# Alignment Healthcare, Inc. (ALHC)

> Source: Nexqual · https://nexqual.com/ALHC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alignment Healthcare, Inc. (ALHC), nexqual.com/ALHC" · informational, not investment advice.

**Price:** USD 8.43 (-0.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.44 · day 8.35–8.55 · 52w 6.01–25.12 · market cap $1.75B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.58B, net income $40.7M (0.9% margin), free cash flow $178M (SEC filings).
- Valuation: P/E 43.0x, EV/EBITDA 15.8x, net cash $378M.
- Earnings quality: non-operating income -$16.2M vs operating income $55.0M over the last four quarters; P/E excluding non-operating income ≈30.7x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 22 Form 4 filings, $50.7M; 4 not under a Rule 10b5-1 plan ($2.3M); 0 by opportunistic insiders, 19 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $198K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.07 on a 1–5 scale) (14 analysts), mean target USD 12.31 (range 9–26).
- Total return with dividends: 1Y -51.2% vs S&P 500 +14.9%; 5Y -57.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.04, revenue estimate $1.31B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.17B | $1.43B | $1.82B | $2.70B | $3.95B | $4.58B |
| Operating income | -$178M | -$129M | -$128M | -$102M | $14.8M | $55.0M |
| Net income | -$195M | -$150M | -$148M | -$128M | -$724K | $40.7M |
| EPS (diluted) | -$1.14 | -$0.83 | -$0.79 | -$0.67 | $0.00 | — |
| Free cash flow | — | -$69.2M | -$95.2M | -$6.6M | $113M | $178M |
| Operating margin | -15.2% | -9.0% | -7.0% | -3.8% | 0.4% | 1.2% |
| Net margin | -16.7% | -10.4% | -8.1% | -4.7% | 0.0% | 0.9% |
| Revenue growth | +21.7% | +22.8% | +27.2% | +48.3% | +46.1% | — |
| Cash + short-term investments | $467M | $410M | $319M | $471M | $604M | — |
| Total debt | $151M | $161M | $162M | $321M | $323M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 43.0x · P/E ex non-operating (est.) ≈30.7x · P/S 0.4x · EV/EBITDA 15.8x · EV/Sales 0.3x · P/FCF 9.9x · P/B 6.6x · FCF yield 10.15% · Earnings yield 2.33% · Net cash $378M · EV $1.37B

## Insider sales (SEC Form 4, open-market, last ~7 months)
18 of 22 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Kim Hyong | Chief Medical Officer | 32,479 | $270K | 9.8% | No | Too little history (no open-market trades in 2023) |
| 2026-09-17 | Konowiecki Joseph S | EVP, Corporate Affairs | 23,511 | $202K | 2.1% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-14 | Kao John E | Chief Executive Officer | 27,400 | $356K | 1.5% | Yes | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
| 2026-09-11 | Maroney Dawn Christine | President | 122,707 | $1.6M | 13.4% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-09-10…2026-09-11 | Kao John E | Chief Executive Officer | 557,870 | $7.1M | 23.2% | Yes | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-14 | Maroney Dawn Christine | President | 5,000 | $70K | 0.5% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Kao John E | Chief Executive Officer | 298,000 | $4.1M | 11% | Yes | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
| 2026-07-15 | Maroney Dawn Christine | President | 177,068 | $3.7M | 16.1% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-07-10 | Kao John E | Chief Executive Officer | 298,000 | $5.9M | 9.9% | Yes | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Konowiecki Joseph S | EVP, Corporate Affairs | 25,000 | $600K | 2.2% | Yes | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-26 | Konowiecki Joseph S | EVP, Corporate Affairs | 25,000 | $575K | 2.2% | Yes | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-18 | Konowiecki Joseph S | EVP, Corporate Affairs | 25,000 | $550K | 2.1% | Yes | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Maroney Dawn Christine | President | 30,000 | $586K | 3.1% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-12 | Kim Hyong | Chief Medical Officer | 35,951 | $714K | 9.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-11 | Konowiecki Joseph S | EVP, Corporate Affairs | 25,000 | $525K | 2.1% | Yes | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-10 | Kao John E | Chief Executive Officer | 298,000 | $6.1M | 9% | Yes | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Maroney Dawn Christine | President | 30,000 | $483K | 3% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-11 | Kao John E | Chief Executive Officer | 298,000 | $5.0M | 8.3% | Yes | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Maroney Dawn Christine | President | 30,000 | $626K | 2.8% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-04-10…2026-04-13 | Kao John E | Chief Executive Officer | 298,000 | $6.2M | 7.7% | Yes | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $198K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-02 | Kent Mark D. | President - MSO | 14,848 | $198K | 13.31 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 14 analysts; mean target USD 12.31 (low 9, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | UBS | Target lowered | Neutral | $22 → $9 |
| 2026-10-12 | TD Cowen | Target lowered | Buy | $21 → $12 |
| 2026-10-09 | William Blair | Downgrade | Outperform → Market Perform |  |
| 2026-10-09 | JP Morgan | Target lowered | Overweight | $22 → $10 |
| 2026-10-09 | Keybanc | Target lowered | Overweight | $28 → $12 |
| 2026-10-06 | Barclays | Target lowered | Equal-Weight | $16 → $10 |
| 2026-08-04 | JP Morgan | Target lowered | Overweight | $26 → $22 |
| 2026-08-03 | Raymond James | Downgrade | Strong Buy → Outperform | $22 → $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -51.2% | -57.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -51.4% | -15.7% |
| Volatility (annualized) | 71.0% | 65.8% |
| Max drawdown | -69.3% (Jul 2026→Oct 2026) | -78.8% (Nov 2021→Apr 2024) |

## Peers (Healthcare Plans)
PGNY (Progyny, Inc.) USD 29.12 +2.39% · CLOV (Clover Health Investments, Corp) USD 4.73 -1.05% · OSCR (Oscar Health, Inc.) USD 33.32 -0.39% · MOH (Molina Healthcare Inc) USD 216.64 +0.81% · CNC (Centene Corporation) USD 71.24 +1.42% · HUM (Humana Inc.) USD 420.97 -1.05%

## More
Full page: https://nexqual.com/ALHC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-30)

- "Across All Key Metrics Generates $1.3 billion in total revenue, representing 31.6% growth year-over-year Grows Medicare Advantage membership 31.5% year-over-year to approximately 294,100 members Raises the midpoint of all full-year guidance metrics: membership, revenue, adjusted gross profit and adjusted EBITDA ORANGE, Calif., July 30, 2026 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $0.14 | -68.5% | $1.31B | 4 |
| Next quarter (ends 2026-12-31) | $0.04 | $0.01 | +180.0% | $1.33B | 4 |
| Current fiscal year (ends 2026-12-31) | $0.45 | $0.47 | -4.7% | $5.22B | 4 |
| Next fiscal year (ends 2027-12-31) | $0.65 | $0.72 | -10.0% | $6.51B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±17.7%; last 8 reports averaged ±11%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 71.9% | ±17.7% |
| 2026-12-18 | 56 | 66.7% | ±22.6% |
| 2027-01-15 | 84 | 61.9% | ±25.3% |
| 2027-02-19 | 119 | 66.6% | ±31.9% |
| 2027-05-21 | 210 | 69.0% | ±43.3% |