Astrana Health, Inc.

ASTH

HealthcareSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Astrana Health, Inc., a healthcare management company, provides medical care services in the United States. The company operates through three segments: Care Partners, Care Delivery, and Care Enablement. The company offers care coordination services to patients, families, primary care physicians, specialists, acute care hospitals, alternative sites of inpatient care, physician groups, and health plans. Its physician network includes primary care physicians, specialist physicians and extenders, and hospitalists. The company serves patients primarily covered by private or public insurance, such as Medicare, Medicaid, and health maintenance organization; and non-insured patients. The company was formerly known as Apollo Medical Holdings, Inc. and changed its name to Astrana Health, Inc. in February 2024. Astrana Health, Inc. was founded in 1992 and is headquartered in Alhambra, California.

Valuation

Market Cap$1.9B

Current Price$40.54as of Jun 23, 2026

P/E Ratio83.46

P/B Ratio2.41

EV / EBITDA18.67

EV / Sales0.79

Profitability

Operating Margin2.5%

Net Profit Margin0.7%

EBITDA Margin4.3%

Returns

ROE2.9%

ROCE4.9%

ROIC %-

ROA1.0%

Solvency

Current Ratio1.40

Debt / Equity1.38

Debt / Assets0.49

CFO / Net Profit5.10

Price History▲ 61.71% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$3.2B▲ 56.4%

EBITDA$135M▼ 4.6%

Net Profit$22M▼ 47.9%

Cash from Ops (CFO)$115M▲ 119.5%

Free Cash Flow (FCF)$104M▲ 136.6%

Revenue CAGR 3Y40.6%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-20.7%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$3.2B	$135M	$22M	$104M	2.9%	56.4%	-47.9%
2024	$2.0B	$142M	$43M	$44M	6.1%	46.7%	-28.9%
2023	$1.4B	$124M	$61M	$40M	9.9%	21.2%	34.4%
2022	$1.1B	$112M	$45M	$59M	8.3%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,144.16	1,386.66	2,034.54	3,181.77
Operating Revenue	-	1,138	1,377.42	2,019.32	3,153.49
Cost Of Revenue	-	944.68	1,171.70	1,763.15	2,840.24
Gross Profit	-	199.48	214.96	271.39	341.53
Operating Expense	-	95.21	130.34	182.04	263
Selling General And Administration	-	77.67	112.60	154.11	217.26
Total Expenses	-	1,039.90	1,302.05	1,945.19	3,103.24
Operating Income	-	104.26	84.61	89.35	78.53
Total Operating Income As Reported	-	104.26	84.61	89.35	78.53
EBITDA	-	112.08	123.69	141.84	135.28
Normalized EBITDA	-	133.35	128.27	141.11	135.35
EBIT	-	94.54	105.94	113.92	89.53
Interest Income	-	1.98	14.21	14.51	12.16
Interest Expense	-	7.92	16.10	33.10	49.93
Net Interest Income	-	-5.94	-1.89	-18.59	-37.77
Other Non Operating Income Expenses	-	3.94	6.12	4.88	-2.79
Other Income Expense	-	-11.70	7.12	10.06	-1.15
Interest Income Non Operating	-	1.98	14.21	14.51	12.16
Interest Expense Non Operating	-	7.92	16.10	33.10	49.93
Net Non Operating Interest Income Expense	-	-5.94	-1.89	-18.59	-37.77
Pretax Income	-	86.62	89.84	80.82	39.61
Tax Provision	-	40.88	31.99	30.89	15.53
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-4.47	-1.63	0.28	-0.03
Net Income Continuous Operations	-	45.74	57.85	49.93	24.08
Net Income From Continuing And Discontinued Operation	-	45.17	60.72	43.15	22.49
Net Income From Continuing Operation Net Minority Interest	-	45.17	60.72	43.15	22.49
Net Income	-	45.17	60.72	43.15	22.49
Net Income Common Stockholders	-	45.17	60.72	43.15	22.49
Net Income Including Noncontrolling Interests	-	45.74	57.85	49.93	24.08
Normalized Income	-	61.98	63.67	42.70	22.53
Diluted NI Availto Com Stockholders	-	45.17	60.72	43.15	22.49
Basic Average Shares	-	45	46.71	47.42	49.08
Diluted Average Shares	-	45.42	47.07	47.94	49.37
Reconciled Depreciation	-	17.54	17.75	27.93	45.75
Reconciled Cost Of Revenue	-	944.68	1,171.70	1,763.15	2,840.24
Total Unusual Items	-	-21.27	-4.58	0.73	-0.07
Total Unusual Items Excluding Goodwill	-	-21.27	-4.58	0.73	-0.07
Minority Interests	-	-0.57	2.87	-6.78	-1.59
Special Income Charges	2.19	0	0	-	-
Gain On Sale Of Business	2.19	0	0	-	-
Impairment Of Capital Assets	0	-	-	-	-
Gain On Sale Of Security	-	-21.27	-4.58	0.73	-0.07
Depreciation Amortization Depletion Income Statement	-	17.54	17.75	27.93	45.75
Depreciation And Amortization In Income Statement	-	17.54	17.75	27.93	45.75
General And Administrative Expense	-	77.67	112.60	154.11	217.26
Other Gand A	-	77.67	112.60	154.11	217.26
Other Operating Expenses	-6.54	-6.17	-	-	-
Provision For Doubtful Accounts	0	-	-	-	-
Earnings From Equity Interest	-	5.62	5.58	4.45	1.71

