General Atlantic, which held a 10% indirect ownership position in Alignment Healthcare, sold 11,119,494 shares on December 12, 2025, raising $206.5 million. This transaction represented 45.2% of its indirect holdings, reducing its post‐sale stake to 13,476,585 shares valued at approximately $261 million. The shares were sold at $18.57 each, a 4.1% discount to that day's closing price of $19.36. This sale aligns with the firm’s pattern of systematic, large‐scale reductions since September 2025 and did not involve any direct holdings.

In its third quarter of fiscal 2025, Alignment Healthcare reported revenue of $993.7 million, up 43.5% year‐over‐year, and membership growth of 31%, reaching 275,300 health plan members as of January 1, 2026. The company beat the high end of prior guidance and reaffirmed full‐year 2025 targets for membership, revenue, adjusted gross profit and adjusted EBITDA. It forecasts year‐end 2026 membership between 290,000 and 296,000—24% to 27% growth over the midpoint of 2025 guidance—and consensus adjusted EBITDA of approximately $145 million for 2026.

Over the past year, Alignment Healthcare’s stock price appreciated 74%, driven by rapid enrollment gains and expansion into new markets. The company now serves seniors across California, North Carolina and Nevada through its technology‐enabled platform. However, Centers for Medicare & Medicaid Services projections indicate that Medicare Advantage enrollment may decline from 50% of total Medicare coverage in 2025 to about 48% in 2026. Investors should weigh the company’s strong operational momentum against potential headwinds in the broader Medicare Advantage market.