Overview
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- TickerALHC on Nasdaq1
- IndustryHospital & Medical Service Plans1
- HeadquartersOrange, California1
- Incorporated inDE2
- Business address1100 W. Town And Country Road, Suite 1600, Orange, Ca 928682
- Filer categoryLarge accelerated filer2
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Alignment Healthcare was founded in 2013 with one mission: improve healthcare, one senior at a time. We pursue this mission by focusing on our core values:4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin11¢$443.4M
- Other costs89¢$3.5B
- Income tax0¢$20.0K
Out of $3.9B in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending19¢$26.8M
- Kept or used elsewhere81¢$113.1M
Out of $139.9M of cash from operations.5
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $754.0M6 | $955.4M7 | $1.2B8 | $1.4B8 | $1.8B8 | $2.7B5 | $3.9B5 |
| Selling, general and admin | $110.1M6 | $156.4M7 | $291.0M8 | $295.6M9 | $307.4M5 | $371.4M5 | $443.4M5 |
| Operating expenses | $1.3B8 | $1.6B9 | $2.0B5 | $2.8B5 | $3.9B5 | ||
| Operating income | -$29.5M6 | -$5.3M7 | -$178.1M8 | -$128.6M9 | -$127.8M5 | -$101.6M5 | $14.8M5 |
| Interest | $14.9M6 | $16.9M7 | $17.4M8 | $18.3M8 | $21.2M8 | ||
| Income before tax | -$195.3M8 | -$149.3M9 | -$148.2M5 | -$128.1M5 | -$958.0K5 | ||
| Income tax | $06 | $07 | $08 | $339.0K9 | -$22.0K5 | $21.0K5 | $20.0K5 |
| Net income | -$44.7M6 | -$22.9M7 | -$195.3M8 | -$149.5M9 | -$148.0M5 | -$128.0M5 | -$724.0K5 |
| Earnings per share | -$0.157 | -$1.148 | -$0.839 | -$0.795 | -$0.675 | $0.005 | |
| Earnings per share (diluted) | -$0.157 | -$1.148 | -$0.839 | -$0.795 | -$0.675 | $0.005 | |
| Shares (weighted, basic) | 181.9M shares8 | 181.2M shares9 | 186.2M shares5 | 190.8M shares5 | 198.0M shares5 | ||
| Shares (weighted, diluted) | 181.9M shares8 | 181.2M shares9 | 186.2M shares5 | 190.8M shares5 | 198.0M shares5 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $86.5M6 | $207.3M7 | $466.6M8 | $409.5M9 | $202.9M5 | $432.9M5 | $575.8M5 |
| Receivables | $58.5M7 | $92.9M8 | $119.7M9 | $153.9M5 | $253.2M5 | ||
| Current assets | $264.7M6 | $552.9M7 | $544.5M8 | $483.5M9 | $661.6M5 | $951.6M5 | |
| Property, plant and equipment | $30.4M7 | $37.2M8 | $51.9M9 | $67.1M5 | $64.3M5 | ||
| Goodwill | $29.3M7 | $34.8M8 | $34.8M9 | $34.8M5 | $32.1M5 | ||
| Intangible assets | $35.1M7 | $5.5M8 | $5.3M9 | $4.5M5 | $4.5M5 | ||
| Total assets | $338.5M6 | $630.9M7 | $633.9M8 | $591.9M9 | $782.1M5 | $1.1B5 | |
| Short-term debt | $07 | $08 | $09 | $05 | $05 | ||
| Current liabilities | $153.5M6 | $167.2M7 | $230.0M8 | $263.0M9 | $351.8M5 | $556.9M5 | |
| Long-term debt | $144.2M6 | $150.6M7 | $160.9M8 | $161.8M9 | $321.4M5 | $323.2M5 | |
| Total liabilities | $307.9M6 | $324.8M7 | $394.6M8 | $433.8M9 | $681.1M5 | $886.5M5 | |
| Retained earnings | -$582.7M7 | -$732.2M8 | -$880.3M9 | -$1.0B5 | -$1.0B5 | ||
| Shareholders’ equity | -$78.7M7 | $30.6M6 | $306.0M7 | $238.1M8 | $156.9M9 | $99.9M5 | $179.3M5 |
| Shares outstanding | 164.1M shares6 | 187.2M shares7 | 187.3M shares8 | 189.0M shares9 | 191.8M shares5 | 204.2M shares5 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $9.2M6 | $7.6M7 | -$78.8M8 | -$45.4M9 | -$59.2M5 | $34.8M5 | $139.9M5 |
| Depreciation and amortization | $15.8M8 | $17.3M9 | $21.4M5 | $26.9M5 | $30.4M5 | ||
| Stock-based compensation | $621.0K8 | $81.7M9 | $66.8M5 | $71.1M5 | $62.1M5 | ||
| Capital spending | $23.8M9 | $36.0M5 | $41.4M5 | $26.8M5 | |||
| Free cash flow | -$69.2M | -$95.2M | -$6.6M | $113.1M | |||
| Cash from investing | -$20.8M8 | -$28.2M9 | -$147.3M5 | $39.2M5 | -$15.0M5 | ||
| Cash from financing | $360.1M8 | $16.6M9 | $105.0K5 | $156.0M5 | $18.0M5 |
Corporate structure
Alignment Healthcare, Inc. sits at the top of its group. 12 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Alignment Healthcare, Inc.
