Alignment Healthcare (ALHC) Financials

$16.66 +0.30 (+1.83%)

Closing price 04:00 PM Eastern

Extended Trading

$16.47 -0.19 (-1.13%)

As of 06:44 PM Eastern

Annual Income Statements for Alignment Healthcare

This table shows Alignment Healthcare's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-45	-23	-195	-150	-148	-128	-0.72
Consolidated Net Income / (Loss)	-45	-23	-195	-150	-148	-128	-0.98
Net Income / (Loss) Continuing Operations	-45	-23	-195	-150	-148	-128	-0.98
Total Pre-Tax Income	-45	-23	-195	-149	-148	-128	-0.96
Total Operating Income	-29	-5.26	-178	-129	-128	-102	15
Total Gross Profit	757	959	1,168	1,434	1,824	2,704	3,949
Total Revenue	757	959	1,168	1,434	1,824	2,704	3,949
Operating Revenue	757	959	1,168	1,434	1,824	2,704	3,949
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	786	964	1,346	1,563	1,951	2,805	3,934
Selling, General & Admin Expense	110	156	291	296	307	371	443
Depreciation Expense	15	15	16	17	21	27	30
Other Operating Expenses / (Income)	661	793	1,039	1,250	1,623	2,407	3,460
Total Other Income / (Expense), net	-15	-18	-17	-20	-20	-26	-16
Interest Expense	15	17	17	20	21	27	16
Other Income / (Expense), net	-0.35	-0.73	0.23	-	0.85	0.07	0.09
Income Tax Expense	0.00	0.00	0.00	0.34	-0.02	0.02	0.02
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	-0.09	-0.16	-0.04	-0.25
Basic Earnings per Share	($0.33)	($0.15)	($1.14)	($0.83)	($0.79)	($0.67)	$0.00
Weighted Average Basic Shares Outstanding	135.86M	152.13M	171.96M	181.21M	186.21M	190.79M	198.01M
Diluted Earnings per Share	($0.33)	($0.15)	($1.14)	($0.83)	($0.79)	($0.67)	$0.00
Weighted Average Diluted Shares Outstanding	135.86M	152.13M	171.96M	181.21M	186.21M	190.79M	198.01M
Weighted Average Basic & Diluted Shares Outstanding	135.86M	152.13M	171.96M	181.21M	188.98M	191.83M	204.30M

This table shows Alignment Healthcare's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-35	-47	-47	-24	-26	-31	-9.11	16	3.73	-11	11
Consolidated Net Income / (Loss)	-35	-47	-47	-24	-26	-31	-9.35	16	3.73	-11	11
Net Income / (Loss) Continuing Operations	-35	-47	-47	-24	-26	-31	-9.35	16	3.73	-11	11
Total Pre-Tax Income	-35	-47	-47	-24	-26	-31	-9.33	19	3.73	-14	11
Total Operating Income	-30	-42	-41	-18	-20	-23	-5.39	23	7.68	-10	16
Total Gross Profit	457	465	629	681	692	701	927	1,015	994	1,013	1,235
Total Revenue	457	465	629	681	692	701	927	1,015	994	1,013	1,235
Operating Revenue	457	465	629	681	692	701	927	1,015	994	1,013	1,235
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	486	507	670	700	712	724	932	993	986	1,023	1,220
Selling, General & Admin Expense	83	84	91	88	91	102	104	104	110	126	121
Depreciation Expense	5.50	5.80	5.98	6.49	7.64	6.76	7.59	7.00	7.98	7.83	7.84
Other Operating Expenses / (Income)	398	418	573	605	613	615	821	882	868	889	1,091
Total Other Income / (Expense), net	-5.47	-6.05	-5.47	-5.60	-6.92	-8.56	-3.94	-3.87	-3.95	-3.95	-4.06
Interest Expense	5.47	5.48	5.43	5.69	6.94	8.51	3.95	3.95	3.95	3.95	4.06
Other Income / (Expense), net	-	-	-0.04	0.09	0.02	-	0.01	0.08	0.00	-	0.00
Income Tax Expense	0.00	-0.02	0.00	0.02	-0.01	0.01	0.02	3.22	0.00	-3.23	0.03
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.03	-0.02	-0.05	0.01	-0.02	0.03	-0.24	-0.01	0.00	-	0.00
Basic Earnings per Share	($0.19)	($0.25)	($0.25)	($0.13)	($0.14)	($0.15)	($0.05)	$0.08	$0.02	($0.05)	$0.06
Weighted Average Basic Shares Outstanding	187.33M	186.21M	189.01M	190.89M	191.36M	190.79M	193.61M	198.33M	199.03M	198.01M	205.36M
Diluted Earnings per Share	($0.19)	($0.25)	($0.25)	($0.13)	($0.14)	($0.15)	($0.05)	$0.07	$0.02	($0.04)	$0.05
Weighted Average Diluted Shares Outstanding	187.33M	186.21M	189.01M	190.89M	191.36M	190.79M	193.61M	209.52M	208.93M	198.01M	213.13M
Weighted Average Basic & Diluted Shares Outstanding	0.00	188.98M	191.20M	191.30M	191.70M	191.83M	197.84M	198.03M	200.09M	204.30M	206.73M

