Astrana Health: A Delegated Risk Model At A Discount

Astrana Health, Inc. offers a mispriced growth opportunity, combining 20–30% top and bottom line growth with strong free cash flow and operational leverage. ASTH's risk-bearing, tech-enabled model drives industry-leading G&A efficiency (6.8%), diversified revenue streams, and resilience against reimbursement or membership volatility. Despite 56% revenue growth and robust EBITDA expansion, ASTH trades at deep valuation discounts (EV/Revenue 0.43x, EV/EBITDA 6.43x), reflecting over-discounted risk.