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Alignment Healthcare vs Elevance Health: revenue, profit, margins and growth compared

Alignment Healthcare brought in $3.9B of revenue in fiscal 2025, Elevance Health $199.1B in fiscal 2025. Revenue changed by +46.1% at Alignment Healthcare and +12.5% at Elevance Health on the year before, so Alignment Healthcare grew faster. Alignment Healthcare kept -0.0% of its revenue as net profit, Elevance Health 2.8%. Free cash flow was $113.1M at Alignment Healthcare and $3.2B at Elevance Health.

Side by side, latest fiscal year

ALHCELV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.9B$199.1B
Revenue growth+46.1%+12.5%
Net income-$724K$5.7B
Net margin-0.0%2.8%
Free cash flow$113.1M$3.2B
Free cash flow margin2.9%1.6%
Earnings per share (diluted)$0.00$25.21
Cash$575.8M$9.5B
Debt$323.2M$31.9B
Price to earningsn/a15.7
Market value$1.7B$85.9B
Dividend yieldn/an/a
Rank by revenue in sector#73 of 523 · Health care#6 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: $3.9BELV FY2018: $92.1BELV FY2019: $104.2BELV FY2020: $121.9BELV FY2021: $138.6BELV FY2022: $156.6BELV FY2023: $171.3BELV FY2024: $177BELV FY2025: $199.1BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $3.9BELV $199.1B
Net income
ALHC FY2019: -$44.7MALHC FY2021: -$22.9MALHC FY2021: -$195.3MALHC FY2022: -$149.5MALHC FY2023: -$148MALHC FY2024: -$128MALHC FY2025: -$724KELV FY2018: $3.8BELV FY2019: $4.8BELV FY2020: $4.6BELV FY2021: $6.2BELV FY2022: $5.9BELV FY2023: $6BELV FY2024: $6BELV FY2025: $5.7BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC -$724KELV $5.7B
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%ELV FY2018: 4.1%ELV FY2019: 4.6%ELV FY2020: 3.8%ELV FY2021: 4.4%ELV FY2022: 3.8%ELV FY2023: 3.5%ELV FY2024: 3.4%ELV FY2025: 2.8%FY18FY19FY20FY21FY22FY23FY24FY25
ALHC -0.0%ELV 2.8%
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%ELV FY2019: +13.1%ELV FY2020: +16.9%ELV FY2021: +13.8%ELV FY2022: +13.0%ELV FY2023: +9.4%ELV FY2024: +3.3%ELV FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25
ALHC +46.1%ELV +12.5%
Free cash flow
ALHC FY2022: -$69.2MALHC FY2023: -$95.2MALHC FY2024: -$6.6MALHC FY2025: $113.1MELV FY2018: $2.6BELV FY2019: $5BELV FY2020: $9.7BELV FY2021: $7.3BELV FY2022: $7.2BELV FY2023: $6.8BELV FY2024: $4.6BELV FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $113.1MELV $3.2B

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

Questions about Alignment Healthcare and Elevance Health

Which is bigger by revenue, Alignment Healthcare or Elevance Health?

Elevance Health is bigger by revenue: $199.1B in fiscal 2025, against $3.9B for Alignment Healthcare in fiscal 2025.

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

Alignment Healthcare had a net margin of -0.0% in fiscal 2025; Elevance Health had 2.8% in fiscal 2025.

Which grew revenue faster, Alignment Healthcare or Elevance Health?

In their latest fiscal years revenue changed by +46.1% at Alignment Healthcare and +12.5% at Elevance Health.

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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