This table details how cash moves in and out of Alignment Healthcare's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	52	121	261	-57	-206	230	143
Net Cash From Operating Activities	9.21	7.56	-79	-45	-59	35	140
Net Cash From Continuing Operating Activities	9.21	7.56	-79	-45	-59	35	140
Net Income / (Loss) Continuing Operations	-45	-23	-195	-150	-148	-128	-0.98
Consolidated Net Income / (Loss)	-45	-23	-195	-150	-148	-128	-0.98
Depreciation Expense	17	15	16	17	22	27	30
Amortization Expense	1.95	2.19	2.25	1.85	1.25	1.29	1.76
Non-Cash Adjustments To Reconcile Net Income	6.41	9.58	114	72	61	72	63
Changes in Operating Assets and Liabilities, net	29	3.25	-16	13	5.54	62	46
Net Cash From Investing Activities	-10	-16	-21	-28	-147	39	-15
Net Cash From Continuing Investing Activities	-10	-16	-21	-28	-147	39	-15
Purchase of Property, Plant & Equipment	-10	-16	-18	-28	-36	-41	-27
Purchase of Investments	-0.32	-1.58	-2.48	-2.83	-379	-82	-66
Sale of Property, Plant & Equipment	0.00	0.10	-	0.00	0.00	0.01	0.08
Divestitures	-	-	-	-	0.00	0.00	1.07
Sale and/or Maturity of Investments	0.33	0.83	1.43	2.43	268	163	76
Net Cash From Financing Activities	53	130	360	17	0.11	156	18
Net Cash From Continuing Financing Activities	53	130	360	17	0.11	156	18
Repayment of Debt	-0.85	0.00	0.00	-148	0.00	-224	-0.03
Issuance of Debt	55	0.00	0.00	165	0.00	380	0.00
Issuance of Common Equity	0.50	135	391	0.07	0.11	0.02	0.00
Other Financing Activities, net	-	-	-	0.00	0.00	-0.20	18
Cash Interest Paid	9.53	11	11	22	19	22	14

This table details how cash moves in and out of Alignment Healthcare's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.62	-188	36	100	1.63	92	13	24	148	-42	130
Net Cash From Operating Activities	5.99	-187	-6.24	24	26	-8.71	17	29	145	-50	129
Net Cash From Continuing Operating Activities	5.99	-187	-6.24	24	26	-8.71	17	29	145	-50	129
Net Income / (Loss) Continuing Operations	-35	-47	-47	-24	-26	-31	-9.35	16	3.73	-11	11
Consolidated Net Income / (Loss)	-35	-47	-47	-24	-26	-31	-9.35	16	3.73	-11	11
Depreciation Expense	5.56	5.86	6.03	6.54	7.69	6.81	7.63	7.04	7.99	7.83	7.86
Amortization Expense	0.30	0.22	0.52	0.09	0.37	0.32	0.44	0.44	0.44	0.44	0.51
Non-Cash Adjustments To Reconcile Net Income	12	17	20	17	17	19	17	15	17	14	14
Changes in Operating Assets and Liabilities, net	23	-164	13	24	27	-3.94	0.76	-9.23	115	-61	95
Net Cash From Investing Activities	-9.61	-1.02	43	27	-25	-5.92	-3.46	-6.66	2.32	-7.16	0.58
Net Cash From Continuing Investing Activities	-9.61	-1.02	43	27	-25	-5.92	-3.46	-6.66	2.32	-7.16	0.58
Purchase of Property, Plant & Equipment	-9.55	-11	-11	-12	-9.28	-9.28	-8.25	-8.00	-5.50	-5.03	-7.36
Purchase of Investments	-125	-97	-22	-18	-36	-6.68	-18	-17	-10	-20	-11
Sale and/or Maturity of Investments	125	107	75	57	20	10	23	17	18	18	19
Net Cash From Financing Activities	-	0.05	-0.34	49	-	107	0.18	1.62	0.95	15	0.52
Net Cash From Continuing Financing Activities	-	0.05	-0.34	49	-	107	0.18	1.62	0.95	15	0.52
Repayment of Debt	-	-	0.00	-	-	-223	-0.03	-	-	-	-1.66
Other Financing Activities, net	-	-	-0.35	-	-	0.16	0.21	1.62	0.95	15	2.17
Cash Interest Paid	4.96	5.22	5.18	5.07	5.36	6.56	0.00	6.74	-	7.01	0.00

This table presents Alignment Healthcare's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	339	631	634	592	782	1,066
Total Current Assets	265	553	545	484	662	952
Cash & Equivalents	207	467	410	203	433	576
Short-Term Investments	-	-	0.00	116	38	28
Accounts Receivable	40	59	93	120	154	253
Prepaid Expenses	17	28	42	45	37	94
Plant, Property, & Equipment, net	27	30	37	52	67	64
Total Noncurrent Assets	47	48	52	56	53	50
Goodwill	35	35	35	35	35	32
Intangible Assets	-	-	5.48	5.25	4.55	4.55
Other Noncurrent Operating Assets	12	13	12	16	14	13
Total Liabilities & Shareholders' Equity	339	631	634	592	782	1,066
Total Liabilities	308	325	395	434	681	887
Total Current Liabilities	153	167	230	263	352	557
Accounts Payable	16	17	32	24	22	33
Current Employee Benefit Liabilities	-	-	-	34	40	49
Other Current Liabilities	113	126	170	205	290	475
Total Noncurrent Liabilities	154	158	165	171	329	330
Long-Term Debt	144	151	161	162	321	323
Other Noncurrent Operating Liabilities	10	6.98	3.70	8.97	7.84	6.47
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	31	306	239	158	101	179
Total Preferred & Common Equity	31	306	238	157	100	179
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	31	306	238	157	100	179
Common Stock	410	889	970	1,037	1,108	1,188
Retained Earnings	-380	-583	-732	-880	-1,008	-1,009

