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Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and SELECT MEDICAL HOLDINGS CORP (SEM). Click either name above to swap in a different company.
SELECT MEDICAL HOLDINGS CORP is the larger business by last-quarter revenue ($1.4B vs $1.0B, roughly 1.4× Alignment Healthcare, Inc.). SELECT MEDICAL HOLDINGS CORP runs the higher net margin — 1.4% vs -1.1%, a 2.5% gap on every dollar of revenue. On growth, Alignment Healthcare, Inc. posted the faster year-over-year revenue change (44.4% vs 6.4%). SELECT MEDICAL HOLDINGS CORP produced more free cash flow last quarter ($5.2M vs $-55.4M). Over the past eight quarters, Alignment Healthcare, Inc.'s revenue compounded faster (26.9% CAGR vs 2.8%).
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.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
ALHC vs SEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.4B |
| Net Profit | $-11.0M | $20.2M |
| Gross Margin | — | — |
| Operating Margin | -1.0% | 4.6% |
| Net Margin | -1.1% | 1.4% |
| Revenue YoY | 44.4% | 6.4% |
| Net Profit YoY | 64.6% | 225.7% |
| EPS (diluted) | $-0.04 | $0.17 |
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 | $1.4B | ||
| Q3 25 | $993.7M | $1.4B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $926.9M | $1.4B | ||
| Q4 24 | $701.2M | $1.3B | ||
| Q3 24 | $692.4M | $1.3B | ||
| Q2 24 | $681.3M | $1.3B | ||
| Q1 24 | $628.6M | $1.3B |
| Q4 25 | $-11.0M | $20.2M | ||
| Q3 25 | $3.7M | $28.8M | ||
| Q2 25 | $15.7M | $40.6M | ||
| Q1 25 | $-9.1M | $56.7M | ||
| Q4 24 | $-31.1M | $-16.1M | ||
| Q3 24 | $-26.4M | $55.6M | ||
| Q2 24 | $-24.0M | $77.6M | ||
| Q1 24 | $-46.5M | $96.9M |
| Q4 25 | -1.0% | 4.6% | ||
| Q3 25 | 0.8% | 5.4% | ||
| Q2 25 | 2.2% | 6.5% | ||
| Q1 25 | -0.6% | 8.3% | ||
| Q4 24 | -3.2% | 1.6% | ||
| Q3 24 | -2.8% | 4.3% | ||
| Q2 24 | -2.7% | 5.8% | ||
| Q1 24 | -6.5% | 9.0% |
| Q4 25 | -1.1% | 1.4% | ||
| Q3 25 | 0.4% | 2.1% | ||
| Q2 25 | 1.5% | 3.0% | ||
| Q1 25 | -1.0% | 4.2% | ||
| Q4 24 | -4.4% | -1.2% | ||
| Q3 24 | -3.8% | 4.4% | ||
| Q2 24 | -3.5% | 6.1% | ||
| Q1 24 | -7.4% | 7.3% |
| Q4 25 | $-0.04 | $0.17 | ||
| Q3 25 | $0.02 | $0.23 | ||
| Q2 25 | $0.07 | $0.32 | ||
| Q1 25 | $-0.05 | $0.44 | ||
| Q4 24 | $-0.15 | $-0.12 | ||
| Q3 24 | $-0.14 | $0.43 | ||
| Q2 24 | $-0.13 | $0.60 | ||
| Q1 24 | $-0.25 | $0.75 |
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 | $26.5M |
| Total DebtLower is stronger | $323.2M | $1.8B |
| Stockholders' EquityBook value | $179.3M | $1.7B |
| Total Assets | $1.1B | $5.9B |
| Debt / EquityLower = less leverage | 1.80× | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $604.2M | $26.5M | ||
| Q3 25 | $644.1M | $60.1M | ||
| Q2 25 | $503.8M | $52.3M | ||
