Astrana Health, Inc. (ASTH) Stock Analysis
Healthcare · Medical Care Facilities · NasdaqCM
Astrana Health, Inc. (ASTH) posted $3.18B in revenue for fiscal 2025 (up 56.4% year over year), at a 0.7% net margin, and has compounded revenue about 35.9%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Astrana Health, Inc.
Astrana Health, Inc. has grown revenue from $57.43M to $3.18B over the last 10 fiscal years, compounding about 35.9% a year. The most recent year was up 56.4%, so growth is actually accelerating.
Net margin sits at 0.7%, down 1.4 points year over year. It carries about $990.90M of total debt.
At today's valuation the market is pricing in roughly 6.4% annual free-cash-flow growth — versus the 18.4% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Astrana Health, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Astrana Health, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57.43M | $356.36M | $519.91M | $560.62M | $687.18M | $773.91M | $1.14B | $1.39B | $2.03B | $3.18B |
| Gross profit | — | $82.90M | $158.78M | $92.81M | $147.97M | $177.77M | — | — | — | — |
| Net income | $-8.97M | $25.80M | $10.84M | $14.12M | $37.69M | $68.92M | $49.05M | $60.72M | $43.15M | $22.49M |
| Net margin | -15.6% | 7.2% | 2.1% | 2.5% | 5.5% | 8.9% | 4.3% | 4.4% | 2.1% | 0.7% |
Source: Astrana Health, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Astrana Health, Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 9.5% over 3 years (44.6M → 48.9M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $1086.6M is 9.5× last year's operating cash flow — it would take years of cash flow to clear.
- Net margin shrinkingNet margin fell from 4.3% to 0.7% over ~3 years — profitability is compressing.
What growth is priced into ASTH stock?
At today's market cap of $1.89B, Astrana Health, Inc. is priced for free-cash-flow growth of about 6.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $104.49M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 18.4%/yr over the last five fiscal years and revenue 35.9%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Astrana Health, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Astrana Health, Inc. financial history by metric
Compare Astrana Health, Inc. with peers
About Astrana Health, Inc.
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.
Astrana Health, Inc. — frequently asked questions
What is Astrana Health, Inc.'s revenue?
Astrana Health, Inc. (ASTH) reported revenue of $3.18B for fiscal year 2025, up 56.4% from the prior year, according to its SEC filings.
Is Astrana Health, Inc. profitable?
Yes. ASTH earned net income of $22.49M in fiscal 2025, a net margin of 0.7%.
What is ASTH's P/E ratio?
Astrana Health, Inc. trades at a price-to-earnings ratio of about 62.6 based on the latest data in our nightly-refreshed cache.
How fast is Astrana Health, Inc. growing?
ASTH's revenue grew at roughly 35.9% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Astrana Health, Inc. have?
As of fiscal year 2025, ASTH carried roughly $990.90M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Astrana Health, Inc.'s market cap?
Astrana Health, Inc. (ASTH) has a market capitalization of about $1.89B, based on the latest data in our nightly-refreshed cache.
When does Astrana Health, Inc.'s fiscal year end?
ASTH's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ASTH stock?
At today's market cap of $1.89B, Astrana Health, Inc. is priced for free-cash-flow growth of about 6.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $104.49M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 18.4%/yr over the last five fiscal years and revenue 35.9%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Astrana Health, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.