Astrana Health, Inc.
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Range $41 – $65
Price Chart
About the company
Astrana Health, Inc. , which rebranded from Apollo Medical Holdings, Inc. in February 2024, is a healthcare management firm based in Alhambra, California, founded in 1985.
- CEO
- Brandon K. Sim
- IPO
- 2009
- Employees
- 3,000
- HQ
- Alhambra, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.85B
- P/E
- 45.20
- Fwd P/E
- 26.76
- PEG
- 0.80
- P/S
- 0.48
- P/B
- 2.21
- EV/EBITDA
- 13.91
- Div Yield
- 0.00%
- Gross Margin
- 9.22%
- Op Margin
- 2.61%
- Net Margin
- 1.05%
- ROE
- 5.09%
- ROIC
- 4.10%
Latest fiscal year · YoY change
- Revenue
- $3.18B+56.4%
- Gross Profit
- $295.78M+9.0%
- Op Income
- $78.53M
- Net Income
- $22.49M-47.9%
- EPS
- $0.46-49.5%
- OCF Growth
- +119.5%
- FCF Growth
- +136.6%
- 52W High
- $51.60
- 52W Low
- $18.08
- 50D MA
- $37.03
- 200D MA
- $32.75
- Beta
- 0.91
- RSI (14)
- 54
- Avg Volume
- 464.48K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Astrana Health posted strong Q2 2026 growth and profitability, raised EBITDA guidance, and used robust cash flow to accelerate deleveraging while reinvesting in growth.· August 6, 2026
- Q2 revenue was $973 million, up 49% year over year; adjusted EBITDA was $69 million, up 43%; adjusted EPS hit a record $0.80, up 45%.
- Full-year 2026 adjusted EBITDA guidance was raised to $255 million-$280 million, while revenue guidance stayed at $3.8 billion-$4.1 billion and free cash flow guidance stayed at $105 million-$132.5 million.
- Management said year-to-date medical cost trend is slightly better than the full-year assumption of about 5.2%, with Medicare Advantage and original Medicare favorable and commercial slightly above expectations.
- Free cash flow was $93 million in the first half, net leverage fell to 2.26x, and the company retired $92 million of debt in the quarter.
- Prospect integration remains on track, with gross provider retention above 99% and synergies expected at the high end of the $12 million-$15 million target.
Second-quarter revenue was $973 million, up 49% year over year, with adjusted EBITDA of $69 million, up 43% year over year, and adjusted diluted EPS of $0.80, up 45% year over year. Net income attributable to Astrana was $20 million. Free cash flow totaled $93 million in the first half of 2026, and the company ended the quarter with $401 million in cash, $579 million of net debt, and pro forma net leverage of 2.26x trailing twelve months. For the full year, management raised adjusted EBITDA guidance to $255 million-$280 million, reaffirmed revenue guidance of $3.8 billion-$4.1 billion, reaffirmed free cash flow guidance of $105 million-$132.5 million, and guided third-quarter revenue to $1.0 billion-$1.03 billion and adjusted EBITDA to $72.5 million-$77.5 million. Management also said G&A should exit the year at approximately 6% of revenue.
Brandon Sim framed the quarter as evidence that Astrana’s “AI-native healthcare operating system” is scaling and creating operating leverage across clinical, operational, and administrative functions. He emphasized responsible growth, saying the company is using stronger-than-expected performance and cash flow to add more high-return opportunities while still maintaining underwriting discipline. He also highlighted the Prospect integration, saying the first year has validated the model and that the company is improving portfolio quality by shifting more business toward full-risk arrangements where economics align better.
Chan Basho said Q2 revenue of $973 million and adjusted EBITDA of $69 million were near the high end of guidance, helped by controlled trend, full-risk performance, Prospect synergies, and cost discipline. He noted a one-time $15 million revenue reduction tied to CMS’s ACO REACH adjustments for 2025 billing activity, but said the net impact to EBITDA was immaterial. He also highlighted strong liquidity and balance-sheet progress: $93 million of free cash flow in the first half, $92 million of debt retired, $401 million of cash, and pro forma gross leverage of 3.8x after the paydown. Guidance was raised even as the company plans to reinvest in growth, while full-year revenue and free cash flow guidance were reaffirmed.
Analysts pressed on medical cost trend, especially why commercial ran above expectations; management said overall trend was slightly better than the 5.2% assumption, commercial was only slightly high, and it did not warrant a guidance change. Questions also focused on membership shifts and 2027 visibility: management said Medicaid attrition is running toward the high end of expectations, exchange attrition is a bit better than the 30%-40% assumption but still guided conservatively, and Medicare membership is stable. On capital deployment and efficiency, management said G&A improvements are coming from both Prospect synergies and core operating changes, with no major distinction between the two. Analysts also asked about Texas, Hawaii, and Medi-Cal; management said Texas new lives are being added first in partial/“delegated” risk with a path to full risk, and California Medi-Cal members are being rebalanced toward full risk over the next 12 months, with “tens of thousands” of members potentially moving.
The bull case is that Astrana is showing strong execution across growth, margin, and cash generation at the same time. Management sounded confident that the AI-driven operating model is lowering G&A, improving trend management, and making new cohorts more profitable faster, while free cash flow and deleveraging continue to outperform commitments. They also pointed to expanding payer and provider wins, continued Prospect synergies, and a constructive path for more Medicare and full-risk growth.
The main risks discussed were Medicaid attrition, especially in California, and some commercial cost pressure above expectations. Management also said the outlook assumes zero contribution from HQAF and conservative Medicaid trends, which leaves room for volatility if those assumptions prove too optimistic. The company acknowledged that some growth investments are still early and may create near-term losses before contributing meaningfully, and that 2027 Medicaid changes could add uncertainty even though management remains confident in its medium-term growth target.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 79.1%
- Shares Outstanding
- 49.58M
- Float Shares
- 39.24M
Buy/sell ratio 0.14. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Held by 176 ETFs
Biggest fund positions in ASTH by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 2, 26 | Basho Chandan | other | 2,092 |
| Sep 15, 26 | Vong John | other | 96 |
| Sep 5, 26 | Sim Brandon | other | 7,163 |
| Sep 5, 26 | Basho Chandan | other | 1,790 |
| Aug 31, 26 | Kitayama Mitchell W | sell | 8,500 |
| Aug 14, 26 | Schmidt David | other | 20,000 |
| Aug 14, 26 | Schmidt David | sell | 20,000 |
| Aug 14, 26 | Schmidt David | other | 20,000 |
| Aug 7, 26 | Vong John | other | 0 |
| Aug 7, 26 | Sobotka Glenn | sell | 11,793 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ASTH coverage
Recent articles, reports, and earnings notes.
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defenseworld.net · Oct 5
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Astrana Health, Inc.- ASTH
prnewswire.com · Oct 1
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Astrana Health, Inc. - ASTH
globenewswire.com · Sep 29
ASTH Investors Have Opportunity to Join Astrana Health, Inc. Fraud Investigation with SBS Law
businesswire.com · Sep 28
PRIVACY ALERT: AWKO Law Investigating Astrana Health Data Breach
businesswire.com · Sep 25
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Astrana Health, Inc.- ASTH
prnewswire.com · Sep 24
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Astrana Health, Inc.- ASTH
globenewswire.com · Sep 22
Lowey Dannenberg, P.C. is Investigating Astrana Health, Inc. (NASDAQ: ASTH) for Potential Violations of the Federal Securities Laws
globenewswire.com · Sep 22
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