Alight Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red rating here does not stand for the fallen share price but for documented substance findings in the filings themselves. Goodwill was written down in four steps during 2025 from $3,212 million to $83 million, equity attributable to shareholders fell from $4,309 million to $1,044 million, and the accumulated deficit rose to $3,776 million at March 31, 2026. Financial debt of $2,000 million maturing in 2028 faces $178 million of cash; the credit market marked that same debt at $1,441 million on March 31, 2026, after $1,922 million a quarter earlier. On top sits a payment promise of $509 million to the legacy owners, of which $136 million flowed out in the first quarter of 2026 alone. That the New York Stock Exchange minimum price was met only through a one-for-twenty reverse split is the consequence, not the cause. This is a balance-sheet finding, not a verdict on price. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Alight is not a cheap stock; it is a stock with a cheap-looking metric. The benefits administration business delivers real cash — $250 million of free cash flow in 2025 against a market value of roughly $507 million. Between that money and the shareholder, however, sit $1,822 million of net debt maturing in 2028, a $509 million tax promise to the legacy owners, $3,124 million of goodwill written off in 2025, and revenue falling for a third consecutive year. On an enterprise value basis Alight costs 11.4 times free cash flow, not 1.2 times. Not investment advice.
Core business
Benefits administration is a sticky business: $2,108 million of the $2,262 million of 2025 revenue was recurring, and annual revenue retention was 94 percent (2024: 95). But revenue has now fallen for a third consecutive year — $2,386 million (2023), $2,332 million (2024), $2,262 million (2025) — and another 2.6 percent in the first quarter of 2026, to $534 million.
Cash generation
Operating cash flow from continuing operations rose to $360 million in 2025 (2024: $193 million, 2023: $247 million) while capital expenditures fell to $110 million. The resulting $250 million of free cash flow is the best figure of the last three years and considerable against a market value of roughly $507 million (as of 24.07.2026).
Leverage
At March 31, 2026 there is $2,000 million of financial debt against $178 million of cash, due 2028. On that same date the credit market valued that debt at only $1,441 million — three months earlier it was $1,922 million against $2,005 million of book value. Only $20 million was repaid during 2025.
Claims of the legacy owners
85 percent of all tax benefits from the 2021 structure go to the former owners. Remaining obligation at March 31, 2026: $509 million, after $664 million at the end of 2025. In the first quarter of 2026 alone $136 million flowed out — against $53 million of free cash flow. Up to $40 million for 2026 is in dispute.
Balance-sheet substance
Goodwill fell in four write-down steps during 2025 from $3,212 million to $83 million, total assets from $8,193 million to $4,568 million, equity attributable to shareholders from $4,309 million to $1,044 million. The accumulated deficit stood at $3,776 million on March 31, 2026. Altman score (balance-sheet variant): minus 2.82, squarely in the distress zone that begins below 1.1 on that scale; even without the impairment the value would sit at roughly 2.0, in the grey zone below the safe threshold of 2.6.
Hook and data quality
21st place in the U.S. selection of the in-house P/FCF ranking at a value of 1.2 (measured 27.07.2026; 836 hits in the German list covering all markets, 545 in the U.S.-only English list, 25 rows displayed in each). The underlying market value of $0.3 billion is not used here: the share count in the quarterly report and the closing price of 24.07.2026 give $507 million and therefore a ratio of 2.0, and a Schedule 13G of 09.07.2026 confirms the share count independently. The dividend yield still carried in data sets is also stale — the payout ended on 19.02.2026.
Worth Noting
Hook and source: 21st place in the U.S. selection of the in-house P/FCF ranking, measured live and separately per edition on July 27, 2026 (836 hits in the German list covering all markets, 545 in the U.S.-only English list, 25 rows displayed in each). The scanner lists are recalculated daily; the placement is a snapshot and can drop out of the 25 visible rows.
Why we calculated the market value ourselves: the value carried in the data set, $0.3 billion, differs by more than a fifth from the "share count times price" calculation. Our figure rests on the 537,241,981 shares from the cover page of the quarterly report (as of April 30, 2026), converted to 26,862,099 shares after the one-for-twenty reverse split of June 30, 2026, and the closing price of $18.87 on July 24, 2026. A Schedule 13G of July 9, 2026 confirms the order of magnitude independently: 1,366,285 Class A shares are reported there as 5.2 percent of the class, which implies roughly 26.3 million Class A shares. Metrics resting on the divergent market value are not used in this article.
On the dividend yield in summary data: Alight replaced its quarterly dividend on February 19, 2026 with debt reduction and share repurchases. Yield figures from data sets still carrying the old payout are stale.
