Astrana Health, Inc. (ASTH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+64.5%

$60.65

vs $36.88 price

Levered DCF

$260.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.82

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	53.93×	34.65×	29.83×	29.59×	46.8×	17.57×	44.9×	60.15×
P/B	1.56×	2.11×	2.95×	2.45×	7.19×	2.02×	3.34×	3.62×
P/S	0.38×	0.74×	1.31×	1.16×	4.16×	1.8×	1.14×	1.26×
EV / EBITDA	13.79×	11.89×	14.86×	11.35×	31.68×	24.69×	16.22×	5.46×
Gross margin	9.3%	13.3%	15.5%	17.4%	23.0%	5.9%	16.6%	26.8%
Operating margin	2.5%	4.4%	6.1%	9.1%	12.7%	1.6%	5.8%	17.7%
Net margin	0.7%	2.1%	4.4%	3.9%	8.9%	-6.4%	2.5%	2.1%
Current ratio	1.4×	1.75×	2.11×	2.88×	3.53×	2.94×	3.12×	2.4×
Debt / equity	1.38×	0.66×	0.52×	0.42×	0.45×	0.79×	1.34×	0.08×
Interest coverage	1.57×	2.7×	5.25×	13.16×	18.2×	2.41×	6.85×	164.55×
Dividend yield	0.6%	0.3%	3.4%	1.1%	1.0%	7.7%	9.7%	2.7%
Payout ratio	35.1%	9.4%	102.2%	31.1%	45.1%	-216.1%	437.2%	163.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	6.1%	9.9%	8.3%	15.4%	-7.2%	7.4%	6.0%
Return on invested capital	2.9%	5.5%	7.4%	6.7%	7.7%	-0.0%	3.5%	15.3%
Return on assets	1.0%	3.2%	6.5%	4.7%	7.9%	-2.9%	1.9%	2.1%
Free cash flow yield	8.6%	2.9%	2.2%	4.4%	1.6%	6.7%	2.0%	3.8%
Earnings yield	1.8%	2.9%	3.4%	3.4%	2.1%	-3.6%	2.2%	1.7%
Enterprise value	$1.9B	$1.7B	$1.8B	$1.3B	$3.2B	$734.4M	$792.3M	$559.7M
Net debt / EBITDA	4.79×	1.29×	0.22×	-0.52×	-0.32×	2.26×	3.14×	-0.91×
Cash conversion cycle (days)	41	55	36	34	43	50	59	36