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Side-by-side financial comparison of Academy Sports & Outdoors, Inc. (ASO) and Astrana Health, Inc. (ASTH). Click either name above to swap in a different company.
Academy Sports & Outdoors, Inc. is the larger business by last-quarter revenue ($1.4B vs $950.5M, roughly 1.5× Astrana Health, Inc.). Academy Sports & Outdoors, Inc. runs the higher net margin — 5.2% vs 0.7%, a 4.5% gap on every dollar of revenue. On growth, Astrana Health, Inc. posted the faster year-over-year revenue change (42.9% vs 3.0%). Astrana Health, Inc. produced more free cash flow last quarter ($-6.0M vs $-13.6M). Over the past eight quarters, Astrana Health, Inc.'s revenue compounded faster (53.3% CAGR vs -12.2%).
Academy Sports + Outdoors is an American sporting-goods store chain with corporate offices in the Katy Distribution Center in unincorporated western Harris County, Texas, United States, near Katy and west of Houston. For 74 years, it was a privately held company owned by the Gochman family, until its May 2011 acquisition by Kohlberg Kravis Roberts. In October 2020, it was listed on NASDAQ.
Astrana Health, Inc. is a U.S.-based value-based healthcare services provider that primarily serves Medicare-eligible senior populations across the United States. It offers in-home primary care, chronic disease management, and care coordination services, aiming to improve patient health outcomes and reduce unnecessary medical costs.
ASO vs ASTH — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $950.5M |
| Net Profit | $71.6M | $6.6M |
| Gross Margin | 35.7% | — |
| Operating Margin | 7.3% | 1.9% |
| Net Margin | 5.2% | 0.7% |
| Revenue YoY | 3.0% | 42.9% |
| Net Profit YoY | 8.8% | 184.4% |
| EPS (diluted) | $1.05 | $0.12 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $950.5M | ||
| Q3 25 | $1.6B | $956.0M | ||
| Q2 25 | $1.4B | $654.8M | ||
| Q1 25 | $1.7B | $620.4M | ||
| Q4 24 | $1.3B | $665.2M | ||
| Q3 24 | $1.5B | $478.7M | ||
| Q2 24 | $1.4B | $486.3M | ||
| Q1 24 | $1.8B | $404.4M |
| Q4 25 | $71.6M | $6.6M | ||
| Q3 25 | $125.4M | $373.0K | ||
| Q2 25 | $46.1M | $9.4M | ||
| Q1 25 | $133.6M | $6.7M | ||
| Q4 24 | $65.8M | $-7.8M | ||
| Q3 24 | $142.6M | $16.1M | ||
| Q2 24 | $76.5M | $19.2M | ||
| Q1 24 | $168.2M | $14.8M |
| Q4 25 | 35.7% | — | ||
| Q3 25 | 36.0% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 32.2% | — | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 36.1% | — | ||
| Q2 24 | 33.4% | — | ||
| Q1 24 | 33.3% | — |
| Q4 25 | 7.3% | 1.9% | ||
| Q3 25 | 10.8% | 2.0% | ||
| Q2 25 | 5.1% | 3.1% | ||
| Q1 25 | 9.2% | 3.3% | ||
| Q4 24 | 6.8% | 0.1% | ||
| Q3 24 | 12.3% | 5.9% | ||
| Q2 24 | 7.5% | 6.2% | ||
| Q1 24 | 11.4% | 7.5% |
| Q4 25 | 5.2% | 0.7% | ||
| Q3 25 | 7.8% | 0.0% | ||
| Q2 25 | 3.4% | 1.4% | ||
| Q1 25 | 8.0% | 1.1% | ||
