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Alignment Healthcare (ALHC)

Market Price (5/19/2026): $16.36 | Market Cap: $3.4 Bil
Sector: Health Care | Industry: Managed Health Care

Alignment Healthcare (ALHC)

Market Price (5/19/2026): $16.36
Market Cap: $3.4 Bil
Sector: Health Care
Industry: Managed Health Care

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42%

Attractive yield
FCF Yield is 6.7%

Low stock price volatility
Vol 12M is 48%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Health Data Analytics, Show more.

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 94x, P/EPrice/Earnings or Price/(Net Income) is 170x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5%

Key risks
ALHC key risks include [1] persistent challenges in achieving sustained profitability and managing high leverage despite strong revenue growth.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42%
2 Attractive yield
FCF Yield is 6.7%
3 Low stock price volatility
Vol 12M is 48%
4 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Health Data Analytics, Show more.
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 94x, P/EPrice/Earnings or Price/(Net Income) is 170x
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5%
7 Key risks
ALHC key risks include [1] persistent challenges in achieving sustained profitability and managing high leverage despite strong revenue growth.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Alignment Healthcare (ALHC) stock has lost about 25% since 1/31/2026 because of the following key factors:

1. Decline following Q4 2025 Earnings Release and Initial 2026 Outlook.

Alignment Healthcare's stock experienced a 6.39% drop after reporting its fourth-quarter 2025 financial results on February 26, 2026. While the company beat EPS estimates by reporting a loss of $0.05 per share against an estimated loss of $0.11, its reported revenue of $1.01 billion was slightly below the analyst estimate of $1.02 billion. The company also provided its initial 2026 guidance, which contributed to market reactions.

2. Significant Secondary Offering by a Major Shareholder.

On March 2, 2026, an affiliate of General Atlantic, L.P. conducted a secondary offering of 13,167,733 shares of Alignment Healthcare's common stock at $19.46 per share. This large influx of shares into the market, from which the company itself received no proceeds, likely increased supply and exerted downward pressure on the stock price.

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Stock Movement Drivers

Fundamental Drivers

The -27.4% change in ALHC stock from 1/31/2026 to 5/19/2026 was primarily driven by a -36.0% change in the company's P/S Multiple.
(LTM values as of)13120265192026Change
Stock Price ($)22.5316.36-27.4%
Change Contribution By: 
Total Revenues ($ Mil)3,6374,25717.0%
P/S Multiple1.20.8-36.0%
Shares Outstanding (Mil)199205-3.1%
Cumulative Contribution-27.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/19/2026
ReturnCorrelation
ALHC-27.4% 
Market (SPY)6.3%22.6%
Sector (XLV)-4.4%24.1%

Fundamental Drivers

The -3.0% change in ALHC stock from 10/31/2025 to 5/19/2026 was primarily driven by a -14.5% change in the company's P/S Multiple.
(LTM values as of)103120255192026Change
Stock Price ($)16.8616.36-3.0%
Change Contribution By: 
Total Revenues ($ Mil)3,6374,25717.0%
P/S Multiple0.90.8-14.5%
Shares Outstanding (Mil)199205-3.1%
Cumulative Contribution-3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/19/2026
ReturnCorrelation
ALHC-3.0% 
Market (SPY)8.2%19.4%
Sector (XLV)3.0%30.0%

Fundamental Drivers

The -7.7% change in ALHC stock from 4/30/2025 to 5/19/2026 was primarily driven by a -37.3% change in the company's P/S Multiple.
(LTM values as of)43020255192026Change
Stock Price ($)17.7216.36-7.7%
Change Contribution By: 
Total Revenues ($ Mil)2,7044,25757.5%
P/S Multiple1.30.8-37.3%
Shares Outstanding (Mil)192205-6.6%
Cumulative Contribution-7.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/19/2026
ReturnCorrelation
ALHC-7.7% 
Market (SPY)33.8%16.4%
Sector (XLV)6.7%20.1%

