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Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Alignment Healthcare, Inc. is the larger business by last-quarter revenue ($1.0B vs $789.0M, roughly 1.3× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs -1.1%, a 9.6% gap on every dollar of revenue. On growth, Alignment Healthcare, Inc. posted the faster year-over-year revenue change (44.4% vs 6.8%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $-55.4M). Over the past eight quarters, Alignment Healthcare, Inc.'s revenue compounded faster (26.9% CAGR vs 8.5%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
ALHC vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $789.0M |
| Net Profit | $-11.0M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | -1.0% | 15.0% |
| Net Margin | -1.1% | 8.5% |
| Revenue YoY | 44.4% | 6.8% |
| Net Profit YoY | 64.6% | -17.3% |
| EPS (diluted) | $-0.04 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $993.7M | $783.0M | ||
| Q2 25 | $1.0B | $776.0M | ||
| Q1 25 | $926.9M | $705.0M | ||
| Q4 24 | $701.2M | $739.0M | ||
| Q3 24 | $692.4M | $731.0M | ||
| Q2 24 | $681.3M | $730.0M | ||
| Q1 24 | $628.6M | $670.0M |
| Q4 25 | $-11.0M | $67.0M | ||
| Q3 25 | $3.7M | $100.0M | ||
| Q2 25 | $15.7M | $91.0M | ||
| Q1 25 | $-9.1M | $67.0M | ||
| Q4 24 | $-31.1M | $81.0M | ||
| Q3 24 | $-26.4M | $88.0M | ||
| Q2 24 | $-24.0M | $101.0M | ||
| Q1 24 | $-46.5M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | -1.0% | 15.0% | ||
| Q3 25 | 0.8% | 19.9% | ||
| Q2 25 | 2.2% | 17.9% | ||
| Q1 25 | -0.6% | 15.5% | ||
| Q4 24 | -3.2% | 15.6% | ||
| Q3 24 | -2.8% | 17.8% | ||
| Q2 24 | -2.7% | 17.3% | ||
| Q1 24 | -6.5% | 13.6% |
| Q4 25 | -1.1% | 8.5% | ||
| Q3 25 | 0.4% | 12.8% | ||
| Q2 25 | 1.5% | 11.7% | ||
| Q1 25 | -1.0% | 9.5% | ||
| Q4 24 | -4.4% | 11.0% | ||
| Q3 24 | -3.8% | 12.0% | ||
| Q2 24 | -3.5% | 13.8% | ||
| Q1 24 | -7.4% | 8.4% |
| Q4 25 | $-0.04 | $0.33 | ||
| Q3 25 | $0.02 | $0.49 | ||
| Q2 25 | $0.07 | $0.45 | ||
| Q1 25 | $-0.05 | $0.33 | ||
| Q4 24 | $-0.15 | $0.40 | ||
| Q3 24 | $-0.14 | $0.44 | ||
| Q2 24 | $-0.13 | $0.50 | ||
| Q1 24 | $-0.25 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | $323.2M | $491.0M |
| Stockholders' EquityBook value | $179.3M | $1.3B |
| Total Assets | $1.1B | $2.9B |
| Debt / EquityLower = less leverage | 1.80× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $604.2M | $295.0M | ||
| Q3 25 | $644.1M | $255.0M | ||
| Q2 25 | $503.8M | $272.0M | ||
| Q1 25 | $479.5M | $267.0M | ||
| Q4 24 | $470.6M | $298.0M | ||
| Q3 24 | $381.0M | $327.0M | ||
| Q2 24 | $363.7M | $295.0M | ||
| Q1 24 | $301.7M | $344.0M |
| Q4 25 | $323.2M | $491.0M | ||
| Q3 25 | $322.7M | $544.0M | ||
| Q2 25 | $322.3M | $608.0M | ||
| Q1 25 | $321.9M | $653.0M | ||
| Q4 24 | $321.4M | $742.0M | ||
| Q3 24 | $212.0M | $797.0M | ||
| Q2 24 | $211.7M | $810.0M | ||
| Q1 24 | $162.0M | $879.0M |
| Q4 25 | $179.3M | $1.3B | ||
| Q3 25 | $161.9M | $1.2B | ||
| Q2 25 | $141.0M | $1.1B | ||
| Q1 25 | $108.1M | $970.0M | ||
| Q4 24 | $99.9M | $904.0M | ||
| Q3 24 | $114.5M | $872.0M | ||
| Q2 24 | $123.7M | $769.0M | ||
| Q1 24 | $130.9M | $671.0M |
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.0B | $2.9B | ||
| Q1 25 | $895.6M | $2.9B | ||
| Q4 24 | $782.1M | $2.8B | ||
| Q3 24 | $692.3M | $2.9B | ||
| Q2 24 | $716.3M | $2.7B | ||
| Q1 24 | $633.2M | $2.8B |
| Q4 25 | 1.80× | 0.39× | ||
| Q3 25 | 1.99× | 0.46× | ||
| Q2 25 | 2.29× | 0.56× | ||
| Q1 25 | 2.98× | 0.67× | ||
| Q4 24 | 3.22× | 0.82× | ||
| Q3 24 | 1.85× | 0.91× | ||
| Q2 24 | 1.71× | 1.05× | ||
| Q1 24 | 1.24× | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $-55.4M | $86.0M |
| FCF MarginFCF / Revenue | -5.5% | 10.9% |
| Capex IntensityCapex / Revenue | 0.5% | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $113.1M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-50.4M | $144.0M | ||
| Q3 25 | $144.6M | $155.0M | ||
| Q2 25 | $29.1M | $147.0M | ||
| Q1 25 | $16.6M | $154.0M | ||
| Q4 24 | $-8.7M | $130.0M | ||
| Q3 24 | $26.2M | $150.0M | ||
| Q2 24 | $23.5M | $103.0M | ||
| Q1 24 | $-6.2M | $141.0M |
| Q4 25 | $-55.4M | $86.0M | ||
| Q3 25 | $139.1M | $109.0M | ||
| Q2 25 | $21.1M | $105.0M | ||
| Q1 25 | $8.4M | $103.0M | ||
| Q4 24 | $-18.0M | $72.0M | ||
| Q3 24 | $16.9M | $84.0M | ||
| Q2 24 | $11.8M | $47.0M | ||
| Q1 24 | $-17.4M | $84.0M |
| Q4 25 | -5.5% | 10.9% | ||
| Q3 25 | 14.0% | 13.9% | ||
| Q2 25 | 2.1% | 13.5% | ||
| Q1 25 | 0.9% | 14.6% | ||
| Q4 24 | -2.6% | 9.7% | ||
| Q3 24 | 2.4% | 11.5% | ||
| Q2 24 | 1.7% | 6.4% | ||
| Q1 24 | -2.8% | 12.5% |
| Q4 25 | 0.5% | 7.4% | ||
| Q3 25 | 0.6% | 5.9% | ||
| Q2 25 | 0.8% | 5.4% | ||
| Q1 25 | 0.9% | 7.2% | ||
| Q4 24 | 1.3% | 7.8% | ||
| Q3 24 | 1.3% | 9.0% | ||
| Q2 24 | 1.7% | 7.7% | ||
| Q1 24 | 1.8% | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | 38.77× | 1.55× | ||
| Q2 25 | 1.86× | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALHC
Segment breakdown not available.
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
