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Astrana Health

ASTH Nasdaq Health Care Facilities Financials FY2017–FY2025

Astrana Health's revenue rose 56.4% to $3.2 billion in fiscal 2025. Its operating margin was 2.5%, down from 4.4% a year earlier. Free cash flow was $104 million, up 136.6%. It paid out $33 million in dividends and buybacks, 32% of free cash flow. The diluted share count rose 2.9%.

Last close · Oct 23, 2026

$37.45

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
56.4% vs prior year
Operating margin Operating income as a share of revenue.
2.5%
1.9 pts
Net income Profit after all expenses, interest and tax.
$22.5M
47.8%
Free cash flow Cash from operations minus capital spending.
$104M
136.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.2%
3.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
45.1x
On $0.83 EPS (TTM)

About these figures. Astrana's balance sheet shows a negative 'mezzanine' amount for the minority owners of Allied Physicians of California (US$235 million at the end of 2025). Total liabilities plus shareholders' equity therefore exceed total assets by that amount, as filed. In fiscal 2025 the SEC's structured data shows assets that differ from liabilities plus equity by more than 3%, so total liabilities may be incomplete.

What Astrana Health does

No business description yet.

Legal name
Astrana Health, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-103128
0001083446

Revenue and margins

Astrana Health had $3.2B of revenue in fiscal 2025, up 56.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2025, diluted EPS grew −8.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $104M in fiscal 2025, 3.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Astrana Health returned $33.5M to shareholders in fiscal 2025, 32% of free cash flow. The diluted share count rose 2.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Astrana Health yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$609M and divides by 49.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 45.1x · peers 24.4x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Astrana Health can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $287M$294M$296M$291M$430M
Debt incl. finance leases $185M$206M$280M$436M$1.0B
Net debt / EBITDA −0.9x−0.7x−0.2x1.2x4.9x
Debt / equity 0.4x0.4x0.5x0.6x1.3x
Interest coverage 18.2x13.2x5.3x2.7x1.6x
Current ratio 3.5x2.9x2.1x1.8x1.4x
Quick ratio 3.5x2.9x2.1x1.8x1.4x
Total assets $867M$966M$933M$1.4B$2.2B
Total liabilities $357M$408M$523M$841M$1.7B
Shareholders' equity $448M$543M$614M$713M$779M
Net debt (− = net cash) −$101M−$87.7M−$16.2M$145M$609M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 84 / 84 / 8
Accruals ratio −0.8%−0.8%−5.2%
Altman Z'' 4.403.351.93

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Astrana Health ASTH $1.9B 56.4% 2.5% 3.3% 4.2% 45.1x 4
Acadia Healthcare ACHC $2.9B 5.0% — −13.3% −16.0% — 4 Compare →
Ensign Group ENSG $10.4B 18.7% 8.4% — 19.7% 27.5x 6 Compare →
Option Care Health OPCH $4.9B 13.0% 6.0% 3.8% 11.4% 24.4x 5 Compare →
Encompass Health EHC $12.4B 10.5% — 7.4% 15.8% 20.2x 8 Compare →

