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Side-by-side financial comparison of Astrana Health, Inc. (ASTH) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Astrana Health, Inc. is the larger business by last-quarter revenue ($950.5M vs $665.5M, roughly 1.4× Natera, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs 0.7%, a 6.4% gap on every dollar of revenue. On growth, Astrana Health, Inc. posted the faster year-over-year revenue change (42.9% vs 39.8%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $-6.0M). Over the past eight quarters, Astrana Health, Inc.'s revenue compounded faster (53.3% CAGR vs 34.5%).
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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
ASTH vs NTRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $950.5M | $665.5M |
| Net Profit | $6.6M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | 1.9% | -3.4% |
| Net Margin | 0.7% | 7.1% |
| Revenue YoY | 42.9% | 39.8% |
| Net Profit YoY | 184.4% | 187.9% |
| EPS (diluted) | $0.12 | $0.36 |
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 | $950.5M | $665.5M | ||
| Q3 25 | $956.0M | $592.2M | ||
| Q2 25 | $654.8M | $546.6M | ||
| Q1 25 | $620.4M | $501.8M | ||
| Q4 24 | $665.2M | $476.1M | ||
| Q3 24 | $478.7M | $439.8M | ||
| Q2 24 | $486.3M | $413.4M | ||
| Q1 24 | $404.4M | $367.7M |
| Q4 25 | $6.6M | $47.3M | ||
| Q3 25 | $373.0K | $-87.5M | ||
| Q2 25 | $9.4M | $-100.9M | ||
| Q1 25 | $6.7M | $-66.9M | ||
| Q4 24 | $-7.8M | $-53.8M | ||
| Q3 24 | $16.1M | $-31.6M | ||
| Q2 24 | $19.2M | $-37.5M | ||
| Q1 24 | $14.8M | $-67.6M |
| Q4 25 | 1.9% | -3.4% | ||
| Q3 25 | 2.0% | -16.5% | ||
| Q2 25 | 3.1% | -20.2% | ||
| Q1 25 | 3.3% | -15.8% | ||
| Q4 24 | 0.1% | -13.6% | ||
| Q3 24 | 5.9% | -8.9% | ||
| Q2 24 | 6.2% | -10.6% | ||
| Q1 24 | 7.5% | -20.2% |
| Q4 25 | 0.7% | 7.1% | ||
| Q3 25 | 0.0% | -14.8% | ||
| Q2 25 | 1.4% | -18.5% | ||
| Q1 25 | 1.1% | -13.3% | ||
| Q4 24 | -1.2% | -11.3% | ||
| Q3 24 | 3.4% | -7.2% | ||
| Q2 24 | 3.9% | -9.1% | ||
| Q1 24 | 3.7% | -18.4% |
| Q4 25 | $0.12 | $0.36 | ||
| Q3 25 | $0.01 | $-0.64 | ||
| Q2 25 | $0.19 | $-0.74 | ||
| Q1 25 | $0.14 | $-0.50 | ||
| Q4 24 | $-0.14 | $-0.41 | ||
| Q3 24 | $0.33 | $-0.26 | ||
| Q2 24 | $0.40 | $-0.30 | ||
| Q1 24 | $0.31 | $-0.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $429.5M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $779.3M | $1.7B |
| Total Assets | $2.2B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $429.5M | — | ||
| Q3 25 | $463.4M | $1.0M | ||
| Q2 25 | $342.1M | $16.0M | ||
| Q1 25 | $260.9M | $17.8M | ||
| Q4 24 | $290.8M | $22.7M | ||
| Q3 24 | $350.3M | $29.5M | ||
| Q2 24 | $327.7M | $90.3M | ||
| Q1 24 | $337.3M | $69.1M |
| Q4 25 | $779.3M | $1.7B | ||
| Q3 25 | $775.5M | $1.3B | ||
| Q2 25 | $765.5M | $1.2B | ||
| Q1 25 | $745.4M | $1.2B | ||
| Q4 24 | $712.7M | $1.2B | ||
| Q3 24 | $704.6M | $878.5M | ||
| Q2 24 | $678.9M | $836.5M | ||
| Q1 24 | $653.5M | $794.1M |
| Q4 25 | $2.2B | $2.4B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.3B | $1.5B | ||
| Q1 24 | $1.2B | $1.5B |
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 | $-2.9M | $73.9M |
| Free Cash FlowOCF − Capex | $-6.0M | $37.8M |
| FCF MarginFCF / Revenue | -0.6% | 5.7% |
| Capex IntensityCapex / Revenue | 0.3% | 5.4% |
| Cash ConversionOCF / Net Profit | -0.44× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $104.5M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $73.9M | ||
| Q3 25 | $10.0M | $59.4M | ||
| Q2 25 | $90.9M | $37.6M | ||
| Q1 25 | $16.6M | $44.5M | ||
| Q4 24 | $-10.9M | $52.9M | ||
| Q3 24 | $34.0M | $51.8M | ||
| Q2 24 | $23.2M | $4.0M | ||
| Q1 24 | $6.0M | $27.0M |
| Q4 25 | $-6.0M | $37.8M | ||
| Q3 25 | $7.4M | $37.0M | ||
| Q2 25 | $89.5M | $11.7M | ||
| Q1 25 | $13.6M | $22.6M | ||
| Q4 24 | $-13.5M | $34.8M | ||
| Q3 24 | $31.7M | $35.5M | ||
| Q2 24 | $20.4M | $-7.7M | ||
| Q1 24 | $5.6M | $6.7M |
| Q4 25 | -0.6% | 5.7% | ||
| Q3 25 | 0.8% | 6.2% | ||
| Q2 25 | 13.7% | 2.1% | ||
| Q1 25 | 2.2% | 4.5% | ||
| Q4 24 | -2.0% | 7.3% | ||
| Q3 24 | 6.6% | 8.1% | ||
| Q2 24 | 4.2% | -1.9% | ||
| Q1 24 | 1.4% | 1.8% |
| Q4 25 | 0.3% | 5.4% | ||
| Q3 25 | 0.3% | 3.8% | ||
| Q2 25 | 0.2% | 4.7% | ||
| Q1 25 | 0.5% | 4.3% | ||
| Q4 24 | 0.4% | 3.8% | ||
| Q3 24 | 0.5% | 3.7% | ||
| Q2 24 | 0.6% | 2.8% | ||
| Q1 24 | 0.1% | 5.5% |
| Q4 25 | -0.44× | 1.56× | ||
| Q3 25 | 26.69× | — | ||
| Q2 25 | 9.65× | — | ||
| Q1 25 | 2.48× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.11× | — | ||
| Q2 24 | 1.21× | — | ||
| Q1 24 | 0.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NTRA
Segment breakdown not available.