This table presents Alignment Healthcare's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	778	762	784	771	633	716	692	896	1,000	1,103	1,262
Total Current Assets	692	671	684	667	521	599	574	774	880	985	1,145
Cash & Equivalents	567	384	395	392	239	339	340	446	470	618	706
Short-Term Investments	-	103	122	124	63	25	41	33	34	26	21
Accounts Receivable	88	125	89	106	165	183	139	214	283	220	278
Prepaid Expenses	36	58	77	46	54	52	54	81	93	121	141
Plant, Property, & Equipment, net	36	40	43	47	57	62	65	69	70	67	64
Total Noncurrent Assets	50	51	57	57	55	55	54	53	51	50	52
Goodwill	38	40	40	40	35	35	35	34	32	32	32
Intangible Assets	-	-	-	-	5.22	5.20	4.55	4.55	4.55	4.55	4.55
Other Noncurrent Operating Assets	12	11	17	17	15	15	15	14	14	14	16
Total Liabilities & Shareholders' Equity	778	762	784	771	633	716	692	896	1,000	1,103	1,262
Total Liabilities	505	538	572	581	501	591	577	787	859	941	1,055
Total Current Liabilities	340	374	402	410	331	372	358	457	530	611	725
Accounts Payable	21	23	21	25	23	23	25	28	31	34	35
Current Employee Benefit Liabilities	-	-	-	-	-	-	-	32	43	48	34
Other Current Liabilities	171	186	207	203	276	315	297	397	455	529	656
Total Noncurrent Liabilities	165	164	171	171	170	220	219	330	330	330	330
Long-Term Debt	161	161	161	162	162	212	210	322	322	323	324
Other Noncurrent Operating Liabilities	4.46	2.50	9.21	9.32	8.44	8.18	8.19	7.65	7.36	6.92	6.35
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	272	224	211	190	132	125	116	109	141	162	207
Total Preferred & Common Equity	272	223	210	189	131	124	115	108	141	162	207
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	272	223	210	189	131	124	115	108	141	162	207
Common Stock	947	992	1,008	1,022	1,058	1,074	1,092	1,126	1,143	1,160	1,204
Retained Earnings	-675	-770	-798	-833	-927	-951	-977	-1,017	-1,002	-998	-998

