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

Alignment Healthcare brought in $3.9B of revenue in fiscal 2025, Unitedhealth $447.6B in fiscal 2025. Revenue changed by +46.1% at Alignment Healthcare and +11.8% at Unitedhealth on the year before, so Alignment Healthcare grew faster. Alignment Healthcare kept -0.0% of its revenue as net profit, Unitedhealth 2.7%. Free cash flow was $113.1M at Alignment Healthcare and $16.1B at Unitedhealth.

Side by side, latest fiscal year

ALHCUNH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.9B$447.6B
Revenue growth+46.1%+11.8%
Net income-$724K$12.1B
Net margin-0.0%2.7%
Free cash flow$113.1M$16.1B
Free cash flow margin2.9%3.6%
Earnings per share (diluted)$0.00$13.23
Cash$575.8M$24.4B
Debt$323.2M$72.3B
Price to earningsn/a28.5
Market value$1.7B$338B
Dividend yieldn/a2.32%
Rank by revenue in sector#73 of 523 · Health care#1 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: $3.9BUNH FY2018: $226.2BUNH FY2019: $242.2BUNH FY2020: $257.1BUNH FY2021: $287.6BUNH FY2022: $324.2BUNH FY2023: $371.6BUNH FY2024: $400.3BUNH FY2025: $447.6BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $3.9BUNH $447.6B
Net income
ALHC FY2019: -$44.7MALHC FY2021: -$22.9MALHC FY2021: -$195.3MALHC FY2022: -$149.5MALHC FY2023: -$148MALHC FY2024: -$128MALHC FY2025: -$724KUNH FY2018: $12BUNH FY2019: $13.8BUNH FY2020: $15.4BUNH FY2021: $17.3BUNH FY2022: $20.1BUNH FY2023: $22.4BUNH FY2024: $14.4BUNH FY2025: $12.1BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC -$724KUNH $12.1B
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%UNH FY2018: 5.3%UNH FY2019: 5.7%UNH FY2020: 6.0%UNH FY2021: 6.0%UNH FY2022: 6.2%UNH FY2023: 6.0%UNH FY2024: 3.6%UNH FY2025: 2.7%FY18FY19FY20FY21FY22FY23FY24FY25
ALHC -0.0%UNH 2.7%
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%UNH FY2019: +7.0%UNH FY2020: +6.2%UNH FY2021: +11.8%UNH FY2022: +12.7%UNH FY2023: +14.6%UNH FY2024: +7.7%UNH FY2025: +11.8%FY19FY20FY21FY22FY23FY24FY25
ALHC +46.1%UNH +11.8%
Free cash flow
ALHC FY2022: -$69.2MALHC FY2023: -$95.2MALHC FY2024: -$6.6MALHC FY2025: $113.1MUNH FY2018: $13.7BUNH FY2019: $16.4BUNH FY2020: $20.1BUNH FY2021: $19.9BUNH FY2022: $23.4BUNH FY2023: $25.7BUNH FY2024: $20.7BUNH FY2025: $16.1BFY18FY19FY20FY21FY22FY23FY24FY25
ALHC $113.1MUNH $16.1B

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

Questions about Alignment Healthcare and Unitedhealth

Which is bigger by revenue, Alignment Healthcare or Unitedhealth?

Unitedhealth is bigger by revenue: $447.6B in fiscal 2025, against $3.9B for Alignment Healthcare in fiscal 2025.

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

Alignment Healthcare had a net margin of -0.0% in fiscal 2025; Unitedhealth had 2.7% in fiscal 2025.

Which grew revenue faster, Alignment Healthcare or Unitedhealth?

In their latest fiscal years revenue changed by +46.1% at Alignment Healthcare and +11.8% at Unitedhealth.

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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