Alignment Healthcare (ALHC)
Market Price (8/9/2026): $14.365 | Market Cap: $3.0 BilSector: Health Care | Industry: Health Care Services
Alignment Healthcare (ALHC)
Market Price (8/9/2026): $14.365Market Cap: $3.0 BilSector: Health CareIndustry: Health Care Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37% Attractive yieldFCF Yield is 6.0% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Health Data Analytics, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x, P/EPrice/Earnings or Price/(Net Income) is 73x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% Key risksALHC key risks include [1] persistent challenges in achieving sustained profitability and managing high leverage despite strong revenue growth. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37% |
| Attractive yieldFCF Yield is 6.0% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Health Data Analytics, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 54x, P/EPrice/Earnings or Price/(Net Income) is 73x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1% |
| Key risksALHC key risks include [1] persistent challenges in achieving sustained profitability and managing high leverage despite strong revenue growth. |
Qualitative Assessment
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Alignment Healthcare (ALHC) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Investor sentiment turned negative due to concerns about near-term profitability and outlook, despite strong top-line growth.
Alignment Healthcare's stock experienced a significant drop on May 1, 2026, falling from a closing price of $22.54 on April 30, 2026, to an intraday low of $18.02, despite reporting strong fiscal Q1 2026 results that exceeded revenue and earnings per share (EPS) expectations. Similarly, after beating fiscal Q2 2026 earnings and revenue estimates on July 30, 2026, the stock gapped down from $18.61 to an open of $15.50 on July 31, 2026. The company's net income was $11.4 million in fiscal Q1 2026 and $36.6 million in fiscal Q2 2026, which some analysts viewed as thin compared to its revenue. Management indicated that continued investments in clinical models, AI, automation, and market expansion were "expected to reduce profitability in the near term and contribute to a lower share of adjusted EBITDA in the second half of 2026 compared with the prior year," dampening investor enthusiasm.
2. Management maintained full-year guidance after strong quarterly beats, failing to provide a stronger outlook to satisfy investors.
Following strong fiscal Q1 2026 results where Alignment Healthcare raised the midpoint of all guidance metrics, the subsequent fiscal Q2 2026 report saw the company maintain its full-year 2026 revenue guidance at approximately $5.2 billion. While the company did increase the low end of its adjusted gross profit guidance by $10 million and adjusted EBITDA guidance by $7 million after fiscal Q2 2026, this was broadly in line with analyst expectations and did not offer a "clearly stronger outlook" that could have driven a positive stock reaction, contributing to the selling pressure.
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Alignment Healthcare (ALHC) stock has lost about 35% since 4/30/2026 because of the following key factors:
1. Investor sentiment turned negative due to concerns about near-term profitability and outlook, despite strong top-line growth.
Alignment Healthcare's stock experienced a significant drop on May 1, 2026, falling from a closing price of $22.54 on April 30, 2026, to an intraday low of $18.02, despite reporting strong fiscal Q1 2026 results that exceeded revenue and earnings per share (EPS) expectations. Similarly, after beating fiscal Q2 2026 earnings and revenue estimates on July 30, 2026, the stock gapped down from $18.61 to an open of $15.50 on July 31, 2026. The company's net income was $11.4 million in fiscal Q1 2026 and $36.6 million in fiscal Q2 2026, which some analysts viewed as thin compared to its revenue. Management indicated that continued investments in clinical models, AI, automation, and market expansion were "expected to reduce profitability in the near term and contribute to a lower share of adjusted EBITDA in the second half of 2026 compared with the prior year," dampening investor enthusiasm.
2. Management maintained full-year guidance after strong quarterly beats, failing to provide a stronger outlook to satisfy investors.
Following strong fiscal Q1 2026 results where Alignment Healthcare raised the midpoint of all guidance metrics, the subsequent fiscal Q2 2026 report saw the company maintain its full-year 2026 revenue guidance at approximately $5.2 billion. While the company did increase the low end of its adjusted gross profit guidance by $10 million and adjusted EBITDA guidance by $7 million after fiscal Q2 2026, this was broadly in line with analyst expectations and did not offer a "clearly stronger outlook" that could have driven a positive stock reaction, contributing to the selling pressure.
