Invesaro

Stocks ASTH DCF valuation

DCF valuation

What is Astrana Health, Inc. worth?

With the base-case assumptions below, a discounted cash flow model on Astrana Health, Inc.'s reported free cash flow gives $59.21 per share. The share price was $31.84 on November 10, 2026, 46% below that value.

Inputs from the filings

Free cash flow, fiscal 2025
$104.5M
Average free cash flow, last 5 years
$59.7M
Cash
$396.2M
balance sheet of September 30, 2026
Debt
$925.4M
balance sheet of September 30, 2026
Diluted shares, fiscal 2025
49,369,685
Revenue growth per year, last 5 years
35.9%

Three sets of assumptions

CaseGrowth yrs 1-5Growth yrs 6-10After year 10Discount rateValue per shareValue vs price
Bear10.0%6.0%2.0%10.0%$31.77-0%
Base15.0%9.0%2.5%9.0%$59.21+86%
Bull20.0%11.5%3.0%8.0%$110.30+246%

Sensitivity: base case value per share

Discount rate down the side, growth after year 10 across the top. Everything else as in the base case.

1.5%2.0%2.5%3.0%3.5%
7.0%$79.98$86.46$94.38$104.28$117.00
8.0%$64.38$68.58$73.54$79.50$86.78
9.0%$53.02$55.90$59.21$63.08$67.65
10.0%$44.41$46.46$48.77$51.42$54.47
11.0%$37.68$39.17$40.85$42.73$44.86

Where the presets come from

Base: years 1 to 5 grow at Astrana Health, Inc.'s revenue growth rate over the last 5 fiscal years (35.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.

Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.

Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.

This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.

Adjust the assumptions

Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.

Adjust the assumptions

Astrana Health, Inc. company page