Alignment Healthcare, Inc. ALHC
The biggest changes in the 10-K filed Feb 27, 2026, in management's words
10-K, Item 7This fiscal year against the last, and the sentences in the MD&A where management explains each change. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
Big change, FY to Dec 31, 2025 vs Dec 31, 2024
The MD&A has no sentence that names a cause for this change.
Revenue
Big change, FY to Dec 31, 2025 vs Dec 31, 2024
“The increase in revenue per member per month is primarily attributable to an increase in the CMS benchmark rates and Part D revenue rates from changes arising from the Inflation Reduction Act.”
Read it in the 10-K
“Selling, general, and administrative expenses as a percentage of revenue decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 due to economies of scale gained from Alignment's membership growth.”
Read it in the 10-K
Operating margin
Big change, FY to Dec 31, 2025 vs Dec 31, 2024
The MD&A has no sentence that names a cause for this change.
What management said, year by year
The cause given in each 10-K, 2 fiscal years, newest first · MD&A (Item 7)
Each bar is how the line changed that year (from the same 10-K's XBRL). Under it, the sentence in that year's MD&A that names the line, a direction and a cause, word for word. A year with no sentence says so.
Revenue
2 of 2 years explained-
FY 2025 +46.1%
“The increase in revenue per member per month is primarily attributable to an increase in the CMS benchmark rates and Part D revenue rates from changes arising from the Inflation Reduction Act.”
Read it in the FY 2025 10-K“Selling, general, and administrative expenses as a percentage of revenue decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 due to economies of scale gained from Alignment's membership growth.”
Read it in the FY 2025 10-K -
FY 2024 +48.3%
“Overall, medical expenses for the year ended December 31, 2024 grew at a slightly higher rate than earned premium revenues compared to the year ended December 31, 2023, primarily due to 2024 having a higher percentage of new members relative to returning members, richer member benefits and increases in unit costs.”
Read it in the FY 2024 10-K“Selling, general, and administrative expenses grew at a slower rate than revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 due to economies of scale gained from Alignment's 2024 membership growth.”
Read it in the FY 2024 10-K
Operating margin
0 of 2 years explained-
FY 2025 +4.1 pts
The FY 2025 MD&A has no sentence that names a cause for this change.
-
FY 2024 +3.3 pts
The FY 2024 MD&A has no sentence that names a cause for this change.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K
Sources
The Management's Discussion and Analysis (Item 7) of the latest 10-K, quoted word for word; the changes are computed from the same 10-K's XBRL.
Also
Financials: the numbers year by year.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/ALHC/export.csv") into a cell.