Astrana Health vs Option Care Health
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The short version
- Option Care Health is the larger business, with $5.6B of revenue in fiscal 2025 against $3.2B for Astrana Health, about 1.8 times as much.
- Astrana Health grew revenue faster (56.4%, against 13.0%).
- Option Care Health kept more of each dollar of sales as operating profit (6.0% operating margin, against 2.5%).
- Option Care Health turned more of its sales into free cash flow (3.8% FCF margin, against 3.3%).
- Option Care Health earned a higher return on the capital invested in it (11.4%, against 4.2%).
- Investors pay more for each dollar of Astrana Health’s earnings: a P/E of 45.1x against 24.4x for Option Care Health.
| Latest fiscal year | ASTH · FY25 | OPCH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.9B | $4.9B |
| Revenue | $3.2B | $5.6B |
| Free cash flow | $104M | $217M |
| Net income | $22.5M | $208M |
| Growth | ||
| Revenue growth | 56.4% | 13.0% |
| 5-year growth | 35.9% | 13.3% |
| Share count change | 2.9% | −5.5% |
| Profitability | ||
| Gross margin | — | 19.3% |
| Operating margin | 2.5% | 6.0% |
| Net margin | 0.7% | 3.7% |
| FCF margin | 3.3% | 3.8% |
| Return on capital | 4.2% | 11.4% |
| Return on equity | 3.0% | 15.2% |
| Balance sheet | ||
| Net debt | $609M | $928M |
| Net debt / EBITDA | 4.9x | 2.3x |
| Dividends and buybacks | $33.5M | $310M |
| Valuation & quality | ||
| P/E | 45.1x | 24.4x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
ASTH —
OPCH $936M
FY17
ASTH $356M
OPCH $1.8B
FY18
ASTH $520M
OPCH $1.9B
FY19
ASTH $561M
OPCH $2.3B
FY20
ASTH $687M
OPCH $3.0B
FY21
ASTH $774M
OPCH $3.4B
FY22
ASTH $1.1B
OPCH $3.9B
FY23
ASTH $1.4B
OPCH $4.3B
FY24
ASTH $2.0B
OPCH $5.0B
FY25
ASTH $3.2B
OPCH $5.6B
ASTH
OPCH
Operating margin
FY16
ASTH —
OPCH −1.2%
FY17
ASTH 9.9%
OPCH 1.5%
FY18
ASTH 17.0%
OPCH 2.0%
FY19
ASTH 5.8%
OPCH −0.0%
FY20
ASTH 11.7%
OPCH 3.7%
FY21
ASTH 12.7%
OPCH 5.6%
FY22
ASTH 9.1%
OPCH 6.1%
FY23
ASTH 6.1%
OPCH 7.3%
FY24
ASTH 4.4%
OPCH 6.4%
FY25
ASTH 2.5%
OPCH 6.0%
ASTH
OPCH
Free cash flow
FY16
ASTH —
OPCH —
FY17
ASTH $49.8M
OPCH $12.9M
FY18
ASTH $24.3M
OPCH −$1.9M
FY19
ASTH $12.6M
OPCH $11.2M
FY20
ASTH $45.0M
OPCH $101M
FY21
ASTH $51.1M
OPCH $183M
FY22
ASTH $59.2M
OPCH $232M
FY23
ASTH $39.7M
OPCH $329M
FY24
ASTH $44.2M
OPCH $288M
FY25
ASTH $104M
OPCH $217M
ASTH
OPCH
Return on capital
FY16
ASTH —
OPCH −1.3%
FY17
ASTH —
OPCH 2.0%
FY18
ASTH —
OPCH 2.8%
FY19
ASTH 15.9%
OPCH −0.0%
FY20
ASTH 21.4%
OPCH 4.2%
FY21
ASTH 17.6%
OPCH 9.2%
FY22
ASTH 13.6%
OPCH 8.2%
FY23
ASTH 10.3%
OPCH 10.9%
FY24
ASTH 7.6%
OPCH 11.3%
FY25
ASTH 4.2%
OPCH 11.4%
ASTH
OPCH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.