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Is AUNA S.A. a Solid Investment Opportunity Post Q4 Earnings?
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Key Takeaways
AUNA reported higher Q4 revenues and adjusted net income, with Peru driving growth and Colombia stable.
AUNA's Mexico unit showed early turnaround signs with steady revenues and expanded provider access.
AUNA boosted liquidity, with cash up 42% and free cash flow rising 35% after refinancing.
Auna S.A. (AUNA - Free Report) released its fourth-quarter 2025 earnings report on March 10. The Latin America-based healthcare platform’s revenue and adjusted net income increased on a year-over-year basis. While challenges in Mexico affected full-year consolidated results, recent performance indicates a clear stabilization and recovery of operations. Peru and Colombia operations performed in line with expectations. The company also maintained strict cost and expense management across the organization, driving robust free cash flow growth. At the same time, Auna S.A. strengthened its capital structure.
Since the earnings announcement, AUNA stock has climbed 24.6%, finishing yesterday’s session at $5.98. On a year-to-date (YTD) basis, the stock has rallied 21.1%, outperforming its industry, the broader Medical sector and the S&P 500 Composite. It has also outpaced peers, such as AdaptHealth (AHCO - Free Report) , whose shares have risen 14.3%, while Aveanna Healthcare Holdings Inc. (AVAH - Free Report) shares have dipped 19.1%.
Auna’s YTD Price Comparison
Image Source: Zacks Investment Research
Auna S.A. shares are currently trading above the 90 and 200-day simple moving averages (SMA), signaling continued upward momentum.
Auna’s Technical Indicators
Image Source: Zacks Investment Research
Peru Anchors AUNA’s Performance, Colombia Resilient
Peru highlights the earnings potential of Auna’s business model when operating at scale. Revenues increased 11% in the fourth quarter, driven by growth in high complexity services that lifted the average ticket. Volume also rose, supported by investments in new medical equipment, increased bed capacity and targeted marketing initiatives.On the health plans side, Oncosalud recorded a 4% increase in planned memberships, while its medical loss ratio declined for a sixth consecutive quarter to 48.5%. Total adjusted EBITDA increased 14% in the quarter.
Auna S.A. executed an addendum to its Public-Private Partnership (“PPP”) agreement with EsSalud, enabling the commencement of the construction of Torre Trecca — a 23-story, high-complexity outpatient healthcare facility. The signing marks a major milestone for the company and for the modernization of public healthcare delivery in Peru. Serving EsSalud, the largest payor and provider in Peru, significantly expands Auna’s addressable market in the country.
In Colombia, the company is intentionally prioritizing cash generation and disciplined risk management over volume growth. Contribution from new payor and the continued expansion of risk-sharing Prospective Global Payment (“PGP”) models supported a 6% increase in quarterly revenues.
Auna Shows Early Signs of Mexico Turnaround
Auna S.A. is advancing its value-based care model in Mexico, which remains a fragmented and underserved private healthcare market. Despite soft market conditions, fourth-quarter 2025 revenues held steady with the prior quarter. Under a revamped leadership team, Mexico operations are showing early signs of a turnaround. This is reflected by the inclusion of its hospital network in the preferred provider tiers, expanded coverage across larger parts of the privately insured population and the rollout of packaged services to reach several market segments.
The Out-of-Pocket segment rose to 12% of Mexico revenues in December through targeted pricing initiatives and pre-negotiated physician rates. Auna secured an extension of an improved healthcare plan for ISSSTELEON — the social security institution covering all employees of the state of Nuevo Leon.
Scaling oncology capabilities is another major growth component. Oncology revenues were up 35% sequentially, supported by the Opcion Oncologia integration and the launch of the new OncoCenter at Doctors Hospital. The company also signed an agreement with a leading insurer to direct policyholders to its oncology services through targeted deductible structures and incentives. In the quarter, approximately 250 physicians, accounting for 80% of revenues in the hospital network, contributed to improved volume and margins.
Auna’s Liquidity and Deleveraging Progress
Auna S.A ended 2025 with cash and cash equivalents of PEN 335 million, up nearly 42% from the prior year. With this financial flexibility, the company can continue to invest in its strategic growth initiatives in Mexico and Peru. Free cash flow rose 35% to PEN 582 million, supported in part by portfolio rebalancing benefits at Auna Seguros.
Auna S.A. also strengthened its capital structure through an $825 million refinancing, which lowered interest expenses, extended its maturity profile, reduced short-term debt exposure and increased the share of direct local currency funding. Excluding refinancing expenses, the company generated cash after interest payments and appears well-positioned to further boost cash generation in 2026.
Net leverage remained stable at 3.6X Net Debt-to-Adjusted EBITDA, with the company aiming to bring down the leverage below 3X over the medium term, mainly through EBITDA recovery, margin expansion and sustained free cash flow generation.
AUNA Stock Valuation
Auna S.A. currently trades at a 12-month price-to-sales (P/S) of 0.32X, lower than its median and industry average. By comparison, AdaptHealth and Aveanna Healthcare sit with a P/S of 0.57X and 0.55X, respectively.
Auna’s 1 Year P/S
Image Source: Zacks Investment Research
End Note: AUNA Is a Solid Buy
Auna S.A.’s latest quarterly performance demonstrated operational and financial resilience. Peru continues to underpin the company’s vertically integrated platform, while recent trends in Mexico indicate a clear stabilization and recovery. In Colombia, risk mitigation measures are helping support cash generation. The company has entered 2026 with enhanced liquidity and greater financial flexibility. With the stock’s impressive performance so far this year and attractive valuation, Auna S.A. appears to be a solid investment choice for now.
