Alignment Healthcare Grows Membership 31% to 275,300, Guides 290k–296k for 2026
Alignment Healthcare reported Jan. 1 membership of 275,300, a 31% year-over-year increase following a strong AEP. The company forecasts year-end 2026 membership of 290,000 to 296,000 (24%–27% growth) and expects consensus adjusted EBITDA of about $145 million within its full-year guidance.
1. Major Insider Sale by General Atlantic
On December 12, 2025, General Atlantic—a 10% owner of Alignment Healthcare—sold 11,119,494 shares in an open-market transaction valued at approximately $206.5 million, representing a 45.2% reduction in its indirect stake. Post-sale, the firm retains 13,476,585 shares worth about $261 million. The transaction aligns with General Atlantic’s systematic reduction pattern observed since September 2025, with no direct holdings impacted and all activity executed through affiliated entities as detailed in the SEC Form 4 filing.
2. Strong Q3 Performance and Membership Expansion
In its third quarter of fiscal 2025, Alignment Healthcare delivered revenue of $993.7 million, up 43.5% year-over-year, and surpassed the high end of its previous guidance. Net loss narrowed as the company achieved adjusted gross profit growth and raised full-year outlooks across membership, revenue, adjusted gross profit and adjusted EBITDA. Membership reached approximately 275,300 as of January 1, 2026, marking a 31% increase from the prior year and a compounded annual growth rate near 30% since its 2021 IPO.
3. Caution on 2026 Medicare Advantage Enrollment Projections
Despite strong financial and membership results, the Centers for Medicare & Medicaid project a slight decline in overall Medicare Advantage enrollment from 50% of the Medicare market in 2025 to about 48% in 2026. Investors should weigh potential headwinds from this projected market contraction, as well as competitive pressures and regulatory uncertainties, against the company’s momentum before increasing exposure following a 74% stock run over the past year.