Astrana Health
Connects risk-bearing physician networks, care delivery, and operating technology for value-based healthcare.
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Profile
Organizes risk-bearing physician networks, operates care sites, and supplies clinical and administrative technology through Care Partners, Care Delivery, and Care Enablement. Revenue comes mainly from capitated health-plan contracts, making medical-cost control, payer relationships, and government healthcare rules central to the model.
Coordinates value-based care through three connected businesses. Care Partners organizes independent practice associations, accountable care organizations, and other risk-bearing provider networks; Care Delivery runs primary, specialty, ancillary, and hospital services; Care Enablement supplies clinical, operational, financial, technology, and management infrastructure to affiliated and third-party providers.
Operates across several U.S. markets while remaining concentrated in California, serving Medicare, Medicaid, commercial, and exchange-insured populations. The integrated model links contracted physicians, owned care sites, and shared data systems so providers can manage care across settings.
Earns most revenue from capitation, supplemented by risk settlements, management and software fees, and fee-for-service care. Care Partners bears varying levels of medical-cost risk; results also depend on a concentrated group of health-plan payers and federal and state healthcare rules.
Company facts
Key statistics
Year to date +50.5% · Average volume (30d) 499.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Truist Financial | Target | $47 | $55 | ||
| Aug 7, 2026 | Barclays | Reiterate | Overweight | $50 | $53 | |
| Jul 14, 2026 | BTIG | Reiterate | Buy | $40 | $65 | |
| May 26, 2026 | Barclays | Upgrade | Equal Weight | Overweight | $37 | $50 |
| May 14, 2026 | Truist Financial | Target | $47 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.34 | $0.40 | +19.1% | $982.2M | $972.5M | −1.0% | +4.78% |
| May 7, 2026Q1 FY26 | $0.29 | $0.74 | +155.2% | $949.2M | $965.1M | +1.7% | +8.92% |
| Mar 2, 2026Q4 FY25 | $0.15 | $0.54 | +260.0% | $930.4M | $950.5M | +2.2% | −6.88% |
| Nov 6, 2025Q3 FY25 | $0.47 | $0.01 | −97.9% | $930.5M | $956.0M | +2.7% | −23.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $620.4M | $654.8M | $956.0M | $950.5M | $965.1M | $972.5M | |
| Gross profit | $71.3M | $78.0M | $81.6M | $78.6M | $90.3M | $104.0M | |
| Operating income | $20.6M | $20.3M | $19.2M | $18.4M | $28.5M | $34.3M | |
| Net income | $6.7M | $9.4M | $373.0K | $6.0M | $14.4M | $19.7M | |
| Diluted EPS | $0.14 | $0.19 | $0.01 | $0.12 | $0.29 | $0.40 | |
| Gross margin | 11.5% | 11.9% | 8.5% | 8.3% | 9.4% | 10.7% | |
| Operating margin | 3.3% | 3.1% | 2.0% | 1.9% | 3.0% | 3.5% |
Fiscal years (4-quarter sums)FY22 $1.14B · FY23 $1.39B · FY24 $2.03B · FY25 $3.18B
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $400.8M · Total debt $979.4M · Total assets $2.28B · Shareholders' equity $830.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 49.58M · Float 39.24M · 79.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.23M | 12.40% | 13G | Apr 17, 2025 |
| Allied Physicians of California, a Professional Medical Corporation | 6.13M | 11.00% | 13D | Feb 18, 2025 |
| Vanguard Portfolio Management | 2.65M | 5.34% | 13G | Jul 31, 2026 |
| Thomas S. Lam · director | 1.60M | 3.23% | Form 4 | Apr 8, 2026 |
| Kenneth T. Sim · director, officer: Executive Chairman | 1.29M | 2.59% | Form 4 | Apr 8, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- UnitedHealth Group
Largest U.S. physician employer; vertically integrated MA insurer-provider
- Agilon Health
Full-risk MA physician enablement platform; ~$5.9B revenue, 625K members
- Privia Health
National physician enablement platform with MSO, ACO, and primary care focus
- Alignment Healthcare
Medicare Advantage plan operator with integrated care model across 5 states
- Humana
National MA insurer building the largest senior primary care clinic chain
- Evolent
Specialty cost manager for payers; full-risk oncology and cardiology at scale.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Astrana Health | $37.96 | 0.00% | $1.88B | 46.4 | 23.6 | 0.5 | +48.5% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| Agilon Health | $92.54 | −0.02% | $1.54B | — | — | 0.3 | +7.2% |
| Privia Health | $20.79 | +0.10% | $2.62B | 95.9 | 54.4 | 1.1 | +21.4% |
| Alignment Healthcare | $13.62 | −0.04% | $2.83B | 73.0 | 46.0 | 0.6 | +31.6% |
| Humana | $386.23 | +0.16% | $46.30B | 36.5 | 31.2 | 0.3 | +26.2% |
| Evolent | $4.58 | −0.22% | $517.4M | — | 13.6 | 0.2 | +46.9% |
| Median | 54.7 | 31.2 | 0.5 | +23.8% |