Fundamental Drivers

The 160.1% change in ALHC stock from 4/30/2023 to 5/19/2026 was primarily driven by a 196.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020235192026Change
Stock Price ($)6.2916.36160.1%
Change Contribution By: 
Total Revenues ($ Mil)1,4344,257196.8%
P/S Multiple0.80.8-1.4%
Shares Outstanding (Mil)183205-11.1%
Cumulative Contribution160.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/19/2026
ReturnCorrelation
ALHC160.1% 
Market (SPY)83.3%9.4%
Sector (XLV)16.0%20.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ALHC Return-19%-16%-27%31%76%-18%-6%
Peers Return39%4%-8%-25%4%23%29%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
ALHC Win Rate30%67%42%58%58%40% 
Peers Win Rate53%52%42%45%57%56% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
ALHC Max Drawdown--54%-60%-50%-41%-34% 
Peers Max Drawdown-15%-20%-22%-36%-41%-29% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: UNH, HUM, CVS, ELV, CNC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)

How Low Can It Go

EventALHCS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.4%-9.5%
  % Gain to Breakeven15.4%10.5%
  Time to Breakeven7 days24 days
2023 SVB Regional Banking Crisis
  % Loss-53.7%-6.7%
  % Gain to Breakeven115.8%7.1%
  Time to Breakeven511 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-54.0%-24.5%
  % Gain to Breakeven117.3%32.4%
  Time to Breakeven161 days427 days

Compare to UNH, HUM, CVS, ELV, CNC

In The Past

Alignment Healthcare's stock fell -6.5% during the 2025 US Tariff Shock. Such a loss loss requires a 7.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventALHCS&P 500
2023 SVB Regional Banking Crisis
  % Loss-53.7%-6.7%
  % Gain to Breakeven115.8%7.1%
  Time to Breakeven511 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-54.0%-24.5%
  % Gain to Breakeven117.3%32.4%
  Time to Breakeven161 days427 days

Compare to UNH, HUM, CVS, ELV, CNC

In The Past

Alignment Healthcare's stock fell -6.5% during the 2025 US Tariff Shock. Such a loss loss requires a 7.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Alignment Healthcare (ALHC)

Alignment Healthcare, Inc., a tech-enabled Medicare advantage company, operates consumer-centric health care platform. It provides customized health care in the United States to seniors and those who need it through its Medicare advantage plans. The company owns Medicare advantage plans in the states of California, North Carolina, and Nevada. It also coordinates and provides covered health care services, including professional, institutional, and ancillary services to members enrolled in certain benefit plans of unaffiliated Medicare Advantage Health Maintenance Organizations. The company was founded in 2013 and is based in Orange, California.

AI Analysis | Feedback

Here are 1-3 brief analogies for Alignment Healthcare (ALHC):

  • A tech-enabled Humana, specifically for Medicare Advantage plans.
  • Think of it as a modern, digital-first version of a Medicare Advantage provider like UnitedHealth Group or Aetna.

AI Analysis | Feedback

  • Medicare Advantage Plans: The company offers its own Medicare Advantage plans to seniors in California, North Carolina, and Nevada, providing customized healthcare services.
  • Healthcare Service Coordination: It coordinates and provides professional, institutional, and ancillary healthcare services to members enrolled in benefit plans of unaffiliated Medicare Advantage Health Maintenance Organizations.

AI Analysis | Feedback

Alignment Healthcare (ALHC) primarily sells its Medicare Advantage plans directly to individuals who are eligible for Medicare. Therefore, its major customers are individuals rather than other companies. Based on standard Medicare eligibility requirements for its Advantage plans, the company serves the following categories of customers:

  • Seniors (individuals aged 65 and older): This is the largest and primary demographic for Medicare Advantage plan enrollment.
  • Individuals under 65 with qualifying disabilities: Medicare also covers younger individuals who have received Social Security Disability Insurance (SSDI) benefits for a specified period due to a qualifying disability.
  • Individuals of any age with specific chronic conditions: This includes individuals diagnosed with End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS), who are eligible for Medicare regardless of age or disability status.

