ASTH Healthcare

Astrana Health, Inc.

$36.73-0.41%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Healthcare
Industry: Medical Care Facilities
Country: United States
Market cap: 1.8B USD
Enterprise value: 2.6B USD
Full-time employees: 3,000

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.03 vs a peer median of 0.63), less short-term liquidity (current ratio 1.23 vs a peer median of 2.59) and more debt relative to equity (1.13× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.03 vs peers 0.63), less liquidity (current ratio 1.23 vs peers 2.59) and more debt vs equity (1.13× vs peers 0.22×)
About average: profitability and valuation

Ranks #576 of 1,157 healthcare companies (top 50%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $95M vs $37M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Astrana Health recorded $95M of stock-based pay expense and spent $37M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Astrana Health recorded $95M of stock-based pay expense and spent $37M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 6-year low. 2.5% in 2025, the weakest of the last 6 years.
Astrana Health's operating margin fell to 2.5% in 2025, its lowest in the 6 years of filings we have.
Borrowing rising faster than profit. Since 2022: debt +409%, operating profit −25%.
Astrana Health's debt grew 409% since 2022 while operating profit changed −25%.
Sales growing faster than profits. Since 2022: revenue +178%, operating profit −25%.
Since 2022, Astrana Health's revenue changed +178% while operating profit fell 25%: costs rose faster than sales.

StockQuotient Score

52/ 100

Oct 5 52 → Nov 4 52

Valuation

Is the price right?

57/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 56 → 57

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.1%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.39Sector median: 0.0148 · MAD: 0.0148

EBITDA yield6.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.58Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield4.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield40.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

89/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 9.0%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth31.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.74Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth43.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 4.50Sector median: 0.0584 · MAD: 0.0840

Revenue growth58.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 5.42Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

46/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin2.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.37Sector median: 0.0706 · MAD: 0.1217

Return on assets1.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.03Sector median: 0.0166 · MAD: 0.0537

Return on invested capital5.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.11Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin10.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity5.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.03

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.21Sector median: 0.6250 · MAD: 0.3380

Current ratio1.23×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.98Sector median: 2.5860 · MAD: 1.3850

Debt / equity1.13×

SEC filings · latest balance sheetReported value33% base weight · Z-score -4.45Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Astrana Health

Is Astrana Health getting weaker?: Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 52/100 since Oct 28, 2026.
How is Astrana Health valued vs its peers?: Priced about in line with its peers. Valuation scores 57/100 against 1,393 healthcare peers. EBITDA yield 6.3% vs a peer median of 4.0% (stronger than 64% of peers).EBITDA yield 6.3% vs peers 4.0% (stronger than 64% of peers).
Is Astrana Health growing?: Yes, faster than most of its peers. Growth scores 89/100 against 1,393 healthcare peers. 3-year revenue growth 43.7% vs a peer median of 5.8% (stronger than 92% of peers).3-year revenue growth 43.7% vs peers 5.8% (stronger than 92% of peers).
How profitable is Astrana Health?: About as profitable as its peers. Profitability scores 46/100 against 1,393 healthcare peers. Operating margin 2.6% vs a peer median of 7.1% (weaker than 62% of peers).Operating margin 2.6% vs peers 7.1% (weaker than 62% of peers).
How risky is Astrana Health?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.13× vs a peer median of 0.22× (weaker than 84% of peers).Debt / equity 1.13× vs peers 0.22× (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.5B USD	3.8B USD	+9.0%
Net income (12 months)	31.7M USD	42.1M USD	+32.5%
Operating margin	2.5%	2.6%	+0.2 pts
Free cash flow (12 months)	155.0M USD	94.4M USD	−39.1%
Debt	1.0B USD	936.5M USD	−8.9%
Cash	478.4M USD	400.8M USD	−16.2%
Shares outstanding	55.7M	55.7M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Care Facilities · 27 companies

Valuations in Medical Care Facilities are within their usual range since Jun 2017.

39% of months since Jun 2017 were valued lower than now.
28% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −61% vs the whole market, against a usual −56%.

