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

Alignment Healthcare brought in $3.9B of revenue in fiscal 2025, Molina Healthcare $45.4B in fiscal 2025. Revenue changed by +46.1% at Alignment Healthcare and +11.7% at Molina Healthcare on the year before, so Alignment Healthcare grew faster. Alignment Healthcare kept -0.0% of its revenue as net profit, Molina Healthcare 1.0%. Free cash flow was $113.1M at Alignment Healthcare and -$636M at Molina Healthcare.

Side by side, latest fiscal year

ALHCMOH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.9B$45.4B
Revenue growth+46.1%+11.7%
Net income-$724K$472M
Net margin-0.0%1.0%
Free cash flow$113.1M-$636M
Free cash flow margin2.9%-1.4%
Earnings per share (diluted)$0.00$8.92
Cash$575.8M$4.2B
Debt$323.2M$3.8B
Price to earningsn/a21.4
Market value$1.7B$10B
Dividend yieldn/an/a
Rank by revenue in sector#73 of 523 · Health care#17 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: $3.9BMOH FY2018: $18.9BMOH FY2019: $16.8BMOH FY2020: $19.4BMOH FY2021: $27.8BMOH FY2022: $32BMOH FY2023: $34.1BMOH FY2024: $40.7BMOH FY2025: $45.4BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $3.9BMOH $45.4B
Net income
ALHC FY2019: -$44.7MALHC FY2021: -$22.9MALHC FY2021: -$195.3MALHC FY2022: -$149.5MALHC FY2023: -$148MALHC FY2024: -$128MALHC FY2025: -$724KMOH FY2018: $707MMOH FY2019: $737MMOH FY2020: $673MMOH FY2021: $659MMOH FY2022: $792MMOH FY2023: $1.1BMOH FY2024: $1.2BMOH FY2025: $472MFY18FY19FY20FY21FY22FY23FY24FY25
ALHC -$724KMOH $472M
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%MOH FY2018: 3.7%MOH FY2019: 4.4%MOH FY2020: 3.5%MOH FY2021: 2.4%MOH FY2022: 2.5%MOH FY2023: 3.2%MOH FY2024: 2.9%MOH FY2025: 1.0%FY18FY19FY20FY21FY22FY23FY24FY25
ALHC -0.0%MOH 1.0%
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%MOH FY2019: -10.9%MOH FY2020: +15.4%MOH FY2021: +43.0%MOH FY2022: +15.1%MOH FY2023: +6.6%MOH FY2024: +19.3%MOH FY2025: +11.7%FY19FY20FY21FY22FY23FY24FY25
ALHC +46.1%MOH +11.7%
Free cash flow
ALHC FY2022: -$69.2MALHC FY2023: -$95.2MALHC FY2024: -$6.6MALHC FY2025: $113.1MMOH FY2018: -$344MMOH FY2019: $377MMOH FY2020: $1.8BMOH FY2021: $2BMOH FY2022: $682MMOH FY2023: $1.6BMOH FY2024: $544MMOH FY2025: -$636MFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $113.1MMOH -$636M

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

Questions about Alignment Healthcare and Molina Healthcare

Which is bigger by revenue, Alignment Healthcare or Molina Healthcare?

Molina Healthcare is bigger by revenue: $45.4B in fiscal 2025, against $3.9B for Alignment Healthcare in fiscal 2025.

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

Alignment Healthcare had a net margin of -0.0% in fiscal 2025; Molina Healthcare had 1.0% in fiscal 2025.

Which grew revenue faster, Alignment Healthcare or Molina Healthcare?

In their latest fiscal years revenue changed by +46.1% at Alignment Healthcare and +11.7% at Molina Healthcare.

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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