AI Analysis | Feedback

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AI Analysis | Feedback

John Kao, Chief Executive Officer

John Kao is the Founder and Chief Executive Officer of Alignment Healthcare, which he established in 2013. He is a seasoned entrepreneur and executive with a long career in the healthcare industry. Prior to Alignment Healthcare, he founded several other companies, including Secure Horizons USA, PacifiCare Health Systems (Ventures Division), and The TriZetto Group. He also served as President of CareMore Medical Enterprises, a company he and his partners acquired in 2006 with CCMP Capital Partners, which was subsequently acquired by Wellpoint, Inc. (now Elevance) in 2011. Alignment Healthcare itself received substantial private equity backing from firms like General Atlantic and Warburg Pincus before its initial public offering.

Jim Head, Chief Financial Officer

Jim Head was appointed Chief Financial Officer of Alignment Healthcare effective May 2, 2025. He brings over 30 years of experience in strategic finance. Before joining Alignment Healthcare, he served as Executive Vice President and CFO at Claritev (formerly MultiPlan) from November 2021 to August 2024. His background also includes senior executive leadership roles at the merchant banking firm BDT & Company and investment banking experience at Morgan Stanley.

Dawn Maroney, President of Markets and CEO of Alignment Health Plan

Dawn Maroney serves as President of Markets and CEO of Alignment Health Plan at Alignment Healthcare. With over 36 years of experience in the healthcare sector, particularly in Medicare, she oversees consumer experience, growth, and market expansion. Her previous roles include Chief Medicare Officer at Blue Shield of California (formerly Care1st Health Plan), where she was responsible for Medicare and Medicaid operations and contributed to doubling membership and improving CMS Star Ratings. She also held positions as Chief Sales & Marketing Officer at CareMore Health Plan, leading significant growth, and Vice President, Medicare, at Secure Horizons (a former division of UnitedHealthcare).

Matt Eyles, Executive Vice President of Government & Business Strategy

Matt Eyles joined Alignment Healthcare as Executive Vice President of Government & Business Strategy effective September 29, 2025. He possesses over 30 years of healthcare experience across both private and public sectors. Prior to his role at Alignment Healthcare, Mr. Eyles served as the CEO of AHIP (America's Health Insurance Plans). He has also held various executive leadership positions at organizations such as Avalere Health, Coventry Health Care/Aetna, and Wyeth/Pfizer.

AI Analysis | Feedback

Key Risks to Alignment Healthcare (ALHC)

Alignment Healthcare, Inc. (ALHC), a tech-enabled Medicare Advantage company, faces several significant risks inherent to its operating model within the highly regulated and competitive healthcare industry. 1. **Regulatory Risks and Dependence on Government Programs:** Alignment Healthcare's business is heavily dependent on federal and state regulations governing the Medicare Advantage program, particularly those set by the Centers for Medicare & Medicaid Services (CMS). Changes in these laws and regulations, including adjustments to reimbursement rates (such as the v28 risk adjustment model), modifications to the Star Ratings program methodologies, or potential federal reductions in Medicare Advantage funding, could materially impact the company's revenue, operational costs, and overall financial performance. Maintaining high Star Ratings is crucial as they are directly tied to plan revenues and bonus payments, and stricter scoring methodologies have made achieving these ratings more challenging. The company's reliance on CMS contracts makes it vulnerable to policy shifts and economic fluctuations. 2. **Profitability Challenges and Escalating Healthcare Costs:** Alignment Healthcare has a history of net losses and faces ongoing challenges in achieving and maintaining sustained profitability. The company anticipates rising expenses as it invests in expanding its member base, enhancing its technology platform, and growing into new markets. Furthermore, the Medicare Advantage industry is contending with higher-than-expected medical utilization rates, as seniors are presenting with more complex conditions and accessing care more frequently, leading to increased costs for plans. This dynamic puts pressure on profit margins, as payments may be flat or declining while utilization increases. 3. **Intense Competition and Member Acquisition/Retention:** The Medicare Advantage market is highly competitive, with numerous established players like UnitedHealth Group and Humana, as well as new entrants. Alignment Healthcare, being a smaller entity compared to these industry giants, faces significant competition for market share and the challenge of attracting and retaining members. The ability to continuously attract new members and maintain strong relationships with care providers is critical for growth and for meeting CMS network adequacy requirements. Providers are increasingly demanding higher rates or exiting contracts, which could further complicate network maintenance and member access to care.

