Tearsheet

Alignment Healthcare (ALHC)


Market Price (7/2/2026): $23.8 | Market Cap: $4.9 BilSector: Health Care | Industry: Health Care Services

Alignment Healthcare (ALHC)


Market Price (7/2/2026): $23.8
Market Cap: $4.9 Bil
Sector: Health Care
Industry: Health Care Services

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

0

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

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

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Meaningful short interest
Short 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 multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 138x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x, P/EPrice/Earnings or Price/(Net Income) is 249x

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 -3.9%

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

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42%
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Health Data Analytics, Show more.
2 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
3 Meaningful short interest
Short 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%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 138x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x, P/EPrice/Earnings or Price/(Net Income) is 249x
5 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 -3.9%
6 Key risks
ALHC key risks include [1] persistent challenges in achieving sustained profitability and managing high leverage despite strong revenue growth.

ALHC in ETFs

Weight = ALHC's share of each fund

VTI0.00%
ITOT0.01%
IWM0.12%
IJR0.20%
VB0.03%
SLYG0.41%
IJT0.41%
IHF0.39%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Alignment Healthcare (ALHC) stock has gained about 35% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Performance and Upgraded Full-Year Guidance.

Alignment Healthcare reported robust financial results for fiscal Q1 2026, with diluted earnings per share (EPS) of $0.05, significantly exceeding the consensus estimate of $0.01. Revenue reached $1.24 billion, surpassing the anticipated $1.22 billion and representing a substantial 33.3% increase year-over-year. Following this performance, management raised its full-year 2026 guidance for membership, revenue, gross profit, and adjusted EBITDA, signaling confidence in sustained growth.

2. Robust Growth in Medicare Advantage Membership.

The company demonstrated significant expansion in its Medicare Advantage (MA) membership, reporting a 30.9% year-over-year increase to 284,800 members in fiscal Q1 2026. This growth is expected to continue, with a forecast of 288,000 to 290,000 members by the end of fiscal Q2 2026, representing approximately 28% growth from fiscal Q2 2025. Alignment Healthcare's integrated value-based care model and "Stars funding advantage" are noted as competitive strengths, contributing to its ability to expand while other insurers face market challenges.

Show more
Updated on 7/1/2026

Alignment Healthcare (ALHC) stock has gained about 35% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Performance and Upgraded Full-Year Guidance.

Alignment Healthcare reported robust financial results for fiscal Q1 2026, with diluted earnings per share (EPS) of $0.05, significantly exceeding the consensus estimate of $0.01. Revenue reached $1.24 billion, surpassing the anticipated $1.22 billion and representing a substantial 33.3% increase year-over-year. Following this performance, management raised its full-year 2026 guidance for membership, revenue, gross profit, and adjusted EBITDA, signaling confidence in sustained growth.

2. Robust Growth in Medicare Advantage Membership.

The company demonstrated significant expansion in its Medicare Advantage (MA) membership, reporting a 30.9% year-over-year increase to 284,800 members in fiscal Q1 2026. This growth is expected to continue, with a forecast of 288,000 to 290,000 members by the end of fiscal Q2 2026, representing approximately 28% growth from fiscal Q2 2025. Alignment Healthcare's integrated value-based care model and "Stars funding advantage" are noted as competitive strengths, contributing to its ability to expand while other insurers face market challenges.

3. Positive Analyst Upgrades and Price Target Revisions.

Throughout the period, Alignment Healthcare received favorable analyst attention, including several rating upgrades and increased price targets. Zacks Research raised its rating to "strong-buy" on April 28, and Wolfe Research initiated coverage with an "outperform" rating and a $24.00 price target on April 17. Wall Street Zen also upgraded the stock to a "buy" rating on May 9. The consensus analyst rating moved to a "Strong Buy," with average price targets ranging from $23.00 to $25.00, reflecting improved market sentiment.

4. Turnaround to Profitability.

Alignment Healthcare achieved a significant milestone by reporting a net income of $11.4 million in fiscal Q1 2026, marking a substantial turnaround from a $9.1 million loss in the prior-year fiscal quarter. This shift to profitability underscored improved operational efficiency and a strengthening financial position, positively influencing investor confidence.

