ASTH on Nasdaq
Astrana Health, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
2.5%Operating margin3
0.7%Net margin3
56.4%Revenue growth, 20253
2.9%Return on equity3
1.27×Debt to equity3
$104.5MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Health Care Capitation Revenue brought in 92% of the revenue Astrana Health, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Health Care Capitation Revenue | $1.2B | $1.9B | $2.9B |
| Health Care, Patient Service | $59.7M | $62.3M | $112.6M |
| Health Care, Other | $63.5M | $86.2M | $86.2M |
| Management Service | $38.7M | $14.0M | $30.4M |
| Product and Service, Other | $9.2M | $15.2M | $28.3M |
Business segments
Care Partners brought in 86% of the revenue Astrana Health, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Care Partners | $1.3B | $1.9B | $3.0B |
| Care Delivery | $117.9M | $136.7M | $250.7M |
| Care Enablement | $135.8M | $155.4M | $246.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs99¢$3.1B
- Income tax0¢$15.5M
- Profit1¢$22.5M
Out of $3.2B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending9¢$10.1M
- Dividends paid7¢$7.9M
- Share buybacks22¢$25.6M
- Kept or used elsewhere62¢$71.0M
Out of $114.6M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $3.2B | $2.0B | $1.4B |
| Cost of services, excluding depreciation and amortization | $2.8B | $1.8B | $1.2B |
| General and administrative expenses | $217.3M | $154.1M | $112.6M |
| Depreciation and amortization | $45.7M | $27.9M | $17.7M |
| Total expenses | $3.1B | $1.9B | $1.3B |
| Income from operations | $78.5M | $89.3M | $84.6M |
| Income from equity method investments | $1.7M | $4.5M | $5.6M |
| Interest expense | -$49.9M | -$33.1M | -$16.1M |
| Interest income | $12.2M | $14.5M | $14.2M |
| Unrealized (loss) gain on investments | -$68.0K | $731.0K | -$4.6M |
| Other (loss) income | -$2.8M | $4.9M | $6.1M |
| Total other (expense) income, net | -$38.9M | -$8.5M | $5.2M |
| Income before provision for income taxes | $39.6M | $80.8M | $89.8M |
| Provision for income taxes | $15.5M | $30.9M | $32.0M |
| Net income | $24.1M | $49.9M | $57.8M |
| Net income (loss) attributable to noncontrolling interests | $1.6M | $6.8M | -$2.9M |
| Net income attributable to Astrana Health, Inc. | $22.5M | $43.1M | $60.7M |
| Earnings per share - basic (in dollars per share) | $0.46 | $0.91 | $1.30 |
| Earnings per share diluted (in dollars per share) | $0.46 | $0.90 | $1.29 |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $429.5M | $288.5M | $293.8M |
| Receivables, net (including amounts with related parties) | $374.5M | $276.0M | |
| Income taxes receivable | $1.8M | $19.3M | |
| Other receivables | $26.4M | $29.5M | |
| Prepaid expenses and other current assets | $26.3M | $25.2M | |
| Loans receivable | $4.9M | $0 | |
| Total current assets | $863.3M | $638.5M | |
| Property and equipment, net | $57.3M | $14.3M | |
| Intangible assets, net | $271.0M | $118.2M | |
| Goodwill | $865.3M | $419.3M | $278.8M |
| Income taxes receivable, net of current portion | $26.2M | $15.9M | |
| Loans receivable, net of current portion | $48.7M | $51.3M | |
| Investments in other entities equity method | $25.6M | $39.3M | |
| Investments in privately held entities | $2.9M | $8.9M | |
| Operating lease right-of-use assets | $35.7M | $32.6M | |
| Other assets | $22.5M | $16.7M | |
| Total non-current assets | $1.4B | $716.4M | |
| Accounts payable and accrued expenses | $195.9M | $106.1M | |
| Fiduciary accounts payable | $3.5M | $8.2M | |
| Medical liabilities | $335.7M | $209.0M | $106.7M |
| Operating lease liabilities | $7.8M | $5.3M | |
| Current portion of long-term debt | $47.9M | $9.4M | |
| Other liabilities | $24.5M | $27.5M | |
| Total current liabilities | $615.3M | $365.6M | |
| Deferred tax liability | $5.5M | $4.6M | |
| Operating lease liabilities, net of current portion | $31.6M | $30.7M | |
| Long-term debt, net of current portion and deferred financing costs | $990.9M | $425.3M | |
| Other long-term liabilities | $17.1M | $14.6M | |
| Total non-current liabilities | $1.0B | $475.1M | |
| "Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation (""APC"")" | -$235.0M | -$202.6M | |
| Common stock $0.001 par value per share; 100,000,000 shares authorized, 48,885,358 and 47,929,872 shares issued and outstanding, excluding 10,571,011 and 10,603,849 treasury shares, as of December 31, 2025 and December 31, 2024, respectively | $49.0K | $48.0K | |
| Additional paid-in capital | $470.9M | $426.4M | |
