Astrana Health, Inc. ASTH
Astrana is a leading physician-centric, technology-powered, risk-bearing healthcare company. Leveraging its proprietary end-to-end technology solutions, Astrana operates an integrated healthcare delivery platform that enables providers to successfully participate in value-based care arrangements, thus empowering them to deliver accessible, high-quality care to patients in a cost-effective manner. We, together with our affiliated physician groups and consolidated subsidiaries and VIEs, provide coordinated outcome-based care, serving patients covered by private or public insurance provided through Medicare, Medicaid, and health maintenance organizations ("HMOs"), with a small portion of our revenue coming from non-insured patients. We provide care coordination services to each major constituent of the healthcare delivery system, including patients, families, primary care physicians, specialists, acute care hospitals, alternative sites of inpatient care, physician groups, and health plans. Our physician network consists of primary care physicians, specialist physicians, physician and specialist extenders, and hospitalists. Astrana's common stock is listed on The Nasdaq Stock Market LLC ("Nasdaq") and trades under the symbol "ASTH."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.18B | $2.03B | $1.39B | $1.14B | $773.9M | $687.2M | $560.6M | $519.9M | $356.4M | $305.9M |
| Cost of revenue | — | — | — | — | $596.1M | $539.2M | $467.8M | $361.1M | $273.5M | $254.8M |
| Gross profit | — | — | — | — | $177.8M | $148.0M | $92.8M | $158.8M | $82.9M | $51.2M |
| SG&A | $217.3M | $154.1M | $112.6M | $77.7M | $62.1M | $49.1M | $41.5M | $43.4M | $26.2M | $21.0M |
| Total operating expenses | $3.10B | $1.95B | $1.30B | $1.04B | $675.7M | $606.7M | $528.2M | $431.5M | $321.2M | $294.2M |
| Operating income | $78.5M | $89.3M | $84.6M | $104.3M | $98.2M | $80.5M | $32.4M | $88.4M | $35.1M | $11.7M |
| Interest expense | $49.9M | $33.1M | $16.1M | $7.9M | $5.4M | $9.5M | $4.7M | $561.0K | $79.7K | $61.6K |
| Pre-tax income | $39.6M | $80.8M | $89.8M | $86.6M | $77.7M | $178.4M | $25.8M | $82.6M | $49.7M | $18.8M |
| Income tax | $15.5M | $30.9M | $32.0M | $40.9M | $31.7M | $56.3M | $8.2M | $22.4M | $3.9M | $8.8M |
| Net income | $24.0M | $50.0M | $58.0M | $46.0M | $46.0M | $37.7M | $14.1M | $10.8M | $25.8M | $11.5M |
| EPS, basic | 0.46 | 0.91 | 1.30 | 1.00 | 1.57 | 1.03 | 0.41 | 0.33 | 1.01 | 0.46 |
| EPS, diluted | 0.46 | 0.90 | 1.29 | 0.99 | 1.52 | 1.01 | 0.39 | 0.29 | 0.90 | 0.41 |
| Shares, diluted (wtd. avg.) | $49.4M | $48.0M | $46.9M | $45.6M | $45.4M | $37.4M | $36.4M | $37.9M | $28.7M | $28.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $429.5M | $288.5M | $293.8M | $288.0M | $233.1M | $194.0M | $104.0M | $107.6M | $118.5M | $54.9M |
| Short-term investments | — | $2.4M | $2.5M | $5.6M | $53.4M | $67.7M | $116.5M | $1.1M | $1.1M | $1.1M |