3. Multiple law firms initiated investigations into potential securities-law violations against Alignment Healthcare.
Following the fiscal Q2 2026 earnings report, several law firms, including Block & Leviton, Kaplan Fox, Lowey Dannenberg, and Pomerantz, announced investigations into potential securities-law violations. These announcements, while not establishing any wrongdoing, created "legal and reputational uncertainty" which contributed to negative sentiment and selling pressure on the stock.
4. Significant insider selling by the CEO contributed to negative market sentiment.
John E. Kao, Alignment Healthcare's CEO, conducted two substantial indirect sales of common stock during the period. On May 11, 2026, he sold 298,000 shares for approximately $5.03 million. A subsequent sale occurred on July 10, 2026, where he sold another 298,000 shares for approximately $5.92 million. Although these transactions were executed under pre-established Rule 10b5-1 trading plans, the consistent and significant insider selling, exceeding the $5 million threshold on both occasions, likely intensified negative investor sentiment regarding the company's prospects.
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Stock Movement Drivers
Fundamental Drivers
The -36.2% change in ALHC stock from 4/30/2026 to 8/8/2026 was primarily driven by a -68.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.54 | 14.37 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,257 | 4,577 | 7.5% |
| Net Income Margin (%) | 0.5% | 0.9% | 91.1% |
| P/E Multiple | 233.7 | 73.2 | -68.7% |
| Shares Outstanding (Mil) | 205 | 207 | -1.0% |
| Cumulative Contribution | -36.2% |
Market Drivers
4/30/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ALHC | -36.2% | |
| Market (SPY) | 7.6% | -15.7% |
| Sector (XLV) | 13.5% | 23.6% |
Fundamental Drivers
The -36.2% change in ALHC stock from 1/31/2026 to 8/8/2026 was primarily driven by a -47.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.53 | 14.37 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,637 | 4,577 | 25.8% |
| P/S Multiple | 1.2 | 0.7 | -47.2% |
| Shares Outstanding (Mil) | 199 | 207 | -4.1% |
| Cumulative Contribution | -36.2% |
Market Drivers
1/31/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ALHC | -36.2% | |
| Market (SPY) | 12.1% | 2.0% |
| Sector (XLV) | 7.5% | 20.5% |
Fundamental Drivers
The 4.3% change in ALHC stock from 7/31/2025 to 8/8/2026 was primarily driven by a 37.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.78 | 14.37 | 4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,336 | 4,577 | 37.2% |
| P/S Multiple | 0.8 | 0.7 | -20.5% |
| Shares Outstanding (Mil) | 198 | 207 | -4.4% |
| Cumulative Contribution | 4.3% |
Market Drivers
7/31/2025 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ALHC | 4.3% | |
| Market (SPY) | 23.4% | 8.7% |
| Sector (XLV) | 28.7% | 20.4% |
Fundamental Drivers
The 131.4% change in ALHC stock from 7/31/2023 to 8/8/2026 was primarily driven by a 199.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.21 | 14.37 | 131.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,528 | 4,577 | 199.6% |
| P/S Multiple | 0.7 | 0.7 | -12.5% |
| Shares Outstanding (Mil) | 183 | 207 | -11.7% |
| Cumulative Contribution | 131.4% |
Market Drivers
7/31/2023 to 8/8/2026| Return | Correlation | |
|---|---|---|
| ALHC | 131.4% | |
| Market (SPY) | 74.9% | 7.1% |
| Sector (XLV) | 29.3% | 19.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ALHC Return | -19% | -16% | -27% | 31% | 76% | -32% | -23% |
| Peers Return | 39% | 4% | -8% | -25% | 4% | 32% | 38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ALHC Win Rate | 30% | 67% | 42% | 58% | 58% | 38% | |
| Peers Win Rate | 53% | 52% | 42% | 45% | 57% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ALHC Max Drawdown | - | -54% | -60% | -50% | -41% | -46% | |
| 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 8/7/2026 (YTD)
How Low Can It Go
| Event | ALHC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.4% | -9.5% |
| % Gain to Breakeven | 15.4% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -53.7% | -6.7% |
| % Gain to Breakeven | 115.8% | 7.1% |
| Time to Breakeven | 511 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.0% | -24.5% |
| % Gain to Breakeven | 117.3% | 32.4% |
| Time to Breakeven | 161 days | 427 days |
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.
