Astrana Health (ASTH)
Connects risk-bearing physician networks, care delivery, and operating technology for value-based healthcare.
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Organizes risk-bearing physician networks, operates care sites, and supplies clinical and administrative technology through Care Partners, Care Delivery, and Care Enablement. Revenue comes mainly from capitated health-plan contracts, making medical-cost control, payer relationships, and government healthcare rules central to the model.
Coordinates value-based care through three connected businesses. Care Partners organizes independent practice associations, accountable care organizations, and other risk-bearing provider networks; Care Delivery runs primary, specialty, ancillary, and hospital services; Care Enablement supplies clinical, operational, financial, technology, and management infrastructure to affiliated and third-party providers.
Operates across several U.S. markets while remaining concentrated in California, serving Medicare, Medicaid, commercial, and exchange-insured populations. The integrated model links contracted physicians, owned care sites, and shared data systems so providers can manage care across settings.
Earns most revenue from capitation, supplemented by risk settlements, management and software fees, and fee-for-service care. Care Partners bears varying levels of medical-cost risk; results also depend on a concentrated group of health-plan payers and federal and state healthcare rules.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 15, 2026 | Oppenheimer | Initiate | Rating: —Target: — | Target: $53 |
| Aug 10, 2026 | Truist Financial | Target | Target: $47 | Target: $55 |
| Aug 7, 2026 | Barclays | Reiterate | Rating: —Target: $50 | Target: $53 |
| Jul 14, 2026 | BTIG | Reiterate | Rating: —Target: $40 | Target: $65 |
| May 26, 2026 | Barclays | Upgrade | Target: $37 | Target: $50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $400.8M · Total debt $979.4M · Total assets $2.28B · Shareholders' equity $830.2M
- Revenue
- $972.5M
- Operating income
- $34.3M
- Net income
- $19.7M
No dividends on record.
| Insiders | 34.29% | 17.00M shares | |
|---|---|---|---|
| 13 holders · as of Sep 17, 2026 | |||
| Strategic holders | 24.94% | 12.37M shares | |
| 2 holders · as of Apr 17, 2025 | |||
| Other | 40.77% | 20.22M shares | |
| remainder | |||
49.58M company shares as of Aug 23, 2026 · holders as of their latest filing
Two share counts disagree (55.72M in the company's Sep 22, 2026 report, 49.58M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Thomas S. LamInsiderdirector | 15.59% | 7.73M | filed Apr 8, 2026 |
Kenneth T. SimInsiderdirector, officer: Executive Chairman | 14.96% | 7.42M | filed Apr 8, 2026 |
BlackRock, Inc.Strategic | 12.57% | 6.23M | filed Apr 17, 2025 |
ALLIED PHYSICIANS OF CALIFORNIA, A PROFESSIONAL MEDICAL Corp1,2Strategic10 percent owner | 12.37% | 6.13M | filed Feb 18, 2025 |
Vanguard Portfolio ManagementInstitution | 5.34% | 2.65M | filed Jul 31, 2026 |
- ALLIED PHYSICIANS OF CALIFORNIA, A PROFESSIONAL MEDICAL Corp's transaction reports restate only vehicles that traded; the 2025 ownership statement (6.13M) is used instead.
- ALLIED PHYSICIANS OF CALIFORNIA, A PROFESSIONAL MEDICAL Corp reports a block also reported by BlackRock, Inc.; it is counted once, under BlackRock, Inc.
Insider tradesForm 4
No open-market trades in the last 12 months.
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Astrana Health | $35.11 | 0.00% | $1.66B | 41.0 | 21.2 | 0.4 | +48.5% |
| UnitedHealth Group | $373.18 | +0.08% | $342.88B | 24.3 | 17.5 | 0.8 | +0.4% |
| Agilon Health | $86.84 | −0.07% | $1.47B | — | — | 0.2 | +7.2% |
| Privia Health | $19.46 | 0.00% | $2.46B | 90.1 | 50.6 | 1.0 | +21.4% |
| Alignment Healthcare | $7.99 | 0.00% | $1.73B | 44.6 | 28.9 | 0.4 | +31.6% |
| Humana | $372.00 | −0.03% | $45.39B | 35.9 | 30.2 | 0.3 | +26.2% |
| Evolent | $3.73 | −1.58% | $415.1M | — | 11.3 | 0.2 | +46.9% |
| Median | 40.2 | 28.9 | 0.3 | +23.8% |