📈 Price History

Ratio Health

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📊 Sector Averages

About

Alignment Healthcare, Inc. operates a consumer-centric healthcare platform for seniors in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding ALHC

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	2.90M	$51.2M	0.08%	Mar 2026
Steve Cohen Point72 Asset Management	2.44M	$43.0M	0.06%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used phrases like 'strong, disciplined execution', 'handily surpassed the high end of our guidance', and 'proud of our execution'. They provided specific outperformance numbers: Adjusted EBITDA $46M vs guidance $10-18M, MBR improved 200 bps, and first-half Adjusted EBITDA exceeded initial full-year guidance.

Q3 2025

Confident Specific

Management consistently used phrases like 'exceeded the high end of each guidance metric', 'third consecutive quarter surpassing guidance', 'raised full year guidance', and 'replicability of our outcomes' — all backed by specific numbers (26% membership growth, 44% revenue growth, 87.2% MBR, $32M Adjusted EBITDA).

Q4 2025

Confident Specific

Management repeatedly used precise numbers and comparisons like 'transformed from roughly breakeven to adjusted EBITDA of $110 million', 'we are proving the effectiveness of our distinct medical cost advantages', and 'tremendous confidence' in 2026 outlook, while providing exact membership, revenue, and MBR figures.

Q1 2026 latest

Confident Specific

Management consistently used precise figures (e.g., 31% membership growth, 33% revenue growth, 88.2% MBR, $38M EBITDA) and explicitly addressed a temporary operational issue, reinforcing execution discipline. Phrases like 'strong start to the year', 'even more confidence', and 'we do what we say we're going to do' underscore a self-assured, detail-oriented tone.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management exceeded Q1 adjusted EBITDA guidance, raised the low end of full-year profit ranges, and demonstrated ability to quickly identify and fix an operational issue. The focus on scaling through automation, AI, and disciplined clinical execution supports the path to 1 million members. Key watch items for next quarter: the magnitude of final suite pickup from new members (especially dual-eligible), the sustainability of the resolved observation process issue, and any further details on 2027 expansion plans. The strong first-half outlook provides confidence in near-term margin expansion, but the long-term margin trajectory depends on successfully integrating new member cohorts and maintaining low supplemental benefit costs.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Alignment Healthcare Q1 2026: Revenue $1.2B, membership up 31%, adjusted EBITDA $38M.

Revenue & Profitability

Q1 2026 revenue was $1.2 billion, up 33% year-over-year. Adjusted gross profit was $146 million, yielding an adjusted medical benefit ratio (MBR) of 88.2% (improved 20 bps YoY). Adjusted SG&A was $108 million, or 8.7% of revenue (improved 60 bps YoY). Adjusted EBITDA was $38 million, up 88% year-over-year, representing a 3.1% margin. The company did not report GAAP net income or operating income on this call.

Outlook

Management is encouraged by the 2027 final rate notice, viewing CMS actions to address overutilization in fee-for-service and sustain the MA program positively. CEO John Kao believes MA is a durable program that rewards plans delivering measurable value. General industry trend is significantly above the 2.48% net rate, but Alignment is well-positioned due to its low-cost clinical model and geographic variations (e.g., LA County rate increases near 6%).

Growth Drivers

Growth is driven by strong sales and member retention, with a focus on high-acuity populations such as dual-eligible and C-SNP members (about 50% of AEP growth). The company is expanding into new large markets in 2027, though specific states were not disclosed. It also sees upside from new member cohort maturation as members move from year one to year two, improving margins.

Balance Sheet & CapEx

Capital expenditures are primarily software development, with 2026 planned CAPEX around $40 million. The company is investing in AI-enabled workflows for clinical operations, provider data management, contract management, and claim automation. CFO Jim Head noted that CAPEX may tick up slightly but will decline as a percentage of revenue over time.

Margins

Adjusted MBR improved 20 bps YoY to 88.2% in Q1 2026. Adjusted SG&A as a percentage of revenue declined 60 bps to 8.7%. Adjusted EBITDA margin expanded 90 bps to 3.1%. For the first half of 2026, management expects MBR improvement of 40 bps and SG&A improvement of 40 bps versus the prior year. Approximately 60% of full-year EBITDA is expected in the first half, up from 55% in 2025.

Key Risks

Management flagged a temporary inpatient admissions issue due to a CMS rule change affecting observation determinations, which was resolved by end of February but raised Q1 admits to high 150s per thousand (normally mid 150s). Analysts asked about RADV audit methodology changes (extrapolation removed from 2020 audits) and potential impact of future risk model changes. Management also noted the risk of hospital billing practices and affordability challenges in MA.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 2026 saw 31% membership and 32% revenue growth, with Adjusted EBITDA up 48% year-over-year. Guidance for 2026 was raised, reflecting strong first-half results and continued investments in AI, clinical operations, and new market expansion.

Q1 2026 Q1 2026 2026-04-30

Membership and revenue grew over 30% year-over-year, with adjusted EBITDA up 88% and margin expansion driven by operational improvements and automation. Guidance for 2026 was raised, and the company is investing in AI and considering in-house supplemental benefits to further enhance profitability.

Q4 2025 Q4 2025 2026-02-26

Membership and revenue grew over 25% and 44% year-over-year in Q4 2025, with adjusted EBITDA reaching $110 million for the year. 2026 guidance projects continued strong growth, with investments in technology and expansion outside California supporting future scalability.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 results exceeded guidance with 26% membership and 44% revenue growth, driving improved profitability and strong STARS ratings across markets. Full-year guidance was raised for all key metrics, and at least 20% membership growth is expected in 2026, supported by operational investments and disciplined benefit design.

Q2 2025 Q2 2025 2025-07-30

Q2 2025 saw 28% membership and 49% revenue growth, with Adjusted EBITDA and margins exceeding guidance. Full-year outlook was raised across all key metrics, and the company expects to be free cash flow positive in 2025, supported by strong execution and high star ratings.

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