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Stock Movement Drivers

Fundamental Drivers

The 36.3% change in ALHC stock from 3/31/2026 to 7/1/2026 was primarily driven by a 29.1% change in the company's P/S Multiple.
(LTM values as of)33120267012026Change
Stock Price ($)17.6224.0136.3%
Change Contribution By: 
Total Revenues ($ Mil)3,9494,2577.8%
P/S Multiple0.91.229.1%
Shares Outstanding (Mil)201205-2.1%
Cumulative Contribution36.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/1/2026
ReturnCorrelation
ALHC36.3% 
Market (SPY)14.7%-20.0%
Sector (XLV)8.8%30.2%

Fundamental Drivers

The 21.6% change in ALHC stock from 12/31/2025 to 7/1/2026 was primarily driven by a 17.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257012026Change
Stock Price ($)19.7524.0121.6%
Change Contribution By: 
Total Revenues ($ Mil)3,6374,25717.0%
P/S Multiple1.11.27.2%
Shares Outstanding (Mil)199205-3.1%
Cumulative Contribution21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/1/2026
ReturnCorrelation
ALHC21.6% 
Market (SPY)9.7%2.8%
Sector (XLV)3.5%28.3%

Fundamental Drivers

The 71.5% change in ALHC stock from 6/30/2025 to 7/1/2026 was primarily driven by a 41.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257012026Change
Stock Price ($)14.0024.0171.5%
Change Contribution By: 
Total Revenues ($ Mil)3,0024,25741.8%
P/S Multiple0.91.228.3%
Shares Outstanding (Mil)194205-5.7%
Cumulative Contribution71.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/1/2026
ReturnCorrelation
ALHC71.5% 
Market (SPY)21.7%10.2%
Sector (XLV)19.9%22.1%

Fundamental Drivers

The 317.6% change in ALHC stock from 6/30/2023 to 7/1/2026 was primarily driven by a 178.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237012026Change
Stock Price ($)5.7524.01317.6%
Change Contribution By: 
Total Revenues ($ Mil)1,5284,257178.6%
P/S Multiple0.71.268.1%
Shares Outstanding (Mil)183205-10.8%
Cumulative Contribution317.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/1/2026
ReturnCorrelation
ALHC317.6% 
Market (SPY)74.2%7.4%
Sector (XLV)25.8%20.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ALHC Return-19%-16%-27%31%76%21%38%
Peers Return39%4%-8%-25%4%37%43%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
ALHC Win Rate30%67%42%58%58%50% 
Peers Win Rate53%52%42%45%57%60% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ALHC Max Drawdown--54%-60%-50%-41%-44% 
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 7/1/2026 (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 (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.

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.

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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.

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.

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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.

Better Bets vs. Alignment Healthcare (ALHC)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ALHCUNHHUMCVSELVCNCMedian
NameAlignmen.UnitedHe.Humana CVS Heal.Elevance.Centene  
Mkt Price24.01426.54409.42104.81416.1968.35257.12
Mkt Cap4.9387.349.3133.491.533.670.4
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 Cap4.9387.349.3133.491.533.670.4
P/S1.20.90.40.30.50.20.4
P/Op Inc138.320.6-11.4-2,242.279.4
P/EBIT138.020.923.220.312.0-5.920.6
P/E248.932.243.645.517.4-5.237.9
P/CFO19.616.726.712.912.04.214.8
Total Yield0.4%5.2%3.2%4.7%7.4%-19.2%4.0%
Dividend Yield0.0%2.1%0.9%2.6%1.7%0.0%1.3%
FCF Yield 3Y Avg-4.5%5.2%1.9%7.7%5.2%18.4%5.2%
D/E0.10.20.30.60.30.50.3
Net D/E-0.10.1-0.20.5-0.0-0.2-0.1

Returns

ALHCUNHHUMCVSELVCNCMedian
NameAlignmen.UnitedHe.Humana CVS Heal.Elevance.Centene  
1M Rtn80.5%12.9%25.0%15.7%3.8%10.2%14.3%
3M Rtn34.5%56.6%131.9%45.9%40.0%101.3%51.2%
6M Rtn21.6%31.0%61.0%34.3%19.9%66.1%32.6%
12M Rtn69.0%34.3%64.4%56.1%7.4%20.7%45.2%
3Y Rtn317.6%-5.7%-5.0%70.3%-1.6%1.3%-0.1%
1M Excs Rtn82.1%14.5%26.5%17.2%5.3%11.8%15.8%
3M Excs Rtn21.6%43.9%122.1%32.6%28.1%94.1%38.3%
6M Excs Rtn18.4%23.1%51.3%24.9%12.3%59.1%24.0%
12M Excs Rtn50.9%19.8%49.3%36.9%-11.4%5.3%28.3%
3Y Excs Rtn245.4%-78.3%-77.6%-4.3%-75.5%-69.9%-72.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Provide healthcare services to our seniors3,9492,7041,824  
Earned premiums   1,4321,167
Other   31
Total3,9492,7041,8241,4341,168