This table displays calculated financial ratios and metrics derived from Alignment Healthcare's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	200,091,742.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	200,091,742.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.00
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	26.72%	21.74%	22.81%	27.16%	48.25%	46.06%
EBITDA Growth	0.00%	203.14%	-1,468.64%	31.50%	4.03%	30.22%	164.39%
EBIT Growth	0.00%	79.91%	-2,866.52%	27.67%	0.64%	20.55%	114.62%
NOPAT Growth	0.00%	82.15%	-3,283.47%	27.76%	0.64%	20.55%	114.53%
Net Income Growth	0.00%	48.75%	-751.81%	23.37%	0.98%	13.57%	99.24%
EPS Growth	0.00%	54.55%	-660.00%	27.19%	4.82%	15.19%	100.00%
Operating Cash Flow Growth	0.00%	-17.89%	-1,141.87%	42.33%	-30.29%	158.75%	302.44%
Free Cash Flow Firm Growth	0.00%	0.00%	-610.46%	38.46%	-10.21%	78.22%	393.43%
Invested Capital Growth	0.00%	0.00%	69.49%	5.84%	111.41%	-4,627.86%	-110.86%
Revenue Q/Q Growth	0.00%	0.00%	-13.97%	4.64%	6.02%	9.56%	8.57%
EBITDA Q/Q Growth	0.00%	0.00%	-10.85%	-9.07%	9.71%	25.71%	40.20%
EBIT Q/Q Growth	0.00%	0.00%	-9.63%	-7.84%	7.39%	16.02%	495.78%
NOPAT Q/Q Growth	0.00%	0.00%	-9.65%	-7.20%	7.39%	16.02%	492.21%
Net Income Q/Q Growth	0.00%	0.00%	-8.78%	-6.52%	6.18%	11.21%	95.35%
EPS Q/Q Growth	0.00%	0.00%	-5.56%	-7.79%	8.14%	12.99%	100.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-34.00%	-161.64%	-182.06%	124.15%	-22.94%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-474.76%	-49.38%	88.88%	-40.82%
Invested Capital Q/Q Growth	0.00%	0.00%	62.47%	93.06%	100.65%	9.53%	36.18%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-1.49%	1.22%	-13.66%	-7.62%	-5.75%	-2.71%	1.19%
Operating Margin	-3.90%	-0.55%	-15.25%	-8.97%	-7.01%	-3.76%	0.37%
EBIT Margin	-3.94%	-0.63%	-15.23%	-8.97%	-7.01%	-3.76%	0.38%
Profit (Net Income) Margin	-5.91%	-2.39%	-16.72%	-10.43%	-8.13%	-4.74%	-0.02%
Tax Burden Percent	100.00%	100.00%	100.00%	100.23%	99.99%	100.02%	102.09%
Interest Burden Percent	149.93%	382.42%	109.81%	116.06%	115.94%	126.09%	-6.46%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-74.89%	-116.01%	-54.88%	-74.58%	-98.89%	-0.70%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-9,369.88%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-1.77%	-36.69%	-20.34%	-20.86%	-14.78%	1.61%
Return on Assets (ROA)	0.00%	-6.77%	-40.29%	-23.66%	-24.18%	-18.64%	-0.11%
Return on Common Equity (ROCE)	0.00%	-74.89%	-116.01%	-54.76%	-74.14%	-98.04%	-0.70%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-74.89%	-63.81%	-62.84%	-94.41%	-128.26%	0.00%
Net Operating Profit after Tax (NOPAT)	-21	-3.68	-125	-90	-89	-71	10
NOPAT Margin	-2.73%	-0.38%	-10.67%	-6.28%	-4.91%	-2.63%	0.26%
Net Nonoperating Expense Percent (NNEP)	0.00%	-60.95%	-37.26%	-21.11%	-28.94%	-37.22%	-5.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-22.50%	-27.97%	-16.83%	2.06%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	14.55%	16.30%	24.92%	20.61%	16.86%	13.74%	11.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	103.90%	100.55%	115.25%	108.97%	107.01%	103.76%	99.63%
Earnings before Interest and Taxes (EBIT)	-30	-6.00	-178	-129	-128	-102	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	12	-160	-109	-105	-73	47
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	15.99	8.60	9.25	10.37	21.60	22.04
Price to Tangible Book Value (P/TBV)	0.00	0.00	9.72	11.13	13.93	35.66	27.70
Price to Revenue (P/Rev)	0.65	0.51	2.25	1.54	0.89	0.80	1.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	1,381.12	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.44	1.98	1.36	0.81	0.74	0.93
Enterprise Value to EBITDA (EV/EBITDA)	0.00	36.58	0.00	0.00	0.00	0.00	77.96
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	247.34
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	355.47
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	56.40	0.00	0.00	0.00	57.76	26.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.78	0.00	0.00	0.00	0.00	57.50
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	4.71	0.49	0.67	1.02	3.18	1.80
Long-Term Debt to Equity	0.00	4.71	0.49	0.67	1.02	3.18	1.80
Financial Leverage	0.00	-2.06	-1.13	-1.04	-1.02	-1.18	-1.54
Leverage Ratio	0.00	11.06	2.88	2.32	3.08	5.30	6.59
Compound Leverage Factor	0.00	42.29	3.16	2.69	3.58	6.69	-0.43
Debt to Total Capital	0.00%	82.49%	32.98%	40.21%	50.58%	76.10%	64.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	82.49%	32.98%	40.21%	50.58%	76.10%	64.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.29%	0.35%	0.26%	0.00%
Common Equity to Total Capital	0.00%	17.51%	67.01%	59.50%	49.06%	23.64%	35.68%
Debt to EBITDA	0.00	12.37	-0.94	-1.47	-1.54	-4.39	6.86
Net Debt to EBITDA	0.00	-5.42	1.98	2.27	1.50	2.04	-5.97
Long-Term Debt to EBITDA	0.00	12.37	-0.94	-1.47	-1.54	-4.39	6.86
Debt to NOPAT	0.00	-39.13	-1.21	-1.79	-1.81	-4.52	31.30
Net Debt to NOPAT	0.00	17.14	2.53	2.76	1.75	2.10	-27.22
Long-Term Debt to NOPAT	0.00	-39.13	-1.21	-1.79	-1.81	-4.52	31.30
Altman Z-Score	0.00	2.55	5.22	3.92	2.99	3.60	5.54
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.22%	0.58%	0.86%	0.39%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.72	3.31	2.37	1.84	1.88	1.71
Quick Ratio	0.00	1.61	3.14	2.18	1.67	1.78	1.54
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	29	-147	-91	-100	-22	64
Operating Cash Flow to CapEx	89.88%	48.44%	-429.06%	-163.31%	-164.43%	83.98%	523.95%
Free Cash Flow to Firm to Interest Expense	0.00	1.70	-8.44	-4.42	-4.70	-0.82	4.04
Operating Cash Flow to Interest Expense	0.62	0.45	-4.52	-2.22	-2.79	1.31	8.86
Operating Cash Flow Less CapEx to Interest Expense	-0.07	-0.48	-5.57	-3.58	-4.48	-0.25	7.17
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	2.83	2.41	2.27	2.98	3.94	4.27
Accounts Receivable Turnover	0.00	23.90	23.67	18.95	17.15	19.76	19.40
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	35.34	40.62	42.48	40.95	45.42	60.11
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	15.27	15.42	19.27	21.28	18.47	18.82
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	15.27	15.42	19.27	21.28	18.47	18.82
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-33	-9.93	-9.35	1.07	-48	-102
Invested Capital Turnover	0.00	-58.97	-55.01	-148.85	-440.54	-114.56	-52.63
Increase / (Decrease) in Invested Capital	0.00	-33	23	0.58	10	-49	-54
Enterprise Value (EV)	0.00	426	2,317	1,955	1,472	2,008	3,671
Market Capitalization	490	490	2,633	2,202	1,628	2,157	3,952
Book Value per Share	$0.00	$0.20	$1.63	$1.27	$0.83	$0.52	$0.90
Tangible Book Value per Share	$0.00	($0.03)	$1.45	$1.06	$0.62	$0.32	$0.71
Total Capital	0.00	175	457	400	320	422	502
Total Debt	0.00	144	151	161	162	321	323
Total Long-Term Debt	0.00	144	151	161	162	321	323
Net Debt	0.00	-63	-316	-249	-157	-149	-281
Capital Expenditures (CapEx)	10	16	18	28	36	41	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-96	-81	-95	-98	-161	-210
