Astrana Health, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Astrana Health, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	57.4	358	520	561	687	774	1,144	1,387	2,035	3,182
Cost of revenue	48.7	273	361	468	539	596	945	1,172	1,763	2,840
Gross profit	8.69	84.3	159	92.8	148	178	199	215	271	342
General and administrative	18.6	26.2	43.4	41.5	49.1	62.1	77.7	113	154	217
Operating expenses	68	321	431	528
Operating income	-10.5	35.1	88.4	32.4	80.5	98.2	104	84.6	89.4	78.5
Interest expense	0.08	0.08	0.56	4.73	9.5	5.39	7.92	16.1	33.1	49.9
Interest income		1.02	1.26	2.02	2.81	1.57	1.98	14.2	14.5	12.2
Other non-operating income	1.81	14.6	-5.81	-6.58	97.9	-20.4	-17.6	5.23	-8.53	-38.9
Pre-tax income	-8.73	49.7	82.6	25.8	178	77.7	86.6	89.8	80.8	39.6
Income tax	-0.05	3.89	22.4	8.17	56.3	31.7	40.9	32	30.9	15.5
Net income to minority interests	0.29	20	49.4	3.56	84.4	-22.9	0.57	-2.87	6.78	1.59
Net income	-8.97	25.8	10.8	14.1	37.7	68.9	45.2	60.7	43.1	22.5
EBITDA	-9.89	54.2	108	50.7	98.9	116	122	102	117	124
EPS, basic	-1.49	1.01	0.33	0.41	1.03	1.57	1.00	1.30	0.91	0.46
EPS, diluted	-1.49	0.90	0.29	0.39	1.01	1.52	0.99	1.29	0.90	0.46
Shares, basic (weighted)	6	25.5	32.9	34.7	36.5	43.8	45	46.6	47.6	49.1
Shares, diluted (weighted)	6	28.7	37.9	36.4	37.4	45.4	45.6	46.9	48	49.4

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	63.3	99.7	107	103	193	233	288	294	288	429
Short-term investments		1.14	1.13	117	67.7	53.4	5.57	2.5	2.38
Receivables	5.51	7.6	7.73	11	7.06	10.6	49.6		276	374
Other current assets	0.27	5.14	7.39	10.3	16.8	18.6	14.8	17.5	25.2	26.3
Total current assets	14.9	144	173	329	339	404	428	462	638	863
Property, plant and equipment	1.21	13.8	12.7	12.1	29.9	53.2	109	7.17	14.3	57.3
Lease right-of-use assets			0	14.2	18.6	15.4	20.4	37.4	32.6	35.7
Goodwill	1.62	190	186	239	232	246	269	279	419	865
Intangible assets	1.9	104	86.9	103	87	82.8	76.9	71.6	118	271
Other non-current assets	0.23	1.63	1.21	1.68	18.9	5.93	4.56	1.88	16.7	25.4
Total assets	20.6	491	513	729	817	867	966	933	1,355	2,219
Accounts payable	7.88	3.79	4.48	6.91	9.55	9.58	49.6	59.9	106	196
Accrued liabilities			5	3.24	6.97	10.1	15.3	20.1	22.4	31.6
Deferred revenue		0.25	9.02	8.89	13	16.8	0.53	0.74	1.61	2.66
Short-term debt	9.9		0	9.5	10.9	0.78	0.62	19.5	9.38	47.9
Total current liabilities	14.5	110	72	105	115	115	149	219	366	615
Long-term debt			0	232	230	183	203	259	425	991
Lease liabilities			0	11.4	15.9	13.2	19.9	36.3	30.7	31.6
Other non-current liabilities					0	14.8	20.3	3.59	14.6	17.1
Total liabilities	20.4	154	106	368	372	357	408	523	841	1,660
Total debt			0	232	241	184	204	278	435	1,039
Paid-in capital	26.3	158	163	160	261	311	360	371	426	471
Retained earnings	-37.7	1.73	17.8	31.9	69.8	137	182	243	286	308
Shareholders' equity	-0.35	160	181	192	331	448	543	614	713	779
Minority interests	0.62	4.24	1	0.79	0.09	5.94	1.75	2.43	4.01	14
Total equity	0.27	164	182	192	329	454	544	617	717	793
Total liabilities and equity	20.6	491	513	729	817	867	966	933	1,355	2,219
Shares outstanding	6.03	32.3	34.6	35.9	42.2	44.6	46.6		47.9	48.9