| Retained earnings | $308.4M | $286.3M | |
| Total stockholders' equity | $779.3M | $712.7M | |
| Non-controlling interest | $14.0M | $4.0M | |
| Total equity | $793.3M | $716.7M | $616.7M |
| Total liabilities, mezzanine deficit, and stockholders' equity | $2.2B | $1.4B | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common stock, shares issued (in shares) | 48.9M shares | 47.9M shares | |
| Common stock, shares outstanding (in shares) | 48.9M shares | 47.9M shares | |
| Treasury stock, common, shares (in shares) | 10.6M shares | 10.6M shares | |
| Assets | $2.2B | $1.4B | |
| Total liabilities | $1.7B | $840.7M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $24.1M | $49.9M | $57.8M |
| Depreciation and amortization | $45.7M | $27.9M | $17.7M |
| Amortization of debt issuance cost | $4.0M | $1.8M | $1.1M |
| Share-based compensation | $38.6M | $34.5M | $22.0M |
| Non-cash lease expense | $6.6M | $5.3M | $7.2M |
| Deferred tax | -$4.3M | -$4.2M | -$12.4M |
| Change in fair value of contingent consideration liabilities | $5.2M | $3.5M | |
| Other | -$2.3M | -$3.0M | -$1.8M |
| Receivables, net | -$9.4M | -$35.8M | -$20.6M |
| Other receivables | $2.3M | $24.7M | $311.0K |
| Prepaid expenses and other current assets | $4.7M | -$10.9M | -$3.0M |
| Other assets | $3.5M | -$8.9M | $2.9M |
| Accounts payable and accrued expenses | -$7.0M | -$30.9M | -$170.0K |
| Fiduciary accounts payable | -$4.7M | $487.0K | -$328.0K |
| Medical liabilities | $8.9M | $10.6M | $18.6M |
| Income taxes payable/receivable | $5.3M | -$8.6M | -$14.5M |
| Operating lease liabilities | -$6.0M | -$4.8M | -$6.7M |
| Other liabilities | -$632.0K | $520.0K | $0 |
| Net cash provided by operating activities | $114.6M | $52.2M | $68.2M |
| Payments for business and asset acquisition, net of cash acquired | -$548.6M | -$146.3M | -$6.5M |
| Purchases of investments equity method | $0 | -$6.0M | -$325.0K |
| Purchase of call option issued in conjunction with equity method investment | $0 | -$3.9M | $0 |
| Issuance of loans receivable | -$1.7M | -$26.0M | -$26.5M |
| Purchases of property and equipment | -$10.1M | -$8.0M | -$28.5M |
| Proceeds from sale of equity method investment | $15.1M | $0 | $0 |
| Other | $6.3M | -$2.2M | -$3.7M |
| Net cash used in investing activities | -$539.0M | -$192.4M | -$65.5M |
| Dividends paid | -$7.9M | -$4.0M | -$62.1M |
| Repayments on debt | -$495.3M | -$18.5M | -$204.7M |
| Borrowings on debt | $1.1B | $171.9M | $284.5M |
| Taxes paid from net share settlement of restricted stock | -$6.2M | -$4.7M | $0 |
| Repurchase of treasury shares | -$15.4M | -$937.0K | -$10.2M |
| Deferred financing cost | -$19.2M | $0 | -$3.9M |
| Payment of financing obligation | $0 | -$8.5M | $0 |
| Payment of contingent consideration liabilities | -$8.3M | -$518.0K | -$1.0M |
| Other | $2.3M | $466.0K | $769.0K |
| Net cash provided by financing activities | $569.3M | $135.1M | $3.4M |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | $144.9M | -$5.1M | $6.1M |
| Cash paid for income taxes | $43.9M | $56.6M | |
| Cash paid for interest | $45.8M | $30.4M | $14.3M |
| Right-of-use assets obtained in exchange for operating lease liabilities | $11.9M | $14.1M | $25.1M |
| Common stock issued in business combination | $0 | $22.0M | $800.0K |
| Common stock issued for contingent consideration payment | $2.6M | $4.0M | $0 |
| Acquisition of business through loan conversion | $0 | $5.2M | $0 |
| Draw on letter of credit through Revolver Loan | $0 | $4.7M | $0 |
| Tax impact from APC dividends to APC Shareholders | $0 | $0 | $3.1M |
| Distribution of real estate investments | $0 | $0 | $152.8M |
| Effective settlement of note payable upon consolidation | $9.5M | $0 | $0 |
| Transfer of investment in privately held to equity method | $6.0M | $0 | $0 |
| Repurchase of treasury shares outstanding payable | $922.0K | $0 | $0 |
| Dividend paid in form of stock | $21.9M | $0 | $0 |
Former names
Recent filings
- Oct 13, 20264 OWNERSHIP DOCUMENT
- Oct 8, 20264 OWNERSHIP DOCUMENT
- Oct 8, 20264 OWNERSHIP DOCUMENT
- Oct 6, 20264 OWNERSHIP DOCUMENT
- Sep 23, 20268-K
- Sep 23, 20268-K
- Sep 17, 20264 OWNERSHIP DOCUMENT
- Sep 15, 20268-K
- Sep 9, 20264 OWNERSHIP DOCUMENT
- Sep 8, 20264 OWNERSHIP DOCUMENT
- Sep 1, 20264 OWNERSHIP DOCUMENT
- Aug 18, 20264 OWNERSHIP DOCUMENT
- Aug 11, 20264 OWNERSHIP DOCUMENT
- Aug 11, 20263 OWNERSHIP DOCUMENT
- Aug 10, 202610-Q
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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