Astrana Health, Inc. (ASTH) intrinsic value & 10-year financials
Astrana Health, Inc. (ASTH) has a Graham intrinsic value of $4.40 per share. At $36.81 on Oct 17, 2026, the stock trades 737% above that value. Over the last 10 fiscal years revenue grew 29.7% a year to $3.2B, with an average return on invested capital of 16.4%.
- Graham intrinsic value
- $4.40
- Share price (Oct 17, 2026)
- $36.81
- Price vs Graham value
- 737% above
- Market cap
- $1.8B
- Revenue (FY2025)
- $3.2B
- Revenue growth (10-yr CAGR)
- 29.7%
- ROIC (10-yr avg)
- 16.4%
- Free cash flow (FY2025)
- $104.5M
ASTH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.2B | $22.5M | $0.46 | $104.5M | 2.5% | 4.0% |
| FY2024 | $2.0B | $43.1M | $0.90 | $44.2M | 4.4% | 6.8% |
| FY2023 | $1.4B | $60.7M | $1.29 | $39.7M | 6.1% | 9.8% |
| FY2022 | $1.1B | $49.0M | $1.08 | $59.2M | 9.1% | 13.2% |
| FY2021 | $773.9M | $73.9M | $1.63 | $51.1M | 12.7% | 17.4% |
| FY2020 | $687.2M | $37.9M | $1.01 | $45.0M | 11.7% | 10.9% |
| FY2019 | $560.6M | $14.1M | $0.39 | $12.6M | 5.8% | 9.9% |
| FY2018 | $519.9M | $10.8M | $0.29 | $24.3M | 17.0% | 60.0% |
| FY2017 | $356.4M | $25.8M | $0.90 | $49.8M | 9.9% | 24.7% |
| FY2016 | $305.9M | $11.5M | $0.41 | $18.6M | 3.8% | 7.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Astrana Health, Inc. is a consistent compounder, expanding top-line revenue at 29.7% annually over the past decade.
Astrana Health, Inc. has earned high returns on invested capital, averaging 16.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Astrana Health, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Astrana Health, Inc. is modeled at 1.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.40 per share.