Alignment Healthcare: Sustained Membership Growth and Expanding EBITDA Support Buy Rating

William Blair analyst Ryan Daniels has reiterated their bullish stance on ALHC stock, giving a Buy rating on January 6.

Ryan Daniels has given his Buy rating due to a combination of factors that highlight Alignment Healthcare’s strong growth trajectory and improving profitability outlook. He points to the company’s exceptional 31% Medicare Advantage membership expansion during the 2026 annual enrollment period, which brings total health plan membership to roughly 275,300 at the start of 2026. Management’s projection to finish 2026 with 290,000 to 296,000 members, representing mid-20% year-over-year growth versus 2025, exceeds prior internal and consensus expectations, reinforcing confidence in sustained top-line momentum. In addition, Daniels views the reaffirmation of full-year 2025 guidance across all metrics as evidence of operational consistency and execution discipline.

At the same time, Daniels emphasizes that management’s validation of the 2026 consensus adjusted EBITDA estimate of about $145 million indicates meaningful operating leverage as the business scales. He expects that continued revenue expansion, combined with ongoing improvement in the medical benefit ratio, should translate into substantial EBITDA growth in 2026 and beyond. This dynamic of rapid membership growth paired with better cost management underpins his favorable view of the company’s long-term earnings power. Taken together, these factors support his conclusion that Alignment Healthcare’s risk-reward profile remains attractive, justifying a Buy recommendation on the shares.

Daniels covers the Healthcare sector, focusing on stocks such as TransMedics Group, Idexx Laboratories, and Encompass Health. According to TipRanks, Daniels has an average return of 6.0% and a 47.51% success rate on recommended stocks.

In another report released on January 6, Piper Sandler also reiterated a Buy rating on the stock with a $30.00 price target.