General Atlantic, which owned 10% of Alignment Healthcare, disposed of 11.12 million shares on December 12, 2025, in an open-market transaction valued at $206.5 million. This sale reduced its indirect stake by 45.2%, leaving it with 13.48 million shares valued at approximately $261 million. No direct holdings were affected, as all shares were held through affiliated entities. The transaction size aligns with the firm’s median sell volume since September 2025, suggesting a continued pattern of systematic position reductions.

In the third quarter of 2025, Alignment Healthcare reported revenue of $993.7 million, a 43.5% increase year-over-year, beating the high end of its prior guidance. Membership grew 31% compared to the same period last year, bringing total members to approximately 275,300 as of January 1, 2026. The company reaffirmed its full-year 2025 targets for membership, revenue, adjusted gross profit and adjusted EBITDA, and projected year-end 2026 membership between 290,000 and 296,000 along with consensus adjusted EBITDA of $145 million.

While Alignment Healthcare’s performance remains robust, the Centers for Medicare & Medicaid project a slight decline in overall Medicare Advantage enrollment in 2026, from 50% to 48% of the Medicare market. After a 74% stock price gain over the prior year, investors should weigh the potential market headwinds from reduced enrollment growth against the company’s strong operating metrics and continued expansion in key states such as California, North Carolina and Nevada.