| Q1 25 | $479.5M | $53.2M | ||
| Q4 24 | $470.6M | $59.7M | ||
| Q3 24 | $381.0M | $191.5M | ||
| Q2 24 | $363.7M | $111.2M | ||
| Q1 24 | $301.7M | $92.6M |
| Q4 25 | $323.2M | $1.8B | ||
| Q3 25 | $322.7M | $1.7B | ||
| Q2 25 | $322.3M | $1.8B | ||
| Q1 25 | $321.9M | $1.8B | ||
| Q4 24 | $321.4M | $1.7B | ||
| Q3 24 | $212.0M | $3.1B | ||
| Q2 24 | $211.7M | $3.6B | ||
| Q1 24 | $162.0M | $3.8B |
| Q4 25 | $179.3M | $1.7B | ||
| Q3 25 | $161.9M | $1.7B | ||
| Q2 25 | $141.0M | $1.7B | ||
| Q1 25 | $108.1M | $1.7B | ||
| Q4 24 | $99.9M | $1.7B | ||
| Q3 24 | $114.5M | $1.9B | ||
| Q2 24 | $123.7M | $1.4B | ||
| Q1 24 | $130.9M | $1.4B |
| Q4 25 | $1.1B | $5.9B | ||
| Q3 25 | $1.1B | $5.7B | ||
| Q2 25 | $1.0B | $5.7B | ||
| Q1 25 | $895.6M | $5.7B | ||
| Q4 24 | $782.1M | $5.6B | ||
| Q3 24 | $692.3M | $8.0B | ||
| Q2 24 | $716.3M | $7.9B | ||
| Q1 24 | $633.2M | $7.9B |
| Q4 25 | 1.80× | 1.06× | ||
| Q3 25 | 1.99× | 1.03× | ||
| Q2 25 | 2.29× | 1.10× | ||
| Q1 25 | 2.98× | 1.03× | ||
| Q4 24 | 3.22× | 1.01× | ||
| Q3 24 | 1.85× | 1.62× | ||
| Q2 24 | 1.71× | 2.54× | ||
| Q1 24 | 1.24× | 2.75× |
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 | $64.3M |
| Free Cash FlowOCF − Capex | $-55.4M | $5.2M |
| FCF MarginFCF / Revenue | -5.5% | 0.4% |
| Capex IntensityCapex / Revenue | 0.5% | 4.2% |
| Cash ConversionOCF / Net Profit | — | 3.19× |
| TTM Free Cash FlowTrailing 4 quarters | $113.1M | $117.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-50.4M | $64.3M | ||
| Q3 25 | $144.6M | $175.3M | ||
| Q2 25 | $29.1M | $110.3M | ||
| Q1 25 | $16.6M | $-3.5M | ||
| Q4 24 | $-8.7M | $125.4M | ||
| Q3 24 | $26.2M | $181.0M | ||
| Q2 24 | $23.5M | $278.2M | ||
| Q1 24 | $-6.2M | $-66.7M |
| Q4 25 | $-55.4M | $5.2M | ||
| Q3 25 | $139.1M | $122.2M | ||
| Q2 25 | $21.1M | $45.6M | ||
| Q1 25 | $8.4M | $-55.8M | ||
| Q4 24 | $-18.0M | $62.0M | ||
| Q3 24 | $16.9M | $130.3M | ||
| Q2 24 | $11.8M | $222.6M | ||
| Q1 24 | $-17.4M | $-119.2M |
| Q4 25 | -5.5% | 0.4% | ||
| Q3 25 | 14.0% | 9.0% | ||
| Q2 25 | 2.1% | 3.4% | ||
| Q1 25 | 0.9% | -4.1% | ||
| Q4 24 | -2.6% | 4.7% | ||
| Q3 24 | 2.4% | 10.2% | ||
| Q2 24 | 1.7% | 17.4% | ||
| Q1 24 | -2.8% | -9.0% |
| Q4 25 | 0.5% | 4.2% | ||
| Q3 25 | 0.6% | 3.9% | ||
| Q2 25 | 0.8% | 4.8% | ||
| Q1 25 | 0.9% | 3.9% | ||
| Q4 24 | 1.3% | 4.8% | ||
| Q3 24 | 1.3% | 4.0% | ||
| Q2 24 | 1.7% | 4.3% | ||
| Q1 24 | 1.8% | 4.0% |
| Q4 25 | — | 3.19× | ||
| Q3 25 | 38.77× | 6.09× | ||
| Q2 25 | 1.86× | 2.72× | ||
| Q1 25 | — | -0.06× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.25× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | -0.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALHC
Segment breakdown not available.
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