AI Analysis | Feedback

The clear emerging threat for Alignment Healthcare comes from large technology companies (e.g., Amazon, Apple, Google) significantly expanding their direct healthcare offerings. These companies possess immense capital, advanced AI and data analytics capabilities, and strong consumer trust. Their potential entry into or heavy influence on the Medicare Advantage space with highly integrated, tech-driven healthcare models could redefine consumer expectations for personalized care, digital convenience, and health outcomes, posing a direct competitive challenge to Alignment Healthcare's "tech-enabled" platform.

AI Analysis | Feedback

The addressable market for Alignment Healthcare's main product, Medicare Advantage plans for seniors, spans the United States, with a particular focus on California, North Carolina, and Nevada.

United States Market:

  • As of 2025, the total Medicare Advantage enrollment in the U.S. reached 34.1 million beneficiaries, representing 54% of all Medicare-eligible individuals.
  • By January 1, 2026, this enrollment further increased to 35.4 million beneficiaries, accounting for 51% of the total Medicare population.
  • The global Medicare Advantage market size was estimated at USD 445,973.08 million in 2025 and is projected to expand to USD 1,060,037.74 million by 2034, growing at a Compound Annual Growth Rate (CAGR) of 10.1%.

California Market:

  • In 2024, 56% of California's Medicare beneficiaries were enrolled in Medicare Advantage plans.
  • By 2030, over 7.6 million Californians are projected to be 65 or older, with most being Medicare beneficiaries.
  • In 2021, California's Medicare population was 6.5 million beneficiaries. Based on 56% enrollment, the approximate number of Medicare Advantage enrollees in California in 2024 would be over 3.6 million.

North Carolina Market:

  • As of 2023, North Carolina had 1.63 million residents enrolled in Medicare, with 58% of them enrolled in a Medicare Advantage plan. This translates to approximately 945,400 Medicare Advantage enrollees in the state.
  • More than 55% of North Carolina's Medicare beneficiaries were enrolled in an Advantage plan as of November 2025.

Nevada Market:

  • In 2023, 464,500 Nevada residents were enrolled in Medicare. Of these, 56% were enrolled in a Medicare Advantage plan, amounting to approximately 260,120 Medicare Advantage enrollees.

AI Analysis | Feedback

Here are key expected drivers of future revenue growth for Alignment Healthcare (ALHC) over the next 2-3 years:

  1. Continued Membership Growth

    Alignment Healthcare anticipates substantial growth in its member base. The company reported approximately 236,300 health plan members at the end of Q4 2025, a 25% year-over-year increase. This strong momentum continued into early 2026, with January 1st health plan membership reaching about 275,300, reflecting a 31% year-over-year growth. For year-end 2026, Alignment Healthcare projects health plan membership to be between 290,000 and 296,000, representing a 24% to 27% growth. The CEO has expressed a long-term goal of reaching between half a million and a million lives over the next several years.

  2. Expansion into New Markets and Increased Market Share

    The company is strategically expanding its presence and deepening its penetration in existing markets. A key focus includes increasing market share in California from 5% to 20%. Additionally, Alignment Health Plan expanded its Medicare Advantage network in Arizona in 2025, through an enhanced agreement with Arizona Priority Care, providing access to over 4,500 providers and major hospital systems in Maricopa County. This growth outside of its established California market demonstrates a scalable and profitable expansion model.

  3. Launch and Growth of Specialized Medicare Advantage Plans

    Alignment Healthcare is addressing the diverse and complex healthcare needs of seniors by expanding its offerings of specialized Medicare Advantage plans. For 2025, the company is offering 18 chronic condition and dual-eligible Special Needs Plans (SNPs), a 29% increase from 14 in 2024. These plans also include options tailored for the Hispanic population with Spanish-language services. New members in categories such as Low-Income Subsidy (LIS), dual-eligible, or Chronic Special Needs Plans (C-SNPs) typically contribute to higher revenue per member, especially during their initial year within Alignment's care model.

