General Atlantic, a 10% owner of Alignment Healthcare, executed an open-market sale of 11.1 million shares on December 12, 2025, generating proceeds of approximately $206.5 million. This transaction represents a 45.2% reduction of its indirect holdings, leaving roughly 13.5 million shares under its affiliate structure. The sale aligns with a pattern of systematic reductions observed since September 2025 and did not affect any direct holdings, which remained at zero.

In the third quarter of 2025, Alignment Healthcare reported revenue of $993.7 million, marking a 43.5% year-over-year increase, and membership of 266,000, up 31% from the prior year. The company surpassed the high end of its previous guidance for both revenue and adjusted gross profit, and raised its full-year outlook across membership, revenue, adjusted gross profit and adjusted EBITDA. These results were supported by robust growth in core Medicare Advantage markets—California, North Carolina and Nevada—and enhanced member engagement through its proprietary AVA® platform.

Despite recent outperformance and a 74% stock gain over the past year, investors should note projections from the Centers for Medicare & Medicaid Services indicating a slight decline in Medicare Advantage penetration, from 50% of total Medicare enrollee population in 2025 to an estimated 48% in 2026. Alignment Healthcare forecasts year-end 2026 membership between 290,000 and 296,000—a potential increase of 24% to 27% over its year-end 2025 base—and consensus adjusted EBITDA of about $145 million, but the broader market headwinds warrant monitoring enrollment and reimbursement trends before adding to positions.