Price Behavior

Price Behavior
Market Price$24.01 
Market Cap ($ Bil)4.9 
First Trading Date03/26/2021 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$18.94$18.96
DMA Trendupindeterminate
Distance from DMA26.8%26.6%
 3M1YR
Volatility84.3%56.1%
Downside Capture-327.39-29.98
Upside Capture-60.9939.49
Correlation (SPY)-18.8%10.4%
ALHC Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-1.41-1.57-0.870.120.460.30
Up Beta-0.151.050.270.250.770.24
Down Beta1.590.55-0.330.801.060.06
Up Capture-9%-187%-29%8%34%41%
Bmk +ve Days11244067140429
Stock +ve Days16213365135395
Down Capture-618%-493%-435%-62%-37%48%
Bmk -ve Days10172358112321
Stock -ve Days5202957111343

[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
ALHC78.0%56.0%1.23-
Sector ETF (XLV)20.0%15.5%0.9821.8%
Equity (SPY)21.8%12.5%1.309.8%
Gold (GLD)21.7%27.7%0.691.5%
Commodities (DBC)21.4%18.6%0.90-5.3%
Real Estate (VNQ)13.0%13.7%0.6517.4%
Bitcoin (BTCUSD)-45.0%42.6%-1.283.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ALHC
ALHC-1.2%63.6%0.24-
Sector ETF (XLV)6.7%14.8%0.2726.2%
Equity (SPY)13.5%17.1%0.6121.5%
Gold (GLD)17.4%18.3%0.772.9%
Commodities (DBC)6.8%19.5%0.25-1.5%
Real Estate (VNQ)2.8%18.8%0.0523.0%
Bitcoin (BTCUSD)11.9%53.7%0.4110.2%

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
ALHC3.7%63.7%0.37-
Sector ETF (XLV)10.4%16.6%0.5125.2%
Equity (SPY)15.4%18.0%0.7321.3%
Gold (GLD)11.9%16.1%0.603.0%
Commodities (DBC)5.6%18.0%0.24-0.6%
Real Estate (VNQ)5.4%20.7%0.2222.0%
Bitcoin (BTCUSD)56.6%66.3%0.979.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity25.4 Mil
Short Interest: % Change Since 5312026-0.1%
Average Daily Volume8.1 Mil
Days-to-Cover Short Interest3.1 days
Basic Shares Quantity205.4 Mil
Short % of Basic Shares12.4%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
7/30/20256.0%5.5%25.5%
5/1/2025-7.4%-8.1%-7.5%
2/27/202516.5%13.2%35.9%
10/29/20240.2%13.4%9.6%
8/1/20243.7%-2.3%4.5%
...
SUMMARY STATS   
# Positive9810
# Negative121311
Median Positive6.7%13.1%18.1%
Median Negative-5.5%-6.9%-11.7%
Max Positive26.0%31.4%51.9%
Max Negative-19.2%-30.6%-41.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
7/30/20256.0%5.5%25.5%
5/1/2025-7.4%-8.1%-7.5%
2/27/202516.5%13.2%35.9%
10/29/20240.2%13.4%9.6%
8/1/20243.7%-2.3%4.5%
5/2/202426.0%31.4%51.9%
2/27/2024-18.2%-21.0%-30.8%
11/2/2023-5.2%-6.9%17.8%
8/3/202311.6%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%
8/4/20226.7%-4.1%-11.7%
5/5/2022-0.7%-15.2%10.1%
3/3/202211.9%18.7%41.2%
11/4/20215.7%7.6%-29.3%
8/9/2021-8.4%-3.0%-11.0%
5/17/2021-0.8%1.9%18.5%
SUMMARY STATS   
# Positive9810
# Negative121311
Median Positive6.7%13.1%18.1%
Median Negative-5.5%-6.9%-11.7%
Max Positive26.0%31.4%51.9%
Max Negative-19.2%-30.6%-41.0%

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
Collapse to Preview
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
03/31/202205/05/202210-Q
12/31/202103/03/202210-K
09/30/202111/04/202110-Q
06/30/202108/09/202110-Q
03/31/202105/17/202110-Q
12/31/202003/29/2021424B4

