Alignment Healthcare Inc.
ALHC evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ALHC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ALHC
Alignment Healthcare Inc. (ALHC) is a Medicare Advantage insurer that uses a care-model approach to manage costs and improve member outcomes, reporting strong revenue growth and a shift to profitability in fiscal 2025.
Key risk: Regulatory and star rating risk
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Jun 30, 2026.
Tracking 1 clinical trial for Alignment Healthcare Inc..
Alignment Healthcare Inc. (ALHC) is a Medicare Advantage insurer that uses a care-model approach to manage costs and improve member outcomes, reporting strong revenue growth and a shift to profitability in fiscal 2025.
- Total revenue for fiscal 2025 was $2,703.6 million, up 48.3% year-over-year [sec · filed 2025-04-25].
- Health plan membership reached 236,300 at the end of 2025, up 25.0% from 189,100 at the end of 2024 [sec_mda · as of 2026-02-27].
- Medical benefits ratio improved to 87.5% in 2025 from 88.8% in 2024 [sec_mda · as of 2026-02-27].
- Cash and equivalents were $695.6 million as of 2026-06-30, with total debt of $324.1 million [latest reported financials].
- Net income was $36.6 million for the trailing twelve months ended 2026-06-30, compared to a loss from operations of $(101.6) million in fiscal 2024 [latest reported financials; sec · filed 2025-04-25].
What works
- Revenue grew 48.3% year-over-year in fiscal 2025, driven by a 58.6% increase in health plan membership [sec · filed 2025-04-25].
- The medical benefits ratio improved from 88.8% in 2024 to 87.5% in 2025, indicating better cost management [sec_mda · as of 2026-02-27].
- The company generated positive net income of $36.6M (trailing twelve months ended 2026-06-30) and expects adjusted EBITDA of approximately $145 million in 2026 [latest reported financials; sec · filed 2026-01-12].
- Management believes liquid assets are sufficient to fund operating and organic capital needs for at least the next 12 months [sec_mda · as of 2026-04-30].
What to weigh
- The company operates in a highly regulated industry and faces risks related to government approvals, star ratings, and provider relationships [sec · filed 2026-01-12].
- The company may require additional capital to execute strategic initiatives and grow its business [sec_mda · as of 2026-04-30].
- The company typically incurs greater investment in the second half of the year due to the primary sales and marketing season, which can create uneven cash flows [sec_mda · as of 2026-04-30].
- Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projections [sec · filed 2026-01-12].
From the filings
Quoted directly from source documents.
Revenue growth and membership expansion in fiscal 2025
“Total revenue was $2,703.6 million, up 48.3% year-over-year.”
SEC filings · April 25, 2025
Expectation of $145M adjusted EBITDA in 2026
“expectation that consensus adjusted EBITDA of approximately $145 million in 2026 will be within its full-year 2026 guidance range”
SEC filings · January 12, 2026
Risks & what to watch (3)›
Key risks
- Regulatory and star rating risk — Dependence on government approvals and maintaining high Five Star Quality Rating for plans [sec · filed 2026-01-12]
- Need for additional capital — May require extra capital to fund growth initiatives and strategic plans [sec_mda · as of 2026-04-30]
- Seasonal cash flow variability — Higher investment in second half of year due to sales and marketing season [sec_mda · as of 2026-04-30]
What to watch
- Full-year 2026 guidance to be provided at the fourth-quarter 2025 earnings call [sec · filed 2026-01-12].
- Ability to maintain or improve the medical benefits ratio and achieve the expected $145M adjusted EBITDA in 2026 [sec · filed 2026-01-12].
- Membership growth trajectory, with guidance for 2026 year-end membership of 24% to 27% growth over 2025 [sec · filed 2026-01-12].
- Regulatory developments, including star ratings and government approvals for market expansion [sec · filed 2026-01-12].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
Run Alignment Healthcare Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Alignment Healthcare Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
145.6 months
D/E 3.82 · 4% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
1 buy · 42 sells (180d)
Runway
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
290
Total value held
$3.13B
| Holder | Shares | Value |
|---|---|---|
| wellington management group llp | 17,098,936 | $301.3M |
| vanguard capital management llc | 15,947,326 | $281.0M |
| fmr llc | 15,892,064 | $280.0M |
| blackrock, inc. | 14,075,197 | $248.0M |
| vanguard portfolio management llc | 9,710,071 | $171.1M |
| citadel advisors llc | 5,574,766 | $98.2M |
| william blair investment management, llc | 5,214,614 | $91.9M |
| geode capital management, llc | 4,411,340 | $77.7M |
| state street corp | 4,293,694 | $75.7M |
| millennium management llc | 3,908,020 | $68.9M |
Showing top 10 of 290 institutional holders of Alignment Healthcare Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 11, 2026- % of float
- 8.4%
- Days to cover
- 4.9
- Shares short
- 16,956,196
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ALHC short interestGovernance
Frequently asked questions
What is the AI investment thesis for Alignment Healthcare Inc.?
Alignment Healthcare Inc. (ALHC) is a Medicare Advantage insurer that uses a care-model approach to manage costs and improve member outcomes, reporting strong revenue growth and a shift to profitability in fiscal 2025.
Who is the CEO of Alignment Healthcare Inc.?
Mr. John E. Kao is the chief executive officer of Alignment Healthcare Inc. (ALHC).
Where is Alignment Healthcare Inc. headquartered?
Alignment Healthcare Inc. (ALHC) is headquartered in Orange, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.