This page shows Astrana Health (ASTH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Astrana Health has an operating margin of 2.5%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. This is down from 4.4% the prior year.
Astrana Health's revenue surged 56.4% year-over-year to $3.2B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Astrana Health carries a low D/E ratio of 1.27, meaning only $1.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
Astrana Health's current ratio of 1.40 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.
Astrana Health has a free cash flow margin of 3.3%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Astrana Health generates a 2.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is down from 6.0% the prior year.
Astrana Health scores 2.37, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Astrana Health passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Astrana Health generates $5.10 in operating cash flow ($114.6M OCF vs $22.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Astrana Health earns $1.6 in operating income for every $1 of interest expense ($78.5M vs $49.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Astrana Health generated $3.2B in revenue in fiscal year 2025. This represents an increase of 56.4% from the prior year.
Astrana Health's EBITDA was $124.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.0% from the prior year.
Astrana Health reported $22.5M in net income in fiscal year 2025. This represents a decrease of 47.9% from the prior year.
Astrana Health earned $0.46 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 48.9% from the prior year.
Cash & Balance Sheet
Astrana Health generated $104.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 136.6% from the prior year.
Astrana Health held $429.5M in cash against $990.9M in long-term debt as of fiscal year 2025.
Astrana Health had 49M shares outstanding in fiscal year 2025. This represents an increase of 2.0% from the prior year.
Margins & Returns
Astrana Health's gross margin was 10.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.6 percentage points from the prior year.
Astrana Health's operating margin was 2.5% in fiscal year 2025, reflecting core business profitability. This is down 1.9 percentage points from the prior year.
Astrana Health's net profit margin was 0.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.4 percentage points from the prior year.
Astrana Health's ROE was 2.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.2 percentage points from the prior year.
Capital Allocation
Astrana Health spent $25.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2744.4% from the prior year.
Astrana Health invested $10.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 25.8% from the prior year.
ASTH Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $950.5M-0.6% | $956.0M+46.0% | $654.8M+5.5% | $620.4M-6.7% | $665.2M+39.0% | $478.7M-1.6% | $486.3M+20.3% | $404.4M |
| Cost of Revenue | $855.5M-0.4% | $858.9M+48.9% | $576.8M+5.1% | $549.1M-10.7% | $614.7M+51.7% | $405.2M-1.8% | $412.8M+24.9% | $330.4M |
| Gross Profit | $95.0M-2.2% | $97.2M+24.7% | $78.0M+9.3% | $71.3M+41.3% | $50.5M-31.3% | $73.5M0.0% | $73.5M-0.7% | $74.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $60.2M-3.4% | $62.4M+23.0% | $50.7M+15.6% | $43.9M+5.4% | $41.6M+10.1% | $37.8M+5.1% | $36.0M-7.2% | $38.7M |
