Alignment Healthcare, Inc. (ALHC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1407.5%

-$91.53

vs $7.00 price

Levered DCF

-$44.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.19

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-5,337.84×	-16.79×	-10.9×	-14.17×	-12.33×	-144.25×	-59.69×
P/B	21.81×	21.5×	10.22×	8.95×	7.9×	105.9×	-33.46×
P/S	0.99×	0.79×	0.88×	1.49×	2.07×	3.38×	3.48×
EV / EBITDA	80.85×	-26.38×	-14.92×	-16.61×	-13.03×	336.87×	-202.6×
Gross margin	12.4%	11.0%	11.0%	12.8%	11.0%	17.3%	12.6%
Operating margin	0.4%	-3.8%	-7.0%	-9.0%	-15.2%	-0.5%	-3.9%
Net margin	-0.0%	-4.7%	-8.1%	-10.4%	-16.7%	-2.4%	-5.9%
Current ratio	1.71×	1.88×	1.84×	2.37×	3.31×	1.72×	0.98×
Debt / equity	1.84×	3.3×	1.09×	0.69×	0.51×	5.05×	-1.75×
Interest coverage	0.93×	-4.31×	-6.02×	-7.03×	-10.21×	-0.31×	-1.98×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.4%	-128.2%	-94.3%	-62.8%	-63.8%	-74.9%	56.8%
Return on invested capital	2.9%	-23.5%	-38.9%	-31.8%	-38.4%	-2.8%	-46.7%
Return on assets	-0.1%	-16.4%	-25.0%	-23.6%	-31.0%	-6.8%	-23.1%
Free cash flow yield	2.9%	-0.3%	-5.9%	-3.2%	-4.0%	-0.3%	-0.0%
Earnings yield	-0.0%	-6.0%	-9.2%	-7.0%	-8.1%	-0.7%	-1.7%
Enterprise value	$3.7B	$2B	$1.6B	$1.9B	$2.1B	$3.2B	$2.7B
Net debt / EBITDA	-5.43×	1.34×	0.31×	2.16×	1.91×	-5.59×	-3.88×
Cash conversion cycle (days)	-20	-16	-14	-27	12	-44	-48