Share count
67Mpeak FY2024
← All companies ← AUDC Manual AURE → ← ASTH Health Care Providers & Services AVAH →
AUNA, Auna SA
Auna Way Our mission is to lead the transformation of healthcare throughout SSLA by expanding access to millions of Latin Americans and delivering high-quality, value-based, high-complexity, and affordable care, providing lifelong engagement for our population through both digital and physical channels.
Our model offers an accessible and integrated healthcare experience to a broad segment of the population in the markets we serve.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
PEN 4.3B
+11.6% YoY
Vital signs · TTM, with 3-yr average
Revenue PEN 4.3B 3-yr avg PEN 3.6B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Healthcare services in Colombia (33%) and Healthcare services in Mexico (28%), with 2 more segments behind.
- Situation
- Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Gross margin has run about 37% and operating margin about 14% through the cycle, a solid spread between what it charges and what the product costs to make. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →The largest slice of sales is Healthcare services in Colombia at 33%, but the profit engine is Healthcare services in Mexico: 28% of revenue and 44% of the profitable segments' operating profit. Holding and eliminations ran a PEN 21M operating loss.
Revenue by reportable segment, FY2024
Operating profit profitable segments only
- Healthcare services in Colombia33%PEN 1.4B21% of profit
- Healthcare services in Mexico28%PEN 1.2B44% of profit
- Oncosalud Peru25%PEN 1.1B24% of profit
- Healthcare services in Peru23%PEN 996M11% of profit
- Holding and eliminations-7%(PEN 318M)loss of PEN 21M
By geographyPeru40%Colombia33%Mexico28%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of the profitable segments' operating profit (a loss-making segment carries its loss in dollars in the legend, not a share of the bar), before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2024
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | TTMTTMJun 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| PEN 2.5B | PEN 3.9B | PEN 4.4B | PEN 4.3B | RevenueRevenue |
| 36% | 37% | 39% | 39% | Gross marginGross mgn |
| PEN 255M | PEN 560M | PEN 784M | PEN 735M | Operating incomeOp. inc. |
| 10.4% | 14.5% | 17.9% | 17.0% | Operating marginOp. mgn |
| (PEN 86M) | (PEN 254M) | PEN 110M | PEN 237M | Net incomeNet inc. |
| — | — | 35% | 32% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| PEN 163M | PEN 582M | PEN 668M | PEN 648M | Operating cash flowOp. cash |
| PEN 138M | PEN 236M | PEN 219M | PEN 215M | DepreciationDeprec. |
| PEN 110M | PEN 601M | PEN 339M | PEN 196M | Working capital & otherWC & other |
| PEN 102M | PEN 116M | PEN 91M | PEN 104M | CapexCapex |
| 4.2% | 3.0% | 2.1% | 2.4% | Capex / revenueCapex/rev |
| PEN 60M | PEN 466M | PEN 578M | PEN 544M | Owner earningsOwner earn. |
| 2.5% | 12.0% | 13.2% | 12.6% | Owner earnings marginOE mgn |
| PEN 60M | PEN 466M | PEN 578M | PEN 544M | Free cash flowFCF |
| 2.5% | 12.0% | 13.2% | 12.6% | Free cash flow marginFCF mgn |
| PEN 131K | PEN 7M | PEN 1M | PEN 1M | Dividends paidDiv. paid |
| — | — | 10% | 10% | ROICROIC |
| -8% | -17% | 7% | 14% | Return on equityROE |
| −8% | −18% | 7% | 14% | Retained to equityRetained/eq |
| Balance sheet | ||||
| PEN 209M | PEN 334M | PEN 336M | PEN 287M | Cash & investmentsCash+inv |
| PEN 574M | PEN 861M | PEN 962M | PEN 1.0B | ReceivablesReceiv. |
| PEN 88M | PEN 131M | PEN 144M | PEN 139M | InventoryInvent. |
| PEN 216M | PEN 464M | PEN 290M | PEN 290M | Accounts payablePayables |
| PEN 446M | PEN 528M | PEN 816M | PEN 867M | Operating working capitalOper. WC |
| PEN 1.2B | PEN 1.5B | PEN 1.7B | PEN 1.7B | Current assetsCur. assets |
| PEN 2.8B | PEN 1.7B | PEN 1.9B | PEN 1.9B | Current liabilitiesCur. liab. |
| 0.4× | 0.9× | 0.9× | 0.9× | Current ratioCurr. ratio |
| PEN 1.8B | PEN 2.1B | PEN 1.8B | PEN 1.8B | GoodwillGoodwill |
| PEN 6.6B | PEN 7.7B | PEN 7.1B | PEN 7.2B | Total assetsAssets |
| PEN 3.3B | PEN 3.8B | PEN 3.6B | PEN 3.6B | Total debtDebt |
| PEN 3.1B | PEN 3.4B | PEN 3.3B | PEN 3.3B | Net debt / (cash)Net debt |
| 0.8× | 0.7× | 1.2× | 1.4× | Interest coverageInt. cov. |
| PEN 1.1B | PEN 1.5B | PEN 1.5B | PEN 1.6B | Shareholders’ equityEquity |
| Per share | ||||
| 65.9M | 65.9M | 67.3M | 74.0M | Shares out (diluted)Shares |
| PEN 37.22 | PEN 58.84 | PEN 65.14 | PEN 58.47 | Revenue / shareRev/sh |
| PEN -1.30 | PEN -3.85 | PEN 1.64 | PEN 3.21 | EPS (diluted)EPS |
| PEN 0.91 | PEN 7.08 | PEN 8.58 | PEN 7.36 | Owner earnings / shareOE/sh |
| PEN 0.91 | PEN 7.08 | PEN 8.58 | PEN 7.36 | Free cash flow / shareFCF/sh |
| PEN 0.00 | PEN 0.10 | PEN 0.02 | PEN 0.02 | Dividends / shareDiv/sh |
| PEN 1.56 | PEN 1.76 | PEN 1.35 | PEN 1.41 | Cap. spending / shareCapex/sh |
| PEN 16.17 | PEN 22.24 | PEN 21.94 | PEN 22.21 | Book value / shareBVPS |
Share counts before 2024 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
The record, charted
FY2022–2024Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Gross margin
39%low FY2022
Net debt ÷ owner earnings
5.7×peak FY2022
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
PEN 578Mowner earningsvs.PEN 110Mnet incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2022FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business turned PEN 110M of profit into PEN 578M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Reported net income | PEN 110M | (PEN 254M) | (PEN 86M) |
| Depreciation & amortizationnon-cash charge added back | +PEN 219M | +PEN 236M | +PEN 138M |
| Working capital & othertiming of cash in and out, other non-cash items | +PEN 339M | +PEN 601M | +PEN 110M |
| Cash from operations | PEN 668M | PEN 582M | PEN 163M |
| Capital expenditurecash put back in to keep running and to grow | −PEN 91M | −PEN 116M | −PEN 102M |
| Owner earnings | PEN 578M | PEN 466M | PEN 60M |
| Owner-earnings marginowner earnings ÷ revenue | 13% | 12% | 2% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F/A · source on SEC EDGAR →
Will it survive?
