Astrana Health, Inc.
ASTHRESTATEMENT RISKFILING INTENSITYAstrana Health, Inc. reads as Restatement Risk (composite 96/100); pressure / disclosure signals dominate the posture this cycle · primary market Healthcare.
Lens
Disclosed M&A capital (2023–2025)
$701M
vs $30M in 2020–2022
Disclosed transactions
9
3/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
96
Restatement Risk dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $4.4B disclosed buyer spend
- Filed within 18d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 18d
- 236 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 32 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 32 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 32 activism filings
- Latest activism 2.5y ago; discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 32 activism filings
Restatement Risk
DominantIssuers with accounting-integrity flags from filings
- 1 non-reliance 8-K
- 5 auditor changes
- 22 NT late filings
- Latest event 3mo ago
Capital Velocity
Issuers with the highest filing-activity intensity
- 236 8-Ks
- Filed within 18d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $1.8B
- 10-Q 18d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $549M · Peak count: 7
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 2 | $549M | $274M | N/A |
| 2024 | 7 | $146M | $21M | N/A |
| 2023 | N/A | $7M | N/A | N/A |
| 2022 | N/A | $16M | N/A | N/A |
| 2021 | 3 | $3M | $867K | N/A |
| 2020 | N/A | $11M | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion20%
- Bolt On20%
- Platform20%
- Tuck In20%
- Technology Acquisition20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- bolt_on
- platform
- tuck_in
- technology_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“cash used in investing activities was $31,865 related to $45,799 in investments in a new billing system, investment in ACO-related office and technology equipment, partially offset by the acquisition of VMM, net of cash acquired in connection in the consolidation of VMM.”
“In August 2021, Apollo Medical Holdings, Inc. acquired 49% of the aggregate issued and outstanding shares of capital stock of Sun Clinical Laboratories (“Sun Labs”) for an aggregate purchase price of $4.0 million.”
“we will provide all business administrative services, including billing, accounting, human resources management and supervision of all non-medical business operations”
“management contracts entered into with these entities owned by third-party physicians”
“The Company recognized goodwill as a result of consolidating Sun Labs as a VIE.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Healthcare
- Market spend (2023–2025)
- $195B
- Market spend (2020–2022)
- $253.6B
- Recent vs prior
- −23%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
ASTH trades at a +1.4-turn premium to the Healthcare peer median of 12.9×.
- EV / Revenue
- 0.5×
- Net debt / EBITDA
- -3.4×
- Peer median EV / EBITDA
- 12.9×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
AbbVie Inc.ABBV | 23.4× | 6.7× | 3.1× | $62.8B | $18B |
| 17.2× | 0.9× | 1.9× | $449.7B | $28.1B | |
Astrana Health, Inc.ASTH | 14.3× | 0.5× | -3.4× | $3.5B | $701M |
Amgen Inc.AMGN | 12.9× | 6.0× | 2.6× | $37.2B | $26.7B |
| 11.7× | 0.5× | 2.5× | $200.4B | $6.4B | |
| 9.3× | 1.9× | 2.8× | $76.4B | $1.3B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Healthcare. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)222026-03-12
- 10-Q (quarterly)642026-05-08
- 8-K (event)2362026-05-07
- Proxy / DEF 14A182026-04-17
- Activism (13D / DFAN / PREC)322023-11-17
Signals on file
- critical
Non-reliance disclosure
2023-08-071 Item 4.02 filing on file; financial-statement non-reliance.
- elevated
Auditor change
2020-04-285 Item 4.01 filings on file; certifying accountant change.
- watch
Late-filing notice
2026-03-0222 NT 10-K/10-Q filings on file.
- elevated
Activism on file
2023-11-1732 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.