Alignment Healthcare, Inc. disclosed that an affiliate of General Atlantic, L.P. will sell 13,167,733 shares of the company’s common stock in a secondary public offering. The shares are priced at $19.46 each and the transaction is expected to close on March 4, 2026, subject to customary closing conditions. J.P. Morgan is the underwriter, and the sale is being conducted under a shelf registration statement on Form S‑3 that became effective on March 2, 2026.
Because the shares are being sold by a shareholder rather than by Alignment itself, the company will not receive any proceeds from the transaction. The offering is valued at approximately $256 million and represents a divestiture by a major shareholder, not a new issuance of equity by the company.
The announcement follows Alignment’s Q4 2025 earnings, in which the company reported an earnings per share of –$0.05 versus a consensus estimate of –$0.16, a beat of $0.11. Revenue reached $1.02 billion, up from $1.00 billion in the prior quarter and beating the $1.00 billion forecast. Membership grew 25% year‑over‑year to 236,300, and adjusted EBITDA for the quarter was $11 million, compared with $110 million for the full year 2025. Management guided 2026 revenue to $5.14 billion–$5.19 billion and adjusted EBITDA to $133 million–$163 million.
CEO John Kao said, “Our fourth quarter and full‑year 2025 results show what Medicare Advantage done right looks like. We once again exceeded industry expectations and delivered continued momentum on revenue growth while taking a positive step forward in profitability and margin expansion, including producing free cash flow on a full‑year basis.” He added, “By leading with our care model, we are putting our seniors first and lowering costs by delivering more care, not less. Being named to the 2026 Fortune World’s Most Admired Companies™ list affirms the reputation we’ve built since going public. As we move through 2026, we remain focused on disciplined growth, the scalability of our operations and creating long‑term value for the members we serve.”
Investors reacted with caution, citing the increased supply of shares in the market. The announcement coincided with a modest decline in trading activity, reflecting concerns about dilution and the impact of a large shareholder divestiture on the company’s capital structure.
The sale by General Atlantic, which previously held a 6.6% stake, reduces the private equity firm’s exposure while allowing the company to maintain its focus on expanding Medicare Advantage plans and investing in its AVA® care‑coordination platform. The secondary offering does not alter Alignment’s strategic trajectory but provides a clearer view of shareholder composition and the company’s ability to manage capital efficiently.
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