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| Event | ALHC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -53.7% | -6.7% |
| % Gain to Breakeven | 115.8% | 7.1% |
| Time to Breakeven | 511 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.0% | -24.5% |
| % Gain to Breakeven | 117.3% | 32.4% |
| Time to Breakeven | 161 days | 427 days |
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 (ALHC) is a technology-enabled healthcare company focused on the Medicare Advantage market. It operates a consumer-centric platform designed to deliver customized health services primarily to seniors and other eligible individuals across the United States. The company's core business involves offering comprehensive healthcare solutions through its proprietary Medicare Advantage health plans.
The main products and services offered by Alignment Healthcare include coordinating and providing a full spectrum of covered healthcare services, encompassing professional, institutional, and ancillary care, to its enrolled members. The company directly owns and manages Medicare Advantage plans in specific states, namely California, North Carolina, and Nevada. Furthermore, Alignment Healthcare extends its capabilities by coordinating healthcare provisions for members within certain benefit plans of unaffiliated Medicare Advantage Health Maintenance Organizations (HMOs).
Alignment Healthcare's primary customers are seniors and other individuals in the U.S. who qualify for and choose to enroll in Medicare Advantage plans for their healthcare needs. The company strategically targets and serves these populations within the markets of California, North Carolina, and Nevada, where it has established ownership and operational presence for its health plans.
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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.
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- 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.
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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.
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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.
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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.
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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.
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Here are key expected drivers of future revenue growth for Alignment Healthcare (ALHC) over the next 2-3 years:
-
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.
-
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.
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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.
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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.
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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.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 240.35 |
| Mkt Cap | 65.9 |
| Rev LTM | 202,026 |
| Op Inc LTM | 7,814 |
| FCF LTM | 7,620 |
| FCF 3Y Avg | 4,123 |
| CFO LTM | 8,606 |
| CFO 3Y Avg | 5,070 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.8% |
| Rev Chg 3Y Avg | 10.7% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 10.1% |
| Op Inc Chg 3Y Avg | -4.8% |
| Op Mgn LTM | 2.3% |
| Op Mgn 3Y Avg | 2.2% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 4.1% |
| CFO/Rev 3Y Avg | 2.6% |
