ALHCHIGH SIGNALFINANCIAL10-K

ALHC achieved a dramatic turnaround from significant losses to near-profitability while scaling revenue 46% and generating strong cash flows.

The company's transformation from -$101.6M to +$14.8M in operating income represents a fundamental business inflection point, demonstrating operational leverage as revenue scaled to $3.9B. The 302% surge in operating cash flow to $139.9M, combined with near break-even net income performance, signals management has successfully addressed prior profitability challenges while maintaining aggressive growth.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

ALHC delivered exceptional financial performance with revenue growing 46% to $3.9B while achieving a remarkable turnaround in profitability—operating income swung from -$101.6M to +$14.8M and net losses narrowed 99% to just -$724K. The balance sheet strengthened significantly with stockholders' equity rising 79% to $179.3M and total assets growing 36% to $1.1B, though current liabilities increased 58% reflecting business scaling. Most notably, operating cash flow surged 302% to $139.9M while capital expenditures declined, demonstrating strong cash generation and operational efficiency as the Medicare Advantage platform reaches maturity.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+302.4%
$34.8M→$139.9M

Operating cash flow surged 302.4% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+114.5%
-$101.6M→$14.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+99.4%
-$128.0M→-$724K

Net income grew 99.4% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+79.5%
$99.9M→$179.3M

Equity base grew 79.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+64.5%
$153.9M→$253.2M

Receivables surged 64.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
+58.3%
$351.8M→$556.9M

Current liabilities surged 58.3% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+46.1%
$2.7B→$3.9B

Strong top-line growth of 46.1% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+43.8%
$661.6M→$951.6M

Current assets grew 43.8% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+36.3%
$782.1M→$1.1B

Asset base grew 36.3% — expansion through organic growth, acquisitions, or capital deployment.

Capital Expenditure
Cash Flow
-35.3%
$41.4M→$26.8M

Capex reduced 35.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
As of February 23, 2026, the registrant had 204,296,493 shares of common stock, $0.001 par value per share, outstanding.
Although subject to change, Medicare Advantage Plans are currently rated on how well they perform in five different categories: (1) staying healthy: screenings, tests, and vaccines, (2) managing chronic (long-term) conditions, (3) member experience with health plan, (4) member complaints and changes in the health plan s performance, and (5) health plan customer service.
BASIS OF PRESENTATION Unless the context otherwise requires, the terms Alignment, the Company, our company, we, us and our in this annual report refer to Alignment Healthcare, Inc., its consolidated subsidiaries and its affiliated medical groups.
Business Overview Alignment is a next generation, consumer-centric and clinically focused platform designed to improve the healthcare experience for seniors enrolled in Medicare who choose a private Medicare Advantage plan.
Our goal is to provide seniors with easier access to care, better coordination among providers, fewer gaps in care and avoidable hospital visits, and support that meets them where they are at home, online, or in their community.
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REMOVED
As of February 24, 2025, the registrant had 191,832,332 shares of common stock, $0.001 par value per share, outstanding.
Throughout this Annual Report, all references to Net Promoter Score or NPS are to a measure of satisfaction widely used in the healthcare industry.
We calculate NPS based on responses to member surveys, conducted by a third-party administrator (either telephonically or online) that selects a random sample of members to participate.
The surveys ask the consumer to rank, on a scale of one to 10, how likely the member would be to recommend Alignment to a friend or relative.
We assign the designation of Promoter to respondents who provide a score of 9 or 10, the designation of Neutral to respondents who provide a score of 7 or 8, and the designation of Detractor to respondents who provide a score of 0 to 6.
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