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Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Alignment Healthcare, Inc. is the larger business by last-quarter revenue ($1.0B vs $637.9M, roughly 1.6× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs -1.1%, a 29.6% gap on every dollar of revenue. On growth, Alignment Healthcare, Inc. posted the faster year-over-year revenue change (44.4% vs 24.1%). NATIONAL FUEL GAS CO produced more free cash flow last quarter ($-2.7M vs $-55.4M). Over the past eight quarters, Alignment Healthcare, Inc.'s revenue compounded faster (26.9% CAGR vs 6.9%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
ALHC vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $637.9M |
| Net Profit | $-11.0M | $181.6M |
| Gross Margin | — | 86.6% |
| Operating Margin | -1.0% | 43.3% |
| Net Margin | -1.1% | 28.5% |
| Revenue YoY | 44.4% | 24.1% |
| Net Profit YoY | 64.6% | 303.8% |
| EPS (diluted) | $-0.04 | $1.98 |
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 | $637.9M | ||
| Q3 25 | $993.7M | $443.1M | ||
| Q2 25 | $1.0B | $527.4M | ||
| Q1 25 | $926.9M | $734.8M | ||
| Q4 24 | $701.2M | $513.8M | ||
| Q3 24 | $692.4M | $310.0M | ||
| Q2 24 | $681.3M | $338.6M | ||
| Q1 24 | $628.6M | $558.7M |
| Q4 25 | $-11.0M | $181.6M | ||
| Q3 25 | $3.7M | $107.3M | ||
| Q2 25 | $15.7M | $149.8M | ||
| Q1 25 | $-9.1M | $216.4M | ||
| Q4 24 | $-31.1M | $45.0M | ||
| Q3 24 | $-26.4M | $-167.6M | ||
| Q2 24 | $-24.0M | $-54.2M | ||
| Q1 24 | $-46.5M | $166.3M |
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% | ||
| Q1 24 | — | 81.0% |
| Q4 25 | -1.0% | 43.3% | ||
| Q3 25 | 0.8% | 40.6% | ||
| Q2 25 | 2.2% | 43.7% | ||
| Q1 25 | -0.6% | 43.2% | ||
| Q4 24 | -3.2% | 16.8% | ||
| Q3 24 | -2.8% | -63.4% | ||
| Q2 24 | -2.7% | -15.2% | ||
| Q1 24 | -6.5% | 44.9% |
| Q4 25 | -1.1% | 28.5% | ||
| Q3 25 | 0.4% | 24.2% | ||
| Q2 25 | 1.5% | 28.4% | ||
| Q1 25 | -1.0% | 29.4% | ||
| Q4 24 | -4.4% | 8.8% | ||
| Q3 24 | -3.8% | -54.1% | ||
| Q2 24 | -3.5% | -16.0% | ||
| Q1 24 | -7.4% | 29.8% |
| Q4 25 | $-0.04 | $1.98 | ||
| Q3 25 | $0.02 | $1.18 | ||
| Q2 25 | $0.07 | $1.64 | ||
| Q1 25 | $-0.05 | $2.37 | ||
| Q4 24 | $-0.15 | $0.49 | ||
| Q3 24 | $-0.14 | $-1.81 | ||
| Q2 24 | $-0.13 | $-0.59 | ||
| Q1 24 | $-0.25 | $1.80 |
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 | $271.4M |
| Total DebtLower is stronger | $323.2M | $2.7B |
| Stockholders' EquityBook value | $179.3M | $3.6B |
| Total Assets | $1.1B | $9.2B |
| Debt / EquityLower = less leverage | 1.80× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $604.2M | $271.4M | ||
| Q3 25 | $644.1M | $43.2M | ||