| FCF/Rev LTM | 3.5% |
| FCF/Rev 3Y Avg | 2.0% |
Price Behavior
| Market Price | $14.37 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 03/26/2021 | |
| Distance from 52W High | -41.5% | |
| 50 Days | 200 Days | |
| DMA Price | $19.20 | $19.23 |
| DMA Trend | up | up |
| Distance from DMA | -25.2% | -25.3% |
| 3M | 1YR | |
| Volatility | 96.0% | 61.5% |
| Downside Capture | -130.35 | 20.80 |
| Upside Capture | -196.34 | 14.79 |
| Correlation (SPY) | -17.0% | 5.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.35 | -0.90 | -0.99 | 0.22 | 0.48 | 0.31 |
| Up Beta | 2.81 | 1.12 | 1.54 | 0.65 | 0.77 | 0.30 |
| Down Beta | -1.67 | -1.08 | -0.45 | 0.41 | 0.78 | 0.01 |
| Up Capture | -300% | -129% | -182% | -32% | 23% | 30% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 25 | 30 | 59 | 133 | 392 |
| Down Capture | 354% | -149% | -133% | 54% | 26% | 61% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 18 | 33 | 66 | 114 | 348 |
[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 | |
|---|---|---|---|---|
| ALHC | 4.8% | 61.5% | 0.32 | - |
| Sector ETF (XLV) | 28.7% | 15.5% | 1.42 | 20.6% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 6.3% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 8.3% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -2.7% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 21.3% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALHC | |
|---|---|---|---|---|
| ALHC | -6.5% | 64.9% | 0.16 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 25.4% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 20.9% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 4.2% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | -1.2% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 23.1% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 11.1% |
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 | -1.5% | 64.6% | 0.22 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 24.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 20.7% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 4.4% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | -0.4% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 21.8% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -20.2% | -28.1% | |
| 4/30/2026 | -10.1% | -19.0% | -41.0% |
| 2/26/2026 | -5.9% | -9.1% | -18.6% |
| 10/30/2025 | -1.5% | -3.7% | 11.5% |
| 7/30/2025 | 6.0% | 5.5% | 25.5% |
| 5/1/2025 | -7.4% | -8.1% | -7.5% |
| 2/27/2025 | 16.5% | 13.2% | 35.9% |
| 10/29/2024 | 0.2% | 13.4% | 9.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 10 |
| # Negative | 13 | 14 | 11 |
| Median Positive | 6.7% | 13.1% | 18.1% |
| Median Negative | -5.9% | -7.5% | -11.7% |
| Max Positive | 26.0% | 31.4% | 51.9% |
| Max Negative | -20.2% | -30.6% | -41.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -20.2% | -28.1% | |
| 4/30/2026 | -10.1% | -19.0% | -41.0% |
| 2/26/2026 | -5.9% | -9.1% | -18.6% |
| 10/30/2025 | -1.5% | -3.7% | 11.5% |
| 7/30/2025 | 6.0% | 5.5% | 25.5% |
| 5/1/2025 | -7.4% | -8.1% | -7.5% |
| 2/27/2025 | 16.5% | 13.2% | 35.9% |
| 10/29/2024 | 0.2% | 13.4% | 9.6% |
| 8/1/2024 | 3.7% | -2.3% | 4.5% |
| 5/2/2024 | 26.0% | 31.4% | 51.9% |
| 2/27/2024 | -18.2% | -21.0% | -30.8% |
| 11/2/2023 | -5.2% | -6.9% | 17.8% |
| 8/3/2023 | 11.6% | 13.0% | -0.5% |
| 5/4/2023 | -1.6% | -3.3% | -7.7% |
| 2/28/2023 | -19.2% | -30.6% | -38.8% |
| 11/3/2022 | -4.1% | -1.0% | -3.4% |
| 8/4/2022 | 6.7% | -4.1% | -11.7% |
| 5/5/2022 | -0.7% | -15.2% | 10.1% |
