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Alignment Healthcare ALHC Business Segments — Medical expenses

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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:MedicalExpenses.

The source filing: Alignment Healthcare’s 10-Q, filed April 30, 2026.

Filed
Apr 30, 2026, 4:14 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-028901
Line itemThree Months Ended March 31, 20262025
Revenues:$1,235,197$926,932
Expenses:
Medical expenses (less depreciation and equity-based compensation)1,089,283819,715
Selling, general, and administrative expenses (less equity-based compensation)108,53087,796
Other segment expenses (1)21,90624,825
Interest expense4,0623,950
Net income (loss)$11,416$(9,354)

Item 1. Financial Statements (Unaudited):

FAQ

What is Alignment Healthcare's business segments — medical expenses?
Alignment Healthcare (ALHC) reported business segments — medical expenses of $1.09B in Q1 2026.
How has Alignment Healthcare's business segments — medical expenses changed year-over-year?
Alignment Healthcare's business segments — medical expenses increased by 32.9% year-over-year, from $819.72M to $1.09B.
What is the long-term trend for Alignment Healthcare's business segments — medical expenses?
Over 3 years (2022 to 2025), Alignment Healthcare's business segments — medical expenses has grown at a 40.7% compound annual growth rate (CAGR), from $1.24B to $3.45B.
What does business segments — medical expenses mean?
Captures the direct costs incurred by the segment for providing medical care, clinical services, and health benefits to plan members. As a primary component of the medical loss ratio, this metric reflects the efficiency of the clinical model in managing patient health outcomes. Monitoring these costs is essential for assessing the segment's ability to balance high-quality care with financial sustainability.

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