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Alignment Healthcare vs Centene: revenue, profit, margins and growth compared

Alignment Healthcare brought in $3.9B of revenue in fiscal 2025, Centene $194.8B in fiscal 2025. Revenue changed by +46.1% at Alignment Healthcare and +19.4% at Centene on the year before, so Alignment Healthcare grew faster. Alignment Healthcare kept -0.0% of its revenue as net profit, Centene -3.4%. Free cash flow was $113.1M at Alignment Healthcare and $4.3B at Centene.

Side by side, latest fiscal year

ALHCCNC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.9B$194.8B
Revenue growth+46.1%+19.4%
Net income-$724K-$6.7B
Net margin-0.0%-3.4%
Free cash flow$113.1M$4.3B
Free cash flow margin2.9%2.2%
Earnings per share (diluted)$0.00-$13.53
Cash$575.8M$17.9B
Debt$323.2M$17.5B
Price to earningsn/an/a
Market value$1.7B$30.5B
Dividend yieldn/an/a
Rank by revenue in sector#73 of 523 · Health care#7 of 523 · Health care

Over the years

Revenue
ALHC FY2019: $757MALHC FY2021: $959.2MALHC FY2021: $1.2BALHC FY2022: $1.4BALHC FY2023: $1.8BALHC FY2024: $2.7BALHC FY2025: $3.9BCNC FY2018: $60.1BCNC FY2019: $74.6BCNC FY2020: $111.1BCNC FY2021: $126BCNC FY2022: $144.5BCNC FY2023: $154BCNC FY2024: $163.1BCNC FY2025: $194.8BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $3.9BCNC $194.8B
Net income
ALHC FY2019: -$44.7MALHC FY2021: -$22.9MALHC FY2021: -$195.3MALHC FY2022: -$149.5MALHC FY2023: -$148MALHC FY2024: -$128MALHC FY2025: -$724KCNC FY2018: $900MCNC FY2019: $1.3BCNC FY2020: $1.8BCNC FY2021: $1.3BCNC FY2022: $1.2BCNC FY2023: $2.7BCNC FY2024: $3.3BCNC FY2025: -$6.7BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC -$724KCNC -$6.7B
Net margin
ALHC FY2019: -5.9%ALHC FY2021: -2.4%ALHC FY2021: -16.7%ALHC FY2022: -10.4%ALHC FY2023: -8.1%ALHC FY2024: -4.7%ALHC FY2025: -0.0%CNC FY2018: 1.5%CNC FY2019: 1.8%CNC FY2020: 1.6%CNC FY2021: 1.1%CNC FY2022: 0.8%CNC FY2023: 1.8%CNC FY2024: 2.0%CNC FY2025: -3.4%FY18FY19FY20FY21FY22FY23FY24FY25
ALHC -0.0%CNC -3.4%
Revenue growth
ALHC FY2021: +26.7%ALHC FY2021: +21.7%ALHC FY2022: +22.8%ALHC FY2023: +27.2%ALHC FY2024: +48.3%ALHC FY2025: +46.1%CNC FY2019: +24.2%CNC FY2020: +48.9%CNC FY2021: +13.4%CNC FY2022: +14.7%CNC FY2023: +6.5%CNC FY2024: +5.9%CNC FY2025: +19.4%FY19FY20FY21FY22FY23FY24FY25
ALHC +46.1%CNC +19.4%
Free cash flow
ALHC FY2022: -$69.2MALHC FY2023: -$95.2MALHC FY2024: -$6.6MALHC FY2025: $113.1MCNC FY2018: $559MCNC FY2019: $753MCNC FY2020: $4.6BCNC FY2021: $3.3BCNC FY2022: $5.3BCNC FY2023: $7.3BCNC FY2024: -$490MCNC FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $113.1MCNC $4.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Alignment Healthcare and Centene

Which is bigger by revenue, Alignment Healthcare or Centene?

Centene is bigger by revenue: $194.8B in fiscal 2025, against $3.9B for Alignment Healthcare in fiscal 2025.

Which keeps more of its revenue as profit, Alignment Healthcare or Centene?

Alignment Healthcare had a net margin of -0.0% in fiscal 2025; Centene had -3.4% in fiscal 2025.

Which grew revenue faster, Alignment Healthcare or Centene?

In their latest fiscal years revenue changed by +46.1% at Alignment Healthcare and +19.4% at Centene.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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