- ThinOperating income PEN 735M ÷ interest expense PEN 512M
What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
- How heavy is the debt, net of cash? PEN 3.3B · 4.5× operating profitHeavy net debtCash PEN 175M + ST investments PEN 112M − debt PEN 3.6B
What this means
Netting PEN 287M of cash and short-term investments against PEN 3.6B of debt leaves PEN 3.3B owed, about 4.5× a year's operating profit (4.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 86 + DIO 19 − DPO 40 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- SolidNOPAT PEN 499M ÷ invested capital PEN 5.0B (debt + equity − cash)Industry peers: median 4%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle3-yr median margin, range 2%–13%; latest PEN 544M = operating cash PEN 648M − maintenance capex PEN 104MIndustry peers: median 5%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 12% median across 3 years.
- Cash-backedCash from ops PEN 648M ÷ net income PEN 237M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks PEN 1M ÷ Owner Earnings PEN 544M
What this means
Of PEN 544M Owner Earnings, PEN 1M (0%) went back to shareholders, PEN 1M dividends, PEN 0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 0.48×HarvestingCapex PEN 104M ÷ depreciation PEN 215M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · PEN 4.3B
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.91×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · PEN 3.6B vs (PEN 167M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are PEN -1.03/share (latest year PEN 3.21), the averaged base the calculator's gate runs on, and book value is PEN 22.21/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“In case IPSs use artificial intelligence tools, they must ensure that such tools are transparent, allowing users to understand how their data is used.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsPEN 1.7B
- Cash & short-term investmentsPEN 287M
- ReceivablesPEN 1.0B
- InventoryPEN 139M
- Other current assetsPEN 272M
Current liabilitiesPEN 1.9B
- Debt due within a yearPEN 598M
- Accounts payablePEN 290M
- Other current liabilitiesPEN 995M
Current ratio0.91×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.84×stricter: inventory excluded
Cash ratio0.15×strictest: cash alone against what's due
Working capital(PEN 167M)the cushion left after near-term bills
Debt due this year vs. cashPEN 598M due · PEN 287M cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Jun 30, 2025 balance sheet
Deeper floors
Tangible book value(PEN 111M)equity stripped of goodwill & intangibles
Net current asset value(PEN 3.7B)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesPEN 3.7BPEN 129M of it operating leases
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 3-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
GoodwillPEN 1.8B24% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth
Cash spent acquiringPEN 0over 3 years buying other businesses, against PEN 310M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 3-year record, from the company's own filings.
Peers, Health Care Providers & Services
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| AGLagilon health inc. | $5.9B | — | -5.4% | -52% | -5% |
| OPCHOption Care Health Inc. | $5.6B | 22% | 4.6% | 9% | 4% |
| SEMSelect Medical Holdings | $5.5B | — | 7.6% | 7% | 5% |
| AUNAAuna SA | PEN 4.3B | 37% | 14.5% | 10% | 12% |
| FTREFortrea Holdings Inc. | $2.7B | — | 1.1% | 1% | 5% |
| CHEChemed | $2.5B | 33% | 14.4% | 30% | 12% |
| AVAHAveanna Healthcare Holdings Inc. | $2.4B | — | 1.6% | 3% | -2% |
| AMEDAmedisys | $2.3B | 43% | 7.0% | 4% | 6% |
| Group median | — | 35% | 5.8% | 6% | 5% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Auna SA reports in PEN, and every figure here (owner earnings, book value, the share count) is on that PEN, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in PEN. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Auna SA has delivered.
PEN
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2022+210%/yr
Owner-earnings growth · since FY2022+210%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’22–’24)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings PEN 544M on 74M shares outstanding, the balance-sheet count at 2024-12-31; net debt PEN 3.3B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Auna SA (AUNA), the owner's record," https://ownerscorecard.com/c/AUNA, data as of 2026-07-09.
Manual order: ← AUDC its page in the Manual AURE →
Industry order: ← ASTH the Health Care Providers & Services chapter AVAH →