| 3/3/2022 | 11.9% | 18.7% | 41.2% |
| 11/4/2021 | 5.7% | 7.6% | -29.3% |
| 8/9/2021 | -8.4% | -3.0% | -11.0% |
| 5/17/2021 | -0.8% | 1.9% | 18.5% |
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 10 |
| # Negative | 13 | 14 | 11 |
| Median Positive | 6.7% | 13.1% | 18.1% |
| Median Negative | -5.9% | -7.5% | -11.7% |
| Max Positive | 26.0% | 31.4% | 51.9% |
| Max Negative | -20.2% | -30.6% | -41.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/03/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/29/2021 | 424B4 |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Health Plan Membership | 0.30 Mil | 0.30 Mil | 2.6% | Higher New | Actual: 0.29 Mil for Q2 2026 | ||
| Q3 2026 Revenue | 1.30 Bil | 1.31 Bil | 0.4% | Higher New | Actual: 1.30 Bil for Q2 2026 | ||
| Q3 2026 Adjusted Gross Profit | 148.00 Mil | 153.00 Mil | -11.0% | Lower New | Actual: 172.00 Mil for Q2 2026 | ||
| Q3 2026 Adjusted EBITDA | 20.00 Mil | 25.00 Mil | -54.5% | Lower New | Actual: 55.00 Mil for Q2 2026 | ||
| 2026 Health Plan Membership | 0.30 Mil | 0.30 Mil | 1.0% | Raised | Guidance: 0.30 Mil for 2026 | ||
| 2026 Revenue | 5.20 Bil | 5.21 Bil | 0.5% | Raised | Guidance: 5.18 Bil for 2026 | ||
| 2026 Adjusted Gross Profit | 630.00 Mil | 640.00 Mil | 0.8% | Raised | Guidance: 635.00 Mil for 2026 | ||
| 2026 Adjusted EBITDA | 145.00 Mil | 154.00 Mil | 2.3% | Raised | Guidance: 150.50 Mil for 2026 | ||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Health Plan Membership | 0.29 Mil | 0.29 Mil | |||||
| Q2 2026 Revenue | 1.29 Bil | 1.30 Bil | |||||
| Q2 2026 Adjusted Gross Profit | 167.00 Mil | 172.00 Mil | |||||
| Q2 2026 Adjusted EBITDA | 50.00 Mil | 55.00 Mil | |||||
| 2026 Health Plan Membership | 0.29 Mil | 0.30 Mil | 0.5% | Raised | Guidance: 0.29 Mil for 2026 | ||
| 2026 Revenue | 5.16 Bil | 5.18 Bil | 0.4% | Raised | Guidance: 5.16 Bil for 2026 | ||
| 2026 Adjusted Gross Profit | 620.00 Mil | 635.00 Mil | 0.4% | Raised | Guidance: 632.50 Mil for 2026 | ||
| 2026 Adjusted EBITDA | 138.00 Mil | 150.50 Mil | 1.7% | Raised | Guidance: 148.00 Mil for 2026 | ||
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Health Plan Membership | 0.28 Mil | 0.28 Mil | 0.28 Mil | 21.2% | Higher New | Guidance: 0.23 Mil for Q4 2025 | |
| Q1 2026 Revenue | 1.21 Bil | 1.22 Bil | 1.23 Bil | 21.2% | Higher New | Guidance: 1.00 Bil for Q4 2025 | |
| Q1 2026 Adjusted Gross Profit | 138.00 Mil | 143.00 Mil | 148.00 Mil | 31.8% | Higher New | Guidance: 108.50 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | 26.00 Mil | 31.00 Mil | 36.00 Mil | -720.0% | Higher New | Guidance: -5.00 Mil for Q4 2025 | |
| 2026 Health Plan Membership | 0.29 Mil | 0.29 Mil | 0.30 Mil | 26.3% | Higher New | Guidance: 0.23 Mil for 2025 | |
| 2026 Revenue | 5.13 Bil | 5.16 Bil | 5.19 Bil | 31.1% | Higher New | Guidance: 3.94 Bil for 2025 | |
| 2026 Adjusted Gross Profit | 615.00 Mil | 632.50 Mil | 650.00 Mil | 32.2% | Higher New | Guidance: 478.50 Mil for 2025 | |
| 2026 Adjusted EBITDA | 133.00 Mil | 148.00 Mil | 163.00 Mil | 57.4% | Higher New | Guidance: 94.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Health Plan Membership | 0.23 Mil | 0.23 Mil | 0.23 Mil | 3.3% | Higher New | Guidance: 0.23 Mil for Q3 2025 | |
| Q4 2025 Revenue | 995.00 Mil | 1.00 Bil | 1.01 Bil | 2.6% | Higher New | Guidance: 977.50 Mil for Q3 2025 | |
| Q4 2025 Adjusted Gross Profit | 104.00 Mil | 108.50 Mil | 113.00 Mil | -1.4% | Lower New | Guidance: 110.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | -9.00 Mil | -5.00 Mil | -1.00 Mil | -155.6% | Lower New | Guidance: 9.00 Mil for Q3 2025 | |
