Astrana Health, Inc. (ASTH) FY2025 10-K Annual Report
Astrana Health, Inc. (ASTH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Astrana Health, Inc. FY2025 10-K Analysis
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
Astrana Health, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$3.2B
▲ +56.4% YoY
Net Income
$22M
▼ -47.9% YoY
Operating Margin
2.5%
▼ -192bp YoY
Net Margin
0.7%
▼ -141bp YoY
ROE
2.9%
▼ -317bp YoY
Total Assets
$2.2B
▲ +63.8% YoY
EPS (Diluted)
$0.46
▼ -48.9% YoY
Operating Cash Flow
$115M
▲ +119.5% YoY
Source: XBRL data from Astrana Health, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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