Latest Ratios: P/E Ratio -6500.0x · EV/EBITDA 103.3x · ROE -0.5%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $3.9B | $2.1B | $1.6B | $2.1B | $2.4B | — | — |
| Enterprise Value | $4.7B | $3.7B | $2.0B | $1.6B | $1.9B | $2.1B | — | — |
| P/E Ratio → | -6500.00 | — | — | — | — | — | — | — |
| P/S Ratio | 1.24 | 0.99 | 0.79 | 0.88 | 1.49 | 2.07 | — | — |
| P/B Ratio | 26.56 | 21.81 | 21.26 | 10.14 | 8.91 | 7.90 | — | — |
| P/FCF | 43.42 | 34.56 | — | — | — | — | — | — |
| P/OCF | 35.11 | 27.95 | 61.73 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.93 | 0.76 | 0.86 | 1.32 | 1.81 | — | — |
| EV / EBITDA | 103.32 | 81.15 | — | — | — | — | — | — |
| EV / EBIT | 316.80 | 247.34 | — | — | — | — | — | — |
| EV / FCF | — | 32.44 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.4% | 12.4% | 11.0% | 11.0% | 12.8% | 11.0% | 17.3% | 12.6% |
| Operating Margin | 0.4% | 0.4% | -3.8% | -7.0% | -9.0% | -15.2% | -0.5% | -3.9% |
| Net Profit Margin | -0.0% | -0.0% | -4.7% | -8.1% | -10.4% | -16.7% | -2.4% | -5.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -0.5% | -0.5% | -98.9% | -74.5% | -54.8% | -116.0% | -74.9% | — |
| ROA | -0.1% | -0.1% | -18.6% | -24.2% | -23.6% | -40.3% | -8.6% | -23.1% |
| ROIC | — | — | -123.5% | -159.4% | — | — | — | — |
| ROCE | 2.9% | 2.9% | -26.8% | -34.9% | -29.7% | -54.9% | -4.2% | -46.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.89 | 1.89 | 3.26 | 1.08 | 0.69 | 0.51 | 5.05 | — |
| Debt / EBITDA | 7.47 | 7.47 | — | — | — | — | 15.14 | — |
| Net Debt / Equity | — | -1.34 | -1.03 | -0.20 | -1.02 | -1.01 | -1.73 | — |
| Net Debt / EBITDA | -5.30 | -5.30 | — | — | — | — | -5.18 | — |
| Debt / FCF | — | -2.12 | — | — | — | — | — | — |
| Interest Coverage | 0.94 | 0.94 | -4.44 | -5.98 | -7.16 | -10.20 | -0.35 | -2.00 |
Net cash position: cash ($578M) exceeds total debt ($338M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.74 | 1.74 | 1.88 | 1.84 | 2.37 | 3.31 | 1.72 | 0.98 |
| Quick Ratio | 1.74 | 1.74 | 1.88 | 1.84 | 2.37 | 3.31 | 1.72 | 0.98 |
| Cash Ratio | 1.21 | 1.21 | 1.34 | 1.21 | 1.78 | 2.79 | 1.35 | 0.66 |
| Asset Turnover | — | 3.70 | 3.46 | 3.08 | 2.26 | 1.85 | 2.83 | 3.91 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 2.3% | 2.9% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — |
| Shares Outstanding | — | $198M | $191M | $186M | $181M | $172M | $187M | $152M |
Regulatory reimbursement rate volatility
According to current market data, ALHC trades at a forward P/E of 121.67, suggesting that investors are pricing in significant future earnings expansion rather than current profitability, a valuation stance that appears aggressive when compared to the more moderate multiples assigned to established managed care peers like Humana.
The company's P/S ratio of 1.20 reflects a market that prioritizes top-line scale over immediate bottom-line conversion. This valuation implies that the market expects the proprietary technology platform to eventually drive superior margins, though such an outcome remains speculative given the current lack of consistent net income.
Based on reported figures, ROIC has swung violently from a low of -66.3% in 2023Q4 to a positive 47.8% in 2025Q2, indicating that the company's ability to generate returns on invested capital is currently too unstable to serve as a reliable indicator of long-term compounding potential.
The extreme variance in ROIC highlights the sensitivity of the business model to quarterly medical loss fluctuations and the timing of CMS risk-adjustment payments. Investors should monitor whether these returns stabilize as the company moves past its initial high-growth phase and achieves greater operational maturity.
As reported in recent financial statements, the company's DSO has remained relatively stable between 18 and 23 days, suggesting that the core revenue collection process is efficient despite the inherent complexities of managing Medicare Advantage claims and the associated regulatory settlement cycles with federal authorities.
The consistency in DSO indicates that the company maintains a disciplined approach to managing its primary receivables. However, the lack of clear data on DPO and DIO suggests that the broader cash conversion cycle is difficult to fully quantify, warranting caution regarding the company's underlying working capital management.
According to the latest quarterly balance sheet, the debt-to-equity ratio has significantly compressed to 0.03 in 2026Q1 from a peak of 3.26 in 2024Q4, signaling a strategic shift toward a more conservative capital structure that reduces the risk of insolvency during periods of high medical utilization.
This deleveraging trend provides a necessary buffer against the inherent volatility of the Medicare Advantage sector. By reducing reliance on external debt, the company appears better positioned to navigate potential regulatory headwinds or unexpected spikes in medical costs without needing to access capital markets under unfavorable conditions.
The P/E ratio is frequently misapplied to ALHC, as the metric fails to account for the significant impact of stock-based compensation and the non-cash nature of IBNR reserve adjustments, which together obscure the company's true underlying cash-generating capability and operational performance in the current fiscal environment.
Investors should instead focus on adjusted EBITDA or free cash flow metrics to better understand the company's economic reality. Relying on P/E in a high-growth, tech-enabled insurance model risks misinterpreting the company's path to profitability by ignoring the heavy reinvestment required to scale the proprietary care platform.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying ALHC stock.
Alignment Healthcare, Inc.'s current P/E ratio is -6500.0x. This places it at the 50th percentile of its historical range.
Alignment Healthcare, Inc.'s current EV/EBITDA is 103.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 81.2x.
Alignment Healthcare, Inc.'s return on equity (ROE) is -0.5%. The historical average is -69.9%.
Based on historical data, Alignment Healthcare, Inc. is trading at a P/E of -6500.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alignment Healthcare, Inc. has 12.4% gross margin and 0.4% operating margin.
Alignment Healthcare, Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.