Astrana Health’s Revenue Up 56%, Buyback Raised to $100M, Guides $3.8B–$4.1B
Astrana Health’s 2025 revenue grew 56% to the high end of guidance, driven by Prospect acquisition and Care Partners growth, with year-end cash of $429.5M. The company served 1.6M value-based members, expanded its buyback program to $100M, and guided 2026 revenue of $3.8B–$4.1B with adjusted EBITDA of $250M–$280M.
1. Full-Year 2025 Financial Performance
Astrana Health reported record 2025 results with revenue up 56% year-over-year to the high end of guidance and adjusted EBITDA at the top of its range. Free cash flow reached $104.5M (over 50% conversion), year-end cash was $429.5M, net debt stood at $648.7M, and G&A expense fell by 75 basis points.
2. Membership and Value-Based Care Expansion
The company ended 2025 serving 1.6 million members in value-based care arrangements and expects roughly 80% of revenue and over 36% of membership in full-risk contracts by Q1 2026. Approximately 19% of revenue came from outside California, annual wellness visit completion neared 80% in legacy markets, and Southern Nevada achieved run-rate profitability.
3. Capital Allocation and Share Repurchase
Astrana repurchased 634,000 shares in Q4 at an average price of $22.23 and increased its buyback authorization from $50M to $100M. The strengthened share repurchase program leverages a solid cash position and supports the company’s commitment to returning capital.
4. 2026 Guidance and Operational Outlook
For full-year 2026, Astrana projects revenue of $3.8B–$4.1B, adjusted EBITDA of $250M–$280M, and free cash flow of $105M–$132.5M. Q1 guidance calls for $900M–$1.0B in revenue and $60M–$70M in EBITDA, with headwinds from Medicaid disenrollments and tailwinds from Medicare Advantage rate improvements and Prospect synergies.