- BlackRock Filed SCHEDULE 13G/A on Alignment Healthcare, Inc., latest Oct 5, 2026 (4 filings since Oct 17, 2025)
- Invesco Filed SCHEDULE 13G on Alignment Healthcare, Inc., latest Aug 13, 2026
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Alignment Healthcare, Inc., latest Jul 31, 2026
- GENERAL ATLANTIC, L.P. Filed SCHEDULE 13G/A on Alignment Healthcare, Inc., latest May 15, 2026 (6 filings since Feb 11, 2022)
- Wellington Management Company Filed SCHEDULE 13G/A on Alignment Healthcare, Inc., latest May 15, 2026 (3 filings since Nov 12, 2025)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Alignment Healthcare, Inc., latest Mar 26, 2026 (5 filings since Nov 4, 2024)
- FMR LLC Filed SCHEDULE 13G on Alignment Healthcare, Inc., latest Feb 5, 2026 (7 filings since Feb 9, 2022)
- CITADEL ADVISORS LLC Filed SCHEDULE 13G/A on Alignment Healthcare, Inc., latest Nov 14, 2025 (2 filings since Jul 10, 2025)
- Qatar Investment Authority Filed SCHEDULE 13G on Alignment Healthcare, Inc., latest Sep 24, 2025
- T. Rowe Price Investment Management, Inc. Filed SCHEDULE 13G on Alignment Healthcare, Inc., latest Aug 14, 2025 (3 filings since Feb 14, 2024)
- Warburg Pincus Private Equity XII, L.P. Filed SCHEDULE 13G/A on Alignment Healthcare, Inc., latest Feb 14, 2025 (4 filings since Feb 14, 2022)
- James E. Flynn Filed SCHEDULE 13G/A on Alignment Healthcare, Inc., latest Feb 13, 2025 (2 filings since May 17, 2024)
- Alignment Healthcare, Inc. Orange, California
- Alignment Health Advantage Plan, Inc. Subsidiary · California, United States
- Alignment Health Advisors, LLC Subsidiary · Delaware, United States
- Alignment Health Insurance Company of Arizona, Inc. Subsidiary · Arizona, United States
- Alignment Health Plan (f/k/a Honored Citizens Choice Health Plan, Inc.) Subsidiary · California, United States
- Alignment Health Plan of Arizona, Inc. Subsidiary · Arizona, United States
- Alignment Health Plan of Nevada, Inc. Subsidiary · Nevada, United States
- Alignment Health Plan of North Carolina, Inc. Subsidiary · North Carolina, United States
- Alignment Healthcare Holdco 1, LLC Subsidiary · Delaware, United States
- Alignment Healthcare Holdco 2, LLC Subsidiary · Delaware, United States
- Alignment Healthcare North Carolina, LLC Subsidiary · North Carolina, United States
- Alignment Healthcare USA, LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Alignment Healthcare, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $243.4M5 Dec 31, 2025 | $216.5M5 Dec 31, 2024 | +12.4% |
| Accumulated depreciation | $179.1M5 Dec 31, 2025 | $149.4M5 Dec 31, 2024 | +19.9% |
| Property and equipment, net | $64.3M5 Dec 31, 2025 | $67.1M5 Dec 31, 2024 | −4.3% |
| Finance-lease assets | $266.0K5 Dec 31, 2025 | $05 Dec 31, 2024 | |
| Operating-lease assets (leased space) | $6.8M5 Dec 31, 2025 | $7.8M5 Dec 31, 2024 | −13.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $575.8M5 Dec 31, 2025 | $432.9M5 Dec 31, 2024 | +33.0% |
| Marketable securities, current | $28.4M5 Dec 31, 2025 | $37.8M5 Dec 31, 2024 | −24.8% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $32.1M5 Dec 31, 2025 | $34.8M5 Dec 31, 2024 | −7.9% |
| Intangible assets, net (excluding goodwill) | $4.5M5 Dec 31, 2025 | $4.5M5 Dec 31, 2024 | 0% |
| Accumulated amortization | $3.3M5 Dec 31, 2025 | $3.3M5 Dec 31, 2024 | 0% |
Properties, in its own words
Our corporate headquarters are located in Orange, California at 1100 W. Town and Country Rd, Suite 1600, where we lease approximately 47,321 square feet of office space under a lease that terminates in May 2030. We also have offices located in New York, New York; Las Vegas, Nevada; El Paso, Texas; Sahuarita, and Tucson, Arizona; and Venice, Florida. We also have small clinics located in Milpitas, Modesto and Downey, California; and Raleigh, North Carolina. We believe that our properties are generally suitable to meet
our needs for the foreseeable future. In addition, to the extent we require additional space in the future, we believe that it would be readily available on commercially reasonable terms.
