ASTH (Astrana Health, Inc.) Stock Financials & Earnings

ASTHAstrana Health, Inc.

Mkt Cap$1B

Healthcare·Medical - Care Facilities·🇺🇸 United States·NASDAQ

Revenue (TTM)$3.2B

Net Income (TTM)$22M

EPS (TTM)$0.46

Free Cash Flow (TTM)$108M

Gross Margin7.3%

Op. Margin2.5%

Net Margin0.7%

FCF Margin3.4%

P/S Ratio (TTM)0.4x

P/E Ratio (TTM)52.6x

YoY Rev Growth+56.4%

Employees—

Earnings Reports

▶Q4 2025

Astrana Health, Inc., Inc., a physician-centric technology-powered healthcare management company, provides medical care services in the United States. It operates through three segments: Care Partners...

CEO Brandon K. SimIPO Mar 11, 2009www.astranahealth.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$337M	$48M	$22M
Q2 23	$348M	$55M	$27M
Q3 23	$348M	$73M	$39M
Q4 23	$353M	$39M	-$4M
Q1 24	$404M	$69M	$30M
Q2 24	$486M	$66M	$30M
Q3 24	$479M	$73M	$28M
Q4 24	$665M	$63M	$720K
Q1 25	$620M	$71M	$21M
Q2 25	$655M	$78M	$20M
Q3 25	$956M	$82M	$19M
Q4 25	$951M	$0	$18M

Valuation

Quarter	P/S	P/E
Q1 23	1.4x	38.4x
Q2 23	1.1x	30.8x
Q3 23	1.1x	31.8x
Q4 23	1.3x	30.0x
Q1 24	1.4x	32.1x
Q2 24	1.2x	27.7x
Q3 24	1.6x	44.5x
Q4 24	0.8x	35.5x
Q1 25	0.7x	42.9x
Q2 25	0.5x	47.7x
Q3 25	0.5x	149.5x
Q4 25	0.4x	55.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$8M	-$7M
Q2 23	$26M	$23M
Q3 23	$15M	$11M
Q4 23	$19M	$12M
Q1 24	$6M	$6M
Q2 24	$23M	$20M
Q3 24	$34M	$32M
Q4 24	-$11M	-$13M
Q1 25	$17M	$14M
Q2 25	$91M	$89M
Q3 25	$10M	$7M
Q4 25	-$3M	-$3M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$15M
Q2 23	$3M
Q3 23	$4M
Q4 23	$7M
Q1 24	$369K
Q2 24	$3M
Q3 24	$2M
Q4 24	$3M
Q1 25	$3M
Q2 25	$1M
Q3 25	$3M
Q4 25	$6K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+28.1%	+32.8%
Q2 23	+29.1%	+26.3%
Q3 23	+9.8%	+15.8%
Q4 23	+20.0%	+26.7%
Q1 24	+19.9%	+18.8%
Q2 24	+39.6%	+42.0%
Q3 24	+37.5%	+45.7%
Q4 24	+88.4%	+86.2%
Q1 25	+53.4%	+60.3%
Q2 25	+34.7%	+39.1%
Q3 25	+99.7%	+108.1%
Q4 25	+42.9%	+40.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$3M	1.0%
Q2 23	$4M	1.2%
Q3 23	$6M	1.6%
Q4 23	$9M	2.5%
Q1 24	$6M	1.4%
Q2 24	$7M	1.5%
Q3 24	$6M	1.3%
Q4 24	$15M	2.3%
Q1 25	$8M	1.3%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$11M	1.2%

OpEx Breakdown

Quarter	G&A
Q1 23	$21M
Q2 23	$24M
Q3 23	$29M
Q4 23	$38M
Q1 24	$39M
Q2 24	$36M
Q3 24	$38M
Q4 24	$42M
Q1 25	$44M
Q2 25	$51M
Q3 25	$113M
Q4 25	$10M

Revenue Segments

Quarter	Health Care Capitation Revenue	Health Care, Other	Health Care, Patient Service	Management Service	Product and Service, Other
Q2 24	$443M	$18M	$20M	$2M	$4M
Q3 24	$431M	$22M	$19M	$3M	$4M
Q1 25	$584M	$14M	$15M	$2M	$5M
Q2 25	$614M	$15M	$18M	$3M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$275M	$4M	$279M
Q2 23	$294M	$4M	$298M
Q3 23	$274M	$3M	$277M
Q4 23	$294M	$2M	$296M
Q1 24	$335M	$2M	$337M
Q2 24	$325M	$2M	$328M
Q3 24	$348M	$2M	$350M
Q4 24	$288M	$2M	$291M
Q1 25	$259M	$2M	$261M
Q2 25	$340M	$2M	$342M
Q3 25	$462M	$1M	$463M
Q4 25	$429M	$0	$429M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	47M	+0.8%
Q2 23	47M	-0.4%
Q3 23	47M	+0.3%
Q4 23	48M	+1.3%
Q1 24	48M	+0.7%
Q2 24	48M	+0.3%
Q3 24	48M	+0.5%
Q4 24	48M	-0.6%
Q1 25	49M	+1.9%
Q2 25	49M	+1.3%
Q3 25	49M	+0.0%
Q4 25	50M	+0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 15	—	—
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	—	—
FY 22	—	—
FY 23	—	—
FY 24	$1M	2K
FY 25	$2M	2K