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Health Plan Membership0.29 Mil0.29 Mil 2.1% RaisedGuidance: 0.28 Mil for Q1 2026
Q2 2026 Revenue1.29 Bil1.30 Bil 7.4% RaisedGuidance: 1.22 Bil for Q1 2026
Q2 2026 Adjusted Gross Profit167.00 Mil172.00 Mil 20.3% RaisedGuidance: 143.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDA50.00 Mil55.00 Mil 77.4% RaisedGuidance: 31.00 Mil for Q1 2026
2026 Health Plan Membership0.29 Mil0.30 Mil 0.5% RaisedGuidance: 0.29 Mil for 2026
2026 Revenue5.16 Bil5.18 Bil 0.4% RaisedGuidance: 5.16 Bil for 2026
2026 Adjusted Gross Profit620.00 Mil635.00 Mil 0.4% RaisedGuidance: 632.50 Mil for 2026
2026 Adjusted EBITDA138.00 Mil150.50 Mil 1.7% RaisedGuidance: 148.00 Mil for 2026

Prior: 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

Insider Activity

Updated 7/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Konowiecki, Joseph SEVP, Corporate AffairsDirectSell701202624.0025,000600,00026,491,584Form
2Konowiecki, Joseph SEVP, Corporate AffairsDirectSell626202623.0025,000575,00025,962,768Form
3Konowiecki, Joseph SEVP, Corporate AffairsDirectSell618202622.0025,000550,00025,383,952Form
4Maroney, Dawn ChristinePresidentDirectSell615202619.5530,000586,42518,517,601Form
5Kim, HyongChief Medical OfficerDirectSell615202619.8635,951713,9476,588,190Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Konowiecki, Joseph SEVP, Corporate AffairsDirectSell701202624.0025,000600,00026,491,584Form
2Konowiecki, Joseph SEVP, Corporate AffairsDirectSell626202623.0025,000575,00025,962,768Form
3Konowiecki, Joseph SEVP, Corporate AffairsDirectSell618202622.0025,000550,00025,383,952Form
4Maroney, Dawn ChristinePresidentDirectSell615202619.5530,000586,42518,517,601Form
5Kim, HyongChief Medical OfficerDirectSell615202619.8635,951713,9476,588,190Form
6Konowiecki, Joseph SEVP, Corporate AffairsDirectSell612202621.0025,000525,00024,755,136Form
7Kao, John EChief Executive OfficerSee FootnoteSell612202620.36298,0006,066,62128,231,488Form
8Kent, Mark DPresident - MSODirectBuy602202613.3114,848197,627197,627Form
9Maroney, Dawn ChristinePresidentDirectSell519202616.0930,000482,56516,066,407Form
10Kao, John EChief Executive OfficerSee FootnoteSell513202616.89298,0005,032,85025,479,072Form
11Maroney, Dawn ChristinePresidentDirectSell415202620.8730,000626,19921,474,722Form
12Kao, John EChief Executive OfficerSee FootnoteSell413202620.8082,2991,711,65537,574,520Form
13Kao, John EChief Executive OfficerSee FootnoteSell413202620.63215,7014,450,28838,972,128Form
14Head, James MChief Financial OfficerDirectSell408202621.0811,100233,9883,657,275Form
15Kao, John EChief Executive OfficerSee FootnoteSell408202621.01250,0005,252,91144,221,964Form
16Joyce, Christopher JChief Legal and Admin. OfficerDirectSell401202617.7918,013320,4935,434,676Form
17Kao, John EChief Executive OfficerSee FootnoteSell323202617.48118,0002,062,43941,155,122Form
18Maroney, Dawn ChristinePresidentDirectSell317202617.4830,000524,42719,151,410Form
19Scavo, Robert LChief Information OfficerDirectSell313202617.454,04470,5548,705,366Form
20Maroney, Dawn ChristinePresidentDirectSell313202617.4529,113507,92516,813,405Form
21Kao, John EChief Executive OfficerDirectSell313202617.4548,899853,12626,509,891Form
22Kao, John EChief Executive OfficerSee FootnoteSell310202618.19180,0003,273,55244,968,438Form
23Wagner, Andreas PChief Human Resources OfficerDirectSell304202618.6221,118393,2512,768,790Form
24Maroney, Dawn ChristinePresidentDirectSell217202620.6330,000618,99020,571,410Form
25Wagner, Andreas PChief Human Resources OfficerDirectSell210202620.4722,238455,2123,475,908Form
26Kao, John EChief Executive OfficerSee FootnoteSell210202620.49180,0003,687,35454,340,147Form
27Maroney, Dawn ChristinePresidentDirectSell116202622.4830,000674,45123,089,041Form
28Kao, John EChief Executive OfficerSee FootnoteSell114202621.11180,0003,799,21959,787,908Form