Item 2 of the 10-K filed Feb 27, 2026.4
Leadership
Who has led Alignment Healthcare, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerJohn E. Kao Mar 26, 2021 to now12
- ChairJoseph S. Konowiecki Nov 9, 2022 to Jul 16, 202413
- PresidentMark D. Kent May 20, 2026 to now14
- PresidentDawn Christine Maroney Mar 26, 2021 to May 20, 202615
- Chief financial officerJames M. Head May 2, 2025 to now16
- Chief financial officerRobert Thomas Freeman Mar 26, 2021 to May 2, 202517
- Chief operating officerSebastian Burzacchi Dec 7, 2023 to now18
Board members and other officers (28)
- Chief Digital OfficerAdnan R. Mansour Jan 21, 2026 to now19
- Chief Operations OfficerShane J. Hochradel Jun 2, 2026 to now20
- EVP, Corporate AffairsJoseph S. Konowiecki Jun 9, 2026 to now21
- Chief People & Culture OfficerAndreas P. Wagner Jan 17, 2024 to now22
- Chief Technology OfficerHakan Kardes May 1, 2023 to now23
- Chief Information OfficerRobert L. Scavo May 1, 2023 to now24
- Chief People OfficerToro Melinda Michele Del Jul 7, 2023 to Jul 7, 202325
- Chief Medical OfficerHyong Kim Sep 27, 2023 to now26
- Chief Health OfficerDinesh M. Kumar Mar 26, 2021 to Mar 31, 202327
- Chief Clinical OfficerDonald Steven Furman Mar 26, 2021 to Aug 22, 202328
- Pres., New Markets & CBORajesh Shrestha Aug 30, 2021 to Apr 1, 202229
- Board memberJody L. Bilney Jan 3, 2022 to now30
- Board memberYon Jorden Jan 3, 2022 to now31
- Board memberAtlantic (aln Hlth) L.p. General Mar 26, 2021 to now32
- Board memberAtlantic Genpar L.p. General Mar 26, 2021 to now33
- Board memberCoinvestments Cda L.p. Gap Mar 26, 2021 to now33
- Board memberDavid C. Hodgson Mar 26, 2021 to now34
- Board memberJacqueline B. Kosecoff Mar 26, 2021 to now35
- Board memberJeffrey H. Margolis Mar 26, 2021 to Aug 16, 202436
- Board memberJohn E. Kao Mar 26, 2021 to now12
- Board memberJoseph S. Konowiecki Mar 26, 2021 to now37
- Board memberMargaret M. McCarthy Mar 26, 2021 to now38
- Board memberMark McClellan Mar 26, 2021 to now39
- Board memberNicholas Robbert Vorhoff Mar 26, 2021 to now40
- Board memberThomas J. Carella Mar 26, 2021 to Mar 15, 202441
- General counselChristopher J. Joyce Aug 7, 2023 to now42
- General counselMichael Curtis Foster Mar 26, 2021 to Apr 8, 202143
- General counselRichard A. Cross Aug 30, 2021 to Mar 31, 202344
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Alignment Health Advantage Plan, Inc. California3
- Alignment Health Advisors, LLC Delaware3
- Alignment Health Insurance Company of Arizona, Inc. Arizona3
- Alignment Health Plan (f/k/a Honored Citizens Choice Health Plan, Inc.) California3
- Alignment Health Plan of Arizona, Inc. Arizona3
- Alignment Health Plan of Nevada, Inc. Nevada3
- Alignment Health Plan of North Carolina, Inc. North Carolina3
- Alignment Healthcare Holdco 1, LLC Delaware3
- Alignment Healthcare Holdco 2, LLC Delaware3
- Alignment Healthcare North Carolina, LLC North Carolina3
- Alignment Healthcare USA, LLC Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 8, 20268-K Regulation FD disclosure45
- Jul 30, 20268-K Results of operations46
- Jun 9, 20268-K Shareholder vote47
- May 12, 20268-K Bylaws or fiscal year changed; Regulation FD disclosure48
- Apr 30, 20268-K Results of operations49
- Mar 4, 20268-K Entered a material agreement50
- Feb 26, 20268-K Results of operations51
- Jan 12, 20268-K Regulation FD disclosure52
- Oct 30, 20258-K Results of operations53
- Sep 9, 20258-K Regulation FD disclosure54
- Jul 30, 20258-K Results of operations55
- Jun 11, 20258-K Shareholder vote56
- Mar 26, 2021New chief executive John E. Kao becomes CEO12
Calendar