Debt-free Net Working Capital (DFNWC)	0.00	111	386	315	221	310	395
Net Working Capital (NWC)	0.00	111	386	315	221	310	395
Net Nonoperating Expense (NNE)	24	19	71	60	59	57	11
Net Nonoperating Obligations (NNO)	0.00	-63	-316	-249	-157	-149	-281
Total Depreciation and Amortization (D&A)	19	18	18	19	23	28	32
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-10.02%	-6.94%	-6.62%	-5.39%	-5.95%	-5.31%
Debt-free Net Working Capital to Revenue	0.00%	11.60%	33.02%	21.94%	12.09%	11.46%	10.00%
Net Working Capital to Revenue	0.00%	11.60%	33.02%	21.94%	12.09%	11.46%	10.00%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.14)	($0.83)	($0.79)	($0.67)	$0.00
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	187.07M	187.28M	186.21M	190.79M	198.01M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.14)	($0.83)	($0.79)	($0.67)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	187.07M	187.28M	186.21M	190.79M	198.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.14)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	171.96M	181.21M	188.98M	191.83M	204.30M
Normalized Net Operating Profit after Tax (NOPAT)	-21	-3.68	-125	-90	-89	-71	10
Normalized NOPAT Margin	-2.73%	-0.38%	-10.67%	-6.28%	-4.91%	-2.63%	0.26%
Pre Tax Income Margin	-5.91%	-2.39%	-16.72%	-10.41%	-8.13%	-4.74%	-0.02%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.00	-0.35	-10.20	-6.28	-6.02	-3.82	0.94
NOPAT to Interest Expense	-1.39	-0.22	-7.15	-4.40	-4.21	-2.68	0.65
EBIT Less CapEx to Interest Expense	-2.69	-1.28	-11.25	-7.64	-7.72	-5.38	-0.75
NOPAT Less CapEx to Interest Expense	-2.07	-1.14	-8.20	-5.75	-5.91	-4.23	-1.04
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	-0.07%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-4.43%	-21.27%	-15.61%	-0.07%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Alignment Healthcare's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	200,091,742.00	204,296,493.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	200,091,742.00	204,296,493.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.06	0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.74%	28.63%	43.14%	47.34%	51.61%	50.68%	47.46%	49.03%	43.51%	44.43%	33.26%
EBITDA Growth	15.55%	23.95%	-27.84%	33.52%	51.99%	56.96%	107.76%	359.92%	240.69%	86.97%	789.42%
EBIT Growth	10.59%	19.56%	-27.19%	21.27%	34.39%	46.21%	86.92%	224.81%	139.39%	54.38%	388.00%
NOPAT Growth	10.94%	19.56%	-26.52%	22.30%	34.39%	46.21%	86.88%	246.59%	156.18%	54.38%	509.77%
Net Income Growth	12.85%	17.13%	-24.63%	15.76%	24.65%	34.23%	79.92%	165.21%	114.11%	64.57%	222.04%
EPS Growth	13.64%	21.88%	-25.00%	13.33%	26.32%	40.00%	80.00%	153.85%	114.29%	73.33%	200.00%
Operating Cash Flow Growth	-94.30%	-25.59%	-107.33%	-36.71%	337.08%	95.35%	366.37%	23.80%	451.95%	-478.29%	674.45%
Free Cash Flow Firm Growth	-89.49%	-7.28%	-261.51%	-206.40%	-1,498.62%	184.41%	130.09%	124.64%	191.27%	38.03%	336.37%
Invested Capital Growth	-22.09%	111.41%	92.54%	81.27%	67.54%	-4,627.86%	-535.28%	-49.13%	-198.92%	-110.86%	-302.08%
Revenue Q/Q Growth	-1.23%	1.90%	35.07%	8.38%	1.64%	1.27%	32.18%	9.53%	-2.13%	1.92%	21.96%
EBITDA Q/Q Growth	-36.23%	-49.99%	14.80%	66.30%	1.62%	-34.46%	117.40%	1,029.06%	-46.85%	-112.48%	1,287.66%
EBIT Q/Q Growth	-28.09%	-40.86%	1.49%	55.55%	-6.74%	-15.49%	76.12%	524.06%	-66.35%	-233.89%	250.75%
NOPAT Q/Q Growth	-25.77%	-40.86%	1.93%	55.28%	-6.20%	-15.49%	76.08%	599.67%	-59.30%	-193.77%	314.88%
Net Income Q/Q Growth	-23.10%	-34.65%	1.39%	48.46%	-10.11%	-17.54%	69.89%	267.34%	-76.18%	-395.15%	203.73%
EPS Q/Q Growth	-26.67%	-31.58%	0.00%	48.00%	-7.69%	-7.14%	66.67%	240.00%	-71.43%	-300.00%	225.00%
Operating Cash Flow Q/Q Growth	-83.88%	-3,228.60%	96.67%	477.19%	11.31%	-133.26%	290.75%	75.31%	396.24%	-134.85%	355.45%
Free Cash Flow Firm Q/Q Growth	-92.74%	-545.89%	-211.43%	-5.59%	4.61%	126.91%	11.04%	-13.54%	253.31%	-59.30%	251.03%
Invested Capital Q/Q Growth	-13.34%	100.65%	-819.04%	-254.44%	-96.37%	9.53%	-0.88%	16.80%	-293.61%	36.18%	-92.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-5.23%	-7.70%	-5.50%	-1.71%	-1.66%	-2.20%	0.29%	2.98%	1.62%	-0.20%	1.93%
Operating Margin	-6.52%	-9.01%	-6.54%	-2.70%	-2.82%	-3.22%	-0.58%	2.24%	0.77%	-1.02%	1.26%
EBIT Margin	-6.52%	-9.01%	-6.55%	-2.68%	-2.82%	-3.22%	-0.58%	2.25%	0.77%	-1.02%	1.26%
Profit (Net Income) Margin	-7.68%	-10.15%	-7.41%	-3.52%	-3.82%	-4.43%	-1.01%	1.54%	0.38%	-1.09%	0.92%
Tax Burden Percent	100.00%	99.95%	100.00%	100.09%	99.97%	100.02%	100.23%	82.92%	99.95%	77.33%	99.78%
Interest Burden Percent	117.88%	112.75%	113.19%	131.12%	135.42%	137.76%	173.38%	82.70%	48.57%	138.40%	73.80%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.08%	0.05%	0.00%	0.22%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-68.41%	-74.58%	-88.42%	-91.03%	-94.51%	-98.89%	-75.39%	-38.53%	-15.16%	-0.70%	12.53%
Cash Return on Invested Capital (CROIC)	0.00%	-9,369.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-14.48%	-26.80%	-18.89%	-7.99%	-9.51%	-12.65%	-2.28%	8.74%	3.13%	-4.34%	4.95%
Return on Assets (ROA)	-17.06%	-30.20%	-21.38%	-10.49%	-12.88%	-17.43%	-3.96%	5.99%	1.52%	-4.64%	3.65%
Return on Common Equity (ROCE)	-68.24%	-74.14%	-87.88%	-90.43%	-93.84%	-98.04%	-74.78%	-38.37%	-15.10%	-0.70%	12.50%
Return on Equity Simple (ROE_SIMPLE)	-83.78%	0.00%	-120.20%	-123.59%	-125.92%	0.00%	-84.02%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-21	-29	-29	-13	-14	-16	-3.78	19	7.68	-7.20	15
NOPAT Margin	-4.56%	-6.30%	-4.58%	-1.89%	-1.97%	-2.25%	-0.41%	1.86%	0.77%	-0.71%	1.25%
Net Nonoperating Expense Percent (NNEP)	-3.75%	-8.82%	-7.63%	-4.38%	-4.88%	-9.98%	-3.75%	-1.93%	-1.61%	-1.77%	-1.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.17%	-	-	-	-3.74%	-0.88%	4.07%	1.58%	-1.43%	2.92%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	18.19%	17.99%	14.40%	12.90%	13.12%	14.56%	11.20%	10.22%	11.07%	12.42%	9.81%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	106.52%	109.01%	106.54%	102.70%	102.82%	103.22%	100.58%	97.76%	99.23%	101.02%	98.74%
Earnings before Interest and Taxes (EBIT)	-30	-42	-41	-18	-20	-23	-5.38	23	7.68	-10	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-24	-36	-35	-12	-11	-15	2.68	30	16	-2.01	24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.94	10.37	7.16	12.09	19.74	21.60	33.03	19.65	21.35	22.04	17.40
Price to Tangible Book Value (P/TBV)	8.81	13.93	10.32	17.87	30.08	35.66	51.48	26.54	27.59	27.70	21.14
Price to Revenue (P/Rev)	0.76	0.89	0.47	0.67	0.92	0.80	1.19	0.83	0.95	1.00	0.85
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	181.75
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.55%
Enterprise Value to Invested Capital (EV/IC)	0.00	1,381.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.56	0.81	0.40	0.60	0.85	0.74	1.14	0.78	0.86	0.93	0.75
