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Runs physician networks and value-based care organizations, mainly serving managed-care patients in California.
Runs physician networks and value-based care organizations, mainly serving managed-care patients in California.
Health plans pay it a fixed monthly amount per member to manage care, and it pays doctors, hospitals and others out of that pool, keeping the surplus or bearing the shortfall. Results turn on medical costs relative to the fixed payments. It was formerly named Apollo Medical Holdings.
Moat: narrow (scale, regulatory licence, installed base). A large contracted physician network and payer relationships are costly for new entrants to replicate.
Headquarters: Alhambra, California, US · Founded: 1994 · Employees: 3,000
Size Astrana Health (ASTH) is a United States Health Care company (Services to the Health Industry) with a market value of $1.71B, the 1896th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.50 on 6 Nov 2026.
Performance Over six months the shares fell 12.2%, against +36.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue grew 58.9% over the last twelve months (peer median +4.9%); the operating margin is 2.6% (peer median 11.1%).
Valuation It trades at 19.3× forward earnings against a peer median of 22.0× (3rd cheapest of 6).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +36%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (8.8% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.84B | $3.18B | $2.03B | $1.39B | $1.14B |
| Revenue growth | — | +56% | +47% | +21% | — |
| Gross profit | $339M | $296M | $243M | $197M | $182M |
| EBITDA | $163M | $124M | $117M | $102M | $122M |
| Net income | $40.5M | $22.5M | $43.1M | $60.7M | $45.2M |
| Free cash flow | $94.4M | $104M | $44.2M | $39.7M | $59.2M |
| Capital expenditure | $13.5M | $10.1M | $8.03M | $28.5M | $22.9M |
| Total debt | $979M | $1.08B | $472M | $321M | $229M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Astrana Health ASTH | $1.71B | -12% | +59% | 3% | 19.3× | 12.8% |
| agilon health AGL | $1.90B | +109% | 0% | -4% | 67.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ASTH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.8% | +10.8% | lowest of 6 |
| 6-month return | -12.2% | +36.4% | lowest of 6 |
| Distance from 52-week high | -33.1% | -5.7% | lowest of 6 |
| Revenue growth (TTM) | +58.9% | +4.9% | highest of 6 |
| Operating margin | 2.6% | 11.1% | lowest of 6 |
| Forward P/E | 19.3× | 22.0× | 3rd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 12.8% | 6.4% | 2nd most demanding of 6 |
| Growth delivered (Del g) | +35.9% | +6.2% | highest of 6 |
| Hurdle (Req g minus delivered) | -23.1 pp | +3.2 pp | least demanding of 6 |
| ROIC minus cost of capital | -0.4 pp | +5.4 pp | lowest of 6 |
| Net debt / EBITDA | 3.5× | 2.4× | 3rd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Astrana Health ASTH | United States | $1.71B | -12% | +59% | 3% | 19.3× | 12.8% | +35.9% |
| Attendo ATT.ST | Sweden | $1.92B | +23% | -1% | 10% | 17.7× | 1.7% | +9.1% |
| NRC Health NRC | United States | $572M | +38% | +3% | 11% | 26.1× | 11.2% | +0.6% |
| Tokai 9729.T | Japan | $553M | +3% | +5% | 6% | 12.4× | -13.2% | +6.2% |
| Pro Medicus PME.AX | Australia | $14.8B | +63% | +23% | 75% | 112.9× | 55.0% | +31.0% |
| Quest Diagnostics DGX | United States | $28.1B | +36% | +9% | 15% | 22.0× | 6.4% | +3.2% |