Alignment Healthcare, Inc. (ALHC) Balance Sheet
ALHC balance sheet, 2025
December 31, 2025 · U.S. dollars$1.07B assets = $886.5M liabilities + $179.3M equity
Both columns are drawn to the same scale: what ALHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ALHC financial health
Descriptive bands, not a rating. Fiscal 2025.
ALHC balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $193.4M2019 | $1.07B2025 | +32.9%/yr | |
| Total liabilities | $272.2M2019 | $886.5M2025 | +21.8%/yr | |
| Shareholders’ equity | −$78.7M2019 | $179.3M2025 | — | |
| Cash & short-term investments | $86.5M2019 | $604.2M2025 | +38.3%/yr | |
| Total debt | $138.0M2019 | $329.6M2025 | +15.6%/yr | |
| Net cash (debt) | −$51.5M2019 | $274.6M2025 | +$326.1M | |
| Working capital | −$2.9M2019 | $394.7M2025 | +$397.6M | |
| Book value per share | −$0.522019 | $0.912025 | — | |
| Current ratio | 0.982019 | 1.712025 | +0.73 | |
| Debt / equity | 5.052020 | 1.842025 | −3.21 | |
| Shares outstanding | 152.1M2019 | 198.0M2025 | +4.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ALHC assets
ALHC liabilities and equity
ALHC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ALHC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $604.2M | $470.6M | $318.8M | $409.5M | $466.6M | $207.3M | $86.5M |
| Cash & equivalents | $575.8M | $432.9M | $202.9M | $409.5M | $466.6M | $207.3M | $86.5M |
| Short-term investments | $28.4M | $37.8M | $115.9M | $0 | — | — | — |
| Receivables | $253.2M | $153.9M | $119.7M | $92.9M | $58.5M | $40.1M | $35.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $94.1M | $37.1M | $45.0M | $42.1M | $27.7M | $17.2M | $5.2M |
| Total current assets | $951.6M | $661.6M | $483.5M | $544.5M | $552.9M | $264.7M | $127.4M |
| Property, plant & equipment (net) | $71.3M | $75.0M | $61.9M | $43.0M | $38.2M | $37.0M | $27.4M |
| Goodwill & intangible assets | $36.6M | $39.4M | $40.1M | $40.3M | $35.1M | $34.6M | $35.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $6.3M | $6.1M | $6.4M | $6.0M | $4.7M | $2.1M | $3.7M |
| Total assets | $1.07B | $782.1M | $591.9M | $633.9M | $630.9M | $338.5M | $193.4M |
| Liabilities | |||||||
| Accounts payable | $415.7M | $242.5M | $170.1M | $171.9M | $17.4M | $128.3M | $117.7M |
| Short-term debt | $2.0M | $1.2M | $1.7M | $4.2M | $3.7M | $3.4M | — |
| Deferred revenue | — | — | −$1.7M | −$4.2M | −$3.7M | −$3.4M | — |
| Total current liabilities | $556.9M | $351.8M | $263.0M | $230.0M | $167.2M | $153.5M | $130.3M |
| Long-term debt | $323.2M | $321.4M | $161.8M | $160.9M | $150.6M | $144.2M | $138.0M |
| Lease obligations | $6.5M | $7.8M | $9.0M | $3.7M | $7.0M | $10.3M | $0 |
| Other long-term liabilities | $6.5M | $7.8M | $9.0M | $3.7M | $7.0M | $10.3M | $3.9M |
| Total liabilities | $886.5M | $681.1M | $433.8M | $394.6M | $324.8M | $307.9M | $272.2M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $205,000 | $192,000 | $189,000 | $187,000 | $187,000 | $164,000 | — |
| Retained earnings (deficit) | −$1.01B | −$1.01B | −$880.3M | −$732.2M | −$582.7M | −$379.6M | −$78.7M |
| Accumulated other comprehensive income | — | — | — | — | — | $0 | −$57.7M |
| Minority interest | $0 | $1.1M | $1.1M | $1.2M | $15,000 | — | — |
| Total shareholders' equity | $179.3M | $99.9M | $156.9M | $238.1M | $306.0M | $30.6M | −$78.7M |
| Key figures | |||||||
| Total debt | $329.6M | $329.3M | $170.8M | $164.6M | $157.6M | $154.4M | $138.0M |
