Alignment Healthcare ALHC

Nasdaq · Hospital & Medical Service Plans · $1.7B

$7.56−7.13%Nov 5 close · Databento

Every report since 2023 →

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ALHC Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $7.561D −7.13%3M −45.14%SMA20 $8.00SMA50 $9.39RSI(14) 41.2

7.56

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 41.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$1.7B

EV / True FCF28.1x

Revenue$3.9B +46.1%

True FCF (ex-SBC)$51.1M +1802.0%

Rule of 4049.0%

Operating margin0.4%

True FCF Yield3.0%

EPS, diluted$0.00 +100.0%

Modern Valuation (EOD)

Market Cap$1.7B

Enterprise Value$1.4B

EV / True FCF28.08

EV / FCF12.67

EV / Gross Profit—

EV / EBIT97.19

EV / Sales0.36

P / E (GAAP)—

P / FCF14.92

P / Oper. CF12.07

P / Book9.42

Owner & Cash Yields

True FCF Yield3.0%

FCF Yield6.7%

Owner Earn. Yield-3.5%

Earnings Yield0.0%

Shareholder Yield—

Buyback Yield—

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$0.54

EPS (diluted)$0.00

Compounder & Returns

Rule of 4049.0%

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE-0.4%

ROA-0.1%

Gross Margin—

Oper. Margin0.4%

Net Margin0.0%

FCF Margin2.9%

True FCF Margin1.3%

Quality & Dilution

Cash Conversion—

Accrual Ratio−13.2%

SBC % of FCF54.9%

SBC % of Rev1.6%

Reinvest. Rate19%

Sales Growth Y/Y+46.1%

Sales 3Y CAGR+40.2%

EPS Growth Y/Y+100.0%

FCF Growth Y/Y+1802.0%

FCF 3Y CAGR—

Share Change Y/Y+3.8%

Balance Sheet & Scale

Revenue (FY)$3.9B

Gross Profit (FY)—

Oper. Income (FY)$14.8M

GAAP Net Income$-724,000

True FCF (ex-SBC)$51.1M

Cash & Equiv$577.9M

Total Debt$323.2M

Net Cash (Debt)$254.8M

Net Cash % MCap+15.1%

Debt / FCF (yrs)2.9y

Current Ratio1.71209.27M sh

Price & Technicals (EOD)

Perf Week−6.20%

Perf Month−11.58%

Perf Quarter−47.39%

Perf Half Y−58.58%

Perf YTD−64.94%

SMA 20 Dist−5.49%$8.00

SMA 50 Dist−19.51%$9.39

SMA 100 Dist−45.50%$13.87

Window High−69.22%$24.56

Window Low+8.00%$7.00

RSI (14) · Vol41.289%v

Income Distribution & Cash Flow ConversionHow every dollar of ALHC revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

SG&A & Other OpEx$3.9B ($99.6 / $100)

Tax & Non-Operating$15.5M ($0.4 / $100)

Net Profit Kept$-724,000 ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-724,000 (-0.0% margin)

Operating Cash Flow (OCF)$139.9M(3.5% of rev)

Less: Capital Expenditures−$26.8M(0.7% of rev)

Standard Free Cash Flow (FCF)$113.1M(2.9% margin)

Less: Stock-Based Comp (SBC)−$62.1M(54.9% of FCF)

True FCF (Owner Cash ex-SBC)$51.1M(1.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.2B	$1.4B	$1.8B	$2.7B	$3.9B	+46.1%	+35.6%
Selling, General & Admin (SG&A)	$291.0M	$295.6M	$307.4M	$371.4M	$443.4M	+19.4%	+11.1%
Total Operating Expenses	$1.3B	$1.6B	$2.0B	$2.8B	$3.9B	+40.2%	+30.8%
Operating Income (EBIT)	$-178.1M	$-128.6M	$-127.8M	$-101.6M	$14.8M	+114.5%	—
Interest Expense	$17.4M	$18.3M	$21.2M	$23.5M	$15.8M	−32.9%	−2.4%
Income Tax Expense	$0	$339,000	$-22,000	$21,000	$20,000	−4.8%	—
GAAP Net Income	$-195.3M	$-149.5M	$-148.0M	$-128.0M	$-724,000	+99.4%	—
Diluted EPS	$-1.14	$-0.83	$-0.79	$-0.67	$0.00	+100.0%	—
Diluted Shares	181.9M	181.2M	186.2M	190.8M	198.0M	+3.8%	+2.1%
Balance Sheet
Cash & Equivalents	$468.4M	$411.3M	$205.0M	$434.9M	$577.9M	+32.9%	+5.4%
Total Current Assets	$552.9M	$544.5M	$483.5M	$661.6M	$951.6M	+43.8%	+14.5%
Total Assets	$630.9M	$633.9M	$591.9M	$782.1M	$1.1B	+36.3%	+14.0%
Total Current Liabilities	$167.2M	$230.0M	$263.0M	$351.8M	$556.9M	+58.3%	+35.1%
Total Debt (Short + Long Term)	$150.6M	$160.9M	$161.8M	$321.4M	$323.2M	+0.5%	+21.0%
Total Liabilities	$324.8M	$394.6M	$433.8M	$681.1M	$886.5M	+30.2%	+28.5%
Stockholders' Equity	$306.1M	$239.3M	$158.1M	$101.0M	$179.3M	+77.6%	−12.5%
Net Cash / (Net Debt)	$317.7M	$250.4M	$43.1M	$113.5M	$254.8M	+124.4%	−5.4%
Invested Capital	$-11.7M	$-11.1M	$114.9M	$-12.6M	$-75.5M	−501.0%	—
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-78.8M	$-45.4M	$-59.2M	$34.8M	$139.9M	+302.4%	—
Depreciation & Amortization (D&A)	$15.8M	$17.3M	$21.4M	$26.9M	$30.4M	+13.1%	+17.8%
Stock-Based Compensation (SBC)	$621,000	$81.7M	$66.8M	$71.1M	$62.1M	−12.7%	+216.2%
Capital Expenditures (CapEx)	—	$23.8M	$36.0M	$41.4M	$26.8M	−35.3%	+4.0%
Free Cash Flow (FCF)	—	$-69.2M	$-95.2M	$-6.6M	$113.1M	+1802.0%	—
True FCF (ex-SBC Owner Cash)	—	$-150.9M	$-162.0M	$-77.8M	$51.1M	+165.7%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what ALHC did at the next close after each story

No Wire story has named ALHC yet.

What happened · big days

28 big days in a year, and what we hold on each

A big day is a close more than 5.56% from the one before, three times ALHC’s median day (1.85%). On 2 of the 28, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.56%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayALHCWhat we hold that dayGroup (median of 4) · each

1 Nov 25, 2025+8.63%
Before our storiesgroup +2.4%, did not move with it
1Nov 25, 2025+8.63%
Before our stories
+2.4% did not move with itHUM +3.8 · CI +2.5 · UNH +2.3 · ELV +2.0
2 Jan 27, 2026−11.97%
Before our storiesgroup −17.0%, moved with ALHC
2Jan 27, 2026−11.97%
Before our stories
−17.0% moved with ALHCHUM −21.1 · UNH −19.6 · ELV −14.3 · CI −3.7
3 Feb 4, 2026−6.82%
Before our storiesgroup −0.9%, did not move with it
3Feb 4, 2026−6.82%
Before our stories
−0.9% did not move with itUNH −2.9 · CI −1.3 · HUM −0.5 · ELV +0.6
4 Feb 27, 2026−5.88%
Resultsgroup +1.2%, did not move with it
4Feb 27, 2026−5.88%
ResultsFirst close after the Feb 26 results filing
+1.2% did not move with itELV −0.9 · CI +0.3 · HUM +2.0 · UNH +2.3
5 Mar 3, 2026−6.11%
Before our storiesgroup −2.7%, did not move with it
5Mar 3, 2026−6.11%
Before our stories
−2.7% did not move with itELV −3.4 · HUM −3.0 · CI −2.4 · UNH −1.9
6 Apr 7, 2026+16.01%
Before our storiesgroup +5.5%, did not move with it
6Apr 7, 2026+16.01%
Before our stories
+5.5% did not move with itUNH +9.4 · HUM +7.9 · ELV +3.0 · CI −0.5
7 May 1, 2026−10.12%
Resultsgroup −1.1%, did not move with it
7May 1, 2026−10.12%
ResultsFirst close after the Apr 30 results filing
−1.1% did not move with itCI −2.6 · HUM −1.2 · ELV −1.0 · UNH −0.5
8 May 12, 2026+7.11%
Before our storiesgroup +3.2%, did not move with it
8May 12, 2026+7.11%
Before our stories
+3.2% did not move with itHUM +7.7 · CI +3.3 · UNH +3.1 · ELV +3.0
9 May 14, 2026−9.36%
Before our storiesgroup −0.9%, did not move with it
9May 14, 2026−9.36%
Before our stories
−0.9% did not move with itCI −1.9 · HUM −1.1 · ELV −0.7 · UNH −0.5
10 Jun 1, 2026−13.19%
Before our storiesgroup +1.1%, did not move with it
10Jun 1, 2026−13.19%
Before our stories
+1.1% did not move with itCI −1.2 · UNH −0.1 · ELV +2.4 · HUM +7.5
11 Jun 4, 2026+5.75%
Before our storiesgroup +4.9%, moved with ALHC
11Jun 4, 2026+5.75%
Before our stories
+4.9% moved with ALHCHUM +6.8 · UNH +5.2 · ELV +4.6 · CI +3.7
12 Jun 9, 2026+25.08%
Before our storiesgroup +1.7%, did not move with it
12Jun 9, 2026+25.08%
Before our stories
+1.7% did not move with itHUM +2.0 · CI +1.9 · UNH +1.6 · ELV +1.5
13 Jun 10, 2026+7.08%
Nothing on ALHCgroup −0.5%, did not move with it
13Jun 10, 2026+7.08%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
−0.5% did not move with itHUM +0.3 · CI +0.3 · UNH −1.3 · ELV −4.7
14 Jul 8, 2026−16.72%
Nothing on ALHCgroup −0.1%, did not move with it
14Jul 8, 2026−16.72%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
−0.1% did not move with itELV −0.7 · UNH −0.6 · HUM +0.4 · CI +1.1
15 Jul 10, 2026−5.71%
Nothing on ALHCgroup −1.2%, did not move with it
15Jul 10, 2026−5.71%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
−1.2% did not move with itUNH −1.6 · HUM −1.4 · ELV −1.0 · CI +0.6
16 Jul 31, 2026−20.20%
Resultsgroup −1.2%, did not move with it
16Jul 31, 2026−20.20%
ResultsFirst close after the Jul 30 results filing
−1.2% did not move with itCI −3.0 · UNH −1.7 · HUM −0.8 · ELV −0.1
17 Aug 4, 2026−7.14%
Nothing on ALHCgroup −2.4%, did not move with it
17Aug 4, 2026−7.14%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
−2.4% did not move with itHUM −3.3 · CI −2.8 · UNH −1.9 · ELV −1.3
18 Aug 7, 2026+7.40%
Nothing on ALHCgroup +1.7%, did not move with it
18Aug 7, 2026+7.40%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
+1.7% did not move with itHUM +4.8 · CI +2.6 · UNH +0.8 · ELV +0.7
19 Sep 15, 2026−19.86%
Nothing on ALHCgroup −1.8%, did not move with it
19Sep 15, 2026−19.86%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
−1.8% did not move with itHUM −2.6 · UNH −2.0 · ELV −1.6 · CI −0.4
20 Sep 16, 2026−16.01%
Nothing on ALHCgroup −2.0%, did not move with it
20Sep 16, 2026−16.01%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
−2.0% did not move with itHUM −3.0 · CI −2.9 · ELV −1.2 · UNH −0.2
21 Sep 25, 2026+7.04%
Nothing on ALHCgroup +1.4%, did not move with it
21Sep 25, 2026+7.04%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
+1.4% did not move with itHUM +4.6 · CI +2.5 · UNH +0.4 · ELV −0.5
22 Oct 5, 2026+7.05%
Nothing on ALHCgroup +1.9%, did not move with it
22Oct 5, 2026+7.05%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
+1.9% did not move with itHUM +4.0 · ELV +2.1 · UNH +1.8 · CI +0.3
23 Oct 9, 2026−13.38%
Nothing on ALHCgroup +2.6%, did not move with it
23Oct 9, 2026−13.38%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
+2.6% did not move with itCI +0.5 · UNH +2.3 · ELV +2.9 · HUM +11.6
24 Oct 12, 2026+7.22%
Nothing on ALHCgroup +0.3%, did not move with it
24Oct 12, 2026+7.22%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
+0.3% did not move with itELV +2.3 · HUM +0.4 · CI +0.3 · UNH −0.2
25 Oct 30, 2026−9.80%
Resultsgroup −0.6%, did not move with it
25Oct 30, 2026−9.80%
ResultsFirst close after the Oct 29 results filing
−0.6% did not move with itUNH −1.0 · HUM −0.7 · ELV −0.5 · CI −0.1
26 Nov 3, 2026+5.57%
Nothing on ALHCgroup +0.5%, did not move with it
26Nov 3, 2026+5.57%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
+0.5% did not move with itHUM +1.8 · UNH +1.0 · CI +0.1 · ELV +0.0
27 Nov 4, 2026+10.15%
Nothing on ALHCgroup +2.3%, did not move with it
27Nov 4, 2026+10.15%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
+2.3% did not move with itELV +4.9 · CI +3.4 · UNH +1.2 · HUM −0.1
28 Nov 5, 2026−7.13%
Nothing on ALHC
28Nov 5, 2026−7.13%
Nothing on ALHCNo ALHC story, brief or results filing in our record that day
No group that day

A story on the same day is not a cause, and a group move is not proof either. Group: the median of UNH, ELV, CI and HUM that day, the largest companies in ALHC’s SEC industry; “moved with ALHC” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). ALHC reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Oct 30, 2025

day 1−1.52%day 6−4.61%

Reported Feb 26, 2026

day 1−5.88%day 6−9.70%

Reported Apr 30, 2026

day 1−10.12%day 6−20.45%

Reported Jul 30, 2026

day 1−20.20%day 6−22.78%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: −6.20%. Four reports is a small sample.

Every report since 2023 →

Each line is ALHC’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

ALHC against four health insurance peers, a year at 100

ALHC is down 53.7% in a year. Humana is up 65.6%, Elevance Health 36.6%, UnitedHealth 26.3% and Cigna Group 15.4%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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ALHC −53.7%. Humana +65.6%, Elevance Health +36.6%, UnitedHealth +26.3%, Cigna Group +15.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in ALHC’s SEC industry (Hospital & Medical Service Plans) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

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UNH	UnitedHealth	$367.5B	−3.34%
ELV	Elevance Health	$94.2B	−0.50%
CI	Cigna Group	$80.7B	−1.29%
HUM	Humana	$50.1B	−1.35%
CNC	Centene	$37.5B	−2.42%
MOH	Molina Healthcare	$11.8B	−4.32%
OSCR	Oscar Health	$9.2B	−5.71%
CLOV	Clover Health Investments	$2.4B	−4.48%