Alignment Healthcare, Inc. — Earnings Quality Grade F
ALHC · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 23 days, change +3 days YoY
AR growth 64.5% vs revenue growth 46.1%
Revenue 46.1%, CFFO 302.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -35.3% vs revenue 46.1%. Normal
SG&A/Gross Profit = 90.8%, exceeds 70%
Gross margin 12.4%, change +1.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.1B, FCF/NI = -156.28
Accruals ratio = -13.2%. Low accruals
Cash $0.6B covers debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 20% of equity. Manageable
Debt/EBITDA = 7.3x (>4x). Interest coverage = 0.9x (<2x). Financial stress
Other assets 3.9% vs revenue 46.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.72 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25