Astrana Health vs Encompass Health
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The short version
- Encompass Health is the larger business, with $5.9B of revenue in fiscal 2025 against $3.2B for Astrana Health, about 1.9 times as much.
- Astrana Health grew revenue faster (56.4%, against 10.5%).
- Encompass Health turned more of its sales into free cash flow (7.4% FCF margin, against 3.3%).
- Encompass Health earned a higher return on the capital invested in it (15.8%, against 4.2%).
- Investors pay more for each dollar of Astrana Health’s earnings: a P/E of 45.1x against 20.2x for Encompass Health.
| Latest fiscal year | ASTH · FY25 | EHC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.9B | $12.4B |
| Revenue | $3.2B | $5.9B |
| Free cash flow | $104M | $439M |
| Net income | $22.5M | $566M |
| Growth | ||
| Revenue growth | 56.4% | 10.5% |
| 5-year growth | 35.9% | 10.7% |
| Share count change | 2.9% | 0.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 2.5% | — |
| Net margin | 0.7% | 9.5% |
| FCF margin | 3.3% | 7.4% |
| Return on capital | 4.2% | 15.8% |
| Return on equity | 3.0% | 25.1% |
| Balance sheet | ||
| Net debt | $609M | $2.4B |
| Net debt / EBITDA | 4.9x | 1.7x |
| Dividends and buybacks | $33.5M | $229M |
| Valuation & quality | ||
| P/E | 45.1x | 20.2x |
| Piotroski F-score | 4 | 8 |
FY16
ASTH —
EHC $3.6B
FY17
ASTH $356M
EHC $3.9B
FY18
ASTH $520M
EHC $4.3B
FY19
ASTH $561M
EHC $4.6B
FY20
ASTH $687M
EHC $3.6B
FY21
ASTH $774M
EHC $4.0B
FY22
ASTH $1.1B
EHC $4.3B
FY23
ASTH $1.4B
EHC $4.8B
FY24
ASTH $2.0B
EHC $5.4B
FY25
ASTH $3.2B
EHC $5.9B
ASTH
EHC
FY16
ASTH —
EHC 16.2%
FY17
ASTH 9.9%
EHC 14.8%
FY18
ASTH 17.0%
EHC 13.0%
FY19
ASTH 5.8%
EHC 13.3%
FY20
ASTH 11.7%
EHC 15.8%
FY21
ASTH 12.7%
EHC 13.9%
FY22
ASTH 9.1%
EHC 12.4%
FY23
ASTH 6.1%
EHC —
FY24
ASTH 4.4%
EHC —
FY25
ASTH 2.5%
EHC —
ASTH
EHC
FY16
ASTH —
EHC $463M
FY17
ASTH $49.8M
EHC $433M
FY18
ASTH $24.3M
EHC $508M
FY19
ASTH $12.6M
EHC $263M
FY20
ASTH $45.0M
EHC $312M
FY21
ASTH $51.1M
EHC $191M
FY22
ASTH $59.2M
EHC $141M
FY23
ASTH $39.7M
EHC $268M
FY24
ASTH $44.2M
EHC $360M
FY25
ASTH $104M
EHC $439M
ASTH
EHC
FY16
ASTH —
EHC 10.0%
FY17
ASTH —
EHC 10.5%
FY18
ASTH —
EHC 10.6%
FY19
ASTH 15.9%
EHC 11.2%
FY20
ASTH 21.4%
EHC 9.1%
FY21
ASTH 17.6%
EHC 8.4%
FY22
ASTH 13.6%
EHC 8.3%
FY23
ASTH 10.3%
EHC 12.4%
FY24
ASTH 7.6%
EHC 14.0%
FY25
ASTH 4.2%
EHC 15.8%
ASTH
EHC
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.