| Operating Income | $18.4M-4.3% | $19.2M-5.6% | $20.3M-1.2% | $20.6M+2758.8% | $720K-97.5% | $28.4M-5.5% | $30.1M-0.2% | $30.1M |
| Interest Expense | $17.5M-1.1% | $17.7M+140.0% | $7.4M+1.0% | $7.3M-9.4% | $8.1M-8.9% | $8.9M+3.1% | $8.6M+13.2% | $7.6M |
| Income Tax | $944K-79.5% | $4.6M-30.5% | $6.6M+95.4% | $3.4M-42.5% | $5.9M-24.9% | $7.8M-21.9% | $10.0M+40.5% | $7.1M |
| Net Income | $6.0M+1508.3% | $373K-96.0% | $9.4M+40.8% | $6.7M+196.3% | -$7.0M-143.2% | $16.1M-16.1% | $19.2M+29.2% | $14.8M |
| EPS (Diluted) | N/A | $0.01-94.7% | $0.19+35.7% | $0.14 | N/A | $0.33-17.5% | $0.40+29.0% | $0.31 |
ASTH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.2B-0.8% | $2.2B+55.1% | $1.4B+8.3% | $1.3B-1.7% | $1.4B+5.4% | $1.3B+2.6% | $1.3B+2.1% | $1.2B |
| Current Assets | $863.3M-2.3% | $883.6M+21.2% | $729.2M+18.9% | $613.3M-4.0% | $638.5M+7.0% | $597.0M+4.7% | $570.3M+5.9% | $538.8M |
| Cash & Equivalents | $429.5M-7.1% | $462.2M+36.1% | $339.7M+31.4% | $258.5M-10.4% | $288.5M-17.1% | $348.0M+7.0% | $325.3M-2.8% | $334.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $374.5M-1.8% | $381.2M+9.3% | $348.7M | N/A | $276.0M | N/A | N/A | N/A |
| Goodwill | $865.3M+0.2% | $863.3M+107.1% | $416.9M+0.1% | $416.4M-0.7% | $419.3M+2.3% | $409.7M0.0% | $409.6M-0.2% | $410.3M |
| Total Liabilities | $1.7B-1.3% | $1.7B+86.0% | $904.4M+11.2% | $813.5M-3.2% | $840.7M+8.0% | $778.3M+0.6% | $773.8M0.0% | $773.9M |
| Current Liabilities | $615.3M-2.3% | $629.9M+37.0% | $459.7M+27.3% | $361.3M-1.2% | $365.6M+16.8% | $312.9M+1.0% | $309.8M-12.8% | $355.3M |
| Long-Term Debt | $990.9M-1.1% | $1.0B+149.8% | $401.1M-0.7% | $403.9M-5.0% | $425.3M+0.5% | $423.1M-0.4% | $425.0M+15.4% | $368.4M |
| Total Equity | $779.3M+0.5% | $775.5M+1.3% | $765.5M+2.7% | $745.4M+4.6% | $712.7M+1.2% | $704.6M+3.8% | $678.9M+3.9% | $653.5M |
| Retained Earnings | $308.4M+1.9% | $302.5M+0.1% | $302.2M+3.2% | $292.9M+2.3% | $286.3M-2.4% | $293.2M+5.8% | $277.1M+7.4% | $258.0M |
ASTH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.9M-129.0% | $10.0M-89.0% | $90.9M+446.7% | $16.6M+251.9% | -$10.9M-132.2% | $34.0M+46.5% | $23.2M+288.0% | $6.0M |
| Capital Expenditures | $3.1M+20.1% | $2.6M+79.7% | $1.4M-53.7% | $3.1M+21.3% | $2.5M+10.3% | $2.3M-19.1% | $2.8M+668.6% | $369K |
| Free Cash Flow | -$6.0M-180.4% | $7.4M-91.7% | $89.5M+560.0% | $13.6M+200.6% | -$13.5M-142.5% | $31.7M+55.7% | $20.4M+262.9% | $5.6M |
| Investing Cash Flow | -$1.1M+99.8% | -$534.5M-49525.9% | -$1.1M+55.0% | -$2.4M+92.8% | -$33.3M-311.1% | -$8.1M+89.9% | -$79.9M-12.5% | -$71.0M |
| Financing Cash Flow | -$26.3M-104.1% | $648.5M+7607.4% | -$8.6M+80.4% | -$44.2M-189.3% | -$15.3M-378.6% | -$3.2M-106.8% | $47.3M-55.6% | $106.4M |
| Dividends Paid | $1.6M+1520.8% | $96K-87.7% | $778K-85.7% | $5.5M+183.8% | $1.9M+781.7% | $218K-87.9% | $1.8M+1795.8% | $95K |
| Share Buybacks | $15.0M | $0 | $0-100.0% | $10.6M+1077.8% | $900K | $0 | N/A | N/A |
ASTH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.0%-0.2pp | 10.2%-1.7pp | 11.9%+0.4pp | 11.5%+3.9pp | 7.6%-7.8pp | 15.3%+0.2pp | 15.1%-3.2pp | 18.3% |
| Operating Margin | 1.9%-0.1pp | 2.0%-1.1pp | 3.1%-0.2pp | 3.3%+3.2pp | 0.1%-5.8pp | 5.9%-0.2pp | 6.2%-1.3pp | 7.4% |
| Net Margin | 0.6%+0.6pp | 0.0%-1.4pp | 1.4%+0.4pp | 1.1%+2.1pp | -1.0%-4.4pp | 3.4%-0.6pp | 3.9%+0.3pp | 3.7% |
| Return on Equity | 0.8%+0.7pp | 0.1%-1.2pp | 1.2%+0.3pp | 0.9%+1.9pp | -1.0%-3.3pp | 2.3%-0.5pp | 2.8%+0.5pp | 2.3% |
