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Astrana Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$12.4M in Q3 2026 · $99.4M over twelve months

Operating cash flow$16.3M
Capital spending−$3.8M
Free cash flow+$12.4M
Cash / net income0.8×
Cash conversion cycle18 days

Analysis

In Q3 2026, Astrana Health generated $16.3M of operating cash flow and spent $3.8M on capital projects, leaving free cash flow of $12.4M. That is $5.0M more than in Q3 2025 ($7.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $114M; the largest uses were net borrowing (+) / repaid (−) ($128M), buybacks ($18.9M), capital spending ($14.8M); besides operations, cash came from other investing ($5.7M); the cash balance fell by $63.1M.

Operating cash flow was $16.3M against net income of $20.3M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$15.6M, stock-based pay +$15.6M, deferred taxes −$960K.

Its cash conversion cycle was 18 days (receivables 45 + inventory 0 − payables 26).

Free cash flow

Astrana Health: free cash flow by quarterAstrana Health: free cash flow by quarter−$13.5MQ4 2024$13.6MQ1 2025$89.5MQ2 2025$7.4MQ3 2025−$6.0MQ4 2025$64.1MQ1 2026$28.9MQ2 2026$12.4MQ3 2026
Operating cash flow less capital spending.
Astrana Health: operating cash flow against capital spendingAstrana Health: operating cash flow against capital spendingOperating cash flowCapital spending−$10.9M$2.5MQ4 2024$16.6M$3.1MQ1 2025$90.9M$1.4MQ2 2025$10.0M$2.6MQ3 2025−$2.9M$3.1MQ4 2025$68.1M$4.0MQ1 2026$32.7M$3.9MQ2 2026$16.3M$3.8MQ3 2026
Latest (Q3 2026): Operating cash flow $16.3M, Capital spending $3.8M.

Capital allocation, year by year

Astrana Health: where the cash came from (up) and went (down), by fiscal yearAstrana Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $70.3MFY2021: Net borrowing $180MFY2021: Shares issued $40.1MFY2021: Capital spending −$19.2MFY2021: Acquisitions −$2.6MFY2021: Buybacks −$5.7MFY2021: Dividends −$31.1M$290MFY2021FY2022: Operating cash flow $82.1MFY2022: Net borrowing −$1.1MFY2022: Capital spending −$22.9MFY2022: Acquisitions −$16.4MFY2022: Buybacks −$9.2MFY2022: Dividends −$14.0M$82.1MFY2022FY2023: Operating cash flow $68.2MFY2023: Net borrowing $79.2MFY2023: Capital spending −$28.5MFY2023: Acquisitions −$6.5MFY2023: Buybacks −$10.2MFY2023: Dividends −$62.1M$147MFY2023FY2024: Operating cash flow $52.2MFY2024: Net borrowing $153MFY2024: Shares issued $271KFY2024: Capital spending −$8.0MFY2024: Acquisitions −$146MFY2024: Buybacks −$900KFY2024: Dividends −$4.0M$205MFY2024FY2025: Operating cash flow $115MFY2025: Net borrowing $624MFY2025: Capital spending −$10.1MFY2025: Acquisitions −$549MFY2025: Buybacks −$25.6MFY2025: Dividends −$7.9M$739MFY2025
Over these 5 years operating cash flow totalled $387M; the largest uses were acquisitions ($720M) and dividends ($119M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$397M
Debt$925M
Net debt$528M
Due within a year$47.9M

Astrana Health funds itself: free cash flow was $99.4M over the last twelve months, and $397M of cash and investments stands against $925M of debt ($47.9M due within a year, 8.3× covered by cash).

Astrana Health: debt maturities by year (FY2025)Astrana Health: debt maturities by year (FY2025)$47.9MYear 1$65.8MYear 2$71.8MYear 3$89.7MYear 4$777MYear 5
Principal due in each year as disclosed in the annual report, against $397M of cash and investments now.

Where the cash came from and went

Astrana Health: sources (+) and uses (−) of cash, Q3 2026Astrana Health: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$16.3MNet borrowing (+) / repaid (−)−$12.0MCash drawn (+) / kept (−)$4.6MCapital spending−$3.8MAcquisitions−$3.1MOther investing$1.1MBuybacks−$1.1MOther financing−$1.0MDividends−$928K
Astrana Health: sources (+) and uses (−) of cash, TTM to Q3 2026Astrana Health: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$128MOperating cash flow$114MCash drawn (+) / kept (−)$63.1MBuybacks−$18.9MCapital spending−$14.8MAcquisitions−$6.9MOther financing−$6.0MTaxes on employees’ shares−$5.9MOther investing$5.7MDividends−$2.7M

From profit to cash

Astrana Health: net income to operating cash flow, Q3 2026Astrana Health: net income to operating cash flow, Q3 2026Net income$20.3MDepreciation & amortization$15.6MStock-based pay$15.6MDeferred taxes−$960KOperating cash flow$16.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202645—2618
Q2 202644—2419
Q1 202639—2217
Q4 202537—2215
Q3 202535—1817

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$16.3M−$3.8M−$3.1M−$1.1M−$928K−$12.0M—$4.6M$12.4M
Q2 2026$32.7M−$3.9M——−$95K−$92.0M—$77.6M$28.9M
Q1 2026$68.1M−$4.0M—−$2.8M−$104K−$12.0M—−$49.3M$64.1M
Q4 2025−$2.9M−$3.1M−$51K−$15.0M−$1.6M−$12.0M—$30.3M−$6.0M
Q3 2025$10.0M−$2.6M−$549M—−$96K$655M—−$124M$7.4M
Q2 2025$90.9M−$1.4M——−$778K−$3.1M—−$81.2M$89.5M
Q1 2025$16.6M−$3.1M—−$10.6M−$5.5M−$16.4M$301K$29.9M$13.6M
Q4 2024−$10.9M−$2.5M−$30.8M−$900K−$1.9M−$272K—$59.5M−$13.5M

Astrana Health: income statement and cash flow

Astrana Health, Q3 2026: revenue $1.0B (+7% year over year), operating margin 3.9%. The chart follows the revenue to costs, profit and cash.

Astrana Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.