Astrana Health Inc

Astrana Health, formerly Apollo Medical Holdings, organizes doctors to take financial responsibility for patients' overall care. Instead of billing for each visit, its affiliated physician groups mostly receive a fixed monthly payment per patient from health plans or government programs. This arrangement is called capitation. If care costs less than that payment, Astrana keeps the difference. If it costs more, Astrana bears much of the loss. Through more than 20,000 contracted physicians, it coordinated care for about 1.6 million patients as of December 31, 2025.

Capitation made up 91.9% of FY2025 revenue of $3.18 billion. Patient care fees added 3.5% and management fees about 1%. Patients get coverage through Medicare, Medicaid, their employers or plans they buy directly. The company says a substantial portion of its revenue comes from California.

Astrana reports three segments. Care Partners is its network of independent practice associations and accountable care organizations (ACOs). These are groups that take on financial risk for patients under health plan contracts or Medicare programs such as ACO REACH. Care Delivery runs more than 60 locations, including primary and specialty clinics, urgent care, imaging, labs, a specialty pharmacy and an acute care hospital. Care Enablement provides technology and back-office services, such as claims processing and doctor recruiting, to Astrana's own groups and to outside providers.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $972.5M, up 48.5% from a year earlier, and net income was $19.7M (+109.5%).
• For fiscal 2025, revenue was $3.18B (+56.4% year over year; +35.9% a year from FY2020 to FY2025) with a 0.7% net margin.

• Over FY2021–FY2025: $51.7M in buybacks and $119.1M in dividends.
• Regular dividend per share increased 1 years in a row.
• Special dividends in FY2023 are excluded from the streak.
• Regular dividends per share grew -34.9% a year over 5 years (FY2020–FY2025).
• Dividends took 35.1% of earnings and 7.5% of free cash flow in the latest fiscal year.
• Shares outstanding changed +0.3% from Oct 26, 2021 to Aug 3, 2026.

Rank among 1514 US companies

Market value at each year end

Astrana Health’s market value went from $1.77B at the end of 2024 to $2.04B on Oct 28, 2026, up 15%; since the end of 2025 it is up 46%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in ASTH

1. Prospect deal added debt and a hospital. After borrowing for the Prospect Acquisition, total debt was about $936 million versus $401 million in cash and investments as of June 30, 2026. The deal also added a hospital, a new business for Astrana.
2. Losses if medical costs exceed fixed payments. Most revenue is fixed monthly payments per patient. If patients need more care than expected, or costs outpace payment rates, Astrana absorbs much of the difference. Its FY2025 operating margin was just 2.5%.
3. Physician groups controlled by contract, not ownership. Laws limiting corporate ownership of medical practices mean Astrana controls key affiliated physician groups through contracts rather than outright ownership. If those agreements were ruled invalid or ended, results would be badly hurt.
4. Heavy reliance on California. Astrana says a substantial share of its revenue comes from California. Changes in that state's rules, economy or health plan market would hit it harder than a company spread across many states.
5. Reliance on Medicare, Medicaid and key plans. Astrana depends on Medicare, Medicaid and a few key health plans. Medicaid changes under the One Big Beautiful Bill Act, weak Medicare Advantage rate increases or changes to Medicare's ACO REACH model could cut revenue.
6. A disclosed cybersecurity incident. Astrana handles private patient data and relies on software for claims and payments. On September 23, 2026, it disclosed a cybersecurity incident in an SEC filing. Breaches can bring costs, disruption and lost trust.

• Sep 23, 2026 Investor presentation or announcement
• Sep 23, 2026 Cybersecurity incident
• Aug 6, 2026 Quarterly results released; Investor presentation or announcement
• Jul 13, 2026 Investor presentation or announcement
• Jul 1, 2026 Executive or board change
• Jun 10, 2026 Executive or board change; Shareholder vote results
• May 12, 2026 Executive or board change
• May 12, 2026 Investor presentation or announcement
• May 7, 2026 Quarterly results released; Investor presentation or announcement
• Mar 30, 2026 Other company announcement

Astrana offers little for income seekers. It reported dividend payments of about $7.9 million in FY2025, roughly $0.16 per share, up from $0.08 in FY2024: a one-year streak of increases. The longer record is erratic, with about $1.37 per share in FY2020 and $1.32 in FY2023, including what looks like a special dividend. Regular dividends per share shrank about 35% a year from FY2020 to FY2025. FY2025 payouts used 35% of earnings and 7.5% of free cash flow (cash left after running and investing in the business). Buybacks totaled $51.7 million over FY2021–FY2025, yet the share count still rose 0.3% from October 2021 to August 2026.

Price history on this page starts only about 2.7 years before October 28, 2026, so it misses the 2008 crisis, the 2020 COVID crash and the 2022 bear market. Within that span, the stock's deepest fall from a peak was 71%. Single stocks like Astrana carry more risk than diversified funds.