General Atlantic, a 10% owner of Alignment Healthcare, disposed of 11,119,494 shares in an open-market transaction on December 12, 2025, generating proceeds of $206.5 million. This sale represented a 45.2% reduction of its indirect stake, leaving 13,476,585 shares held through affiliated entities. The shares were executed at $18.57 each, approximately 4.1% below that day’s closing price, and align with the firm’s recent pattern of large, systematic reductions since September 2025.

Alignment Healthcare reported Q3 2025 revenue of $993.7 million, up 43.5% year-over-year, driven by robust growth in premiums and care coordination services. Adjusted gross profit margin expanded as the company leveraged its technology-enabled platform to manage clinical costs. Membership rose 31% to approximately 265,000 as of September 30, reflecting successful annual enrollment and retention efforts in California, North Carolina, and Nevada. The company also beat the high end of its prior revenue guidance and raised full-year forecasts for membership, revenue, adjusted gross profit and adjusted EBITDA.

While Alignment Healthcare expects year-end 2026 membership of 290,000 to 296,000—24% to 27% growth over projected 2025 levels—and consensus adjusted EBITDA of about $145 million, CMS forecasts a slight decline in overall Medicare Advantage enrollment from 50% to 48% of the Medicare market in 2026. Following a 74% stock price run over the past year, investors should weigh the company’s strong operational metrics against potential headwinds in the broader Medicare Advantage market and ongoing insider selling.