| Net cash (debt) | $274.6M | $141.4M | $148.0M | $244.9M | $309.0M | $52.9M | −$51.5M |
| Working capital | $394.7M | $309.8M | $220.5M | $314.6M | $385.6M | $111.2M | −$2.9M |
| Tangible book value | $142.7M | $60.5M | $116.9M | $197.8M | $270.9M | −$4.0M | −$113.7M |
| Book value per share | $0.91 | $0.52 | $0.84 | $1.31 | $1.78 | $0.16 | −$0.52 |
| Shares outstanding | 198.0M | 190.8M | 186.2M | 181.2M | 172.0M | 187.3M | 152.1M |
| Current ratio | 1.71 | 1.88 | 1.84 | 2.37 | 3.31 | 1.72 | 0.98 |
| Quick ratio | 1.54 | 1.78 | 1.67 | 2.18 | 3.14 | 1.61 | 0.94 |
| Debt / equity | 1.84 | 3.30 | 1.09 | 0.69 | 0.51 | 5.05 | — |
| Equity / assets | 16.8% | 12.8% | 26.5% | 37.6% | 48.5% | 9.0% | −40.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $701.7M | $726.3M | $604.2M | $644.1M | $503.8M | $479.5M | $470.6M | $381.0M | $363.7M | $301.7M | $318.8M | $515.6M |
| Cash & equivalents | $693.5M | $705.6M | $575.8M | $618.1M | $470.3M | $446.2M | $432.9M | $340.3M | $339.0M | $238.9M | $202.9M | $391.6M |
| Short-term investments | $8.3M | $20.7M | $28.4M | $26.0M | $33.5M | $33.4M | $37.8M | $40.7M | $24.7M | $62.8M | $115.9M | $123.9M |
| Receivables | $296.9M | $277.7M | $253.2M | $219.8M | $282.9M | $214.1M | $153.9M | $138.9M | $183.2M | $165.1M | $119.7M | $105.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$522.2M | −$404.0M | $0 | $0 |
| Other current assets | $161.8M | $141.4M | $94.1M | $121.4M | $93.4M | $80.9M | $37.1M | $53.8M | $574.4M | $457.8M | $45.0M | $45.9M |
| Total current assets | $1.16B | $1.15B | $951.6M | $985.3M | $880.1M | $774.5M | $661.6M | $573.6M | $599.1M | $520.6M | $483.5M | $667.0M |
| Property, plant & equipment (net) | $73.5M | $70.9M | $71.3M | $74.4M | $77.1M | $76.3M | $75.0M | $72.8M | $70.5M | $65.8M | $61.9M | $57.6M |
| Goodwill & intangible assets | $36.6M | $36.6M | $36.6M | $36.6M | $36.6M | $38.7M | $39.4M | $39.4M | $40.0M | $40.0M | $40.1M | $40.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.5M | $8.7M | $6.3M | $6.3M | $6.3M | $6.1M | $6.1M | $6.5M | $6.6M | $6.8M | $6.4M | $6.1M |
| Total assets | $1.28B | $1.26B | $1.07B | $1.10B | $1.00B | $895.6M | $782.1M | $692.3M | $716.3M | $633.2M | $591.9M | $770.8M |
| Liabilities | ||||||||||||
| Accounts payable | $413.8M | $494.4M | $415.7M | $406.7M | $361.4M | $308.7M | $242.5M | $225.8M | $249.0M | $223.9M | $170.1M | $25.4M |
| Short-term debt | — | — | $2.0M | — | — | — | $1.2M | $1.6M | — | — | $1.7M | $25.4M |
| Deferred revenue | — | — | — | — | — | — | — | −$25.4M | — | — | −$1.7M | $146.3M |
| Total current liabilities | $683.4M | $724.8M | $556.9M | $611.1M | $529.5M | $457.1M | $351.8M | $358.1M | $371.5M | $330.7M | $263.0M | $410.3M |
| Long-term debt | $324.1M | $323.6M | $323.2M | $322.7M | $322.3M | $321.9M | $321.4M | $210.4M | $211.7M | $162.0M | $161.8M | $161.6M |
| Lease obligations | $6.4M | $6.3M | $6.5M | $6.9M | $7.4M | $7.6M | $7.8M | $8.2M | $8.2M | $8.4M | $9.0M | $9.3M |
| Other long-term liabilities | $6.4M | $6.3M | $6.5M | $6.9M | $7.4M | $7.6M | $7.8M | $8.2M | $8.2M | $8.4M | $9.0M | $9.3M |
| Total liabilities | $1.01B | $1.05B | $886.5M | $940.7M | $859.2M | $786.6M | $681.1M | $576.7M | $591.5M | $501.2M | $433.8M | $581.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $207,000 | $207,000 | $205,000 | $200,000 | $198,000 | $198,000 | $192,000 | $191,000 | $191,000 | $191,000 | $189,000 | $189,000 |