Coming up
- Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.02 a share, on Oct 30, 2025.57
When it reported results
- Jul 30, 2026Reported quarterly or annual results46
- Apr 30, 2026Reported quarterly or annual results49
- Feb 26, 2026Reported quarterly or annual results51
- Oct 30, 2025Reported quarterly or annual results53
- Jul 30, 2025Reported quarterly or annual results55
- May 1, 2025Reported quarterly or annual results58
- Feb 27, 2025Reported quarterly or annual results59
- Oct 29, 2024Reported quarterly or annual results60
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
741 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 413 insider forms, 39 large holders, 217 other. The latest 20:
- Oct 8, 20268-K EDGAR
- Oct 7, 20264 EDGAR
- Oct 5, 2026SCHEDULE 13G/A EDGAR
- Oct 5, 2026144 EDGAR
- Sep 18, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Sep 16, 2026144 EDGAR
- Sep 11, 20264 EDGAR
- Sep 11, 20264 EDGAR
- Sep 10, 2026144 EDGAR
- Sep 9, 2026144 EDGAR
- Sep 9, 2026144 EDGAR
- Aug 18, 20264 EDGAR
- Aug 14, 2026144 EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 10, 20264 EDGAR
- Jul 31, 2026SCHEDULE 13G EDGAR
- Jul 30, 202610-Q EDGAR
- Jul 30, 20268-K EDGAR
- Jul 27, 2026SCHEDULE 13G/A EDGAR
The 741 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
337 open-market trades by officers, directors and large owners since October 2021: 3 buys and 334 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 17, 2026 | KONOWIECKI JOSEPH SEVP, Corporate Affairs | Sale | 23,511 | $8.61 | $202.4K | Form 4 |
| Sep 14, 2026 | KAO JOHN EChief Executive Officer | Sale | 27,400 | $13.00 | $356.2K | Form 4 |
| Sep 11, 2026 | Maroney Dawn ChristinePresident | Sale | 122,707 | $12.68 | $1.6M | Form 4 |
| Sep 11, 2026 | KAO JOHN EChief Executive Officer | Sale | 385,270 | $12.68 | $4.9M | Form 4 |
| Sep 10, 2026 | KAO JOHN EChief Executive Officer | Sale | 172,600 | $12.96 | $2.2M | Form 4 |
| Aug 14, 2026 | Maroney Dawn ChristinePresident | Sale | 5,000 | $14.00 | $70.0K | Form 4 |
| Aug 10, 2026 | KAO JOHN EChief Executive Officer | Sale | 298,000 | $13.88 | $4.1M | Form 4 |
| Jul 15, 2026 | Maroney Dawn ChristinePresident | Sale | 177,068 | $20.83 | $3.7M | Form 4 |
| Jul 10, 2026 | KAO JOHN EChief Executive Officer | Sale | 298,000 | $19.86 | $5.9M | Form 4 |
| Jul 1, 2026 | KONOWIECKI JOSEPH SEVP, Corporate Affairs | Sale | 25,000 | $24.00 | $600.0K | Form 4 |
| Jun 26, 2026 | KONOWIECKI JOSEPH SEVP, Corporate Affairs | Sale | 25,000 | $23.00 | $575.0K | Form 4 |
| Jun 18, 2026 | KONOWIECKI JOSEPH SEVP, Corporate Affairs | Sale | 25,000 | $22.00 | $550.0K | Form 4 |
| Jun 15, 2026 | Maroney Dawn ChristinePresident | Sale | 30,000 | $19.55 | $586.5K | Form 4 |
| Jun 12, 2026 | Kim HyongChief Medical Officer | Sale | 35,951 | $19.86 | $714.0K | Form 4 |
| Jun 11, 2026 | KONOWIECKI JOSEPH SEVP, Corporate Affairs | Sale | 25,000 | $21.00 | $525.0K | Form 4 |
| Jun 10, 2026 | KAO JOHN EChief Executive Officer | Sale | 298,000 | $20.36 | $6.1M | Form 4 |
| Jun 2, 2026 | Kent Mark D.President - MSO | Buy | 14,848 | $13.31 | $197.6K | Form 4 |
| May 15, 2026 | Maroney Dawn ChristinePresident | Sale | 30,000 | $16.09 | $482.7K | Form 4 |
| May 11, 2026 | KAO JOHN EChief Executive Officer | Sale | 298,000 | $16.89 | $5.0M | Form 4 |
| Apr 15, 2026 | Maroney Dawn ChristinePresident | Sale | 30,000 | $20.87 | $626.1K | Form 4 |
All 337 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 4 filings Oct 17, 2025 to Oct 5, 202661
- InvescoSCHEDULE 13G, 1 filing Aug 13, 202662
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Jul 31, 202663
