Alignment Healthcare, Inc.
alignmenthealth.comWhat Do They Do?
Sells Medicare Advantage plans to seniors and coordinates their covered healthcare.
10-K for FY2025, filed Feb 27, 2026
How Do They Make Money?
Receives a fixed monthly payment from the federal government for each member enrolled in its Medicare Advantage plans, and monthly payments from other health plans for managing members’ care.
10-K for FY2025, filed Feb 27, 2026Our licensed Medicare Advantage plans contract directly with the Centers for Medicare & Medicaid Services. In exchange for a capitated…View ↗
Premium revenue is derived monthly from the federal government based on our contracts with the Centers for Medicare and Medicaid Services…View ↗
Under those arrangements with third-party payors, we receive a PMPM payment for a defined member population, and we are responsible for…View ↗
$3.9B
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10-K for FY2025, filed Feb 27, 2026
$3.9B ↗
Who Are Their Customers?
Seniors select Alignment’s Medicare Advantage plans directly; Alignment contracts with CMS, which pays a fixed monthly amount for each enrolled member.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 27, 2026Traditional healthcare coverage and care delivery is complex and fails to consistently engage and satisfy consumers. Today, consumers have…View ↗
Our licensed Medicare Advantage plans contract directly with the Centers for Medicare & Medicaid Services. In exchange for a capitated…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $724K in FY2025, but brought in more cash than it spent: $113.1M of free cash flow.
10-K for FY2025, filed Feb 27, 2026
$14.8MView ↗
10-K for FY2025, filed Feb 27, 2026
−$724KView ↗
10-K for FY2025, filed Feb 27, 2026
$113.1MView ↗
How Are They Changing?
Growing. Revenue grew 3.4x in 4 years, from $1.2B in FY2021 to $3.9B in FY2025, about 36% a year.
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