TacticScaleWhat Astrana Health Does & How It Makes Money (ASTH)
Updated October 2026 · reflects Astrana Health's latest reported financials
US healthcare management company coordinating physician-led care for insured patients. It earns revenue by delivering and coordinating medical care for patients covered mainly by Medicare, Medicaid, and HMO health plans, and by providing management and enablement services to physician groups, across its Care Partners, Care Delivery, and Care Enablement segments.
How Astrana Health makes money
It earns revenue by delivering and coordinating medical care for patients covered mainly by Medicare, Medicaid, and HMO health plans, and by providing management and enablement services to physician groups, across its Care Partners, Care Delivery, and Care Enablement segments.
What Astrana Health does
Astrana Health, Inc. (formerly Apollo Medical Holdings, renamed February 2024) is a healthcare management company headquartered in Alhambra, California, founded in 1992. It organizes a physician network of primary care doctors, specialists, physician extenders, and hospitalists, and coordinates care among patients, families, acute care hospitals, alternative inpatient sites, physician groups, and health plans. The company reports three segments: Care Partners, Care Delivery, and Care Enablement. Its patient base is primarily covered by public or private insurance such as Medicare, Medicaid, and HMOs, with some non-insured patients served as well.
Products & services
- Care Partners (physician network & care coordination)
- Care Delivery (medical care services)
- Care Enablement (management services for physician groups)
- Primary care, specialist & hospitalist physician network
What is Astrana Health worth?
On an owner-earnings DCF, Astrana Health's most-likely value is about $57 versus a recent price near $38 (52% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$21) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 5.9× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
AMN Healthcare Services (AMN) · Alignment Healthcare (ALHC) · Amphastar Pharmaceuticals (AMPH) · Amgen (AMGN) · Humana (HUM)