ASTHHIGH SIGNALFINANCIAL10-K

ASTH experienced a massive 2,065% increase in total debt to $232.2M alongside a 48% decline in net income, indicating potential financial distress or major capital structure changes.

The dramatic debt increase from $10.7M to $232.2M represents a fundamental shift in the company's capital structure that requires immediate investor attention. Despite strong operating cash flow growth of 120%, the company's profitability deteriorated significantly with net income falling 48%, while interest expenses doubled, suggesting the new debt burden is materially impacting financial performance.

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

ASTH's financial profile changed dramatically with total debt exploding over 2,000% to $232.2M while net income plummeted 48% to $22.5M and interest expenses doubled. The company showed operational strength with operating cash flow growing 120% to $114.6M and cash reserves increasing 49% to $429.5M, but the massive debt increase and declining profitability signal either a major acquisition, refinancing event, or potential financial distress that investors must closely monitor. The combination of deteriorating profitability amid substantial debt growth represents a high-risk scenario requiring immediate clarification from management.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+2065.3%
$10.7M→$232.2M

Debt increased 2065.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Dividends Paid
Cash Flow
+247.5%
$17.8M→$61.7M

Dividend payments increased 247.5% — management confidence in sustained cash generation.

Operating Cash Flow
Cash Flow
+119.5%
$52.2M→$114.6M

Operating cash flow surged 119.5% — exceptional cash generation, highest quality earnings signal.

Interest Expense
P&L
+103.3%
$7.9M→$16.1M

Interest expense surged 103.3% — significant debt increase or rising rates materially impacting earnings.

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.

Share Buybacks
Cash Flow
+81.6%
$14.1M→$25.6M

Share repurchases increased 81.6% — management returning capital, signals confidence in intrinsic value.

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.

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.
+7 more — sign up free →
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 ).
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →