ALHCHIGH SIGNALFINANCIAL10-K

ALHC achieved a dramatic turnaround from substantial losses to near break-even profitability while meaningfully expanding revenue and strengthening its balance sheet position.

The company's transformation from deep losses of $128 million to near break-even represents a fundamental shift in operational efficiency and business model execution. This profitability inflection, combined with strong revenue growth and improved capital structure, suggests ALHC has successfully scaled its Medicare Advantage platform to sustainable levels.

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

ALHC delivered exceptional financial performance with revenue growing meaningfully to $3.9B while dramatically improving profitability from substantial losses to near break-even. The balance sheet strengthened significantly with stockholders' equity growing 79.5% to $179.3M, supported by higher cash reserves of $575.8M and expanded receivables reflecting business growth. Despite higher current liabilities from business expansion, the company reduced capital expenditures while maintaining strong asset growth, indicating improved operational efficiency and cash generation capabilities.

FINANCIAL STATEMENT CHANGES
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.

Cash & Equivalents
Balance Sheet
+33%
$432.9M→$575.8M

Cash position surged 33% — strong cash generation or capital raise providing significant financial cushion.

Total Liabilities
Balance Sheet
+30.2%
$681.1M→$886.5M

Liabilities grew 30.2% — significant increase in debt or obligations, assess impact on financial flexibility.

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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