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Consulting services · Industrials · Fiscal year ends Dec 31
Astrana Health reported revenue of $3.2B in the fiscal year ended Dec 2025, up 56.4% from the year before. Operating income was $79M, an operating margin of 2.5%, and net income was $22M. Operating cash flow of $115M less capital expenditure of $10M left free cash flow of $104M. Net debt was $609M.
Ranks among the 11 consulting services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 774 | 1,144 | 1,387 | 2,035 | 3,182 |
| Cost of revenue | 596 | 945 | 1,172 | 1,763 | 2,840 |
| Gross profit | 178 | 199 | 215 | 271 | 342 |
| Operating income | 98.2 | 104 | 84.6 | 89.4 | 78.5 |
| Interest expense | 5.4 | 7.9 | 16.1 | 33.1 | 49.9 |
| Pre-tax income | 77.7 | 86.6 | 89.8 | 80.8 | 39.6 |
| Income tax | 31.7 | 40.9 | 32.0 | 30.9 | 15.5 |
| Net income | 68.9 | 45.2 | 60.7 | 43.1 | 22.5 |
| Diluted EPS | 1.52 | 0.99 | 1.29 | 0.90 | 0.46 |
| Diluted shares | 45.4 | 45.6 | 46.9 | 48.0 | 49.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 233 | 288 | 294 | 288 | 429 |
| Receivables | 10.6 | 49.6 | – | 276 | 374 |
| Current assets | 404 | 428 | 462 | 638 | 863 |
| Net PP&E | 53.2 | 109 | 7.2 | 14.3 | 57.3 |
| Goodwill | 246 | 269 | 279 | 419 | 865 |
| Total assets | 867 | 966 | 933 | 1,355 | 2,219 |
| Payables | 9.6 | 49.6 | 59.9 | 106 | 196 |
| Deferred revenue | 16.8 | 0.5 | 0.7 | 1.6 | 2.7 |
| Current liabilities | 115 | 149 | 219 | 366 | 615 |
| Short-term debt | 0.8 | 0.6 | 19.5 | 9.4 | 47.9 |
| Long-term debt | 183 | 203 | 259 | 425 | 991 |
| Total liabilities | 357 | 408 | 523 | 841 | 1,660 |
| Shareholders' equity | 448 | 543 | 614 | 713 | 779 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 70.3 | 82.1 | 68.2 | 52.2 | 115 |
| Capital expenditure | 19.2 | 22.9 | 28.5 | 8.0 | 10.1 |
| Free cash flow | 51.1 | 59.2 | 39.7 | 44.2 | 104 |
| Depreciation & amortisation | 17.5 | 17.5 | 17.7 | 27.9 | 45.7 |
| Stock-based compensation | 6.7 | 16.1 | 22.0 | 34.5 | 38.6 |
| Acquisitions | 2.6 | 16.4 | 6.5 | 146 | 549 |
| Share buybacks | 5.7 | 9.3 | 10.2 | 0.9 | 25.6 |
| Dividends paid | 31.1 | 14.0 | 62.1 | 4.0 | 7.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 47.8% | 21.2% | 46.7% | 56.4% |
| Operating income growth (YoY) | – | 6.2% | −18.8% | 5.6% | −12.1% |
| EPS growth (YoY) | – | −34.9% | 30.3% | −30.2% | −48.9% |
| Gross margin | 23.0% | 17.4% | 15.5% | 13.3% | 10.7% |
| Operating margin | 12.7% | 9.1% | 6.1% | 4.4% | 2.5% |
| Net margin | 8.9% | 3.9% | 4.4% | 2.1% | 0.7% |
| Return on equityBlank when equity is negative | 15.4% | 8.3% | 9.9% | 6.1% | 2.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.0% | 12.8% | 11.8% | 9.0% | 4.9% |
| Free cash flow margin | 6.6% | 5.2% | 2.9% | 2.2% | 3.3% |
| Cash conversion (CFO ÷ net income) | 1.02x | 1.82x | 1.12x | 1.21x | 5.10x |
| Receivable days | 5 | 16 | – | 50 | 43 |
| Payable days | 6 | 19 | 19 | 22 | 25 |
| Interest cover | 18.2x | 13.2x | 5.25x | 2.70x | 1.57x |
| Debt ÷ equity | 0.41x | 0.38x | 0.45x | 0.61x | 1.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −49.4 | −84.0 | −15.4 | 146 | 609 |
| Current ratio | 3.53x | 2.88x | 2.11x | 1.75x | 1.40x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.