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Alignment Healthcare ALHC CMS Subsidies — Medical Expenses Payable

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Other financials

Income statement

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Revenue$1.2B+33.3%
Operating income$15.5M+387%
Net income$11.4M+225%
EPS (diluted)$0.05+200%

Balance sheet

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Cash & equivalents$707.7M+57.9%
Total debt$323.6M+0.5%
Total equity$206.9M+91.3%
Total assets$1.3B+40.9%

Cash flow

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Operating cash flow$128.7M+674%
CapEx$7.4M-10.8%
Free cash flow$121.3M+1,350%

Valuation

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Market cap$2.78B+2.2%
Enterprise value$2.39B-6.8%
P/E140.1×
P/S0.7×-0.2×

Profitability

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Operating margin0.1%0.0pp
Net margin0.5%+0.2pp
FCF margin4.1%

Returns & leverage

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Return on equity12.6%+6.8pp
Debt / equity1.6×-1.4×
Current ratio1.6×-0.1×

Where this comes from

Reported directly by Alignment Healthcare in its filing.

Tagged under the XBRL concept alhc:MedicalExpensesPayable.

The source filing: Alignment Healthcare’s 10-K, filed February 27, 2026.

Filed
Feb 26, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0001628280-26-012545
Line itemDecember 31, 2025 / Risk CorridorDecember 31, 2025 / CMS SubsidiesDecember 31, 2024 / Risk CorridorDecember 31, 2024 / CMS Subsidies
Current assets:
Accounts receivable$36,615$10,427
Prepaid expenses and other current assets68,36125,782
Current liabilities:
Medical expenses payable$144$21,632$24,993

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Alignment Healthcare's CMS subsidies — medical expenses payable?
Alignment Healthcare (ALHC) reported CMS subsidies — medical expenses payable of $5.41M in Q4 2025.
How has Alignment Healthcare's CMS subsidies — medical expenses payable changed year-over-year?
Alignment Healthcare's CMS subsidies — medical expenses payable decreased by 13.4% year-over-year, from $6.25M to $5.41M.
What is the long-term trend for Alignment Healthcare's CMS subsidies — medical expenses payable?
Over 4 years (2021 to 2025), Alignment Healthcare's CMS subsidies — medical expenses payable has grown at a 68.7% compound annual growth rate (CAGR), from $2.67M to $21.63M.
What does CMS subsidies — medical expenses payable mean?
This metric represents the accrued liabilities for medical services provided to members that have been incurred but not yet paid by the company. It is a critical indicator of the company's short-term obligations to healthcare providers and the accuracy of its medical cost estimation processes. Significant fluctuations in this payable balance can signal changes in claims processing speed or shifts in the underlying medical cost environment.

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