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ASTH

Astrana Health, Inc.

ASTH

Astrana Health, Inc. • NASDAQ
$23.04 ▼ -0.04% (-0.01)
Market Cap $1.12 B
52w High $45.16
52w Low $20.12
Dividend Yield 0%
P/E 121.26
Volume 204.41K
Outstanding Shares 48.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $956.048M ▲ $62.387M ▲ $373K ▼ 0.039% ▼ $-0.33 ▼ $38.984M ▲
Q2-2025 $654.808M ▲ $57.629M ▲ $9.423M ▲ 1.439% ▲ $0.19 ▲ $31.111M ▲
Q1-2025 $620.39M ▼ $50.746M ▼ $6.692M ▲ 1.079% ▲ $0.14 ▲ $23.761M ▲
Q4-2024 $665.209M ▲ $62.296M ▲ $-6.951M ▼ -1.045% ▼ $-0.14 ▼ $14.3M ▼
Q3-2024 $478.71M $45.067M $16.094M 3.362% $0.34 $42.932M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $463.448M ▲ $2.237B ▲ $1.682B ▲ $775.543M ▲
Q2-2025 $342.12M ▲ $1.442B ▲ $904.404M ▲ $765.461M ▲
Q1-2025 $260.914M ▼ $1.331B ▼ $813.55M ▼ $745.368M ▲
Q4-2024 $290.833M ▼ $1.355B ▲ $840.726M ▲ $712.72M ▲
Q3-2024 $350.348M $1.285B $778.269M $704.616M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $373K ▼ $9.956M ▼ $-534.471M ▼ $648.491M ▲ $122.524M ▲ $7.404M ▼
Q2-2025 $9.423M ▲ $90.9M ▲ $-1.049M ▲ $-8.666M ▲ $81.186M ▲ $89.48M ▲
Q1-2025 $6.221M ▲ $16.627M ▲ $-2.394M ▲ $-44.17M ▼ $-29.937M ▲ $13.557M ▲
Q4-2024 $-7.777M ▼ $-10.948M ▼ $-33.324M ▼ $-15.267M ▼ $-59.539M ▼ $-13.479M ▼
Q3-2024 $23.703M $33.981M $-8.107M $-3.19M $22.684M $31.686M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Health Care Capitation Revenue
Health Care Capitation Revenue
 $430.00M ▲$980.00M ▲$580.00M ▼$610.00M ▲
Health Care Other
Health Care Other
 $20.00M ▲$50.00M ▲$10.00M ▼$20.00M ▲
Health Care Patient Service
Health Care Patient Service
 $20.00M ▲$20.00M ▲$10.00M ▼$20.00M ▲
Management Service
Management Service
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Astrana Health has grown its revenue rapidly over the past five years, showing that its value‑based care model is gaining traction with payers and providers. Profitability at the operating level has been consistently positive, which is encouraging for a fast‑growing healthcare platform. However, bottom‑line profit has been uneven, with recent earnings not keeping pace with the strong revenue growth, suggesting pressure from integration costs, investment spending, or the risks of taking on more full‑risk contracts. Overall, this looks like a company prioritizing expansion and scale over maximizing near‑term margins.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets and shareholder equity both trending higher, reflecting growth and retained earnings. Cash levels have remained solid but fairly flat, which provides some cushion but not an excessive war chest. Debt has risen notably in recent years, likely tied to acquisitions and growth initiatives, increasing the company’s financial leverage. This creates a mixed picture: a stronger, larger platform, but also higher obligations that will require continued disciplined execution and steady cash generation.

Cash Flow

Cash Flow Astrana generates positive cash from its operations each year, which is a key strength and suggests the core business is fundamentally cash‑generating. Free cash flow has also been consistently positive, even after the company invests in its platform and facilities, although the levels are modest relative to its rapid revenue growth. Capital spending has been relatively light, pointing to a business model that scales more through technology, contracts, and acquisitions than heavy physical infrastructure. The main watchpoint is whether cash generation can keep pace with the company’s rising scale and leverage over time.

Competitive Edge

Competitive Edge Astrana operates in a structurally attractive niche: helping physicians succeed in value‑based care and full‑risk arrangements. Its physician‑centric model, broad provider network, and willingness to take on financial risk give it a differentiated position versus more cautious or narrowly focused competitors. Network effects and deep integration into physician workflows create meaningful switching costs, which can support retention and pricing power. At the same time, it faces intense competition from other value‑based care platforms and health plans, and its aggressive risk‑bearing strategy could amplify both upside and downside if performance or contracts disappoint.

Innovation and R&D

Innovation and R&D The company’s strategy is heavily built around a proprietary, end‑to‑end technology platform that blends AI‑driven population health analytics, real‑time data feeds, and integrated care management tools. Partnerships with EHR and workflow vendors deepen its integration into day‑to‑day clinical and administrative work, which can enhance stickiness and efficiency for providers. Astrana is leaning into automation and AI to reduce manual work, improve care coordination, and support proactive management of high‑risk patients—key capabilities in value‑based care. A major execution risk is successfully scaling and standardizing these tools across new markets and acquired groups without diluting performance or overcomplicating operations.

Summary

Astrana Health shows a clear growth story: rapidly rising revenue, steady operating profitability, and a technology‑enabled model well aligned with the industry’s shift toward value‑based care. Financially, the company is bigger and more profitable than five years ago, but it is also carrying more debt and has seen earnings grow less smoothly than revenue, implying some strain from its fast expansion and risk‑bearing approach. Its competitive edge rests on physician loyalty, a robust technology stack, network effects, and full‑risk contracts, all of which can be powerful if managed well. Looking ahead, the key issues to watch are integration of acquisitions, control of medical and operating costs under full‑risk models, continued cash generation to support its balance sheet, and its ability to keep turning technological innovation into better care and stable, repeatable economics.

NEWS

November 6, 2025 · 4:05 PM UTC

Astrana Health, Inc. Reports Third Quarter 2025 Results

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October 15, 2025 · 9:00 AM UTC

Astrana Health, Inc. Schedules 2025 Third Quarter Financial Results Release and Conference Call

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September 2, 2025 · 4:30 PM UTC

Astrana Health, Inc. to Participate in Upcoming Investor Conferences

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