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Is AUNA S.A. a Solid Investment Opportunity Post Q4 Earnings?
Key Takeaways
Auna S.A. (AUNA - Free Report) released its fourth-quarter 2025 earnings report on March 10. The Latin America-based healthcare platform’s revenue and adjusted net income increased on a year-over-year basis. While challenges in Mexico affected full-year consolidated results, recent performance indicates a clear stabilization and recovery of operations. Peru and Colombia operations performed in line with expectations. The company also maintained strict cost and expense management across the organization, driving robust free cash flow growth. At the same time, Auna S.A. strengthened its capital structure.
Since the earnings announcement, AUNA stock has climbed 24.6%, finishing yesterday’s session at $5.98. On a year-to-date (YTD) basis, the stock has rallied 21.1%, outperforming its industry, the broader Medical sector and the S&P 500 Composite. It has also outpaced peers, such as AdaptHealth (AHCO - Free Report) , whose shares have risen 14.3%, while Aveanna Healthcare Holdings Inc. (AVAH - Free Report) shares have dipped 19.1%.
Auna’s YTD Price Comparison
Image Source: Zacks Investment Research
Auna S.A. shares are currently trading above the 90 and 200-day simple moving averages (SMA), signaling continued upward momentum.
Auna’s Technical Indicators
Image Source: Zacks Investment Research
Peru Anchors AUNA’s Performance, Colombia Resilient
Peru highlights the earnings potential of Auna’s business model when operating at scale. Revenues increased 11% in the fourth quarter, driven by growth in high complexity services that lifted the average ticket. Volume also rose, supported by investments in new medical equipment, increased bed capacity and targeted marketing initiatives.On the health plans side, Oncosalud recorded a 4% increase in planned memberships, while its medical loss ratio declined for a sixth consecutive quarter to 48.5%. Total adjusted EBITDA increased 14% in the quarter.
Auna S.A. executed an addendum to its Public-Private Partnership (“PPP”) agreement with EsSalud, enabling the commencement of the construction of Torre Trecca — a 23-story, high-complexity outpatient healthcare facility. The signing marks a major milestone for the company and for the modernization of public healthcare delivery in Peru. Serving EsSalud, the largest payor and provider in Peru, significantly expands Auna’s addressable market in the country.
In Colombia, the company is intentionally prioritizing cash generation and disciplined risk management over volume growth. Contribution from new payor and the continued expansion of risk-sharing Prospective Global Payment (“PGP”) models supported a 6% increase in quarterly revenues.
Auna Shows Early Signs of Mexico Turnaround
Auna S.A. is advancing its value-based care model in Mexico, which remains a fragmented and underserved private healthcare market. Despite soft market conditions, fourth-quarter 2025 revenues held steady with the prior quarter. Under a revamped leadership team, Mexico operations are showing early signs of a turnaround. This is reflected by the inclusion of its hospital network in the preferred provider tiers, expanded coverage across larger parts of the privately insured population and the rollout of packaged services to reach several market segments.
The Out-of-Pocket segment rose to 12% of Mexico revenues in December through targeted pricing initiatives and pre-negotiated physician rates. Auna secured an extension of an improved healthcare plan for ISSSTELEON — the social security institution covering all employees of the state of Nuevo Leon.
Scaling oncology capabilities is another major growth component. Oncology revenues were up 35% sequentially, supported by the Opcion Oncologia integration and the launch of the new OncoCenter at Doctors Hospital. The company also signed an agreement with a leading insurer to direct policyholders to its oncology services through targeted deductible structures and incentives. In the quarter, approximately 250 physicians, accounting for 80% of revenues in the hospital network, contributed to improved volume and margins.
Auna’s Liquidity and Deleveraging Progress
Auna S.A ended 2025 with cash and cash equivalents of PEN 335 million, up nearly 42% from the prior year. With this financial flexibility, the company can continue to invest in its strategic growth initiatives in Mexico and Peru. Free cash flow rose 35% to PEN 582 million, supported in part by portfolio rebalancing benefits at Auna Seguros.
Auna S.A. also strengthened its capital structure through an $825 million refinancing, which lowered interest expenses, extended its maturity profile, reduced short-term debt exposure and increased the share of direct local currency funding. Excluding refinancing expenses, the company generated cash after interest payments and appears well-positioned to further boost cash generation in 2026.
Net leverage remained stable at 3.6X Net Debt-to-Adjusted EBITDA, with the company aiming to bring down the leverage below 3X over the medium term, mainly through EBITDA recovery, margin expansion and sustained free cash flow generation.
AUNA Stock Valuation
Auna S.A. currently trades at a 12-month price-to-sales (P/S) of 0.32X, lower than its median and industry average. By comparison, AdaptHealth and Aveanna Healthcare sit with a P/S of 0.57X and 0.55X, respectively.
Auna’s 1 Year P/S
Image Source: Zacks Investment Research
End Note: AUNA Is a Solid Buy
Auna S.A.’s latest quarterly performance demonstrated operational and financial resilience. Peru continues to underpin the company’s vertically integrated platform, while recent trends in Mexico indicate a clear stabilization and recovery. In Colombia, risk mitigation measures are helping support cash generation. The company has entered 2026 with enhanced liquidity and greater financial flexibility. With the stock’s impressive performance so far this year and attractive valuation, Auna S.A. appears to be a solid investment choice for now.
AUNA sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.