  4. Enhanced Star Ratings and Quality Bonus Payments

    The company's focus on quality and care outcomes is reflected in its strong Medicare Star Ratings, which are a significant driver of revenue through quality bonus payments and increased member attraction. For 2025, 98% of Alignment Healthcare's members are enrolled in plans rated 4 stars or above. Notably, its North Carolina and Nevada HMO contract maintained a 5-star rating for three consecutive years in 2025, and its California PPO and HMO plans earned 4.5 and 4 stars, respectively. These high ratings not only attract new members but also qualify the company for additional quality bonus payments.

AI Analysis | Feedback

Capital Allocation Decisions (Last 3-5 Years) for Alignment Healthcare (ALHC)

Share Issuance

  • In March 2021, Alignment Healthcare raised approximately $490 million through its initial public offering (IPO) by offering 27.2 million shares at a price range of $17 to $19 per share.
  • In March 2026, an affiliate of General Atlantic, L.P. (an existing stockholder) conducted a secondary offering, selling 13,167,733 shares of Alignment Healthcare's common stock at $19.46 per share. The company did not receive any proceeds from this sale, which primarily increased the public float and liquidity for the selling stockholder.

Capital Expenditures

  • Capital expenditures for 2025 were approximately $26.78 million.
  • For 2024, capital expenditures were approximately $41.42 million.
  • The primary focus of capital expenditures includes investments in administrative automation, care navigation, workflow standardization, digital health platforms, technology enhancements, and the deployment of AI workflows to support scalable growth, improve operational efficiencies, and enhance the clinical model.

Better Bets vs. Alignment Healthcare (ALHC)

Latest Trefis Analyses

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GEHC_4302026_Dip_Buyer_FCFYield04302026GEHCGE HealthCare TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
IQV_4302026_Dip_Buyer_FCFYield04302026IQVIQVIADip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
UHS_4302026_Dip_Buyer_FCFYield04302026UHSUniversal Health ServicesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
ABT_4302026_Dip_Buyer_ValueBuy04302026ABTAbbott LaboratoriesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
ZBIO_4302026_Insider_Buying_45D_2Buy_200K04302026ZBIOZenas BioPharmaInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%

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Peer Comparisons

Peers to compare with:

Financials

ALHCUNHHUMCVSELVCNCMedian
NameAlignmen.UnitedHe.Humana CVS Heal.Elevance.Centene  
Mkt Price16.36387.50306.3194.15402.1058.76200.23
Mkt Cap3.4351.936.9119.988.428.962.6
Rev LTM4,257449,713137,200407,905200,415198,101199,258
Op Inc LTM3618,835-11,691-155,863
FCF LTM22619,6661,2727,3946,4507,1126,781
FCF 3Y Avg1818,3481377,1584,1403,7363,938
CFO LTM25223,1531,84410,3327,6057,9447,774
CFO 3Y Avg5321,8518129,9945,3414,4644,902

Growth & Margins

ALHCUNHHUMCVSELVCNCMedian
NameAlignmen.UnitedHe.Humana CVS Heal.Elevance.Centene  
Rev Chg LTM41.8%9.7%14.1%7.6%9.4%17.0%11.9%
Rev Chg 3Y Avg40.9%10.2%12.8%7.2%7.7%10.7%10.5%
Rev Chg Q33.3%2.0%23.5%6.2%2.6%7.1%6.7%
QoQ Delta Rev Chg LTM7.8%0.5%5.8%1.5%0.6%1.7%1.6%
Op Inc Chg LTM154.1%-43.7%-8.3%--99.6%-17.7%
Op Inc Chg 3Y Avg65.5%-10.3%--9.2%--33.2%-9.7%
Op Mgn LTM0.8%4.2%-2.9%-0.0%1.9%
Op Mgn 3Y Avg-2.7%6.9%-3.1%-1.4%2.3%
QoQ Delta Op Mgn LTM0.5%-0.0%-0.3%-0.2%0.2%
CFO/Rev LTM5.9%5.1%1.3%2.5%3.8%4.0%3.9%
CFO/Rev 3Y Avg0.1%5.3%0.5%2.6%2.8%2.5%2.5%
FCF/Rev LTM5.3%4.4%0.9%1.8%3.2%3.6%3.4%
FCF/Rev 3Y Avg-1.2%4.4%-0.0%1.9%2.2%2.0%2.0%

Valuation

ALHCUNHHUMCVSELVCNCMedian
NameAlignmen.UnitedHe.Humana CVS Heal.Elevance.Centene  
Mkt Cap3.4351.936.9119.988.428.962.6
P/S0.80.80.30.30.40.10.4
P/Op Inc94.218.7-10.3-1,927.656.5
P/EBIT94.019.017.418.311.6-5.117.8
P/E169.629.232.640.916.9-4.530.9
P/CFO13.315.220.011.611.63.612.5
Total Yield0.6%5.7%4.2%5.3%7.6%-22.1%4.7%
Dividend Yield0.0%2.3%1.1%2.8%1.7%0.0%1.4%
FCF Yield 3Y Avg-4.5%5.2%1.9%7.7%5.2%18.4%5.2%
D/E0.10.20.40.70.40.60.4
Net D/E-0.10.1-0.20.6-0.0-0.3-0.1

Returns

ALHCUNHHUMCVSELVCNCMedian
NameAlignmen.UnitedHe.Humana CVS Heal.Elevance.Centene  
1M Rtn-22.9%19.4%49.3%22.9%24.5%53.9%23.7%
3M Rtn-20.5%35.1%66.4%21.5%17.3%42.5%28.3%
6M Rtn1.6%25.4%32.0%22.9%25.3%59.1%25.3%
12M Rtn0.7%26.1%25.8%55.5%1.7%-4.5%13.7%
3Y Rtn143.1%-14.2%-38.2%52.5%-7.8%-10.2%-9.0%
1M Excs Rtn-27.6%16.4%42.2%20.6%22.5%50.0%21.5%
3M Excs Rtn-27.1%28.7%57.8%15.3%10.0%29.6%22.0%
6M Excs Rtn-10.2%13.0%21.2%13.9%15.6%52.4%14.7%
12M Excs Rtn-19.7%13.2%7.7%32.7%-21.6%-28.2%-6.0%
3Y Excs Rtn66.2%-94.3%-117.0%-24.0%-86.0%-90.3%-88.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Provide healthcare services to our seniors2,7041,824   
Earned premiums  1,4321,167955
Other  314
Total2,7041,8241,4341,168959