| Return on Assets | 0.3%+0.3pp | 0.0%-0.6pp | 0.7%+0.1pp | 0.5%+1.0pp | -0.5%-1.8pp | 1.3%-0.3pp | 1.5%+0.3pp | 1.2% |
| Current Ratio | 1.400.0 | 1.40-0.2 | 1.59-0.1 | 1.70-0.0 | 1.75-0.2 | 1.91+0.1 | 1.84+0.3 | 1.52 |
| Debt-to-Equity | 1.27-0.0 | 1.29+0.8 | 0.52-0.0 | 0.54-0.1 | 0.600.0 | 0.60-0.0 | 0.63+0.1 | 0.56 |
| FCF Margin | -0.6%-1.4pp | 0.8%-12.9pp | 13.7%+11.5pp | 2.2%+4.2pp | -2.0%-8.6pp | 6.6%+2.4pp | 4.2%+2.8pp | 1.4% |
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Frequently Asked Questions
What is Astrana Health's annual revenue?
Astrana Health (ASTH) reported $3.2B in total revenue for fiscal year 2025. This represents a 56.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Astrana Health's revenue growing?
Astrana Health (ASTH) revenue grew by 56.4% year-over-year, from $2.0B to $3.2B in fiscal year 2025.
Is Astrana Health profitable?
Yes, Astrana Health (ASTH) reported a net income of $22.5M in fiscal year 2025, with a net profit margin of 0.7%.
What is Astrana Health's EBITDA?
Astrana Health (ASTH) had EBITDA of $124.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Astrana Health have?
As of fiscal year 2025, Astrana Health (ASTH) had $429.5M in cash and equivalents against $990.9M in long-term debt.
What is Astrana Health's gross margin?
Astrana Health (ASTH) had a gross margin of 10.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Astrana Health's operating margin?
Astrana Health (ASTH) had an operating margin of 2.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Astrana Health's net profit margin?
Astrana Health (ASTH) had a net profit margin of 0.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Astrana Health's return on equity (ROE)?
Astrana Health (ASTH) has a return on equity of 2.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Astrana Health's free cash flow?
Astrana Health (ASTH) generated $104.5M in free cash flow during fiscal year 2025. This represents a 136.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Astrana Health's operating cash flow?
Astrana Health (ASTH) generated $114.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Astrana Health's total assets?
Astrana Health (ASTH) had $2.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Astrana Health's capital expenditures?
Astrana Health (ASTH) invested $10.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Astrana Health's current ratio?
Astrana Health (ASTH) had a current ratio of 1.40 as of fiscal year 2025, which is considered adequate.
What is Astrana Health's debt-to-equity ratio?
Astrana Health (ASTH) had a debt-to-equity ratio of 1.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Astrana Health's return on assets (ROA)?
Astrana Health (ASTH) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Astrana Health's Altman Z-Score?
Astrana Health (ASTH) has an Altman Z-Score of 2.37, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Astrana Health's Piotroski F-Score?
Astrana Health (ASTH) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Astrana Health's earnings high quality?
Astrana Health (ASTH) has an earnings quality ratio of 5.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Astrana Health cover its interest payments?
Astrana Health (ASTH) has an interest coverage ratio of 1.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Astrana Health?
Astrana Health (ASTH) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.