- GENERAL ATLANTIC, L.P.SCHEDULE 13G/A, 6 filings Feb 11, 2022 to May 15, 202664
- Wellington Management CompanySCHEDULE 13G/A, 3 filings Nov 12, 2025 to May 15, 202665
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Nov 4, 2024 to Mar 26, 202666
- FMR LLCSCHEDULE 13G, 7 filings Feb 9, 2022 to Feb 5, 202667
- CITADEL ADVISORS LLCSCHEDULE 13G/A, 2 filings Jul 10, 2025 to Nov 14, 202568
- Qatar Investment AuthoritySCHEDULE 13G, 1 filing Sep 24, 202569
- T. Rowe Price Investment Management, Inc.SCHEDULE 13G, 3 filings Feb 14, 2024 to Aug 14, 202570
- Warburg Pincus Private Equity XII, L.P.SCHEDULE 13G/A, 4 filings Feb 14, 2022 to Feb 14, 202571
- James E. FlynnSCHEDULE 13G/A, 2 filings May 17, 2024 to Feb 13, 202572
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | John KaoChief Executive Officer | 64 | $833.7K | $11.3M73 |
| 2025 | Dawn MaroneyPresident | 58 | $676.9K | $5.4M73 |
| 2025 | James M. HeadChief Financial Officer | 60 | $394.6K | $3.3M73 |
| 2025 | Hyong (Ken) Kim, M.D.Chief Medical Officer | 57 | $560.0K | $3.1M73 |
| 2025 | Christopher JoyceChief Legal & Administrative Officer | 62 | $525.0K | $3.0M73 |
| 2025 | Thomas FreemanFormer Chief Financial Officer | $501.9K | $2.9M73 | |
| 2024 | John KaoChief Executive Officer | 64 | $817.3K | $6.4M73 |
| 2024 | Dawn MaroneyPresident | 58 | $573.8K | $3.1M73 |
| 2024 | Thomas FreemanFormer Chief Financial Officer | $566.9K | $2.8M73 | |
| 2024 | Hyong (Ken) Kim, M.D.Chief Medical Officer | 57 | $555.7K | $2.5M73 |
| 2023 | John KaoChief Executive Officer | 64 | $786.5K | $14.3M73 |
| 2023 | Dawn MaroneyPresident | 58 | $560.0K | $6.5M73 |
| 2023 | Thomas FreemanFormer Chief Financial Officer | $543.8K | $6.3M73 | |
| 2023 | Hyong (Ken) Kim, M.D.Chief Medical Officer | 57 | $20.0K | $3.1M73 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 19,342,956 | $460.6M | 0.0% | +5,267,759 |
| Wellington Management Group Llp | 18,780,363 | $447.2M | 0.1% | +1,681,427 |
| Fmr LLC | 13,924,329 | $331.5M | 0.0% | −1,967,735 |
| Vanguard Portfolio Management LLC | 11,672,259 | $277.9M | 0.0% | +1,962,188 |
| Invesco Ltd. | 10,365,640 | $246.8M | 0.0% | +3,365,541 |
| Bank Of America Corp /de/ | 9,346,742 | $222.5M | 0.0% | +6,131,075 |
| Vanguard Capital Management LLC | 8,144,247 | $193.9M | 0.0% | +170,584 |
| William Blair Investment Management, LLC | 7,761,403 | $184.8M | 0.6% | +2,546,789 |
| State Street Corp | 7,297,494 | $173.8M | 0.0% | +3,003,800 |
| Hood River Capital Management LLC | 6,184,526 | $147.3M | 1.1% | +130,049 |
| Geode Capital Management, LLC | 4,845,510 | $115.4M | 0.0% | +434,170 |
| Capital Research Global Investors | 4,399,329 | $104.7M | 0.0% | +805,753 |
| Goldman Sachs Group Inc | 4,013,339 | $95.6M | 0.0% | +3,001,689 |
| Capital World Investors | 3,910,131 | $93.1M | 0.0% | +1,244,073 |
| Danica Pension, Livsforsikringsaktieselskab | 3,687,259 | $87.8M | 1.4% | +1,183,682 |
| Bank of New York Mellon Corp | 3,657,160 | $87.1M | 0.0% | +344,050 |
| Allspring Global Investments Holdings, LLC | 3,053,525 | $73.3M | 0.1% | +595,125 |
| Next Century Growth Investors LLC | 2,537,598 | $60.4M | 3.2% | +275,522 |
| Ameriprise Financial Inc | 2,357,089 | $56.1M | 0.0% | +255,633 |
| Loomis Sayles & Co L P | 2,148,864 | $51.2M | 0.1% | +42,796 |
| Integral Health Asset Management, LLC | 2,000,000 | $47.6M | 2.0% | −575,000 |
| Northern Trust Corp | 1,996,335 | $47.5M | 0.0% | +412,718 |
| Broad Bay Capital Management, LP | 1,893,294 | $45.1M | 4.3% | −1,026,171 |
| Dimensional Fund Advisors LP | 1,770,815 | $42.2M | 0.0% | +1,724,280 |