| Q4 24 | 4.9% | -1.2% | ||
| Q3 24 | 9.2% | 3.4% | ||
| Q2 24 | 5.6% | 3.9% | ||
| Q1 24 | 9.4% | 3.7% |
| Q4 25 | $1.05 | $0.12 | ||
| Q3 25 | $1.85 | $0.01 | ||
| Q2 25 | $0.68 | $0.19 | ||
| Q1 25 | $1.85 | $0.14 | ||
| Q4 24 | $0.92 | $-0.14 | ||
| Q3 24 | $1.95 | $0.33 | ||
| Q2 24 | $1.01 | $0.40 | ||
| Q1 24 | $2.19 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $289.5M | $429.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $779.3M |
| Total Assets | $5.4B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $289.5M | $429.5M | ||
| Q3 25 | $300.9M | $463.4M | ||
| Q2 25 | $285.1M | $342.1M | ||
| Q1 25 | $288.9M | $260.9M | ||
| Q4 24 | $296.0M | $290.8M | ||
| Q3 24 | $324.6M | $350.3M | ||
| Q2 24 | $378.1M | $327.7M | ||
| Q1 24 | $347.9M | $337.3M |
| Q4 25 | $2.1B | $779.3M | ||
| Q3 25 | $2.1B | $775.5M | ||
| Q2 25 | $1.9B | $765.5M | ||
| Q1 25 | $2.0B | $745.4M | ||
| Q4 24 | $2.0B | $712.7M | ||
| Q3 24 | $2.0B | $704.6M | ||
| Q2 24 | $1.9B | $678.9M | ||
| Q1 24 | $2.0B | $653.5M |
| Q4 25 | $5.4B | $2.2B | ||
| Q3 25 | $5.3B | $2.2B | ||
| Q2 25 | $5.2B | $1.4B | ||
| Q1 25 | $4.9B | $1.3B | ||
| Q4 24 | $5.1B | $1.4B | ||
| Q3 24 | $4.9B | $1.3B | ||
| Q2 24 | $4.9B | $1.3B | ||
| Q1 24 | $4.7B | $1.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $49.0M | $-2.9M |
| Free Cash FlowOCF − Capex | $-13.6M | $-6.0M |
| FCF MarginFCF / Revenue | -1.0% | -0.6% |
| Capex IntensityCapex / Revenue | 4.5% | 0.3% |
| Cash ConversionOCF / Net Profit | 0.68× | -0.44× |
| TTM Free Cash FlowTrailing 4 quarters | $191.4M | $104.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.0M | $-2.9M | ||
| Q3 25 | $78.6M | $10.0M | ||
| Q2 25 | $157.5M | $90.9M | ||
| Q1 25 | $140.2M | $16.6M | ||
| Q4 24 | $96.9M | $-10.9M | ||
| Q3 24 | $91.3M | $34.0M | ||
| Q2 24 | $199.7M | $23.2M | ||
| Q1 24 | $234.7M | $6.0M |
| Q4 25 | $-13.6M | $-6.0M | ||
| Q3 25 | $21.8M | $7.4M | ||
| Q2 25 | $106.6M | $89.5M | ||
| Q1 25 | $76.4M | $13.6M | ||
| Q4 24 | $34.4M | $-13.5M | ||
| Q3 24 | $50.1M | $31.7M | ||
| Q2 24 | $167.4M | $20.4M | ||
| Q1 24 | $178.9M | $5.6M |
| Q4 25 | -1.0% | -0.6% | ||
| Q3 25 | 1.4% | 0.8% | ||
| Q2 25 | 7.9% | 13.7% | ||
| Q1 25 | 4.6% | 2.2% | ||
| Q4 24 | 2.6% | -2.0% | ||
| Q3 24 | 3.2% | 6.6% | ||
| Q2 24 | 12.3% | 4.2% | ||
| Q1 24 | 10.0% | 1.4% |
| Q4 25 | 4.5% | 0.3% | ||
| Q3 25 | 3.5% | 0.3% | ||
| Q2 25 | 3.8% | 0.2% | ||
| Q1 25 | 3.8% | 0.5% | ||
| Q4 24 | 4.6% | 0.4% | ||
| Q3 24 | 2.7% | 0.5% | ||
| Q2 24 | 2.4% | 0.6% | ||
| Q1 24 | 3.1% | 0.1% |
| Q4 25 | 0.68× | -0.44× | ||
| Q3 25 | 0.63× | 26.69× | ||
| Q2 25 | 3.42× | 9.65× | ||
| Q1 25 | 1.05× | 2.48× | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 0.64× | 2.11× | ||
| Q2 24 | 2.61× | 1.21× | ||
| Q1 24 | 1.40× | 0.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