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	430.88	93.33	77.96	46.83
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,258.25	247.34	89.49
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,797.50	355.47	89.79
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	57.76	59.27	40.94	17.26	26.23	12.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29.06	57.50	17.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.85	1.02	1.23	1.70	1.83	3.18	2.95	2.29	1.99	1.80	1.56
Long-Term Debt to Equity	0.85	1.02	1.23	1.70	1.82	3.18	2.95	2.29	1.99	1.80	1.56
Financial Leverage	-1.65	-1.02	-1.31	-1.51	-1.71	-1.18	-1.23	-1.25	-1.77	-1.54	-1.77
Leverage Ratio	3.35	3.08	3.92	4.46	4.79	5.30	6.34	6.46	6.47	6.59	6.83
Compound Leverage Factor	3.95	3.48	4.44	5.85	6.49	7.31	11.00	5.34	3.14	9.13	5.04
Debt to Total Capital	46.01%	50.58%	55.10%	62.92%	64.71%	76.10%	74.70%	69.57%	66.60%	64.32%	61.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	46.01%	50.58%	55.10%	62.92%	64.22%	76.10%	74.70%	69.57%	66.60%	64.32%	61.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.31%	0.35%	0.37%	0.32%	0.33%	0.26%	0.20%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.67%	49.06%	44.53%	36.76%	34.96%	23.64%	25.10%	30.43%	33.40%	35.68%	39.00%
Debt to EBITDA	-1.39	-1.54	-1.39	-1.91	-2.15	-4.39	-8.95	53.65	9.61	6.86	4.74
Net Debt to EBITDA	3.05	1.50	1.20	1.37	1.72	2.04	4.38	-30.21	-9.57	-5.97	-5.90
Long-Term Debt to EBITDA	-1.39	-1.54	-1.39	-1.91	-2.14	-4.39	-8.95	53.65	9.61	6.86	4.74
Debt to NOPAT	-1.67	-1.81	-1.70	-2.31	-2.50	-4.52	-6.98	-18.63	185.09	31.30	9.09
Net Debt to NOPAT	3.66	1.75	1.46	1.66	2.00	2.10	3.42	10.49	-184.29	-27.22	-11.31
Long-Term Debt to NOPAT	-1.67	-1.81	-1.70	-2.31	-2.49	-4.52	-6.98	-18.63	185.09	31.30	9.09
Altman Z-Score	2.34	3.46	2.40	3.07	4.22	3.93	4.89	4.36	4.67	5.47	4.76
Noncontrolling Interest Sharing Ratio	0.24%	0.58%	0.62%	0.66%	0.71%	0.86%	0.81%	0.41%	0.39%	0.39%	0.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.63	1.84	1.57	1.61	1.60	1.88	1.69	1.66	1.61	1.71	1.58
Quick Ratio	1.51	1.67	1.41	1.47	1.45	1.78	1.52	1.49	1.41	1.54	1.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	8.91	-40	-124	-131	-125	34	37	32	114	46	163
Operating Cash Flow to CapEx	62.72%	-1,769.05%	-56.09%	200.54%	282.22%	-93.83%	201.36%	363.99%	2,629.73%	-1,001.69%	1,747.45%
Free Cash Flow to Firm to Interest Expense	1.63	-7.25	-22.81	-22.97	-17.97	3.94	9.43	8.15	28.81	11.73	40.02
Operating Cash Flow to Interest Expense	1.10	-34.18	-1.15	4.13	3.78	-1.02	4.21	7.37	36.60	-12.76	31.68
Operating Cash Flow Less CapEx to Interest Expense	-0.65	-36.12	-3.20	2.07	2.44	-2.11	2.12	5.35	35.20	-14.03	29.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.22	2.98	2.89	2.98	3.37	3.94	3.93	3.89	4.05	4.27	3.95
Accounts Receivable Turnover	17.76	17.15	13.87	16.40	20.20	19.76	15.84	14.31	20.28	19.40	17.31
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.58	40.95	41.58	42.33	44.12	45.42	47.76	50.56	55.23	60.11	64.32
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	20.56	21.28	26.32	22.25	18.07	18.47	23.05	25.50	18.00	18.82	21.08
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	20.56	21.28	26.32	22.25	18.07	18.47	23.05	25.50	18.00	18.82	21.08
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-164	1.07	-7.67	-27	-53	-48	-49	-41	-159	-102	-196
Invested Capital Turnover	-11.51	-440.54	-36.49	-25.93	-22.67	-114.56	-106.53	-98.57	-34.18	-52.63	-34.82
Increase / (Decrease) in Invested Capital	-30	10	95	118	111	-49	-41	-13	-106	-54	-147
Enterprise Value (EV)	955	1,472	799	1,344	2,093	2,008	3,415	2,588	3,134	3,671	3,197
Market Capitalization	1,308	1,628	938	1,495	2,261	2,157	3,572	2,770	3,456	3,952	3,600
Book Value per Share	$1.00	$0.83	$0.69	$0.65	$0.60	$0.52	$0.56	$0.71	$0.82	$0.90	$1.01
Tangible Book Value per Share	$0.79	$0.62	$0.48	$0.44	$0.39	$0.32	$0.36	$0.53	$0.63	$0.71	$0.83
Total Capital	351	320	294	337	328	422	431	463	485	502	531
Total Debt	162	162	162	212	212	321	322	322	323	323	324
Total Long-Term Debt	162	162	162	212	210	321	322	322	323	323	324
Net Debt	-354	-157	-140	-152	-169	-149	-158	-181	-321	-281	-403
Capital Expenditures (CapEx)	9.55	11	11	12	9.28	9.28	8.25	8.00	5.50	5.03	7.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-259	-98	-112	-136	-164	-161	-162	-153	-270	-210	-306
Debt-free Net Working Capital (DFNWC)	257	221	190	228	217	310	317	351	374	395	421
Net Working Capital (NWC)	257	221	190	228	216	310	317	351	374	395	421
Net Nonoperating Expense (NNE)	14	18	18	11	13	15	5.58	3.21	3.95	3.81	4.05
Net Nonoperating Obligations (NNO)	-354	-157	-140	-152	-169	-149	-158	-181	-321	-281	-403
Total Depreciation and Amortization (D&A)	5.86	6.08	6.55	6.63	8.05	7.12	8.07	7.48	8.43	8.27	8.37
Debt-free, Cash-free Net Working Capital to Revenue	-15.05%	-5.39%	-5.55%	-6.10%	-6.64%	-5.95%	-5.40%	-4.59%	-7.42%	-5.31%	-7.18%
Debt-free Net Working Capital to Revenue	14.92%	12.09%	9.43%	10.20%	8.80%	11.46%	10.57%	10.51%	10.29%	10.00%	9.88%
Net Working Capital to Revenue	14.92%	12.09%	9.43%	10.20%	8.73%	11.46%	10.57%	10.51%	10.29%	10.00%	9.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($0.25)	($0.25)	($0.13)	($0.14)	($0.15)	($0.05)	$0.08	$0.02	($0.05)	$0.06
Adjusted Weighted Average Basic Shares Outstanding	187.33M	186.21M	189.01M	190.89M	191.36M	190.79M	193.61M	198.33M	199.03M	198.01M	205.36M
Adjusted Diluted Earnings per Share	($0.19)	($0.25)	($0.25)	($0.13)	($0.14)	($0.15)	($0.05)	$0.07	$0.02	($0.04)	$0.05
Adjusted Weighted Average Diluted Shares Outstanding	187.33M	186.21M	189.01M	190.89M	191.36M	190.79M	193.61M	209.52M	208.93M	198.01M	213.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	188.98M	191.20M	191.30M	191.70M	191.83M	197.84M	198.03M	200.09M	204.30M	206.73M
Normalized Net Operating Profit after Tax (NOPAT)	-21	-29	-29	-13	-14	-16	-3.78	19	7.68	-7.20	15
Normalized NOPAT Margin	-4.56%	-6.30%	-4.58%	-1.89%	-1.97%	-2.25%	-0.41%	1.86%	0.77%	-0.71%	1.25%
Pre Tax Income Margin	-7.68%	-10.15%	-7.41%	-3.52%	-3.82%	-4.43%	-1.01%	1.86%	0.38%	-1.41%	0.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.44	-7.64	-7.58	-3.21	-2.81	-2.65	-1.36	5.78	1.94	-2.60	3.82
NOPAT to Interest Expense	-3.81	-5.35	-5.30	-2.26	-1.97	-1.85	-0.96	4.78	1.94	-1.82	3.81
EBIT Less CapEx to Interest Expense	-7.19	-9.58	-9.63	-5.28	-4.15	-3.74	-3.45	3.75	0.55	-3.88	2.00
NOPAT Less CapEx to Interest Expense	-5.56	-7.28	-7.35	-4.32	-3.31	-2.94	-3.04	2.75	0.55	-3.10	2.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Alignment Healthcare (NASDAQ:ALHC) has shown meaningful revenue growth across 2024–2025 and some quarterly improvements in cash flow and earnings, but profitability remains volatile and the balance sheet shows ongoing accumulated losses. Below are the key takeaways from the last four years of quarterly results, focused on the most impactful trends for retail investors.

