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Alignment Healthcare ALHC Risk Corridor — 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 risk corridor — medical expenses payable?
Alignment Healthcare (ALHC) reported risk corridor — medical expenses payable of $36K in Q4 2025.
What is the long-term trend for Alignment Healthcare's risk corridor — medical expenses payable?
Over 4 years (2021 to 2025), Alignment Healthcare's risk corridor — medical expenses payable has grown at a -44.0% compound annual growth rate (CAGR), from $1.47M to $144K.
What does risk corridor — medical expenses payable mean?
This metric represents the accrued liabilities for medical services that have been incurred by members but not yet paid out by the company within the risk corridor segment. It serves as a key indicator of the company's short-term obligations to healthcare providers and the accuracy of its medical cost estimation processes. Fluctuations in this payable balance reflect changes in claims volume, processing speed, and the underlying medical loss ratio of the plan.

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