| Q2 25 | $503.8M | $39.3M | ||
| Q1 25 | $479.5M | $40.0M | ||
| Q4 24 | $470.6M | $48.7M | ||
| Q3 24 | $381.0M | $38.2M | ||
| Q2 24 | $363.7M | $81.4M | ||
| Q1 24 | $301.7M | $50.8M |
| Q4 25 | $323.2M | $2.7B | ||
| Q3 25 | $322.7M | $2.7B | ||
| Q2 25 | $322.3M | $2.7B | ||
| Q1 25 | $321.9M | $2.7B | ||
| Q4 24 | $321.4M | $2.7B | ||
| Q3 24 | $212.0M | $2.7B | ||
| Q2 24 | $211.7M | $2.7B | ||
| Q1 24 | $162.0M | $2.4B |
| Q4 25 | $179.3M | $3.6B | ||
| Q3 25 | $161.9M | $3.1B | ||
| Q2 25 | $141.0M | $3.0B | ||
| Q1 25 | $108.1M | $2.8B | ||
| Q4 24 | $99.9M | $-76.2M | ||
| Q3 24 | $114.5M | $-15.5M | ||
| Q2 24 | $123.7M | $5.0M | ||
| Q1 24 | $130.9M | $75.3M |
| Q4 25 | $1.1B | $9.2B | ||
| Q3 25 | $1.1B | $8.7B | ||
| Q2 25 | $1.0B | $8.4B | ||
| Q1 25 | $895.6M | $8.5B | ||
| Q4 24 | $782.1M | $8.3B | ||
| Q3 24 | $692.3M | $8.3B | ||
| Q2 24 | $716.3M | $8.5B | ||
| Q1 24 | $633.2M | $8.7B |
| Q4 25 | 1.80× | 0.75× | ||
| Q3 25 | 1.99× | 0.87× | ||
| Q2 25 | 2.29× | 0.90× | ||
| Q1 25 | 2.98× | 0.99× | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | 532.10× | ||
| Q1 24 | 1.24× | 31.68× |
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 | $274.9M |
| Free Cash FlowOCF − Capex | $-55.4M | $-2.7M |
| FCF MarginFCF / Revenue | -5.5% | -0.4% |
| Capex IntensityCapex / Revenue | 0.5% | 43.5% |
| Cash ConversionOCF / Net Profit | — | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $113.1M | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-50.4M | $274.9M | ||
| Q3 25 | $144.6M | $237.8M | ||
| Q2 25 | $29.1M | $388.4M | ||
| Q1 25 | $16.6M | $253.8M | ||
| Q4 24 | $-8.7M | $220.1M | ||
| Q3 24 | $26.2M | $197.9M | ||
| Q2 24 | $23.5M | $281.8M | ||
| Q1 24 | $-6.2M | $315.3M |
| Q4 25 | $-55.4M | $-2.7M | ||
| Q3 25 | $139.1M | $-47.8M | ||
| Q2 25 | $21.1M | $195.3M | ||
| Q1 25 | $8.4M | $59.9M | ||
| Q4 24 | $-18.0M | $-20.3M | ||
| Q3 24 | $16.9M | $-49.1M | ||
| Q2 24 | $11.8M | $79.5M | ||
| Q1 24 | $-17.4M | $80.3M |
| Q4 25 | -5.5% | -0.4% | ||
| Q3 25 | 14.0% | -10.8% | ||
| Q2 25 | 2.1% | 37.0% | ||
| Q1 25 | 0.9% | 8.2% | ||
| Q4 24 | -2.6% | -4.0% | ||
| Q3 24 | 2.4% | -15.8% | ||
| Q2 24 | 1.7% | 23.5% | ||
| Q1 24 | -2.8% | 14.4% |
| Q4 25 | 0.5% | 43.5% | ||
| Q3 25 | 0.6% | 64.4% | ||
| Q2 25 | 0.8% | 36.6% | ||
| Q1 25 | 0.9% | 26.4% | ||
| Q4 24 | 1.3% | 46.8% | ||
| Q3 24 | 1.3% | 79.7% | ||
| Q2 24 | 1.7% | 59.7% | ||
| Q1 24 | 1.8% | 42.1% |
| Q4 25 | — | 1.51× | ||
| Q3 25 | 38.77× | 2.21× | ||
| Q2 25 | 1.86× | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALHC
Segment breakdown not available.
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
