Astrana Health (NASDAQ:ASTH) Posts Earnings Results, Beats Expectations By $0.45 EPS

Key Points

• Astrana reported Q1 adjusted EPS of $0.74 versus consensus $0.29 and revenue of $965.1M (up ~56% YoY), with adjusted EBITDA of $66.3M, free cash flow of $64.1M, and pro forma leverage of ~2.3x targeting ≤2.0x by year-end.
• Management emphasized its AI-enabled, payer-agnostic operating system, citing embedded agents that drive better outcomes (24% higher gap-closure, 30% higher wellness completion) and noting the company now serves ~1.55M members in value-based arrangements with substantial full-risk exposure.
• Astrana reaffirmed its 2026 guidance (revenue $3.8–4.1B, adjusted EBITDA $250–280M, FCF $105–132.5M); the stock rose to about $36.08 and analysts maintain a "Moderate Buy" consensus with an average price target near $34.86.

Astrana Health (NASDAQ:ASTH - Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.45, FiscalAI reports. The firm had revenue of $965.10 million for the quarter, compared to analyst estimates of $949.21 million. Astrana Health had a net margin of 0.71% and a return on equity of 5.59%. The business's quarterly revenue was up 55.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 earnings per share.

Here are the key takeaways from Astrana Health's conference call:

• Astrana reported a strong Q1 — $965.1M revenue (+56% YoY), adjusted EBITDA of $66.3M (+82% YoY), adjusted EPS of $0.74, free cash flow of $64.1M, and accelerated deleveraging to ~2.3x pro forma with a target of ≤2.0x by year-end.
• Management highlighted its AI-enabled, payer-agnostic operating system, saying embedded AI agents are already improving outcomes and operations (24% higher gap-closure, 30% higher annual wellness completion, and much faster claims payment) and that benefits should compound over time.
• The business now serves ~1.55M members in value-based arrangements, with ~80% of Care Partners revenue and ~40% of owned membership in full-risk contracts; new full-risk cohorts are tracking to underwriting but Medicaid and Exchange enrollment trends were mixed.
• Prospect integration is on track — gross provider retention >99%, synergies tracking toward the high end of the $12–15M annual target, and Prospect is performing ahead toward ~$80M annualized adjusted EBITDA.
• The company reaffirmed 2026 guidance (revenue $3.8–4.1B, adjusted EBITDA $250–280M, FCF $105–132.5M), gave Q2 targets, and cited the 2027 Medicare Advantage rate notice and its encounter-based approach as structural regulatory tailwinds.

Astrana Health Stock Performance

ASTH traded up $0.83 on Thursday, reaching $36.08. The stock had a trading volume of 613,884 shares, compared to its average volume of 458,777. Astrana Health has a 12-month low of $18.08 and a 12-month high of $36.20. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.25. The business's 50-day moving average price is $27.38 and its two-hundred day moving average price is $25.67. The company has a market cap of $2.01 billion, a P/E ratio of 78.44 and a beta of 0.98.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boothbay Fund Management LLC purchased a new position in Astrana Health during the third quarter valued at $484,000. Sei Investments Co. lifted its holdings in Astrana Health by 49.3% during the third quarter. Sei Investments Co. now owns 16,667 shares of the company's stock valued at $473,000 after purchasing an additional 5,507 shares in the last quarter. Cetera Investment Advisers purchased a new position in Astrana Health during the fourth quarter valued at $461,000. Great Lakes Advisors LLC lifted its holdings in Astrana Health by 45.0% during the fourth quarter. Great Lakes Advisors LLC now owns 17,932 shares of the company's stock valued at $445,000 after purchasing an additional 5,563 shares in the last quarter. Finally, Prelude Capital Management LLC purchased a new position in Astrana Health during the third quarter valued at $351,000. Hedge funds and other institutional investors own 52.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. BTIG Research lowered their price target on shares of Astrana Health from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Monday, February 2nd. Weiss Ratings raised shares of Astrana Health from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, April 29th. Truist Financial lifted their price objective on shares of Astrana Health from $37.00 to $38.00 and gave the company a "buy" rating in a report on Friday, March 13th. Zacks Research raised shares of Astrana Health from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 11th. Finally, Robert W. Baird lifted their price objective on shares of Astrana Health from $37.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, April 15th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $34.86.

Astrana Health Company Profile

Astrana Health, Inc, Inc, a physician-centric technology-powered healthcare management company, provides medical care services in the United States. It operates through three segments: Care Partners, Care Delivery, and Care Enablement. The company is leveraging its proprietary population health management and healthcare delivery platform, operates an integrated, value-based healthcare model which empowers the providers in its network to deliver care to its patients. It offers care coordination services to patients, families, primary care physicians, specialists, acute care hospitals, alternative sites of inpatient care, physician groups, and health plans.

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