Peer Comparison

Healthcare sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Astrana Health, Inc.this co.	ASTH	$1.9B	83.46	2.41	2.9%	18.67
Ocular Therapeutix, Inc.	OCUL	$1.9B	-7.25	2.94	-40.6%	-5.07
Harmony Biosciences Holdings, Inc.	HRMY	$1.9B	12.02	2.19	18.2%	5.17
Stoke Therapeutics, Inc.	STOK	$1.9B	-272.47	5.32	-2.0%	-95.36
Pulse Biosciences, Inc.	PLSE	$1.9B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Astrana Health, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$3.2B

$135M

$22M

$104M

2.9%

56.4%

-47.9%

2024

$2.0B

$142M

$43M

$44M

6.1%

46.7%

-28.9%

2023

$1.4B

$124M

$61M

$40M

9.9%

21.2%

34.4%

2022

$1.1B

$112M

$45M

$59M

8.3%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,144.16

1,386.66

2,034.54

3,181.77

Operating Revenue

1,138

1,377.42

2,019.32

3,153.49

Cost Of Revenue

944.68

1,171.70

1,763.15

2,840.24

Gross Profit

199.48

214.96

271.39

341.53

Operating Expense

95.21

130.34

182.04

263

Selling General And Administration

77.67

112.60

154.11

217.26

Total Expenses

1,039.90

1,302.05

1,945.19

3,103.24

Operating Income

104.26

84.61

89.35

78.53

Total Operating Income As Reported

104.26

84.61

89.35

78.53

EBITDA

112.08

123.69

141.84

135.28

Normalized EBITDA

133.35

128.27

141.11

135.35

EBIT

94.54

105.94

113.92

89.53

Interest Income

1.98

14.21

14.51

12.16

Interest Expense

7.92

16.10

33.10

49.93

Net Interest Income

-5.94

-1.89

-18.59

-37.77

Other Non Operating Income Expenses

3.94

6.12

4.88

-2.79

Other Income Expense

-11.70

7.12

10.06

-1.15

Interest Income Non Operating

1.98

14.21

14.51

12.16

Interest Expense Non Operating

7.92

16.10

33.10

49.93

Net Non Operating Interest Income Expense

-5.94

-1.89

-18.59

-37.77

Pretax Income

86.62

89.84

80.82

39.61

Tax Provision

40.88

31.99

30.89

15.53

Tax Rate For Calcs

Tax Effect Of Unusual Items

-4.47

-1.63

0.28

-0.03

Net Income Continuous Operations

45.74

57.85

49.93

24.08

Net Income From Continuing And Discontinued Operation

45.17

60.72

43.15

22.49

Net Income From Continuing Operation Net Minority Interest

45.17

60.72

43.15

22.49

Net Income

45.17

60.72

43.15

22.49

Net Income Common Stockholders

45.17

60.72

43.15

22.49

Net Income Including Noncontrolling Interests

45.74

57.85

49.93

24.08

Normalized Income

61.98

63.67

42.70

22.53

Diluted NI Availto Com Stockholders

45.17

60.72

43.15

22.49

Basic Average Shares

46.71

47.42

49.08

Diluted Average Shares

45.42

47.07

47.94

49.37

Reconciled Depreciation

17.54

17.75

27.93

45.75

Reconciled Cost Of Revenue

944.68

1,171.70

1,763.15

2,840.24

Total Unusual Items

-21.27

-4.58

0.73

-0.07

Total Unusual Items Excluding Goodwill

-21.27

-4.58

0.73

-0.07

Minority Interests

-0.57

2.87

-6.78

-1.59

Special Income Charges

2.19

Gain On Sale Of Business

2.19

Impairment Of Capital Assets

Gain On Sale Of Security

-21.27

-4.58

0.73

-0.07

Depreciation Amortization Depletion Income Statement

17.54

17.75

27.93

45.75

Depreciation And Amortization In Income Statement

17.54

17.75

27.93

45.75

General And Administrative Expense

77.67

112.60

154.11

217.26

Other Gand A

77.67

112.60

154.11

217.26

Other Operating Expenses

-6.54

-6.17

Provision For Doubtful Accounts

Earnings From Equity Interest

5.62

5.58

4.45

1.71

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Astrana Health, Inc.this co.

ASTH

$1.9B

83.46

2.41

2.9%

18.67

Ocular Therapeutix, Inc.

OCUL

$1.9B

-7.25

2.94

-40.6%

-5.07

Harmony Biosciences Holdings, Inc.

HRMY

$1.9B

12.02

2.19

18.2%

5.17

Stoke Therapeutics, Inc.

STOK

$1.9B

-272.47

5.32

-2.0%

-95.36

Pulse Biosciences, Inc.

PLSE

$1.9B

Astrana Health, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Astrana Health, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on