Alignment Healthcare: 2Q Beat and Raise as ALHC Makes Investments With an Eye to the Future

研报英文原文证据摘录

Alignment Healthcare: 2Q Beat and Raise as ALHC Makes Investments With an Eye to the Future

J P M O R G A N North America Equity Research

30 July 2026

Alignment Healthcare Overweight

ALHC, ALHC US

2Q Beat and Raise as ALHC Makes Investments With Price (30 Jul 26):$18.61

an Eye to the Future

Managed Care and Facilities

The bar is high for Alignment, but we were encouraged that the company exceeded John Stansel, CFA AC

consensus adj. EBITDA expectations ex-sweeps while also hurdling $6.5M of (1-212) 622-0083

adverse development in the quarter. We view these factors as suggesting that john.stansel@jpmorgan.com

ALHC is still seeing core MBR improvement in excess of what was contemplated Lisa C. Gill

in guidance at the beginning of the year, when adjusting for investments/sweeps/ (1-212) 622-6466

adverse development. Ultimately, we believe there are two philosophical views of lisa.c.gill@jpmorgan.com

this quarter. We believe there is a view (that we share) that, with ALHC looking to Benjamin Rossi

produce >20% growth in the coming years (with that growth increasingly coming (1-212) 622-9603

benjamin.rossi@jpmorgan.com

from outside of California), the company sees an opportunity to make added

Cole Harris

investments to improve scalability.Given the importance of ALHC growing its (1-212) 622-9068

enrollment and managing toward MBR improvement, we view this approach as cole.harris@jpmorgan.com

prudent to sustain growth and ensure scalability over the longer term (as ALHC J.P. Morgan Securities LLC

expands markets and likely enters new states in 2028); importantly, we believe

ALHC's care management continues to progress in line with expectations. At the

same time, we expect there is a second view held by some investors who will have

penciled in a higher flow-through to adj.