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Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $1.0B, roughly 1.2× Alignment Healthcare, Inc.). Graham Holdings Co runs the higher net margin — 8.7% vs -1.1%, a 9.8% gap on every dollar of revenue. On growth, Alignment Healthcare, Inc. posted the faster year-over-year revenue change (44.4% vs 0.4%). Graham Holdings Co produced more free cash flow last quarter ($5.0M vs $-55.4M). Over the past eight quarters, Alignment Healthcare, Inc.'s revenue compounded faster (26.9% CAGR vs 4.2%).
Alignment Healthcare, Inc. is a U.S.-based healthcare provider offering Medicare Advantage plans for seniors. It adopts a value-based care model, partnering with local providers to deliver personalized coordinated medical services, prescription drug coverage and supplemental benefits to members across multiple U.S. states.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
ALHC vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.3B |
| Net Profit | $-11.0M | $108.7M |
| Gross Margin | — | — |
| Operating Margin | -1.0% | 3.8% |
| Net Margin | -1.1% | 8.7% |
| Revenue YoY | 44.4% | 0.4% |
| Net Profit YoY | 64.6% | -80.2% |
| EPS (diluted) | $-0.04 | $24.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $993.7M | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $926.9M | $1.2B | ||
| Q4 24 | $701.2M | $1.2B | ||
| Q3 24 | $692.4M | $1.2B | ||
| Q2 24 | $681.3M | $1.2B | ||
| Q1 24 | $628.6M | $1.2B |
| Q4 25 | $-11.0M | $108.7M | ||
| Q3 25 | $3.7M | $122.9M | ||
| Q2 25 | $15.7M | $36.7M | ||
| Q1 25 | $-9.1M | $23.9M | ||
| Q4 24 | $-31.1M | $548.8M | ||
| Q3 24 | $-26.4M | $72.5M | ||
| Q2 24 | $-24.0M | $-21.0M | ||
| Q1 24 | $-46.5M | $124.4M |
| Q4 25 | -1.0% | 3.8% | ||
| Q3 25 | 0.8% | 5.2% | ||
| Q2 25 | 2.2% | 6.0% | ||
| Q1 25 | -0.6% | 4.1% | ||
| Q4 24 | -3.2% | 5.8% | ||
| Q3 24 | -2.8% | 6.8% | ||
| Q2 24 | -2.7% | 2.2% | ||
| Q1 24 | -6.5% | 3.1% |
| Q4 25 | -1.1% | 8.7% | ||
| Q3 25 | 0.4% | 9.6% | ||
| Q2 25 | 1.5% | 3.0% | ||
| Q1 25 | -1.0% | 2.0% | ||
| Q4 24 | -4.4% | 44.1% | ||
| Q3 24 | -3.8% | 6.0% | ||
| Q2 24 | -3.5% | -1.8% | ||
| Q1 24 | -7.4% | 10.8% |
| Q4 25 | $-0.04 | $24.76 | ||
| Q3 25 | $0.02 | $27.91 | ||
| Q2 25 | $0.07 | $8.35 | ||
| Q1 25 | $-0.05 | $5.45 | ||
| Q4 24 | $-0.15 | $124.05 | ||
| Q3 24 | $-0.14 | $16.42 | ||
| Q2 24 | $-0.13 | $-4.79 | ||
| Q1 24 | $-0.25 | $27.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $604.2M | $267.0M |
| Total DebtLower is stronger | $323.2M | — |
| Stockholders' EquityBook value | $179.3M | $4.8B |
| Total Assets | $1.1B | $8.4B |
| Debt / EquityLower = less leverage | 1.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $604.2M | $267.0M | ||
| Q3 25 | $644.1M | $190.8M | ||
| Q2 25 | $503.8M | $176.2M | ||
| Q1 25 | $479.5M | $156.7M | ||
| Q4 24 | $470.6M | $260.9M | ||
| Q3 24 | $381.0M | $244.4M | ||
| Q2 24 | $363.7M | $140.7M | ||
| Q1 24 | $301.7M | $130.9M |
| Q4 25 | $323.2M | — | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | — | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
| Q4 25 | $179.3M | $4.8B | ||
| Q3 25 | $161.9M | $4.5B | ||
| Q2 25 | $141.0M | $4.4B | ||
| Q1 25 | $108.1M | $4.3B | ||
| Q4 24 | $99.9M | $4.3B | ||
| Q3 24 | $114.5M | $4.0B | ||
| Q2 24 | $123.7M | $4.0B | ||
| Q1 24 | $130.9M | $4.0B |
| Q4 25 | $1.1B | $8.4B | ||
| Q3 25 | $1.1B | $7.9B | ||
| Q2 25 | $1.0B | $7.6B | ||
| Q1 25 | $895.6M | $7.6B | ||
| Q4 24 | $782.1M | $7.7B | ||
| Q3 24 | $692.3M | $7.4B | ||
| Q2 24 | $716.3M | $7.2B | ||
| Q1 24 | $633.2M | $7.3B |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 1.24× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-50.4M | $28.3M |
| Free Cash FlowOCF − Capex | $-55.4M | $5.0M |
| FCF MarginFCF / Revenue | -5.5% | 0.4% |
| Capex IntensityCapex / Revenue | 0.5% | 1.9% |
| Cash ConversionOCF / Net Profit | — | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $113.1M | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-50.4M | $28.3M | ||
| Q3 25 | $144.6M | $178.1M | ||
| Q2 25 | $29.1M | $94.8M | ||
| Q1 25 | $16.6M | $46.0M | ||
| Q4 24 | $-8.7M | $116.3M | ||
| Q3 24 | $26.2M | $237.6M | ||
| Q2 24 | $23.5M | $52.0M | ||
| Q1 24 | $-6.2M | $1.1M |
| Q4 25 | $-55.4M | $5.0M | ||
| Q3 25 | $139.1M | $161.8M | ||
| Q2 25 | $21.1M | $78.0M | ||
| Q1 25 | $8.4M | $30.5M | ||
| Q4 24 | $-18.0M | $91.1M | ||
| Q3 24 | $16.9M | $219.4M | ||
| Q2 24 | $11.8M | $33.7M | ||
| Q1 24 | $-17.4M | $-20.2M |
| Q4 25 | -5.5% | 0.4% | ||
| Q3 25 | 14.0% | 12.6% | ||
| Q2 25 | 2.1% | 6.4% | ||
| Q1 25 | 0.9% | 2.6% | ||
| Q4 24 | -2.6% | 7.3% | ||
| Q3 24 | 2.4% | 18.2% | ||
| Q2 24 | 1.7% | 2.8% | ||
| Q1 24 | -2.8% | -1.8% |
| Q4 25 | 0.5% | 1.9% | ||
| Q3 25 | 0.6% | 1.3% | ||
| Q2 25 | 0.8% | 1.4% | ||
| Q1 25 | 0.9% | 1.3% | ||
| Q4 24 | 1.3% | 2.0% | ||
| Q3 24 | 1.3% | 1.5% | ||
| Q2 24 | 1.7% | 1.5% | ||
| Q1 24 | 1.8% | 1.8% |
| Q4 25 | — | 0.26× | ||
| Q3 25 | 38.77× | 1.45× | ||
| Q2 25 | 1.86× | 2.58× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 3.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALHC
Segment breakdown not available.
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
