Astrana Health, Inc.

Listed Company

ASTHCIK 0001083446NasdaqLarge AcceleratedServices-Management Consulting ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.18B

Net Income

$22.49M

Total Assets

$2.22B

Equity

$779.29M

Shares Out

55.60M

Op. Cash Flow

$114.60M

Business

Astrana Health, Inc. is a provider-centric, technology-powered, risk-bearing healthcare company that operates an integrated healthcare delivery platform to enable providers to participate in value-based care arrangements. It offers coordinated outcomes-based medical care, care coordination, population health management, management services, and a proprietary Care Enablement technology suite that integrates clinical, operational, financial, and administrative information. The company organizes its operations into three reportable segments—Care Partners (provider networks and risk-bearing organizations), Care Delivery (primary, specialty, and ancillary clinics and inpatient services), and Care Enablement (MSOs and technology services). Astrana serves patients across California, Nevada, Texas, Maryland, Connecticut, Georgia, and Hawaii through affiliated physician groups, IPAs, ACOs, clinics, ancillary providers, and contracts with Medicare, Medicaid, HMOs and other payers.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	3,182	2,035	1,387	1,144	774
Cost of services, excluding depreciation and amortization	2,840	1,763	1,172	945	596
General and administrative expenses	217	154	113	78	62
Depreciation and amortization	46	28	18	18	18
Total expenses	3,103	1,945	1,302	1,040	676
Income from operations	79	89	85	104	98
Income from equity method investments	2	4	6	6	−4
Interest expense	−50	−33	−16	−8	—
Interest income	12	15	14	2	2
Unrealized (loss) gain on investments	−68,000	731,000	−5	−21	−11
Other (loss) income	−3	5	6	4	−4
Total other (expense) income, net	−39	−9	5	−18	−20
Income before provision for income taxes	40	81	90	87	78
Provision for income taxes	16	31	32	41	32
Net income	24	50	58	46	46
Net income (loss) attributable to noncontrolling interests	2	7	−3	570,000	−23
Net income attributable to Astrana Health, Inc.	22	43	61	45	69
Earnings per share - basic (in dollars per share)	0.46	0.91	1.3	1	1.57
Earnings per share diluted (in dollars per share)	0.46	0.9	1.29	0.99	1.52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	429	288	294	288	233
Receivables, net (including amounts with related parties)	374	276	—	53	11
Income taxes receivable	2	19	11	0	0
Other receivables	26	29	1	2	10
Prepaid expenses and other current assets	26	25	17	15	19
Loans receivable	5	0	—	996,000	0
Total current assets	863	638	462	428	399
Property and equipment, net	57	14	—	—	—
Intangible assets, net	271	118	72	77	83
Goodwill	865	419	279	269	246
Income taxes receivable, net of current portion	26	16	16	16	—
Loans receivable, net of current portion	49	51	26	0	569,000
Investments in other entities equity method	26	39	26	40	42
Investments in privately held entities	3	9	6	2	896,000
Operating lease right-of-use assets	36	33	37	20	15
Other assets	23	17	2	5	6
Total non-current assets	1,355	716	472	538	454
Total assets	2,219	1,355	933	966	852
Accounts payable and accrued expenses	196	106	60	50	44
Fiduciary accounts payable	4	8	8	8	11
Medical liabilities	336	209	107	81	56
Operating lease liabilities	8	5	5	4	3
Current portion of long-term debt	48	9	20	619,000	780,000
Other liabilities	24	27	19	0	—
Total current liabilities	615	366	219	149	115
Deferred tax liability	5	5	4	14	9
Operating lease liabilities, net of current portion	32	31	36	20	13
Long-term debt, net of current portion and deferred financing costs	991	425	259	203	183
Other long-term liabilities	17	15	4	20	15
Total non-current liabilities	1,045	475	304	259	221
Total liabilities	1,660	841	523	408	336
Commitments and contingencies (Note 14)	—	—	—	—	—
"Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation (""APC"")"	−235	−203	−206	—	—
Common stock $0.001 par value per share; 100,000,000 shares authorized, 48,885,358 and 47,929,872 shares issued and outstanding, excluding 10,571,011 and 10,603,849 treasury shares, as of December 31, 2025 and December 31, 2024, respectively	49,000	48,000	47,000	47,000	45,000
Additional paid-in capital	471	426	371	360	311
Retained earnings	308	286	243	182	144
Total stockholders' equity	779	713	614	543	455
Non-controlling interest	14	4	2	2	6
Total equity	793	717	617	544	454
Total liabilities, mezzanine deficit, and stockholders' equity	2,219	1,355	933	966	852

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	46	28	18	18	18
Amortization of debt issuance cost	4	2	1	939,000	1
Share-based compensation	39	35	22	16	7
Non-cash lease expense	7	5	7	4	3
Deferred tax	−4	−4	−12	−14	8
Change in fair value of contingent consideration liabilities	5	4	0	0	—
Other	−2	−3	−2	—	—
Receivables, net	−9	−36	−21	−38	−2
Other receivables	2	25	311,000	8	−5
Prepaid expenses and other current assets	5	−11	−3	818,000	3
Other assets	4	−9	3	−243,000	−2
Accounts payable and accrued expenses	−7	−31	−170,000	−49,000	3
Fiduciary accounts payable	−5	487,000	−328,000	−2	892,000
Medical liabilities	9	11	19	23	5
Income taxes payable/receivable	5	−9	−14	7	−14
Operating lease liabilities	−6	−5	−7	−4	−3
Other liabilities	−632,000	520,000	0	0	—
Net cash provided by operating activities	115	52	68	82	70
Payments for business and asset acquisition, net of cash acquired	−549	−146	−7	−16	−3
Purchases of investments equity method	0	−6	−325,000	0	−14
Purchase of call option issued in conjunction with equity method investment	0	−4	0	0	—
Issuance of loans receivable	−2	−26	−26	—	—
Purchases of property and equipment	−10	−8	−29	−23	−19
Proceeds from sale of equity method investment	15	0	0	0	6
Other	6	−2	−4	—	—
Net cash used in investing activities	−539	−192	−66	−7	17
Dividends paid	−8	−4	−62	−14	−31
Repayments on debt	−495	−19	−205	—	—
Borrowings on debt	1,119	172	285	—	—
Taxes paid from net share settlement of restricted stock	−6	−5	0	0	—
Repurchase of treasury shares	−15	−937,000	−10	−9	—
Deferred financing cost	−19	0	−4	—	—
Payment of financing obligation	0	−9	0	0	—
Payment of contingent consideration liabilities	−8	−518,000	−1	0	0
Other	2	466,000	769,000	—	—
Net cash provided by financing activities	569	135	3	−20	−48
Net (decrease) increase in cash, cash equivalents, and restricted cash	145	−5	6	55	39
Cash paid for income taxes	—	44	57	47	37
Cash paid for interest	46	30	14	7	4
Right-of-use assets obtained in exchange for operating lease liabilities	12	14	25	0	0
Common stock issued in business combination	0	22	800,000	1	0
Common stock issued for contingent consideration payment	3	4	0	0	—
Acquisition of business through loan conversion	0	5	0	0	—
Draw on letter of credit through Revolver Loan	0	5	0	0	—
Tax impact from APC dividends to APC Shareholders	0	0	3	0	0
Distribution of real estate investments	0	0	153	0	0
Effective settlement of note payable upon consolidation	9	0	0	—	—
Transfer of investment in privately held to equity method	6	0	0	—	—
Repurchase of treasury shares outstanding payable	922,000	0	0	—	—
Dividend paid in form of stock	22	0	0	—	—

Filings

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