9 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $356M $520M $561M $687M $774M $1.1B $1.4B $2.0B $3.2B
Gross profit $82.9M $159M $92.8M $148M $178M — — — —
Operating income $35.1M $88.4M $32.4M $80.5M $98.2M $104M $84.6M $89.3M $78.5M
Interest expense $0.1M $0.6M $4.7M $9.5M $5.4M $7.9M $16.1M $33.1M $49.9M
Pretax income $49.7M $82.6M $25.8M $178M $77.7M $86.6M $89.8M $80.8M $39.6M
Income tax $3.9M $22.4M $8.2M $56.3M $31.7M $40.9M $32.0M $30.9M $15.5M
Net income $25.8M $10.8M $14.1M $37.7M $68.9M $45.2M $60.7M $43.1M $22.5M
Diluted EPS $0.90 $0.29 $0.39 $1.01 $1.52 $0.99 $1.29 $0.90 $0.46
Diluted shares 0.03B 0.04B 0.04B 0.04B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $51.8M $25.5M $13.7M $46.2M $70.3M $82.1M $68.2M $52.2M $115M
Capital expenditure $2.1M $1.2M $1.0M $1.2M $19.2M $22.9M $28.5M $8.0M $10.1M
Free cash flow $49.8M $24.3M $12.6M $45.0M $51.1M $59.2M $39.7M $44.2M $104M
Depreciation and amortization $19.1M $19.3M $18.3M $18.3M $17.5M $17.5M $17.7M $27.9M $45.7M
Stock-based compensation $2.7M $1.4M $1.5M $3.4M $6.7M $16.1M $22.0M $34.5M $38.6M
Acquisitions $0.0M $0.0M $49.4M $11.4M $2.6M $16.4M $6.5M $146M $549M
Share buybacks $3.2M $5.0M $7.6M $0.5M $5.7M $9.2M $10.2M $0.9M $25.6M
Dividends paid $10.4M $17.8M $61.7M $51.3M $31.1M $14.0M $62.1M $4.0M $7.9M
Dividends and buybacks $13.6M $22.8M $69.3M $51.9M $36.8M $23.3M $72.3M $4.9M $33.5M
Balance sheet
Cash and short-term investments $101M $108M $220M $261M $287M $294M $296M $291M $430M
Total debt — $0.0M $232M $241M $184M $204M $278M $435M $1.0B
Finance lease liabilities $0.0M $0.0M $0.5M $0.4M $1.5M $1.9M $1.7M $1.2M $0.0M
Current assets $144M $173M $329M $339M $405M $428M $462M $639M $863M
Current liabilities $110M $72.0M $105M $115M $115M $149M $219M $366M $615M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $13.8M $12.7M $12.1M $29.9M $53.2M $109M $7.2M $14.3M $57.3M
Total assets $491M $513M $729M $818M $867M $966M $933M $1.4B $2.2B
Total liabilities $154M $106M $368M $372M $357M $408M $523M $841M $1.7B
Shareholders' equity $160M $181M $192M $331M $448M $543M $614M $713M $779M
Margins
Gross margin 23.3% 30.5% 16.6% 21.5% 23.0% — — — —
Operating margin 9.9% 17.0% 5.8% 11.7% 12.7% 9.1% 6.1% 4.4% 2.5%
EBITDA margin 15.2% 20.7% 9.0% 14.4% 15.0% 10.7% 7.4% 5.8% 3.9%
Net margin 7.2% 2.1% 2.5% 5.5% 8.9% 4.0% 4.4% 2.1% 0.7%
FCF margin 14.0% 4.7% 2.3% 6.6% 6.6% 5.2% 2.9% 2.2% 3.3%
Returns
Return on capital — — 15.9% 21.4% 17.6% 13.6% 10.3% 7.6% 4.2%
Return on capital employed 17.9% 21.5% 6.1% 12.1% 13.5% 13.3% 11.0% 10.5% 6.1%
Return on equity 32.5% 6.4% 7.6% 14.4% 17.7% 9.1% 10.5% 6.5% 3.0%
Return on assets 10.1% 2.2% 2.3% 4.9% 8.2% 4.9% 6.4% 3.8% 1.3%
Growth
Revenue growth 709.0% 45.9% 7.8% 22.6% 12.6% 47.8% 21.2% 46.7% 56.4%
Net income growth — −58.0% 30.3% 167.0% 82.9% −34.5% 34.4% −28.9% −47.9%
EPS growth — −67.8% 34.5% 159.0% 50.5% −34.9% 30.3% −30.2% −48.9%
FCF growth — −51.1% −48.1% 256.3% 13.6% 15.8% −32.9% 11.3% 136.6%
Share count change 449.8% 32.3% −4.0% 2.9% 21.2% 0.4% 2.9% 2.2% 2.9%
Financial health
Net debt / EBITDA — −1.0x 0.3x −0.2x −0.9x −0.7x −0.2x 1.2x 4.9x
Debt / equity — 0.0x 1.2x 0.7x 0.4x 0.4x 0.5x 0.6x 1.3x
Interest coverage 441.0x 157.6x 6.9x 8.5x 18.2x 13.2x 5.3x 2.7x 1.6x
Current ratio 1.3x 2.4x 3.1x 2.9x 3.5x 2.9x 2.1x 1.8x 1.4x
Quick ratio 1.3x 2.4x 3.1x 2.9x 3.5x 2.9x 2.1x 1.8x 1.4x
Capital allocation
Capex / revenue 0.6% 0.2% 0.2% 0.2% 2.5% 2.0% 2.1% 0.4% 0.3%
Stock comp / revenue 0.8% 0.3% 0.3% 0.5% 0.9% 1.4% 1.6% 1.7% 1.2%
Payouts / FCF 27.4% 93.8% 548.6% 115.2% 72.1% 39.3% 182.0% 11.2% 32.1%
Quality scores
Piotroski F-score — — 6.0 6.0 8.0 4.0 5.0 4.0 4.0
Altman Z'' 2.1 4.4 3.0 3.7 4.8 4.6 4.4 3.4 1.9
Accruals ratio −10.2% −2.9% 0.1% −1.1% −0.2% −4.0% −0.8% −0.8% −5.2%

Source: SEC EDGAR XBRL filings (CIK 0001083446). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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