On the price distances: our data set shows 95.4 percent below the all-time high and 90.8 percent below the 52-week high; neither figure consistently reflects the reverse split of June 30, 2026. Calculated from the split-adjusted price series we get 92.4 percent (peak $248.52 on September 10, 2021) and 83.2 percent (52-week high $112.05 on July 25, 2025), each against $18.87 on July 24, 2026. The article uses the self-calculated figures.
Risk of confusion: Alight, Inc. (ALIT, NYSE) is not the same as same-named relief organizations or lighting companies. The SEC company name is "Alight, Inc."; the EDGAR history carries the former names Foley Trasimene Acquisition Corp. (until July 6, 2021) and Alight Group, Inc.
Every figure from the filings carries the date of its report, not the date of the data retrieval. Free cash flow time series refer throughout to continuing operations; the payroll and professional services business sold in 2024 is presented as a discontinued operation in every year shown.
Status of the mandatory checks on July 27, 2026: the most recent periodic report is the quarterly report for March 31, 2026 (filed May 5, 2026); no newer one existed at the editorial deadline. The SEC filing record contains no deregistration (Form 15), no delisting of the Class A shares (Form 25), no tender offer and no going-private transaction. Four current reports were filed after the quarterly report (June 4, June 11, June 18 and July 1, 2026); all have been reviewed.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ALIT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.49 $ to 21.90 $ · Last price: 12.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Application
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Alight Inc ALIT | 0.3 | – | 29.0 | 37.5 | – | -3.0 | -81.6 |
| Salesforce.com Inc CRM | 194.7 | 24.2 | 14.3 | 77.3 | 21.8 | 9.6 | 1.1 |
| Uber Technologies Inc UBER | 144.3 | 18.9 | 19.7 | 40.8 | 14.6 | 18.3 | -23.8 |
| ServiceNow Inc NOW | 138.5 | 82.3 | 40.2 | 74.8 | 13.3 | 20.9 | -27.2 |
| Snowflake Inc. SNOW | 115.4 | – | -76.6 | 67.0 | -22.2 | 29.2 | 55.3 |
| Automatic Data Processing Inc ADP | 108.8 | 25.1 | 16.4 | 48.7 | 30.2 | 7.1 | -3.0 |
| Adobe Systems Incorporated ADBE | 99.2 | 14.3 | 9.8 | 89.3 | 35.3 | 10.5 | -30.2 |
| Intuit Inc INTU | 86.0 | 20.0 | 12.2 | 81.0 | 47.0 | 15.6 | -52.2 |
| Datadog Inc DDOG | 84.3 | 631.8 | 268.8 | 79.5 | 0.8 | 27.7 | 75.8 |
| Median of companies shown | 108.8 | 24.2 | 16.4 | 74.8 | 18.2 | 15.6 | -23.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,260 | 203 | 126 | 20.26 | 388 | – | – |
| 2017 | 2,301 | 190 | 24 | 3.86 | 303 | 887 | 6,257 |
| 2018 | 2,378 | 204 | -21 | -0.94 | 196 | 818 | 5,682 |
| 2019 | 2,552 | 265 | 22 | 0.98 | 268 | 805 | 6,586 |
| 2020 | 2,728 | 147 | -103 | -4.61 | 233 | 683 | 6,956 |
| 2021 | 2,915 | 194 | -60 | -2.73 | 115 | 4,140 | 10,988 |
| 2022 | 2,207 | -94 | -62 | -2.70 | 286 | 4,439 | 11,235 |
| 2023 | 3,410 | -101 | -345 | -14.10 | 386 | 4,462 | 10,782 |
| 2024 | 2,332 | -90 | -157 | -5.74 | 252 | 4,309 | 8,193 |
| 2025 | 2,262 | 34 | -3,097 | -117.41 | 360 | 1,044 | 4,568 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.01 | – | 680 | -29.20 | 1.20 | 118 | 92 |
| 2025: Q1 | -0.05 | – | 548 | -2.00 | -4.60 | 73 | 44 |
| 2025: Q2 | -2.03 | -4,929.70 | 528 | -1.90 | -203.20 | 86 | 58 |
| 2025: Q3 | -2.02 | – | 533 | -4.00 | -200.20 | 77 | 49 |
| 2025: Q4 | -1.77 | -11,893.80 | 653 | -4.00 | -142.70 | 124 | 99 |
| 2026: Q1 | -0.04 | – | 534 | -2.60 | -3.60 | 79 | 53 |
| 2026: Q2 | -0.38 | 81.30 | 511 | -3.20 | -2.00 | 73 | 48 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Dividends
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.73 | 4.11 – 5.52 | 2,091 | -52.8% | 5 |
| 12/31/2027 | 5.27 | 4.18 – 6.45 | 1,999 | 11.6% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $249.0M |
|---|---|
| Market cap | $340.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 11.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Alight verkauft die KI-Funktionen als Teil des Leistungsangebots: Der Konzern beschreibt seine generativen KI-Such- und Chat-Funktionen sowie die intelligente Dokumentenverarbeitung ausdrücklich als Bestandteil der eigenen Angebote, und das einzige berichtspflichtige Segment Employer Solutions wird laut Bericht von „digital, software and AI-led capabilities“ der Plattform Alight Worklife getragen.