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-8.68	45.8	60.3	17.7	122	46.1	45.7	57.8	49.9	24.1
Depreciation and amortization	0.65	19.1	19.3	18.3	18.4	17.5	17.5	17.7	27.9	45.7
Stock-based compensation	1.11	2.74	1.44	1.55	3.38	6.75	16.1	22	34.5	38.6
Deferred income tax	0.04	-20.7	-8.35	-6.79	0.4	7.67	-14.3	-12.4	-4.25	-4.29
Change in receivables	-2.78	4.11	-0.26	10.7	4.13	-1.52	-38.2	-20.6	-35.8	-9.42
Change in payables	3.65	-3.69	-22.7	-4.88	8.2	3.22	-0.05	-0.17	-30.9	-6.99
Cash from operations	-8.14	51.8	25.5	13.7	46.2	70.3	82.1	68.2	52.2	115
Capital expenditures	-0.3	-2.08	-1.17	-1.04	-1.16	-19.2	-22.9	-28.5	-8.03	-10.1
Acquisitions		0	0	-49.4	-11.4	-2.59	-16.4	-6.51	-146	-549
Purchases of investments		-0.01	-0.01	-115	-1.79	-28	-1.85	-2.15	-0.11
Sales and maturities of investments			0	0	50.6	67.6	31.7	0.49	0.12
Cash from investing	-1.39	26.7	-25.2	-181	95.5	16.5	-7.11	-65.5	-192	-539
Debt issued		5	8	250				285	172	1,119
Debt repaid		0	0	-2.38	0			-205	-18.5	-495
Stock issued	0	2.16	0.2	0	0	40.1	0	0
Share buybacks		-3.18	-5.05	-7.57	-0.54	-5.74	-9.25	-10.2	-0.9	-25.6
Dividends paid		-10.4	-17.8	-61.7	-51.3	-31.1	-14	-62.1	-4.04	-7.89
Cash from financing	8.92	-15	-11.2	163	-51.7	-47.7	-20.1	3.42	135	569
Net change in cash	-0.61	63.6	-10.9	-3.63	90	39.1	54.9	6.13	-5.05	145
Free cash flow	-8.44	49.7	24.3	12.6	45	51.1	59.2	39.7	44.2	104
Interest paid	0.02	0.05	0.46	4.26	8.51	4.16	6.67	14.3	30.4	45.8
Income taxes paid	0.03	24.4	23.6	20.2	62	37.2	47.3	56.6	43.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $36.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.5%	Gross profit / revenue.
Operating margin	2.6%	Operating income / revenue.
EBITDA margin	4.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.6%	Pre-tax income / revenue.
Net margin	1.1%	Net income / revenue.
FCF margin	2.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Effective tax rate	34.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Return on invested capital (ROIC)	4.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	56.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	40.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	35.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-12.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-9.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-47.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-20.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-48.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-14.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	119.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	136.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	20.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	63.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.23x	Current assets / current liabilities.
Quick ratio	1.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	41.0%	Total debt / total assets.
Liabilities / assets	73.8%	Total liabilities / total assets.
Net debt	$535.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.28x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.49x	Operating income / interest expense.
Working capital	$171.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$300.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.68x	Revenue / average total assets.
Fixed asset turnover	61.4x	Revenue / average property, plant and equipment.
Receivables turnover	8.27x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
FCF conversion	232.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.81	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$77.23	Revenue / diluted weighted shares.
FCF per share	$1.90	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.17	Cash from operations / diluted weighted shares.
Book value per share	$16.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$6.03	Tangible book value / shares outstanding.
Cash per share	$8.05	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	2.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	18.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.80B	Share price x shares outstanding.
Enterprise value	$2.34B	Market cap + total debt - cash - short-term investments.
P/E	44.5x	Market cap / net income. Only when net income is positive.
P/S	0.47x	Market cap / revenue.
P/B	2.17x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.7x	Market cap / cash from operations, when positive.
EV/Sales	0.61x	Enterprise value / revenue.
EV/EBIT	23.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was Astrana Health, Inc.'s revenue in fiscal 2025?

Astrana Health, Inc. reported revenue of $3.18B for fiscal 2025, 56.4% higher than the year before.

Was Astrana Health, Inc. profitable in fiscal 2025?

Yes. Net income was $22.5M, a net margin of 0.7%.

How much free cash flow did Astrana Health, Inc. generate in fiscal 2025?

Cash from operations of $114.6M minus capital expenditures of $10.1M left free cash flow of $104.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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