pay regular cash dividends for the foreseeable future. It has also bought back very little stock, about $1.5 million from fiscal 2021 through 2025. Meanwhile, its share count grew 10.8% between August 2021 and July 2026. Investors who need regular income from their portfolio would get none from this stock.
Where does Alignment Healthcare offer Medicare Advantage plans?
In five states. For the 2025 plan year, Alignment Healthcare offered Medicare Advantage plans in 45 markets: 22 in California, 16 in North Carolina, 3 in Arizona, 2 in Nevada and 2 in Texas. Those markets include about 8.4 million Medicare-eligible seniors. Its plan membership reached 236,300 as of December 31, 2025. The company lists this geographic concentration as a risk, because a jump in illness or medical costs in a few states could weigh on results.
How much has Alignment Healthcare stock fallen?
Sharply. As of October 28, 2026, Alignment Healthcare shares were down 58.6% since the start of 2026 and 54.7% over one year. At one point they had fallen as much as 69.3% from their high during that year. The drop came after a 75.6% gain in 2025. Over the three years to October 28, 2026, the stock was still up 20% in total. Its market value was about $1.70 billion on that date.