View the full file — quotes, sources, reviewed filings
„We are increasingly building AI and ML into many of our offerings including in our generative AI-enhanced Search and Chat functions for Alight Worklife as well as our intelligent document processing tools."
Wir bauen künstliche Intelligenz und maschinelles Lernen zunehmend in viele unserer Angebote ein, darunter in unsere durch generative KI erweiterten Such- und Chat-Funktionen für Alight Worklife sowie in unsere Werkzeuge zur intelligenten Dokumentenverarbeitung.
10-K · 2026-02-24 · View SEC filing
„Employer Solutions is driven by our digital, software and AI-led capabilities powered by the Alight Worklife® platform and spanning total employee wellbeing and engagement, including integrated benefits administration, healthcare navigation, financial health and employee wellbeing."
Employer Solutions wird von unseren digitalen, Software- und KI-geführten Fähigkeiten getragen, die auf der Plattform Alight Worklife® beruhen und das gesamte Wohlbefinden und die Einbindung der Beschäftigten abdecken — einschließlich integrierter Leistungsverwaltung, Gesundheitslotsendiensten, finanzieller Gesundheit und Mitarbeiter-Wohlbefinden.
10-Q · 2026-05-05 · View SEC filing
„The PSP includes simplifying our post-divestiture operating model, rationalizing our technology spend, expanding our use of artificial intelligence and automation and continued optimization of real estate."
Der Post-Separation-Plan umfasst die Vereinfachung unseres Betriebsmodells nach dem Verkauf, die Bereinigung unserer Technologieausgaben, die Ausweitung unseres Einsatzes von künstlicher Intelligenz und Automatisierung sowie die fortgesetzte Optimierung unserer Immobilien.
10-Q · 2026-05-05 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-02-24 · 10-Q 2025-11-06 · 10-Q 2025-08-05 · 10-Q 2025-05-08 · 10-K 2025-02-27
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 0.8%
- More than 10% revenue growth is expected for the coming year 0.0%
- Share count grows by less than 3% a year 4.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 8.1%
- Gross margin at 40% or higher and without meaningful erosion 20.7%
- Goodwill from acquisitions does not grow faster than revenue 1.8%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 4,597 m
- Return on capital at 15% or higher, or up versus two years ago 0.9%
- Insiders hold at least 10% or are net buyers 5.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 0.0%
- Exp. sales growth 3Y > 5% -6.0%
- EBIT growth 10Y > 5% -18.0%
- Exp. EBIT growth 3Y > 5% -6.0%
- Net debt < 4x EBIT 54.3x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 0.9%
- Expected return > 10% 63.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Felli Martin | Chief Legal Officer | Other | 244 | 14.89 | 3,633 |
| Aug 15, 2026 | Dorsey Donna | Chief Human Resources Officer | Other | 3,833 | 13.80 | 52,895 |
| Dec 15, 2025 | Rajgopal Kausik | Director | Buy | 38 | 20.53 | 780 |
The company
About the Company
Alight, Inc. a technology-enabled services company worldwide.
- Employees
- 9,500
- Headquarters
- Chicago, IL
- Address
- 320 South Canal Street, 60606 Chicago, United States
- Phone
- 224 737 7000
- Website
- alight.com
- IPO Date
- 07/17/2020
- ISIN
- US01626W2008
- Stock Split
- 1:20 on 07/01/2026
Management
| Name | Title | Birth Year |
|---|---|---|
| Donna G. Dorsey J.D. | Chief Human Resources Officer | 1971 |
| Allison P. Bassiouni | Chief Delivery Officer | 1976 |
| Rohit Verma | CEO & Director | 1975 |
| Stephen Andrew Lasher | Chief Financial Officer | 1969 |
| Susan Dorrance Davies | Chief Accounting Officer & Global Controller | 1969 |
| Naveen Baweja | Chief Technology Officer | – |
| Jeremy Cohen | Vice President of Investor Relations | – |
| Martin T. Felli | Chief Legal Officer & Corporate Secretary | 1968 |
| Dinesh V. Tulsiani C.F.A. | President of Employer Solutions | 1975 |
| Stephen D. Rush | Chief Commercial Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/04/2026 Alight, Inc. / Delaware (ALIT): Results of Operations and Financial Condition; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.