The combination of accelerating revenue growth, positive GAAP net income for the first time, and raised guidance across all metrics is a powerful catalyst. Watch for continued margin expansion in Q2 as the company scales; the raised FY2026 adjusted EBITDA guidance implies ~$37M in incremental profitability at the midpoint. The stock should re-rate higher given the demonstrated path to sustained profitability.
Price Chart
Executive Summary
Alignment Healthcare reported Q1 2026 results with total revenue of $1.235 billion, up 33.3% YoY, and net income of $11.4 million versus a $9.4 million loss a year ago. The company raised the midpoint of its full-year 2026 guidance across all key metrics, including revenue to $5.160-$5.205 billion and adjusted EBITDA to $138-$163 million. This marks a clear inflection to profitability and accelerating margin expansion.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue of $1.235 billion, up 33.3% YoY
- Net income of $11.4 million vs. net loss of $9.4 million in Q1 2025
- Adjusted EBITDA of $37.9 million, up 87.6% YoY, representing a 3.1% margin
- Health plan membership of ~284,800, up 30.9% YoY
- Medical benefits ratio improved 25 bps YoY to 88.2%
- Raised full-year 2026 revenue guidance midpoint to $5.1825B from $5.1625B
- Raised full-year 2026 adjusted EBITDA guidance midpoint to $150.5M from $148M
- Operating cash flow of $128.7 million vs. $16.6 million in Q1 2025
Financial Impact
Revenue beat consensus by ~$15M (1.2%), net income positive vs consensus loss; guidance raised across all metrics
Risk Factors
- Medicare Advantage funding risk from potential federal policy changes
- Medical cost ratio could deteriorate if utilization spikes unexpectedly
- Competitive pressure in MA markets could slow membership growth
- Dilution from equity-based compensation ($14M in Q1) weighs on GAAP EPS
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-002895 |
| Document: f8k_043026.htm | 0001171843-26-002895 |
| Document: 0001171843-26-002895-index-headers.html | 0001171843-26-002895 |
| Document: 0001171843-26-002895-index.html | 0001171843-26-002895 |
| Document: 0001171843-26-002895.txt | 0001171843-26-002895 |
| 8-K Data (Synthetic) | 0001171843-26-002895 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | Institutional Cluster | $8.44 $8.43 | ▼ −0.12% | ▲ +1.06% | $8.05 (−4.62%) |
Oct 19, 2026 8d ago | Press Release | $8.40 $8.51 | ▲ +1.31% | ▲ +0.97% | $8.05 (−4.17%) |
Oct 8, 2026 18d ago | 8-K | $7.55 $8.09 | ▼ −7.22% | ▼ −7.28% | $8.05 (−6.69%) |
Oct 5, 2026 22d ago | SC 13G/A | $8.50 $8.37 | ▼ −1.53% | ▼ −2.08% | $8.05 (−5.29%) |
Sep 18, 2026 5w ago | Insider Cluster | $8.33 $7.99 | ▲ +4.08% | ▲ +4.07% | $8.05 (+3.36%) |
Sep 16, 2026 5w ago | Insider Cluster | $8.70 $8.35 | ▲ +4.02% | ▲ +3.90% | $8.05 (+7.47%) |
Sep 16, 2026 5w ago | 144 | $8.70 $8.35 | ▼ −4.02% | ▼ −3.90% | $8.05 (−7.47%) |
Sep 11, 2026 6w ago | Insider Cluster | $12.94 $10.37 | ▲ +19.86% | ▲ +19.40% | $8.05 (+37.79%) |
Sep 9, 2026 6w ago | 144 | $12.76 $12.61 | ▼ −1.18% | ▼ −2.03% | $8.05 (−36.91%) |
Aug 5, 2026 11w ago | Institutional Cluster | $13.38 $14.37 | ▲ +7.40% | ▲ +6.79% | $8.05 (−39.84%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers