Alight, Inc. / Delaware key statistics and ratios

In fiscal 2025, Alight, Inc. / Delaware had return on equity of -115.7%, an operating margin of -136.6%, debt equal to 192.5% of equity and a current ratio of 1.31. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Alight, Inc. / Delaware: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	31.1%	33.9%	34.0%	33.8%	32.1%
Operating margin	10.4%	5.4%	−4.3%	−3.4%	−3.9%	−136.6%	−95.7%
Net margin	—	—	−2.8%	−14.5%	−6.7%	−136.9%	−90.9%
Free-cash-flow margin	—	—	7.0%	10.3%	5.6%	11.1%	11.2%
Return on equity	—	—	−2.4%	−7.8%	−3.6%	−115.7%	−196.1%
Return on assets	—	—	−0.7%	−3.1%	−1.7%	−48.5%	−45.9%
Asset turnover	—	0.39	0.24	0.22	0.25	0.35	0.51
Current ratio	—	1.25	1.20	1.27	1.42	1.31	1.42
Debt to equity	—	607.6%	63.6%	62.6%	47.1%	192.5%	195.2%
Interest cover (operating income ÷ interest)	1.2x	0.6x	n/m	n/m	n/m	n/m	n/m
Effective tax rate	42.1%	—	—	—	—	—	—
SG&A as % of revenue	—	—	21.7%	24.7%	25.1%	19.2%	18.6%
Capital spending as % of revenue	—	—	5.9%	5.9%	5.2%	4.9%	4.7%
Dividends and buybacks ÷ free cash flow	—	—	7.7%	16.3%	143.5%	60.4%	27.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Alight, Inc. / Delaware: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	31.4%	39.9%	31.2%	33.3%	33.4%	36.8%	29.2%	27.8%
Operating margin	−7.6%	6.5%	−1.5%	−191.3%	−248.0%	−114.9%	−4.1%	−7.8%
Net margin	−13.3%	1.2%	−4.6%	−203.2%	−200.2%	−142.7%	−3.6%	−2.0%
Free-cash-flow margin	−9.4%	13.5%	8.0%	11.0%	9.2%	15.2%	9.9%	9.4%
Current ratio	1.30	1.42	1.18	1.16	1.21	1.31	1.42	1.42
Debt to equity	47.0%	47.0%	47.7%	64.6%	100.4%	192.0%	194.7%	194.9%
SG&A as % of revenue	25.6%	22.2%	19.0%	24.6%	16.3%	17.5%	19.7%	21.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 7 checks passed · June 30, 2026

What it owns · $4.3bn

Short-term assets $973mLonger-term assets $3.3bn

What it owes, and who funded it · $4.3bn

Short-term liabilities $683mLonger-term liabilities $2.6bnShareholders' equity $1.0bn

Short-term assets cover short-term liabilities $973m of assets due within a year against $683m of liabilities due within a year.
Short-term assets cover long-term liabilities $973m short-term assets against $2.6bn of longer-dated liabilities.
More cash than debt $215m of cash against $2.0bn of debt.
Debt below 40% of shareholders' equity Debt is 195% of equity.
Debt burden no higher than five years ago Debt to equity moved from 68% to 195% over five years.
A year's operating cash flow covers at least 20% of debt $353m of operating cash flow against $2.0bn of debt.
Operating profit covers interest at least five times over Operating income of −$2.1bn against $96m of interest.

From Alight, Inc. / Delaware's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

31 /100

Weak moat

How hard Alight's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -2.5% of total assets over 6 years.
Pricing power 12 / 20

Gross margin has been a median 32.5%, moving by 0.8 percentage points (standard deviation) across 5 years.
Durability 10 / 20

Operating margin has been a median -5.9%; its worst year was -95.7%.
Cash conversion 15 / 20

Free cash flow was positive in 5 of 5 years, at a median 10.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (46 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Alight, Inc. / Delaware's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Alight, Inc. / Delaware.