29Kim, HyongChief Medical OfficerDirectSell106202621.3516,506352,3577,111,457Form
30Maroney, Dawn ChristinePresidentDirectSell106202621.33228,1524,867,60022,551,309Form
31Joyce, Christopher JChief Legal and Admin. OfficerDirectSell106202620.0310,611212,5905,952,128Form
32Maroney, Dawn ChristinePresidentDirectSell106202620.03100,0002,003,45025,747,678Form
33Scavo, Robert LChief Information OfficerDirectSell1230202518.7469,5411,303,3849,427,829Form
34Kim, HyongChief Medical OfficerDirectSell1230202518.7412,694237,9206,553,170Form
35Kao, John EChief Executive OfficerDirectSell1230202518.74605,64811,351,46741,876,657Form
36Maroney, Dawn ChristinePresidentDirectSell1230202518.74282,0705,286,74725,961,740Form
37Joyce, Christopher JChief Legal and Admin. OfficerDirectSell1230202518.7416,187303,3885,767,109Form
38Maroney, Dawn ChristinePresidentDirectSell1215202520.01113,3192,267,15133,356,077Form
39Maroney, Dawn ChristinePresidentDirectSell1215202520.0216,681333,96035,647,443Form
40General, Atlantic (aln Hlth), LPSee footnoteSell1212202518.5711,119,494206,489,004250,260,183Form
41General, Atlantic, LPSee footnoteSell1212202518.5711,119,494206,489,004250,260,183Form
42Burzacchi, SebastianCOO - Mgmt Services OrgDirectSell1212202519.2612,585242,3874,579,893Form
43Kao, John EChief Executive OfficerSee FootnoteSell1212202519.02180,0003,423,22244,629,800Form
44Joyce, Christopher JChief Legal and Admin. OfficerDirectSell1208202519.3319,706380,9056,260,522Form
45Konowiecki, Joseph S DirectSell1126202519.0025,000475,00020,066,679Form
46Konowiecki, Joseph S DirectSell1112202516.494,83279,68017,828,015Form
47Kao, John EChief Executive OfficerSee FootnoteSell1112202516.32180,0002,936,77241,224,545Form
48Konowiecki, Joseph S DirectSell1028202518.0025,000450,00019,547,514Form
49Kao, John EChief Executive OfficerSee FootnoteSell1014202517.29180,0003,111,48046,788,466Form
50Kim, HyongChief Medical OfficerDirectSell1010202517.5751,379902,7966,366,662Form
51Kim, HyongChief Medical OfficerDirectSell1010202517.2933,655581,8957,153,080Form
52General, Atlantic (aln Hlth), LPSee footnoteSell919202516.016,246,09699,999,997393,783,225Form
53General, Atlantic, LPSee footnoteSell919202516.016,246,09699,999,997393,783,225Form
54Konowiecki, Joseph S DirectSell917202516.2416,076261,07418,042,202Form
55General, Atlantic (aln Hlth), LPSee footnoteSell916202516.0113,460,000215,494,600493,783,222Form
56General, Atlantic, LPSee footnoteSell916202516.0113,460,000215,494,600493,783,222Form
57Joyce, Christopher JChief Legal and Admin. OfficerDirectSell910202516.4130,939507,6365,637,531Form
58Scavo, Robert LChief Information OfficerDirectSell910202516.4129,535484,6009,394,283Form
59Maroney, Dawn ChristinePresidentDirectSell910202516.41215,6623,539,43429,496,160Form
60Kao, John EChief Executive OfficerDirectSell910202516.41355,0185,825,00974,385,167Form
61Kao, John EChief Executive OfficerSee FootnoteSell910202516.42180,0002,954,95219,586,407Form
62Konowiecki, Joseph S DirectSell910202517.0025,000425,00019,159,833Form
63Wagner, Andreas PChief Human Resources OfficerDirectSell825202516.4712,032198,1673,162,948Form
64Kim, HyongChief Medical OfficerDirectSell822202516.0024,800396,8007,157,872Form
65Kim, HyongChief Medical OfficerDirectSell815202515.0318,600279,6087,097,945Form
66Maroney, Dawn ChristinePresidentDirectSell815202514.9030,000447,10829,999,442Form
67Kim, HyongChief Medical OfficerDirectSell813202514.5418,600270,4257,135,261Form
68Kao, John EChief Executive OfficerSee FootnoteSell813202514.60180,0002,627,83820,046,024Form
69Joyce, Christopher JChief Legal and Admin. OfficerDirectSell801202516.0115,491247,9505,994,781Form
70Konowiecki, Joseph S DirectSell801202516.0025,000400,00018,432,784Form
71Maroney, Dawn ChristinePresidentDirectSell715202513.4430,000403,34727,466,573Form
72Kao, John EChief Executive OfficerSee FootnoteSell711202513.41180,0002,413,80020,827,071Form
Core Cache Last Updated: 7/1/2026