Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Alignment Healthcare, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
757
959
1,168
1,434
1,824
2,704
3,949
Selling, general and administrative
110
156
291
296
307
371
443
Operating expenses
786
964
1,346
1,563
1,951
2,805
3,934
Operating income
-29.5
-5.26
-178
-129
-128
-102
14.8
Interest expense
14.9
16.9
17.4
18.3
21.2
23.5
15.8
Other non-operating income
-15.2
-17.7
-17.2
-20.7
-20.4
-26.5
-15.7
Pre-tax income
-44.7
-22.9
-195
-149
-148
-128
-0.96
Income tax
0
0
0
0.34
-0.02
0.02
0.02
Net income to minority interests
0
0
-0.09
-0.16
-0.04
-0.25
Net income
-44.7
-22.9
-195
-150
-148
-128
-0.72
EBITDA
-14.6
9.83
-162
-111
-106
-74.7
45.2
EPS, basic
-0.33
-0.15
-1.14
-0.83
-0.79
-0.67
0.00
EPS, diluted
-0.33
-0.15
-1.14
-0.83
-0.79
-0.67
0.00
Shares, basic (weighted)
147
161
182
181
186
191
198
Shares, diluted (weighted)
0
0
182
181
186
191
198
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
86.5
207
467
410
203
433
576
Short-term investments
0
116
37.8
28.4
Receivables
40.1
58.5
92.9
120
154
253
Other current assets
17.2
27.7
42.1
45
37.1
94.1
Total current assets
265
553
545
484
662
952
Property, plant and equipment
27.1
30.4
37.2
51.9
67.1
64.3
Lease right-of-use assets
11.1
9.89
7.85
5.83
9.82
7.82
6.75
Goodwill
29.3
29.3
34.8
34.8
34.8
32.1
Intangible assets
34.6
35.1
5.48
5.25
4.55
4.55
Other non-current assets
2.15
4.71
6.04
6.41
6.09
6.33
Total assets
339
631
634
592
782
1,066
Accounts payable
15.7
17.4
32.3
23.5
22.1
33.3
Accrued liabilities
34.1
39.9
49
Deferred revenue
0.47
0.31
Short-term debt
0
0
0
0
0
0
Total current liabilities
153
167
230
263
352
557
Long-term debt
144
151
161
162
321
323
Lease liabilities
10.3
6.98
3.7
8.97
7.84
6.28
Total liabilities
308
325
395
434
681
887
Total debt
144
151
161
162
321
323
Paid-in capital
410
889
970
1,037
1,108
1,188
Retained earnings
-380
-583
-732
-880
-1,008
-1,009
Shareholders' equity
-78.7
30.6
306
238
157
99.9
179
Minority interests
0
0.02
1.18
1.13
1.1
0
Total equity
-78.7
30.6
306
239
158
101
179
Total liabilities and equity
339
631
634
592
782
1,066
Shares outstanding
164
187
187
189
192
204
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-44.7
-22.9
-195
-150
-148
-128
-0.98
Depreciation and amortization
14.9
15.1
15.8
17.3
21.4
26.9
30.4
Stock-based compensation
0
0.45
0.62
81.7
66.8
71.1
62.1
Change in receivables
-5.78
-4.63
-17.6
-34.4
-27
-34.3
-100
Cash from operations
9.21
7.56
-78.8
-45.4
-59.2
34.8
140
Capital expenditures
-23.8
-36
-41.4
-26.8
Acquisitions
0
-1.41
0
0
Purchases of investments
-0.32
-1.58
-2.48
-2.83
-379
-82.2
-65.6
Cash from investing
-10.2
-16.4
-20.8
-28.2
-147
39.2
-15
Debt issued
55
0
0
165
0
380
0
Debt repaid
0
0
-143
0
-215
0
Stock issued
0.5
135
391
0
0
0.16
18.1
Share buybacks
-1.98
-1.51
-1.47
0
0
Cash from financing
52.7
130
360
16.6
0.11
156
18
Net change in cash
51.6
121
261
-57.1
-206
230
143
Free cash flow
-69.2
-95.2
-6.65
113
Interest paid
9.53
10.7
11
22.4
19.2
22.2
13.8
Income taxes paid
0.21
0.02
0.03
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.21 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
1.2%
Operating income / revenue.
EBITDA margin
1.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
0.8%
Pre-tax income / revenue.
Net margin
0.9%
Net income / revenue.
FCF margin
3.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
4.5%
Cash from operations / revenue.
Effective tax rate
-5.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
15.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
3.2%
Net income / average total assets.
SG&A / revenue
10.7%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
1.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
0.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
46.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
40.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
32.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y
35.6%
Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
302.4%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y
79.3%
Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
79.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-9.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
42.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
36.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
18.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
25.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.70x
Current assets / current liabilities.
Quick ratio
1.46x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.03x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.22x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
25.3%
Total debt / total assets.
Liabilities / assets
79.3%
Total liabilities / total assets.
Net debt
-$377.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-4.37x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
13.6%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.19
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$21.29
Revenue / diluted weighted shares.
FCF per share
$0.83
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.96
Cash from operations / diluted weighted shares.
Book value per share
$1.28
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
41.8x
Market cap / net income. Only when net income is positive.
P/S
0.37x
Market cap / revenue.
P/B
6.42x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
7.45x
Market cap / tangible book value, when positive.
P/FCF
9.59x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
8.29x
Market cap / cash from operations, when positive.
EV/Sales
0.29x
Enterprise value / revenue.
EV/EBIT
24.1x
Enterprise value / operating income, when both are positive.
EV/EBITDA
15.3x
Enterprise value / EBITDA, when both are positive.
EV/FCF
7.47x
Enterprise value / free cash flow, when both are positive.
FCF yield
10.4%
Free cash flow / market cap.
Earnings yield
2.4%
Net income / market cap (the inverse of P/E).
What was Alignment Healthcare, Inc.'s revenue in fiscal 2025?
Alignment Healthcare, Inc. reported revenue of $3.95B for fiscal 2025, 46.1% higher than the year before.
Was Alignment Healthcare, Inc. profitable in fiscal 2025?
No. It reported a net loss of $724.0K.
How much free cash flow did Alignment Healthcare, Inc. generate in fiscal 2025?
Cash from operations of $139.9M minus capital expenditures of $26.8M left free cash flow of $113.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.