| 2025 Health Plan Membership | 0.23 Mil | 0.23 Mil | 0.23 Mil | 0.9% | Raised | Guidance: 0.23 Mil for 2025 | |
| 2025 Revenue | 3.93 Bil | 3.94 Bil | 3.95 Bil | 1.1% | Raised | Guidance: 3.90 Bil for 2025 | |
| 2025 Adjusted Gross Profit | 474.00 Mil | 478.50 Mil | 483.00 Mil | 3.9% | Raised | Guidance: 460.50 Mil for 2025 | |
| 2025 Adjusted EBITDA | 90.00 Mil | 94.00 Mil | 98.00 Mil | 23.7% | Raised | Guidance: 76.00 Mil for 2025 | |
Insider Activity
Updated 7/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Maroney, Dawn Christine | President | Direct | Sell | 7162026 | 20.83 | 177,068 | 3,687,990 | 19,210,027 | Form |
| 2 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 7142026 | 19.86 | 298,000 | 5,919,361 | 21,626,842 | Form |
| 3 | Konowiecki, Joseph S | EVP, Corporate Affairs | Direct | Sell | 7012026 | 24.00 | 25,000 | 600,000 | 26,491,584 | Form |
| 4 | Konowiecki, Joseph S | EVP, Corporate Affairs | Direct | Sell | 6262026 | 23.00 | 25,000 | 575,000 | 25,962,768 | Form |
| 5 | Konowiecki, Joseph S | EVP, Corporate Affairs | Direct | Sell | 6182026 | 22.00 | 25,000 | 550,000 | 25,383,952 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Maroney, Dawn Christine | President | Direct | Sell | 7162026 | 20.83 | 177,068 | 3,687,990 | 19,210,027 | Form |
| 2 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 7142026 | 19.86 | 298,000 | 5,919,361 | 21,626,842 | Form |
| 3 | Konowiecki, Joseph S | EVP, Corporate Affairs | Direct | Sell | 7012026 | 24.00 | 25,000 | 600,000 | 26,491,584 | Form |
| 4 | Konowiecki, Joseph S | EVP, Corporate Affairs | Direct | Sell | 6262026 | 23.00 | 25,000 | 575,000 | 25,962,768 | Form |
| 5 | Konowiecki, Joseph S | EVP, Corporate Affairs | Direct | Sell | 6182026 | 22.00 | 25,000 | 550,000 | 25,383,952 | Form |
| 6 | Maroney, Dawn Christine | President | Direct | Sell | 6152026 | 19.55 | 30,000 | 586,425 | 18,517,601 | Form |
| 7 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 6152026 | 19.86 | 35,951 | 713,947 | 6,588,190 | Form |
| 8 | Konowiecki, Joseph S | EVP, Corporate Affairs | Direct | Sell | 6122026 | 21.00 | 25,000 | 525,000 | 24,755,136 | Form |
| 9 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 6122026 | 20.36 | 298,000 | 6,066,621 | 28,231,488 | Form |
| 10 | Kent, Mark D | President - MSO | Direct | Buy | 6022026 | 13.31 | 14,848 | 197,627 | 197,627 | Form |
| 11 | Maroney, Dawn Christine | President | Direct | Sell | 5192026 | 16.09 | 30,000 | 482,565 | 16,066,407 | Form |
| 12 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 5132026 | 16.89 | 298,000 | 5,032,850 | 25,479,072 | Form |
| 13 | Maroney, Dawn Christine | President | Direct | Sell | 4152026 | 20.87 | 30,000 | 626,199 | 21,474,722 | Form |
| 14 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 4132026 | 20.80 | 82,299 | 1,711,655 | 37,574,520 | Form |
| 15 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 4132026 | 20.63 | 215,701 | 4,450,288 | 38,972,128 | Form |
| 16 | Head, James M | Chief Financial Officer | Direct | Sell | 4082026 | 21.08 | 11,100 | 233,988 | 3,657,275 | Form |
| 17 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 4082026 | 21.01 | 250,000 | 5,252,911 | 44,221,964 | Form |
| 18 | Joyce, Christopher J | Chief Legal and Admin. Officer | Direct | Sell | 4012026 | 17.79 | 18,013 | 320,493 | 5,434,676 | Form |
| 19 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 3232026 | 17.48 | 118,000 | 2,062,439 | 41,155,122 | Form |