| Morgan Stanley | 1,698,938 | $40.5M | 0.0% | +172,099 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Alignment Healthcare, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARAlignment Healthcare, Inc.1
- CIK0001832466
- Employer ID (EIN)46-55962424
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)6324 Hospital & Medical Service Plans1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address1100 W. Town And Country Road, Suite 1600, Orange, CA 928681
- Phone844-310-22471
- Shares outstanding207,435,149 as of Jul 27, 202611
- Public float$2.1B as of Jun 30, 20254
- AuditorDeloitte & Touche LLP, Costa Mesa, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceDec 4, 20201
- Filings812 in all: 4 (412), 144 (189), 8-K (53), 3 (34), SCHEDULE 13G/A (18), 10-Q (17), SCHEDULE 13G (8), 4/A (7)1
All 32 form types
CORRESP (7), SC 13G/A (7), DEFA14A (6), SC 13G (6), 10-K (5), DEF 14A (5), ARS (4), UPLOAD (4), 3/A (3), 424B7 (3), 424B4 (2), 8-K/A (2), DRS (2), DRS/A (2), DRSLTR (2), EFFECT (2), S-1 (2), S-1/A (2), S-3ASR (2), S-8 (2), 144/A (1), 8-A12B (1), CERT (1), PRE 14A (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Jul 30, 2026
Proxy statement (DEF 14A) Apr 24, 2026
Latest 8-K (8-K) Oct 8, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | ALHC | Nasdaq |
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Alignment Healthcare, Inc. names in Item 1A of its 10-K filed Feb 27, 2026: 66 risks under these headings, as written.4
- Risks Related to Our Business
- We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to achieve or maintain profitability.
- Our growth strategy may not prove viable and we may not realize expected results.
- If we are unable to attract new members, our revenue growth will be adversely affected.
- If we do not design and price our products properly and competitively, if we are unable to develop new products and implement clinical initiatives to provide a better healthcare experience for our members, lower costs, and appropriately document the risk profile of our members, or if our estimates of benefits expense are inadequate, our profitability may be materially adversely affected.
- We may not be successful in maintaining or improving our Star ratings in future years, which may have a direct and substantial adverse impact on our revenue.
- If we fail to develop and maintain satisfactory relationships with care providers to service our members, our business may be adversely affected.
- If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service and member satisfaction or adequately address competitive challenges.
- The healthcare industry is highly competitive. There are many other healthcare plans and healthcare service providers, many of which have a longer operating history and substantially more resources, and there are few barriers to entry in the healthcare industry. This competition may have a material adverse effect on our business operations and financial position.
- We have entered into certain key contracts with large independent physician associations, hospitals and other provider networks to serve our membership base. The loss or renegotiation of any of these contracts could negatively impact our results.
- Cybersecurity breaches, loss of data and other disruptions could compromise sensitive information related to our business or our members, or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation.
- Our use of machine learning and artificial intelligence, including within our AVA platform, may introduce operational, regulatory and legal risks that could adversely affect our business, financial condition and results of operations.
