Alignment Healthcare, Inc. (ALHC) FY2025 10-K Annual Report
Alignment Healthcare, Inc. (ALHC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Alignment Healthcare, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Consumer-centric Medicare Advantage plans focused on coordinated, proactive care for seniors using integrated clinical and technology platform
- • Emphasized this year: Expanded "Care Anywhere" in-house clinician-driven care model providing free, personalized at-home and virtual chronic condition management
- • Strategic shift: Greater investment in internal clinical staff (450 FTEs, 25% workforce) to reduce hospitalizations and improve outcomes via direct care delivery
- • Quantitative growth: Health Plan Membership reached 236,300 at 30% CAGR since inception with revenue 5-year CAGR of 36% through 2025
- • Noteworthy fact: Proprietary AVA platform integrates data from 200+ sources using AI for real-time, prescriptive care insights enhancing member and provider workflows
Management Discussion & Analysis
- • Revenue $3.949B, up 46.1% YoY; earned premiums $3.912B, +46.4% driven by 25% membership growth to 236,300 and higher PMPM rates
- • Operating income $14.8M vs loss $101.6M; operating margin 0.4% vs (3.7)% in prior year
- • Medical expenses segment largest, 87.6% of revenue vs 89.0%, MBR improved to 87.5% from 88.8%
- • Adjusted EBITDA $109.9M vs $1.3M; adjusted gross profit $494.8M, up 63.5%
- • No cash flow/capital allocation specifics provided; mention of continued investments, accelerated sales and marketing expenses, and growth investments
- • Management outlook: focus on expanding membership (275,300 Health Plan Members as of Jan 1, 2026), new market entry, investing in AVA platform, strong CMS star ratings support financial incentives and sustainable growth
Risk Factors
- • Regulatory risk: potential loss/suspension of CMS Medicare Advantage contracts affecting revenue source
- • Macroeconomic threat: geographic concentration in few U.S. states limits expansion, increasing exposure to regional market downturns
- • Operational vulnerability: dependency on AVA AI platform for clinical initiatives poses risk of regulatory and operational setbacks
- • Competitive risk: competition for physician networks intensifies due to healthcare industry consolidation with better-resourced plans
- • Financial risk: accumulated deficit $1,009.0 million as of 12/31/2025 with net loss $1.0 million in 2025, $128.1 million in 2024
Alignment Healthcare, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$3.9B
▲ +46.1% YoY
Net Income
-$724,000
▲ +99.4% YoY
Operating Margin
0.4%
▲ +413bp YoY
Net Margin
-0.0%
▲ +472bp YoY
ROE
-0.4%
▲ +12782bp YoY
Total Assets
$1.1B
▲ +36.3% YoY
EPS (Diluted)
$0.00
▲ +100.0% YoY
Operating Cash Flow
$140M
▲ +302.4% YoY
Source: XBRL data from Alignment Healthcare, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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