| 20 | Maroney, Dawn Christine | President | Direct | Sell | 3172026 | 17.48 | 30,000 | 524,427 | 19,151,410 | Form |
| 21 | Scavo, Robert L | Chief Information Officer | Direct | Sell | 3132026 | 17.45 | 4,044 | 70,554 | 8,705,366 | Form |
| 22 | Maroney, Dawn Christine | President | Direct | Sell | 3132026 | 17.45 | 29,113 | 507,925 | 16,813,405 | Form |
| 23 | Kao, John E | Chief Executive Officer | Direct | Sell | 3132026 | 17.45 | 48,899 | 853,126 | 26,509,891 | Form |
| 24 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 3102026 | 18.19 | 180,000 | 3,273,552 | 44,968,438 | Form |
| 25 | Wagner, Andreas P | Chief Human Resources Officer | Direct | Sell | 3042026 | 18.62 | 21,118 | 393,251 | 2,768,790 | Form |
| 26 | Maroney, Dawn Christine | President | Direct | Sell | 2172026 | 20.63 | 30,000 | 618,990 | 20,571,410 | Form |
| 27 | Wagner, Andreas P | Chief Human Resources Officer | Direct | Sell | 2102026 | 20.47 | 22,238 | 455,212 | 3,475,908 | Form |
| 28 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 2102026 | 20.49 | 180,000 | 3,687,354 | 54,340,147 | Form |
| 29 | Maroney, Dawn Christine | President | Direct | Sell | 1162026 | 22.48 | 30,000 | 674,451 | 23,089,041 | Form |
| 30 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 1142026 | 21.11 | 180,000 | 3,799,219 | 59,787,908 | Form |
| 31 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 1062026 | 21.35 | 16,506 | 352,357 | 7,111,457 | Form |
| 32 | Maroney, Dawn Christine | President | Direct | Sell | 1062026 | 21.33 | 228,152 | 4,867,600 | 22,551,309 | Form |
| 33 | Joyce, Christopher J | Chief Legal and Admin. Officer | Direct | Sell | 1062026 | 20.03 | 10,611 | 212,590 | 5,952,128 | Form |
| 34 | Maroney, Dawn Christine | President | Direct | Sell | 1062026 | 20.03 | 100,000 | 2,003,450 | 25,747,678 | Form |
| 35 | Scavo, Robert L | Chief Information Officer | Direct | Sell | 12302025 | 18.74 | 69,541 | 1,303,384 | 9,427,829 | Form |
| 36 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 12302025 | 18.74 | 12,694 | 237,920 | 6,553,170 | Form |
| 37 | Kao, John E | Chief Executive Officer | Direct | Sell | 12302025 | 18.74 | 605,648 | 11,351,467 | 41,876,657 | Form |
| 38 | Maroney, Dawn Christine | President | Direct | Sell | 12302025 | 18.74 | 282,070 | 5,286,747 | 25,961,740 | Form |
| 39 | Joyce, Christopher J | Chief Legal and Admin. Officer | Direct | Sell | 12302025 | 18.74 | 16,187 | 303,388 | 5,767,109 | Form |
| 40 | Maroney, Dawn Christine | President | Direct | Sell | 12152025 | 20.01 | 113,319 | 2,267,151 | 33,356,077 | Form |
| 41 | Maroney, Dawn Christine | President | Direct | Sell | 12152025 | 20.02 | 16,681 | 333,960 | 35,647,443 | Form |
| 42 | General, Atlantic (aln Hlth), LP | See footnote | Sell | 12122025 | 18.57 | 11,119,494 | 206,489,004 | 250,260,183 | Form | |
| 43 | General, Atlantic, LP | See footnote | Sell | 12122025 | 18.57 | 11,119,494 | 206,489,004 | 250,260,183 | Form | |
| 44 | Burzacchi, Sebastian | COO - Mgmt Services Org | Direct | Sell | 12122025 | 19.26 | 12,585 | 242,387 | 4,579,893 | Form |
| 45 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 12122025 | 19.02 | 180,000 | 3,423,222 | 44,629,800 | Form |
| 46 | Joyce, Christopher J | Chief Legal and Admin. Officer | Direct | Sell | 12082025 | 19.33 | 19,706 | 380,905 | 6,260,522 | Form |
| 47 | Konowiecki, Joseph S | Direct | Sell | 11262025 | 19.00 | 25,000 | 475,000 | 20,066,679 | Form | |
| 48 | Konowiecki, Joseph S | Direct | Sell | 11122025 | 16.49 | 4,832 | 79,680 | 17,828,015 | Form | |
