ASTHHIGH SIGNALFINANCIAL10-K

Astrana Health executed a significant acquisition that substantially expanded its balance sheet while experiencing margin compression and declining profitability despite strong revenue growth.

The company appears to have completed a major acquisition (likely the Prospect Medical Holdings assets referenced in the filing) that roughly doubled total liabilities and meaningfully expanded assets, but this growth came at the cost of operational efficiency. The decline in net income despite strong revenue growth suggests integration challenges or higher costs associated with the expanded operations, which investors should monitor closely in upcoming quarters.

Comparing 2026-03-12 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

Astrana's financial profile transformed substantially, with total assets growing 64% to $2.2B and total liabilities nearly doubling to $1.7B, indicating a major acquisition. Revenue expanded meaningfully by 46% to $520M, but operational efficiency deteriorated as net income fell 48% to $23M and operating income declined 12% despite the revenue growth. The company maintained a strong cash position at $430M, but the significant expansion in liabilities combined with margin compression signals potential integration challenges or higher operational costs from the enlarged business.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+97.5%
$840.7M→$1.7B

Liabilities grew 97.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Liabilities
Balance Sheet
+68.3%
$365.6M→$615.3M

Current liabilities surged 68.3% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+63.8%
$1.4B→$2.2B

Asset base grew 63.8% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
+48.9%
$288.5M→$429.5M

Cash position surged 48.9% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
-47.9%
$43.1M→$22.5M

Net income declined 47.9% — review whether driven by operations, interest costs, or non-recurring items.

Revenue
P&L
+45.9%
$356.4M→$519.9M

Strong top-line growth of 45.9% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+35.7%
$276.0M→$374.5M

Receivables surged 35.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+35.2%
$638.5M→$863.3M

Current assets grew 35.2% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
+25.8%
$8.0M→$10.1M

Capex increased 25.8% — ongoing investment in capacity or infrastructure for future growth.

Operating Income
P&L
-12.1%
$89.3M→$78.5M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-14
ADDED
As of March 5, 2026 , there were 55,603,598 shares of common stock of the registrant, $0.001 par value per share, issued and outstanding, which includes 6,132,802 treasury shares that are owned by Allied Physicians of California, a Professional Medical Corporation d.b.a.
(f/k/a Network Medical Management Inc.) APC Allied Physicians of California, a Professional Medical Corporation APC-LSMA APC-LSMA Designated Shareholder Medical Corporation Astrana Astrana Health Inc.
CHS Collaborative Health Systems, LLC, Golden Triangle Physician Alliance, and Heritage Physician Networks CMS Centers for Medicare Medicaid Services DMHC California Department of Managed Health Care HSMSO Health Source MSO Inc., a California corporation IPA Independent Practice Association LMA LaSalle Medical Associates MSSP Medicare Shared Savings Program PCCCV Primary Community Care of Central Valley, Inc.
Prospect Certain businesses and assets of Prospect Medical Holdings, Inc.
acquired by the Company PMIOC Pacific Medical Imaging and Oncology Center, Inc.
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REMOVED
As of March 6, 2025, there were 56,252,503 shares of common stock of the registrant, $0.001 par value per share, issued and outstanding, which includes 6,132,802 treasury shares that are owned by Allied Physicians of California, a Professional Medical Corporation d.b.a.
APC Allied Physicians of California, a Professional Medical Corporation APC-LSMA APC-LSMA Designated Shareholder Medical Corporation Astrana Astrana Health Inc.
CHS Collaborative Health Systems, LLC, Golden Triangle Physician Alliance, and Heritage Physician Networks CMS Centers for Medicare Medicaid Services DMHC California Department of Managed Health Care DMG Diagnostic Medical Group of Southern California HSMSO Health Source MSO Inc., a California corporation IPA Independent Practice Association LMA LaSalle Medical Associates PCCCV Primary Community Care of Central Valley, Inc.
Sun Labs Sun Clinical Labs VIE Variable Interest Entity VOMG Valley Oaks Medical Group 3 INTROD UCTORY NOTE Unless the context dictates otherwise, references in this Annual Report on Form 10-K to the Company, we, us, our, and similar words are references to Astrana Health, Inc., a Delaware corporation ( Astrana ), and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entities ( VIEs ).
The Centers for Medicare Medicaid Services ( CMS ) have not reviewed any statements contained in this Report, including statements describing the Company s participation in the ACO Realizing Equity, Access, and Community Health Model ( ACO REACH Model ) and in the Medicare Shared Savings Program ( MSSP ).
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