Revenue growth: Q4 2024 revenue was about $701.2 million, while Q4 2025 revenue reached about $1.0128 billion, representing roughly a 44% year-over-year increase. This indicates strong top-line expansion over the period.
Profitability in mid-2025: Net income attributable to common shareholders turned positive in two consecutive quarters in 2025—Q2 2025 showed about $15.7 million of net income, and Q3 2025 about $3.7 million—reflecting improving profitability momentum (though Q4 2025 moved back into a loss).
Operating cash flow improvement: Net cash from continuing operating activities was about $23.5 million in Q2 2025 and roughly $144.6 million in Q3 2025, signalling rising cash generation from core operations (Q4 2025 cooled to negative cash flow).
Strong liquidity position: Cash & equivalents were about $618 million in Q3 2025. Total current assets (~$985 million) vs. total current liabilities (~$611 million) yields a solid positive working capital position.
Earnings per share (short-term positive notch): Basic EPS was $0.08 and Diluted EPS $0.07 in Q2 2025, showing a brief profitability print on a per-share basis before subsequent quarters.\n
Debt burden appears manageable: Long-term debt around $320–329 million and total liabilities around $940 million in the latest balance sheets, with total equity modestly positive. This provides a cushion, though it remains a source of ongoing fixed costs.
High gross-margin indicators in some periods: Total Cost of Revenue was reported as zero in several quarters, which, if persistent, would imply favorable gross margins in those periods.
Accumulated losses persist: Retained earnings are deeply negative (roughly -$1.0 billion in recent balance sheets), indicating a long track record of losses that erode equity over time.
One-off or large non-cash charges in some periods: Q4 2025 shows a very large “Other Operating Expenses / (Income)” line (about $889.5 million), a likely driver of the quarterly loss despite revenue gains and raising questions about one-time charges or impairments.
Ongoing quarterly net losses and volatility: While some quarters show profit, others remain clearly negative (for example, Q4 2025 net income -$11.0 million and several prior quarters show meaningful losses), underscoring ongoing profitability challenges and earnings volatility.