| 49 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 11122025 | 16.32 | 180,000 | 2,936,772 | 41,224,545 | Form |
| 50 | Konowiecki, Joseph S | Direct | Sell | 10282025 | 18.00 | 25,000 | 450,000 | 19,547,514 | Form | |
| 51 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 10142025 | 17.29 | 180,000 | 3,111,480 | 46,788,466 | Form |
| 52 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 10102025 | 17.57 | 51,379 | 902,796 | 6,366,662 | Form |
| 53 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 10102025 | 17.29 | 33,655 | 581,895 | 7,153,080 | Form |
| 54 | General, Atlantic (aln Hlth), LP | See footnote | Sell | 9192025 | 16.01 | 6,246,096 | 99,999,997 | 393,783,225 | Form | |
| 55 | General, Atlantic, LP | See footnote | Sell | 9192025 | 16.01 | 6,246,096 | 99,999,997 | 393,783,225 | Form | |
| 56 | Konowiecki, Joseph S | Direct | Sell | 9172025 | 16.24 | 16,076 | 261,074 | 18,042,202 | Form | |
| 57 | General, Atlantic (aln Hlth), LP | See footnote | Sell | 9162025 | 16.01 | 13,460,000 | 215,494,600 | 493,783,222 | Form | |
| 58 | General, Atlantic, LP | See footnote | Sell | 9162025 | 16.01 | 13,460,000 | 215,494,600 | 493,783,222 | Form | |
| 59 | Joyce, Christopher J | Chief Legal and Admin. Officer | Direct | Sell | 9102025 | 16.41 | 30,939 | 507,636 | 5,637,531 | Form |
| 60 | Scavo, Robert L | Chief Information Officer | Direct | Sell | 9102025 | 16.41 | 29,535 | 484,600 | 9,394,283 | Form |
| 61 | Maroney, Dawn Christine | President | Direct | Sell | 9102025 | 16.41 | 215,662 | 3,539,434 | 29,496,160 | Form |
| 62 | Kao, John E | Chief Executive Officer | Direct | Sell | 9102025 | 16.41 | 355,018 | 5,825,009 | 74,385,167 | Form |
| 63 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 9102025 | 16.42 | 180,000 | 2,954,952 | 19,586,407 | Form |
| 64 | Konowiecki, Joseph S | Direct | Sell | 9102025 | 17.00 | 25,000 | 425,000 | 19,159,833 | Form | |
| 65 | Wagner, Andreas P | Chief Human Resources Officer | Direct | Sell | 8252025 | 16.47 | 12,032 | 198,167 | 3,162,948 | Form |
| 66 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 8222025 | 16.00 | 24,800 | 396,800 | 7,157,872 | Form |
| 67 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 8152025 | 15.03 | 18,600 | 279,608 | 7,097,945 | Form |
| 68 | Maroney, Dawn Christine | President | Direct | Sell | 8152025 | 14.90 | 30,000 | 447,108 | 29,999,442 | Form |
| 69 | Kim, Hyong | Chief Medical Officer | Direct | Sell | 8132025 | 14.54 | 18,600 | 270,425 | 7,135,261 | Form |
| 70 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 8132025 | 14.60 | 180,000 | 2,627,838 | 20,046,024 | Form |
| 71 | Joyce, Christopher J | Chief Legal and Admin. Officer | Direct | Sell | 8012025 | 16.01 | 15,491 | 247,950 | 5,994,781 | Form |
| 72 | Konowiecki, Joseph S | Direct | Sell | 8012025 | 16.00 | 25,000 | 400,000 | 18,432,784 | Form | |
| 73 | Maroney, Dawn Christine | President | Direct | Sell | 7152025 | 13.44 | 30,000 | 403,347 | 27,466,573 | Form |
| 74 | Kao, John E | Chief Executive Officer | See Footnote | Sell | 7112025 | 13.41 | 180,000 | 2,413,800 | 20,827,071 | Form |
Investor Activity (13F)
Updated Aug 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| 8 Knots Management, LLC | $36.9 Mil | 4.3% | 12 | Exited | 13F |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Services Resources |
| HealthLeaders Media |
| Medical Economics |
| Physicians Practice |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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