Jun 2017Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	12.7%	9.1%	6.1%	4.4%	2.5%	▼ 1.9 pts
Net margin	8.9%	3.9%	4.4%	2.1%	0.7%	▼ 1.4 pts
Return on assets (ROA)	7.9%	4.7%	6.5%	3.2%	1.0%	▼ 2.2 pts
Return on equity (ROE)	15.4%	8.3%	9.9%	6.1%	2.9%	▼ 3.2 pts
Free cash flow margin	6.6%	5.2%	2.9%	2.2%	3.3%	▲ 1.1 pts
Current ratio	3.53×	2.88×	2.11×	1.75×	1.40×	▼ 20%
Debt to equity	0.41×	0.38×	0.45×	0.61×	1.33×	▲ 119%
Interest coverage	18.20×	13.16×	5.25×	2.70×	1.57×	▼ 42%

ASTH price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.03 vs a peer median of 0.63), less short-term liquidity (current ratio 1.23 vs a peer median of 2.59) and more debt relative to equity (1.13× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.03 vs peers 0.63), less liquidity (current ratio 1.23 vs peers 2.59) and more debt vs equity (1.13× vs peers 0.22×)

About average: profitability and valuation

Ranks #576 of 1,157 healthcare companies (top 50%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $95M vs $37M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Astrana Health recorded $95M of stock-based pay expense and spent $37M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Astrana Health recorded $95M of stock-based pay expense and spent $37M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Operating margin at a 6-year low. 2.5% in 2025, the weakest of the last 6 years.

Astrana Health's operating margin fell to 2.5% in 2025, its lowest in the 6 years of filings we have.

Borrowing rising faster than profit. Since 2022: debt +409%, operating profit −25%.

Astrana Health's debt grew 409% since 2022 while operating profit changed −25%.

Sales growing faster than profits. Since 2022: revenue +178%, operating profit −25%.

Since 2022, Astrana Health's revenue changed +178% while operating profit fell 25%: costs rose faster than sales.

Questions investors ask about Astrana Health

Is Astrana Health getting weaker?

Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 52/100 since Oct 28, 2026.

How is Astrana Health valued vs its peers?

Priced about in line with its peers. Valuation scores 57/100 against 1,393 healthcare peers. EBITDA yield 6.3% vs a peer median of 4.0% (stronger than 64% of peers).EBITDA yield 6.3% vs peers 4.0% (stronger than 64% of peers).

Is Astrana Health growing?

Yes, faster than most of its peers. Growth scores 89/100 against 1,393 healthcare peers. 3-year revenue growth 43.7% vs a peer median of 5.8% (stronger than 92% of peers).3-year revenue growth 43.7% vs peers 5.8% (stronger than 92% of peers).

How profitable is Astrana Health?

About as profitable as its peers. Profitability scores 46/100 against 1,393 healthcare peers. Operating margin 2.6% vs a peer median of 7.1% (weaker than 62% of peers).Operating margin 2.6% vs peers 7.1% (weaker than 62% of peers).

How risky is Astrana Health?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.13× vs a peer median of 0.22× (weaker than 84% of peers).Debt / equity 1.13× vs peers 0.22× (weaker than 84% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.5B USD

3.8B USD

+9.0%

Net income (12 months)

31.7M USD

42.1M USD

+32.5%

Operating margin

2.5%

2.6%

+0.2 pts

Free cash flow (12 months)

155.0M USD

94.4M USD

−39.1%

Debt

1.0B USD

936.5M USD

−8.9%

Cash

478.4M USD

400.8M USD

−16.2%

Shares outstanding

55.7M

55.7M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

12.7%

9.1%

6.1%

4.4%

2.5%

▼ 1.9 pts

Net margin

8.9%

3.9%

4.4%

2.1%

0.7%

▼ 1.4 pts

Return on assets (ROA)

7.9%

4.7%

6.5%

3.2%

1.0%

▼ 2.2 pts

Return on equity (ROE)

15.4%

8.3%

9.9%

6.1%

2.9%

▼ 3.2 pts

Free cash flow margin

6.6%

5.2%

2.9%

2.2%

3.3%

▲ 1.1 pts

Current ratio

3.53×

2.88×

2.11×

1.75×

1.40×

▼ 20%

Debt to equity

0.41×

0.38×

0.45×

0.61×

1.33×

▲ 119%

Interest coverage

18.20×

13.16×

5.25×

2.70×

1.57×

▼ 42%