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Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Alignment Healthcare, Inc. is the larger business by last-quarter revenue ($1.0B vs $665.5M, roughly 1.5× Natera, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs -1.1%, a 8.2% gap on every dollar of revenue. On growth, Alignment Healthcare, Inc. posted the faster year-over-year revenue change (44.4% vs 39.8%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $-55.4M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 26.9%).
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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
ALHC vs NTRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $665.5M |
| Net Profit | $-11.0M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | -1.0% | -3.4% |
| Net Margin | -1.1% | 7.1% |
| Revenue YoY | 44.4% | 39.8% |
| Net Profit YoY | 64.6% | 187.9% |
| EPS (diluted) | $-0.04 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $993.7M | $592.2M | ||
| Q2 25 | $1.0B | $546.6M | ||
| Q1 25 | $926.9M | $501.8M | ||
| Q4 24 | $701.2M | $476.1M | ||
| Q3 24 | $692.4M | $439.8M | ||
| Q2 24 | $681.3M | $413.4M | ||
| Q1 24 | $628.6M | $367.7M |
| Q4 25 | $-11.0M | $47.3M | ||
| Q3 25 | $3.7M | $-87.5M | ||
| Q2 25 | $15.7M | $-100.9M | ||
| Q1 25 | $-9.1M | $-66.9M | ||
| Q4 24 | $-31.1M | $-53.8M | ||
| Q3 24 | $-26.4M | $-31.6M | ||
| Q2 24 | $-24.0M | $-37.5M | ||
| Q1 24 | $-46.5M | $-67.6M |
| Q4 25 | -1.0% | -3.4% | ||
| Q3 25 | 0.8% | -16.5% | ||
| Q2 25 | 2.2% | -20.2% | ||
| Q1 25 | -0.6% | -15.8% | ||
| Q4 24 | -3.2% | -13.6% | ||
| Q3 24 | -2.8% | -8.9% | ||
| Q2 24 | -2.7% | -10.6% | ||
| Q1 24 | -6.5% | -20.2% |
| Q4 25 | -1.1% | 7.1% | ||
| Q3 25 | 0.4% | -14.8% | ||
| Q2 25 | 1.5% | -18.5% | ||
| Q1 25 | -1.0% | -13.3% | ||
| Q4 24 | -4.4% | -11.3% | ||
| Q3 24 | -3.8% | -7.2% | ||
| Q2 24 | -3.5% | -9.1% | ||
| Q1 24 | -7.4% | -18.4% |
| Q4 25 | $-0.04 | $0.36 | ||
| Q3 25 | $0.02 | $-0.64 | ||
| Q2 25 | $0.07 | $-0.74 | ||
| Q1 25 | $-0.05 | $-0.50 | ||
| Q4 24 | $-0.15 | $-0.41 | ||
| Q3 24 | $-0.14 | $-0.26 | ||
| Q2 24 | $-0.13 | $-0.30 | ||
| Q1 24 | $-0.25 | $-0.56 |
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 | — |
| Total DebtLower is stronger | $323.2M | — |
| Stockholders' EquityBook value | $179.3M | $1.7B |
| Total Assets | $1.1B | $2.4B |
| Debt / EquityLower = less leverage | 1.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $604.2M | — | ||
| Q3 25 | $644.1M | $1.0M | ||
| Q2 25 | $503.8M | $16.0M | ||
| Q1 25 | $479.5M | $17.8M | ||
| Q4 24 | $470.6M | $22.7M | ||
| Q3 24 | $381.0M | $29.5M | ||
| Q2 24 | $363.7M | $90.3M | ||
| Q1 24 | $301.7M | $69.1M |
| 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 | $1.7B | ||
| Q3 25 | $161.9M | $1.3B | ||
| Q2 25 | $141.0M | $1.2B | ||
| Q1 25 | $108.1M | $1.2B | ||
| Q4 24 | $99.9M | $1.2B | ||
| Q3 24 | $114.5M | $878.5M | ||
| Q2 24 | $123.7M | $836.5M | ||
| Q1 24 | $130.9M | $794.1M |
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.0B | $1.8B | ||
| Q1 25 | $895.6M | $1.7B | ||
| Q4 24 | $782.1M | $1.7B | ||
| Q3 24 | $692.3M | $1.6B | ||
| Q2 24 | $716.3M | $1.5B | ||
| Q1 24 | $633.2M | $1.5B |
| 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 | $73.9M |
| Free Cash FlowOCF − Capex | $-55.4M | $37.8M |
| FCF MarginFCF / Revenue | -5.5% | 5.7% |
| Capex IntensityCapex / Revenue | 0.5% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $113.1M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-50.4M | $73.9M | ||
| Q3 25 | $144.6M | $59.4M | ||
| Q2 25 | $29.1M | $37.6M | ||
| Q1 25 | $16.6M | $44.5M | ||
| Q4 24 | $-8.7M | $52.9M | ||
| Q3 24 | $26.2M | $51.8M | ||
| Q2 24 | $23.5M | $4.0M | ||
| Q1 24 | $-6.2M | $27.0M |
| Q4 25 | $-55.4M | $37.8M | ||
| Q3 25 | $139.1M | $37.0M | ||
| Q2 25 | $21.1M | $11.7M | ||
| Q1 25 | $8.4M | $22.6M | ||
| Q4 24 | $-18.0M | $34.8M | ||
| Q3 24 | $16.9M | $35.5M | ||
| Q2 24 | $11.8M | $-7.7M | ||
| Q1 24 | $-17.4M | $6.7M |
| Q4 25 | -5.5% | 5.7% | ||
| Q3 25 | 14.0% | 6.2% | ||
| Q2 25 | 2.1% | 2.1% | ||
| Q1 25 | 0.9% | 4.5% | ||
| Q4 24 | -2.6% | 7.3% | ||
| Q3 24 | 2.4% | 8.1% | ||
| Q2 24 | 1.7% | -1.9% | ||
| Q1 24 | -2.8% | 1.8% |
| Q4 25 | 0.5% | 5.4% | ||
| Q3 25 | 0.6% | 3.8% | ||
| Q2 25 | 0.8% | 4.7% | ||
| Q1 25 | 0.9% | 4.3% | ||
| Q4 24 | 1.3% | 3.8% | ||
| Q3 24 | 1.3% | 3.7% | ||
| Q2 24 | 1.7% | 2.8% | ||
| Q1 24 | 1.8% | 5.5% |
| Q4 25 | — | 1.56× | ||
| Q3 25 | 38.77× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
