Short answer
Astrana Health, Inc. (ASTH) filed its fiscal 2025 10-K annual report with the SEC on Mar 12, 2026. It reported revenue of $3.2B (+56.4% year over year) and net income of $22M.
FY2025 key financial metrics · XBRL
- Revenue
- $3.2B
- +56.4% YoY
- Net income
- $22M
- −47.9% YoY
- Operating margin
- 2.5%
- −1.9 pp YoY
- EPS (diluted)
- $0.46
- −48.9% YoY
- ROE
- 2.9%
- −3.2 pp YoY
- Operating cash flow
- $115M
- +119.5% YoY
Source: XBRL data from the Astrana Health, Inc. (ASTH) FY2025 10-K on SEC EDGAR. USD.
Astrana Health, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Physician-centric, technology-powered, risk-bearing healthcare platform focused on value-based care delivery and coordination for 1.6 million patients
- New emphasis on expanded Care Enablement segment integrating clinical, operational, financial, and administrative data via proprietary technology suite
- Strategic shift to assume full financial risk through California Restricted Knox-Keene licensed health plans (RKKs) for broader professional and institutional risk management
- Workforce growth stable with approximately 3,000 employees as of December 31, 2025, supporting over 20,000 contracted physicians in integrated network
- Noteworthy expansion of employee development programs and increased community engagement including donations and volunteerism in 2025
Management Discussion & Analysis
- Revenue $3.18B in 2025, up $1.15B vs $2.03B in 2024, ~56% YoY growth driven by acquisitions and organic growth
- Adjusted EBITDA $205.4M, up from $170.4M in 2024, margin decreased to 6% from 8% YoY
- Best segment: Prospect acquisition contributed significantly; worst unclear due to consolidated data only
- Free cash flow $104.5M vs $44.2M prior year; $15.4M share repurchases, $7.9M dividends, $10.1M capex in 2025
- Management highlights liquidity with $429.5M cash, $1.05B total debt, completed Prospect acquisition funded by $707.3M drawdown; sees sufficient liquidity for next 12 months
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