Alight, Inc. / Delaware
ALIT on NYSE. Alight sells employee benefits software and services to employers. Market value $2.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.21 of spare cash in the past 12 months. A savings account pays about $4.
You pay 943.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 30 of 100. Price score: 28 of 100. Our list needs 70 on quality and 60 on price.
$9.06 a share, 6% above its 1-year low
Over the past year the price has ranged from $8.51 to $67.70.
Dividend: 0.9% a year
Paid every year for 2 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $2.2bn | $2.4bn | $2.3bn | $2.3bn |
| Operating margin | |||||
| Operating margin | n/a | -4.3% | -3.4% | -3.9% | -136.6% |
| Debt to equity | |||||
| Debt to equity | 0.71 | 0.65 | 0.63 | 0.48 | 1.97 |
| Shares outstanding | |||||
| Shares outstanding | n/a | 0.46bn | 0.49bn | 0.54bn | 0.53bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt1.97× equity
- Revenue growth, five yearsShrinking, 3.7% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $511 million last quarter, down 3% on a year ago.
- A loss of $10 million, compared with a loss of $1.1 billion a year ago.
- It loses 96 cents on each $1 of sales, compared with 44 cents a year earlier.
- Spare cash over the past 12 months: $249 million, up from $142 million.
- About the same number of shares as a year ago.
- Debt is $1.8 billion more than cash, about the same as a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $555m |
| December 2024 | Not reported |
| March 2025 | $548m |
| June 2025 | $528m |
| September 2025 | $533m |
| December 2025 | $653m |
| March 2026 | $534m |
| June 2026 | $511m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$74m |
| December 2024 | $8m |
| March 2025 | -$25m |
| June 2025 | -$1.1bn |
| September 2025 | -$1.1bn |
| December 2025 | -$932m |
| March 2026 | -$19m |
| June 2026 | -$10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, down from 4 last quarter. 206 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Tensile Capital ManagementTensile Capital team | $2m | 0.2% | Cut |
| Royce & AssociatesChuck Royce | $2m | <0.1% | Added |
Sold out this quarter
Largest holders overall
- Cannae Holdings$23m
- D. E. Shaw$14m
- AQR Capital Management$14mAdded
- Fidelity National Financial$12m
- CastleKnight Management LP$12mAdded
- TWO Sigma Investments, LP$12mCut
- Vanguard Capital Management$11m
- Private Management Group$10mAdded
- BlackRock$9mCut
- Renaissance Technologies$8mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- D. E. Shaw & Co., L.P.Passive investorat least 5.2%(filed with 1 related holder)Since 1 July 2026
- Glenview Capital ManagementPassive investorat least 4.6%(filed with 1 related holder)Since 30 June 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Starboard ValueActivistSold down below 5%Since 3 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
D. E. Shaw & Co., L.P. Passive investor | at least 5.2% (filed with 1 related holder) | 1 July 2026 | |
Glenview Capital Management Passive investor | at least 4.6% (filed with 1 related holder) | 30 June 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Starboard Value Activist | Sold down below 5% | 3 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 6 insiders bought $651,044 of shares on the open market.
- Lopes Robert A. Jr.DirectorBought
- Date
- 16 March 2026
- Shares
- 30,000
- Price
- $0.82
- Value
- $24,600
- Verma RohitChief Executive Officer, DirectorBought
- Date
- 12 March 2026
- Shares
- 112,000
- Price
- $0.89
- Value
- $99,680
- Verma RohitChief Executive Officer, DirectorBought
- Date
- 24 February 2026
- Shares
- 100,000
- Price
- $0.77
- Value
- $77,000
- Rajgopal KausikDirectorBought
- Date
- 15 December 2025
- Shares
- 38
- Price
- $20.53
- Value
- $780
- Rushing Coretha MDirectorBought
- Date
- 2 December 2025
- Shares
- 1,018
- Price
- $2.25
- Value
- $2,291
- Lopes Robert A. Jr.DirectorBought
- Date
- 26 November 2025
- Shares
- 10,000
- Price
- $2.39
- Value
- $23,900
- Massey Richard NDirectorBought
- Date
- 26 November 2025
- Shares
- 100,000
- Price
- $2.33
- Value
- $233,000
- SCHRIESHEIM ROBERT ADirectorBought
- Date
- 26 November 2025
- Shares
- 42,098
- Price
- $2.38
- Value
- $100,193
- Rajgopal KausikDirectorBought
- Date
- 25 November 2025
- Shares
- 40,000
- Price
- $2.24
- Value
- $89,600
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 March 2026 | Lopes Robert A. Jr. Director | Bought | 30,000 | $0.82 | $24,600 |
| 12 March 2026 | Verma Rohit Chief Executive Officer, Director | Bought | 112,000 | $0.89 | $99,680 |
| 24 February 2026 | Verma Rohit Chief Executive Officer, Director | Bought | 100,000 | $0.77 | $77,000 |
| 15 December 2025 | Rajgopal Kausik Director | Bought | 38 | $20.53 | $780 |
| 2 December 2025 | Rushing Coretha M Director | Bought | 1,018 | $2.25 | $2,291 |
| 26 November 2025 | Lopes Robert A. Jr. Director | Bought | 10,000 | $2.39 | $23,900 |
| 26 November 2025 | Massey Richard N Director | Bought | 100,000 | $2.33 | $233,000 |
| 26 November 2025 | SCHRIESHEIM ROBERT A Director | Bought | 42,098 | $2.38 | $100,193 |
| 25 November 2025 | Rajgopal Kausik Director | Bought | 40,000 | $2.24 | $89,600 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 3.7% a year.
- It isn't cheap on profits: 943.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.