Short answer
Alignment Healthcare, Inc. (ALHC) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $3.9B (+46.1% year over year) and net income of −$724,000.
- Top risk flagged: Regulatory risk: potential loss/suspension of CMS Medicare Advantage contracts affecting revenue source
FY2025 key financial metrics · XBRL
- Revenue
- $3.9B
- +46.1% YoY
- Net income
- −$724,000
- +99.4% YoY
- Operating margin
- 0.4%
- +4.1 pp YoY
- EPS (diluted)
- $0.00
- +100.0% YoY
- ROE
- -0.4%
- +127.8 pp YoY
- Operating cash flow
- $140M
- +302.4% YoY
Source: XBRL data from the Alignment Healthcare, Inc. (ALHC) FY2025 10-K on SEC EDGAR. USD.
Alignment Healthcare, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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%
- 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
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