The other 55 risks
- Disruptions in our disaster recovery systems or management continuity planning could limit our ability to operate our business effectively and adequately care for our members.
- As a government contractor, we are exposed to risks that may materially adversely affect our business, including the potential loss of CMS contracts, significant changes to the Medicare Advantage and/or Part D programs, potential suspension from participating in the Medicare Advantage program, changes to the risk-adjustment model used to determine the premiums paid to Medicare Advantage plans, changes to provisions for risk sharing under Medicare Part D and risks related to governmental audits and investigations, among others.
- The Inflation Reduction Act of 2022 contains several provisions that affect the Part D program. These changes may require us to change our prescription drug offerings, reduce our profitability, and otherwise impact our financial performance.
- We may be subject to legal proceedings and litigation, including intellectual property and privacy disputes, which are costly and could materially harm our business and results of operations.
- Our business may be adversely impacted if the healthcare services industry becomes more cyclical.
- Any failure by us to manage acquisitions, joint ventures, divestitures and other significant transactions successfully may have a material adverse effect on our results of operations, financial position, and cash flows.
- If we are not able to maintain, enhance and protect our reputation and brand recognition, including through the maintenance and protection of trademarks, our business and results of operations will be harmed.
- Our business depends on our ability to effectively invest in, implement improvements to and properly maintain the uninterrupted operation and data integrity of our information technology platform and other business systems.
- If we are unable to obtain, maintain, protect and enforce intellectual property protection for our technology or if the scope of our intellectual property protection is not sufficiently broad, others may be able to develop and commercialize technology substantially similar to ours, and our ability to successfully commercialize our technology may be adversely affected.
- If we are unable to protect the confidentiality of our trade secrets, know-how and other proprietary and internally developed information, the value of our technology could be adversely affected.
- Any restrictions on our use of, or ability to license, data, or our failure to license data and integrate third-party technologies, could have a material adverse effect on our business, financial condition and results of operations.
- Our use of “open-source” software could adversely affect our ability to offer our products and services and subject us to possible litigation.
- We depend on our senior management team and other key employees, and the loss of one or more of these employees or an inability to attract and retain other highly skilled employees could harm our business.
- Our membership is concentrated in a limited number of U.S. states, and so we are subject to risks associated with our geographic concentration, including unanticipated changes in population morbidity, which could significantly increase utilization rates and medical costs.
- Competition for physicians and nurses, shortages of qualified personnel or other factors could increase our labor costs and adversely affect our revenue, profitability and cash flows.
- If our records, including those submitted to us by our external providers, contain inaccurate or unsupportable information regarding risk adjustment scores of members, we might overstate or understate our revenue and be subject to various penalties.
- A failure to accurately estimate incurred but not reported medical expense could adversely affect our results of operations.
- Negative publicity regarding the managed healthcare industry generally could adversely affect our results of operations or business.
- Federal reductions in Medicare Advantage funding could adversely affect our financial condition and results of operations.
- The centers out of which our external providers operate and the facilities that host our AVA platform may be negatively impacted by weather and other factors beyond our control.
- If we are unable to offer new and innovative products and services or our products and services fail to keep pace with advances in industry standards, technology and our members’ needs, our members may terminate or fail to renew their membership with us and our revenue and results of operations may suffer.
- We are a holding company with no operations of our own, and we depend on our subsidiaries for cash.
- Our ability to obtain funds from certain of our licensed subsidiaries is restricted by state insurance regulations.
- If we are required to maintain higher statutory capital levels for our existing operations or if we are subject to additional capital reserve requirements as we pursue new business opportunities, our cash flows and liquidity may be adversely affected.
- We are subject to risks associated with delegating services and functions to vendors, including supplemental benefit providers and third-party brokers.
- Risks Related to Regulation
- Our business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase our cost of doing business and may have a material adverse effect on our results of operations; our financial position; and our cash flows.
- The Health Care Reform Law and Other Current or Future Legislative, Judicial or Regulatory Changes
- Health Insurance Portability and Accountability Act, the Health Information Technology for Economic and Clinical Health Act and Other Laws, Rules and Regulations Related to Data Privacy
- Corporate Practice of Medicine and Other Laws
- Anti-Kickback, Physician Self-Referral and Other Fraud and Abuse Laws
- Environmental
- State Regulation of Insurance-Related Products
- If we are unable to effectively adapt to changes in the healthcare industry, including changes to laws and regulations regarding or affecting the U.S. healthcare reform, our business may be harmed.
- New federal restrictions on plans that CMS believes resemble dual-eligible special needs plans and new state-level restrictions on actual dual-eligible special needs plans may restrict the types and number of plans that we can offer, thus potentially adversely impacting our membership, revenue and/or profitability.