| Retained earnings (deficit) | −$961.0M | −$997.6M | −$1.01B | −$998.0M | −$1.00B | −$1.02B | −$1.01B | −$977.2M | −$950.8M | −$926.8M | −$880.3M | −$833.0M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | — | $0 |
| Minority interest | — | — | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | $265.1M | $206.9M | $179.3M | $161.9M | $141.0M | $108.1M | $99.9M | $114.5M | $123.7M | $130.9M | $156.9M | $188.5M |
| Key figures | ||||||||||||
| Total debt | $330.5M | $330.0M | $329.6M | $329.7M | $329.7M | $329.5M | $329.3M | $220.2M | $219.9M | $170.5M | $170.8M | $170.9M |
| Net cash (debt) | $371.2M | $396.3M | $274.6M | $314.4M | $174.1M | $150.0M | $141.4M | $160.8M | $143.8M | $131.2M | $148.0M | $344.7M |
| Working capital | $477.0M | $420.6M | $394.7M | $374.2M | $350.6M | $317.4M | $309.8M | $215.5M | $227.6M | $189.9M | $220.5M | $256.7M |
| Tangible book value | $228.5M | $170.3M | $142.7M | $125.3M | $104.4M | $69.4M | $60.5M | $75.2M | $83.7M | $90.9M | $116.9M | $148.4M |
| Book value per share | $1.23 | $0.97 | $0.89 | $0.77 | $0.67 | $0.56 | $0.52 | $0.60 | $0.65 | $0.69 | $0.83 | $1.01 |
| Shares outstanding | 215.0M | 213.1M | 201.0M | 208.9M | 209.5M | 193.6M | 191.9M | 191.4M | 190.9M | 189.0M | 188.3M | 187.3M |
| Current ratio | 1.70 | 1.58 | 1.71 | 1.61 | 1.66 | 1.69 | 1.88 | 1.60 | 1.61 | 1.57 | 1.84 | 1.63 |
| Quick ratio | 1.46 | 1.39 | 1.54 | 1.41 | 1.49 | 1.52 | 1.78 | 1.45 | 1.47 | 1.41 | 1.67 | 1.51 |
| Debt / equity | 1.25 | 1.59 | 1.84 | 2.04 | 2.34 | 3.05 | 3.30 | 1.92 | 1.78 | 1.30 | 1.09 | 0.91 |
| Equity / assets | 20.7% | 16.4% | 16.8% | 14.7% | 14.1% | 12.1% | 12.8% | 16.5% | 17.3% | 20.7% | 26.5% | 24.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
ALHC financial position
At the end of fiscal 2025 (December 31, 2025), Alignment Healthcare had total assets of $1.1 billion (up 36.3% from a year earlier), total liabilities of $886.5 million and shareholders' equity of $179.3 million. It held $604.2 million in cash and short-term investments against $329.6 million of debt, a net cash position of $274.6 million. Its current ratio was 1.71. In the latest quarter (ended June 30, 2026) total assets were $1.3 billion and equity $265.1 million.
Related: ALHC income statement, ALHC cash flow statement, ALHC key metrics. See the ALHC stock overview for the latest quote and news.
ALHC balance sheet FAQ
What are Alignment Healthcare's total assets?
Alignment Healthcare reported total assets of $1.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $782.1 million a year earlier.
How much debt does Alignment Healthcare have?
Alignment Healthcare had $329.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.84.
How much cash does Alignment Healthcare have?
Alignment Healthcare held $604.2 million in cash and short-term investments at the end of fiscal 2025; with $329.6 million of debt that is net cash of $274.6 million.
What is Alignment Healthcare's book value?
Alignment Healthcare's shareholders' equity (book value) was $179.3 million at the end of fiscal 2025, or $0.91 per share.
What is Alignment Healthcare's current ratio?
Alignment Healthcare had current assets of $951.6 million and current liabilities of $556.9 million, a current ratio of 1.71 (it can cover its short-term obligations).
How much goodwill does Alignment Healthcare have?
Alignment Healthcare carried $36.6 million of goodwill and intangible assets, 3.4% of total assets, at the end of fiscal 2025.