05/20/26 07:10 PM ETAI Generated. May Contain Errors.

Alignment Healthcare Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Alignment Healthcare's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Over the last 6 years, Alignment Healthcare's net income changed from -$44.73 million in 2019 to -$978 thousand in 2025, a change of -97.8%. Check out Alignment Healthcare's forecast to explore projected trends and price targets.

Alignment Healthcare's total operating income in 2025 was $14.75 million, based on the following breakdown:

Total Gross Profit: $3.95 billion
Total Operating Expenses: $3.93 billion

Over the last 6 years, Alignment Healthcare's total revenue changed from $756.96 million in 2019 to $3.95 billion in 2025, a change of 421.7%.

Alignment Healthcare's total liabilities were at $886.51 million at the end of 2025, a 30.2% increase from 2024, and a 187.9% increase since 2020.

In the past 5 years, Alignment Healthcare's cash and equivalents has ranged from $202.90 million in 2023 to $575.82 million in 2025, and is currently $575.82 million as of their latest financial filing in 2025.

Over the last 6 years, Alignment Healthcare's book value per share changed from 0.00 in 2019 to 0.90 in 2025, a change of 89.6%.

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Financial statements for NASDAQ:ALHC last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Alignment Healthcare (ALHC) Financials

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Alignment Healthcare Financials - Frequently Asked Questions

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Alignment Healthcare (ALHC) Financials

Annual Income Statements for Alignment Healthcare

Quarterly Income Statements for Alignment Healthcare

Annual Cash Flow Statements for Alignment Healthcare

Quarterly Cash Flow Statements for Alignment Healthcare

Annual Balance Sheets for Alignment Healthcare

Quarterly Balance Sheets for Alignment Healthcare

Annual Metrics And Ratios for Alignment Healthcare

Quarterly Metrics And Ratios for Alignment Healthcare

Financials Breakdown Chart

Key Financial Trends

Alignment Healthcare Financials - Frequently Asked Questions

When does Alignment Healthcare's financial year end?

How has Alignment Healthcare's net income changed over the last 6 years?

What is Alignment Healthcare's operating income?

How has Alignment Healthcare's revenue changed over the last 6 years?

How much debt does Alignment Healthcare have?

How much cash does Alignment Healthcare have?

How has Alignment Healthcare's book value per share changed over the last 6 years?

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