Alignment Healthcare, Inc. (ALHC) Financial Ratios
7 years of historical data (2019–2025) · Healthcare · Medical - Healthcare Plans
EV/EBITDA
93.43
+15% vs avg
5yr avg: 81.15
30Y Low81.2·High81.2
P/FCF
39.47
+14% vs avg
5yr avg: 34.56
30Y Low34.6·High34.6
P/B Ratio
↑
24.14
↑+72% vs avg
5yr avg: 14.00
30Y Low7.9·High21.8
ROE
↑
-0.5%
↓+99% vs avg
5yr avg: -68.9%
30Y Low-116%·High-1%
Debt/EBITDA
7.47
+0% vs avg
5yr avg: 7.47
30Y Low7.5·High15.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ALHC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Alignment Healthcare, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 39.5x P/FCF, 14% above the 5-year average of 34.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $3.9B | $2.1B | $1.6B | $2.1B | $2.4B | — | — |
| Enterprise Value | $4.2B | $3.7B | $2.0B | $1.6B | $1.9B | $2.1B | — | — |
| P/E Ratio → | -5908.11 | — | — | — | — | — | — | — |
| P/S Ratio | 1.13 | 0.99 | 0.79 | 0.88 | 1.49 | 2.07 | — | — |
| P/B Ratio | 24.14 | 21.81 | 21.26 | 10.14 | 8.91 | 7.90 | — | — |
| P/FCF | 39.47 | 34.56 | — | — | — | — | — | — |
| P/OCF | 31.92 | 27.95 | 61.73 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
ALHC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Alignment Healthcare, Inc.'s enterprise value stands at 93.4x EBITDA, 15% above its 5-year average of 81.2x. The Healthcare sector median is 14.2x, placing the stock at a 557% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.93 | 0.76 | 0.86 | 1.32 | 1.81 | — | — |
| EV / EBITDA | 93.43 | 81.15 | — | — | — | — | — | — |
| EV / EBIT | 286.47 | 247.34 | — | — | — | — | — | — |
| EV / FCF | — | 32.44 | — | — | — | — | — | — |
ALHC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Alignment Healthcare, Inc. earns an operating margin of 0.4%. Operating margins have expanded from -7.0% to 0.4% over the past 3 years, signaling improving operational efficiency. A negative ROE of -0.5% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.4% | 12.4% | 11.0% | 11.0% | 12.8% | 11.0% | 17.3% | 12.6% |
| Operating Margin | 0.4% | 0.4% | -3.8% | -7.0% | -9.0% | -15.2% | -0.5% | -3.9% |
| Net Profit Margin | -0.0% | -0.0% | -4.7% | -8.1% | -10.4% | -16.7% | -2.4% | -5.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -0.5% | -0.5% | -98.9% | -74.5% | -54.8% | -116.0% | -74.9% | — |
| ROA | -0.1% | -0.1% | -18.6% | -24.2% | -23.6% | -40.3% | -8.6% | -23.1% |
| ROIC | — | — | -123.5% | -159.4% | — | — | — | — |
| ROCE | 2.9% | 2.9% | -26.8% | -34.9% | -29.7% | -54.9% | -4.2% | -46.7% |
ALHC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Alignment Healthcare, Inc. carries a Debt/EBITDA ratio of 7.5x, which is highly leveraged (132% above the sector average of 3.2x). The company holds a net cash position — cash of $578M exceeds total debt of $338M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 0.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.89 | 1.89 | 3.26 | 1.08 | 0.69 | 0.51 | 5.05 | — |
| Debt / EBITDA | 7.47 | 7.47 | — | — | — | — | 15.14 | — |
| Net Debt / Equity | — | -1.34 | -1.03 | -0.20 | -1.02 | -1.01 | -1.73 | — |
| Net Debt / EBITDA | -5.30 | -5.30 | — | — | — | — | -5.18 | — |
| Debt / FCF | — | -2.12 | — | — | — | — | — | — |
| Interest Coverage | 0.94 | 0.94 | -4.44 | -5.98 | -7.16 | -10.20 | -0.35 | -2.00 |
Net cash position: cash ($578M) exceeds total debt ($338M)
ALHC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.74x means Alignment Healthcare, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.84x to 1.74x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.74 | 1.74 | 1.88 | 1.84 | 2.37 | 3.31 | 1.72 | 0.98 |
| Quick Ratio | 1.74 | 1.74 | 1.88 | 1.84 | 2.37 | 3.31 | 1.72 | 0.98 |
| Cash Ratio | 1.21 | 1.21 | 1.34 | 1.21 | 1.78 | 2.79 | 1.35 | 0.66 |
| Asset Turnover | — | 3.70 | 3.46 | 3.08 | 2.26 | 1.85 | 2.83 | 3.91 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
ALHC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Alignment Healthcare, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.5% | 2.9% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Shares Outstanding | — | $198M | $191M | $186M | $181M | $172M | $187M | $152M |
Peer Comparison
Compare ALHC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ALHCYou | $4B | -5908.1 | 93.4 | 39.5 | 12.4% | 0.4% | -0.5% | — | 7.5 |
 CNC | $30B | -4.5 | — | 7.0 | 12.2% | -3.9% | -28.7% | -21.6% | — |
 MOH | $10B | 21.9 | 10.1 | — | 9.0% | 1.7% | 11.0% | 17.4% | 4.0 |
 CVS | $125B | 70.7 | 14.0 | 16.1 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
 HUM | $43B | 36.7 | 22.9 | 115.5 | 14.5% | 1.1% | 7.0% | 4.1% | 5.7 |
 ELV | $84B | 15.5 | 11.2 | 26.6 | 25.6% | 4.1% | 13.3% | 9.1% | 3.4 |
 OSCR | $7B | -16.8 | — | 7.0 | 14.4% | -3.4% | -44.4% | — | — |
 CLOV | $3B | -29.4 | — | — | 18.5% | -4.4% | -26.3% | -34.0% | — |
 ACGL | $32B | 7.8 | 6.6 | 5.3 | 37.2% | 25.0% | 19.5% | 15.4% | 0.5 |
 HCAI | $9M | -0.2 | — | — | 6.2% | -322.7% | -262.3% | -71.3% | — |
 UNH | $364B | 30.3 | 17.9 | 22.6 | 18.5% | 4.2% | 11.8% | 9.2% | 3.4 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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ALHC — Frequently Asked Questions
Quick answers to the most common questions about buying ALHC stock.
What is Alignment Healthcare, Inc.'s P/E ratio?
Alignment Healthcare, Inc.'s current P/E ratio is -5908.1x. This places it at the 50th percentile of its historical range.
What is Alignment Healthcare, Inc.'s EV/EBITDA?
Alignment Healthcare, Inc.'s current EV/EBITDA is 93.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 81.2x.
What is Alignment Healthcare, Inc.'s ROE?
Alignment Healthcare, Inc.'s return on equity (ROE) is -0.5%. The historical average is -69.9%.
Is ALHC stock overvalued?
Based on historical data, Alignment Healthcare, Inc. is trading at a P/E of -5908.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Alignment Healthcare, Inc.'s profit margins?
Alignment Healthcare, Inc. has 12.4% gross margin and 0.4% operating margin.
How much debt does Alignment Healthcare, Inc. have?
Alignment Healthcare, Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.