Price Behavior

Price Behavior
Market Price$16.36 
Market Cap ($ Bil)3.3 
First Trading Date03/26/2021 
Distance from 52W High-31.3% 
   50 Days200 Days
DMA Price$18.99$18.47
DMA Trendupdown
Distance from DMA-13.8%-11.4%
 3M1YR
Volatility61.0%47.9%
Downside Capture148.8246.37
Upside Capture21.7734.80
Correlation (SPY)21.1%21.5%
ALHC Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta-0.171.141.171.010.720.38
Up Beta-1.04-0.98-0.420.400.360.24
Down Beta-4.191.531.381.031.430.07
Up Capture196%216%163%143%54%57%
Bmk +ve Days15223166141428
Stock +ve Days12203064130394
Down Capture262%185%181%109%69%74%
Bmk -ve Days4183056108321
Stock -ve Days9223358116346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with ALHC
ALHC7.4%47.8%0.30-
Sector ETF (XLV)12.7%14.7%0.6020.7%
Equity (SPY)25.0%12.1%1.5521.0%
Gold (GLD)40.0%26.8%1.237.1%
Commodities (DBC)49.4%18.5%2.030.6%
Real Estate (VNQ)9.7%13.4%0.4510.7%
Bitcoin (BTCUSD)-25.6%41.9%-0.598.6%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with ALHC
ALHC-4.5%62.4%0.18-
Sector ETF (XLV)5.6%14.6%0.2025.4%
Equity (SPY)14.2%17.0%0.6522.6%
Gold (GLD)19.3%18.0%0.874.6%
Commodities (DBC)11.0%19.4%0.45-0.1%
Real Estate (VNQ)4.0%18.8%0.1122.0%
Bitcoin (BTCUSD)9.4%55.6%0.389.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with ALHC
ALHC-0.2%62.9%0.25-
Sector ETF (XLV)9.5%16.5%0.4625.0%
Equity (SPY)15.3%17.9%0.7322.8%
Gold (GLD)13.0%16.0%0.674.4%
Commodities (DBC)8.4%17.9%0.380.3%
Real Estate (VNQ)5.1%20.7%0.2121.4%
Bitcoin (BTCUSD)67.2%66.9%1.0610.2%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity16.1 Mil
Short Interest: % Change Since 4152026-4.9%
Average Daily Volume3.3 Mil
Days-to-Cover Short Interest4.9 days
Basic Shares Quantity205.4 Mil
Short % of Basic Shares7.8%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/26/2026-5.9%-9.1%-18.6%
10/30/2025-1.5%-3.7%11.5%
7/30/20256.0%5.5%25.5%
2/27/202516.5%13.2%35.9%
10/29/20240.2%13.4%9.6%
8/1/20243.7%-2.3%4.5%
2/27/2024-18.2%-21.0%-30.8%
11/2/2023-5.2%-6.9%17.8%
...
SUMMARY STATS   
# Positive878
# Negative898
Median Positive6.4%13.0%18.1%
Median Negative-5.5%-4.1%-15.2%
Max Positive16.5%18.7%41.2%
Max Negative-19.2%-30.6%-38.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202410/29/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/27/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Health Plan Membership0.28 Mil0.28 Mil0.28 Mil21.2% Higher NewGuidance: 0.23 Mil for Q4 2025
Q1 2026 Revenue1.21 Bil1.22 Bil1.23 Bil21.2% Higher NewGuidance: 1.00 Bil for Q4 2025
Q1 2026 Adjusted Gross Profit138.00 Mil143.00 Mil148.00 Mil31.8% Higher NewGuidance: 108.50 Mil for Q4 2025
Q1 2026 Adjusted EBITDA26.00 Mil31.00 Mil36.00 Mil  Higher NewGuidance: -5.00 Mil for Q4 2025
2026 Health Plan Membership0.29 Mil0.29 Mil0.30 Mil26.3% Higher NewGuidance: 0.23 Mil for 2025
2026 Revenue5.13 Bil5.16 Bil5.19 Bil31.1% Higher NewGuidance: 3.94 Bil for 2025
2026 Adjusted Gross Profit615.00 Mil632.50 Mil650.00 Mil32.2% Higher NewGuidance: 478.50 Mil for 2025
2026 Adjusted EBITDA133.00 Mil148.00 Mil163.00 Mil57.4% Higher NewGuidance: 94.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Health Plan Membership0.23 Mil0.23 Mil0.23 Mil3.3% RaisedGuidance: 0.23 Mil for Q3 2025
Q4 2025 Revenue995.00 Mil1.00 Bil1.01 Bil2.6% RaisedGuidance: 977.50 Mil for Q3 2025
Q4 2025 Adjusted Gross Profit104.00 Mil108.50 Mil113.00 Mil-1.4% LoweredGuidance: 110.00 Mil for Q3 2025
Q4 2025 Adjusted EBITDA-9.00 Mil-5.00 Mil-1.00 Mil-155.6% LoweredGuidance: 9.00 Mil for Q3 2025
2025 Health Plan Membership0.23 Mil0.23 Mil0.23 Mil0.9% RaisedGuidance: 0.23 Mil for 2025
2025 Revenue3.93 Bil3.94 Bil3.95 Bil1.1% RaisedGuidance: 3.90 Bil for 2025
2025 Adjusted Gross Profit474.00 Mil478.50 Mil483.00 Mil3.9% RaisedGuidance: 460.50 Mil for 2025
2025 Adjusted EBITDA90.00 Mil94.00 Mil98.00 Mil23.7% RaisedGuidance: 76.00 Mil for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Maroney, Dawn ChristinePresidentDirectSell519202616.0930,000482,56516,066,407Form
2Kao, John EChief Executive OfficerSee FootnoteSell513202616.89298,0005,032,85025,479,072Form
3Maroney, Dawn ChristinePresidentDirectSell415202620.8730,000626,19921,474,722Form
4Kao, John EChief Executive OfficerSee FootnoteSell413202620.8082,2991,711,65537,574,520Form
5Kao, John EChief Executive OfficerSee FootnoteSell413202620.63215,7014,450,28838,972,128Form

Industry Resources

External Quote Links


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