- If we lost the services of the licensed physicians who own our associated physician practices for any reason, the contractual arrangements with our associated physician practices could be in jeopardy.
- The contractual arrangements we have with our associated physician practices are not as secure as direct ownership of such entities.
- Changes in tax laws may adversely affect us, and the Internal Revenue Service or a court may disagree with tax positions taken by us, which may result in adverse effects on our financial condition or the value of our common stock.
- Risks Related to Our Indebtedness and our Capital Requirements
- Our existing indebtedness could adversely affect our business and growth prospects.
- We may not be able to generate sufficient cash flow to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under such indebtedness, including refinancing such indebtedness, which may not be successful.
- We may not have the ability to raise the funds necessary to settle conversions of our convertible notes, repurchase our convertible notes upon a fundamental change, or repay our convertible notes in cash at their maturity, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of our convertible notes.
- The terms and conditions of our Revolving Credit Facility restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.
- Our failure to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies in the future could reduce our ability to compete successfully and harm our results of operations.
- Risks Related to Our Common Stock
- Our operating results and stock price may be volatile, including as a result of factors that are beyond our control.
- Our actual operating results may not meet or exceed our guidance and investor expectations, which would likely cause our stock price to decline.
- An active, liquid trading market for our common stock may not be sustained.
- Future sales and issuances by us of our common stock could result in additional dilution to you and could cause the price of our common stock to drop significantly. Additionally, a significant portion of our total outstanding shares may be sold into the market in the future. This could also cause the market price of our common stock to drop significantly, even if our business is doing well.
- Conversion of our convertible notes may dilute the percentage of ownership of our stockholders and could negatively impact the trading prices of our common stock.
- Our outstanding convertible notes may impact the trading price of our common stock.
- If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our shares or if our results of operations do not meet their expectations, our stock price and trading volume could decline.
- We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock.
- We have no current plans to pay regular cash dividends on our common stock for the foreseeable future.
- Provisions of our corporate governance documents could make an acquisition of us more difficult and may prevent attempts by our shareholders to replace or remove our current management, even if beneficial to our shareholders.
- The provision of our certificate of incorporation requiring exclusive forum in the Court of Chancery of the State of Delaware or the federal district courts of the United States for certain types of lawsuits may have the effect of discouraging lawsuits against our directors and officers.
- General Risk Factors
- Economic downturn or unstable market and economic conditions, including rising rates of inflation, may have serious adverse consequences on our business, financial condition and share price.
- Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity and teamwork fostered by our culture and our business may be harmed.
- The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business.
- Third parties may initiate legal proceedings alleging that we are infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on our business, financial condition and results of operations.
Legal proceedings
We are from time to time subject to, and are presently involved in, litigation and other legal proceedings. We believe that there are no pending lawsuits or claims that, individually or in the aggregate, may have a material effect on our business, financial condition or operating results. The results of any future claims or proceedings cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and litigation costs, diversion of management resources, and other factors. For a discussion of our material legal actions, including those not in the ordinary course of business, see "Legal Proceedings" in Note 14 to the audited Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 12SEC EDGARJohn E. Kao, Chief executive officer
- 13SEC EDGARJoseph S. Konowiecki, Chair
- 14SEC EDGARMark D. Kent, President
- 15SEC EDGARDawn Christine Maroney, President
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- 26SEC EDGARHyong Kim, Chief Medical Officer
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- 30SEC EDGARJody L. Bilney, Board member
- 31SEC EDGARYon Jorden, Board member
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- 34SEC EDGARDavid C. Hodgson, Board member
- 35SEC EDGARJacqueline B. Kosecoff, Board member
- 36SEC EDGARJeffrey H. Margolis, Board member
- 37SEC EDGARJoseph S. Konowiecki, Board member
- 38SEC EDGARMargaret M. McCarthy, Board member
- 39SEC EDGARMark McClellan, Board member
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- 41SEC EDGARThomas J. Carella, Board member
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- 44SEC EDGARRichard A. Cross, General counsel
- 45SEC EDGARRegulation FD disclosure
- 46SEC EDGARResults of operations
- 47SEC EDGARShareholder vote
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- 49SEC EDGARResults of operations
- 50SEC EDGAREntered a material agreement
- 51SEC EDGARResults of operations
- 52SEC EDGARRegulation FD disclosure
- 53SEC EDGARResults of operations
- 54SEC EDGARRegulation FD disclosure
- 55SEC EDGARResults of operations
- 56SEC EDGARShareholder vote
- 57NasdaqNasdaq calendar
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