| Receivables | $374.5M | $276.0M | — | $49.6M | $10.6M | $7.1M | $11.0M | $7.7M | $7.6M | $22.3M |
| Total current assets | $863.3M | $638.5M | $461.5M | $428.1M | $472.0M | $338.6M | $329.1M | $172.9M | $144.2M | $81.2M |
| Property, plant and equipment | $57.3M | $14.3M | — | — | — | — | — | $12.7M | $13.8M | $10.4M |
| Goodwill | $865.3M | $419.3M | $278.8M | $269.1M | $246.4M | $232.4M | $238.5M | $185.8M | $86.2M | $103.4M |
| Other intangibles | $271.0M | $118.2M | $71.6M | $76.9M | $82.8M | $87.0M | $103.0M | $86.9M | $103.5M | $108.1M |
| Total assets | $2.22B | $1.35B | $933.4M | $966.2M | $895.7M | $843.1M | $728.7M | $513.0M | $490.6M | $350.0M |
| Accounts payable | $195.9M | $106.1M | $59.9M | $49.6M | $44.0M | $36.1M | $27.3M | $4.5M | $3.8M | $1.4M |
| Short-term debt | $47.9M | $9.4M | $19.5M | $619.0K | $780.0K | $10.9M | $9.5M | $0 | — | $9.9M |
| Total current liabilities | $615.3M | $365.6M | $218.7M | $148.6M | $125.9M | $122.6M | $105.4M | $72.0M | $109.6M | $50.6M |
| Long-term debt | $990.9M | $425.3M | $258.9M | $203.4M | $182.9M | $230.2M | $232.2M | $0 | — | — |
| Total liabilities | $1.66B | $840.7M | $522.6M | $407.7M | $356.2M | $382.3M | $367.7M | $106.3M | $154.3M | $99.6M |
| Retained earnings | $308.4M | $286.3M | $243.1M | $182.4M | $90.4M | $80.3M | $31.9M | $17.8M | $1.7M | -$773.3K |
| Total equity | $779.3M | $712.7M | $616.7M | $544.3M | $454.1M | $329.5M | $192.3M | $181.5M | $164.2M | $87.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $114.6M | $52.2M | $68.2M | $82.1M | $70.3M | $46.2M | $13.7M | $25.5M | $51.8M | $21.9M |
| Depreciation and amortisation | $45.7M | $27.9M | $17.7M | $17.5M | $17.5M | $18.4M | $18.3M | $19.3M | $19.1M | $18.1M |
| Stock-based compensation | $38.6M | $34.5M | $22.0M | $16.1M | $6.7M | $3.4M | $1.5M | $1.4M | $2.7M | — |
| Capital expenditure | $10.1M | $8.0M | $28.5M | $22.9M | $19.2M | $1.2M | $1.0M | $1.2M | $2.1M | $3.3M |
| Investing cash flow | -$539.0M | -$192.4M | -$65.5M | -$7.1M | $16.5M | $95.5M | -$180.6M | -$25.2M | $26.7M | -$9.0M |
| Financing cash flow | $569.3M | $135.1M | $3.4M | -$20.1M | -$47.7M | -$51.7M | $163.3M | -$11.2M | -$15.0M | -$17.1M |
| Dividends paid | $7.9M | $4.0M | $62.1M | $14.0M | $31.1M | $51.3M | $61.7M | $17.8M | $10.4M | $26.7M |
| Buybacks | $25.6M | $900.0K | $100.0M | $9.2M | $5.7M | $537.0K | $7.6M | $5.0M | $3.2M | $517.5K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-044536.
Others in SIC 8742
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BAH | Booz Allen Hamilton Holding Corp | $8.76B | 10.6x | -6.4% |
| G | Genpact LTD | $6.27B | 11.9x | 6.6% |
| FCN | FTI CONSULTING, INC | $4.19B | 18.4x | 2.4% |
| EXPO | EXPONENT INC | $3.25B | 33.0x | 4.2% |
| HURN | Huron Consulting Group Inc. | $2.52B | 26.6x | 11.9% |
| ICFI | ICF International, Inc. | $1.58B | 17.8x | -7.3% |
| BWMN | Bowman Consulting Group Ltd. | $735.5M | 58.1x | 14.9% |
| ONT | Onterris, Inc. | $626.8M | — | 19.3% |