ALHCAlignment Healthcare, Inc.

Hospital & Medical Service Plans

Revenue: $3.9B; 46% YoY
Operating margin: 0.4%; 110% YoY
EBITDA: $45M; 160% YoY
Market cap: $1.5B
Employees: 1,849; $2M revenue each
Net debt / EBITDA: -8.9×; −$403M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentYes
61% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 63rd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 8.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$520M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.4B	$1.8B	$2.7B	$3.9B	46%
Operating income	−$178M	−$129M	−$128M	−$102M	$15M	115%
Net income	−$195M	−$150M	−$148M	−$128M	−$724K	99%
Operating cash flow	−$79M	−$45M	−$59M	$35M	$140M	302%
Capex	—	$24M	$36M	$41M	$27M	35%
Stock-based comp	$621K	$82M	$67M	$71M	$62M	13%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $198K · 1
Open-market sells, 12 mo: $521M · 79
Net: −$520M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$11M	$52M	114	101
FY2024	$6M	$25M	65	82
FY2023	$14M	−$3M	50	83
FY2022	$34M	$26M	68	78
FY2021	$46M	$37M	81	98