Auna's Mexico Operations Stabilize in Q4: How the Path Ahead Looks

Auna S.A. AUNA reported its fourth-quarter 2025 results this week. Soft market conditions in Mexico weighed on the number of surgeries and emergency visits, leading to a 3% decline in revenues in local currency. Revenues were flat compared to the previous quarter, indicating that operations in Mexico have begun to stabilize. According to the company, the business is now positioned to sustain top-line and EBITDA growth in 2026.

Oncology revenues in the quarter increased 35% on a sequential basis, supported by the continued integration of Opcion Oncologia and the launch of a new Oncocenter at Doctors Hospital. Early signs of Mexico’s recovery are also reflected in the Out-of-Pocket segment, where revenues reached 12% of the total Mexico revenues in December and rose 8% from the third quarter. This growth helped offset some of the legacy volume and margin pressures tied to physician and supplier relationships.

Under a new leadership team in Mexico, the company started implementing actions late in the year, aimed at expanding reach into the larger segments of privately insured families and strengthening alignment with physician groups. Auna secured favorable tier classifications with two of the market’s leading insurers and confirmed other tier classifications, which are expected to result in growing volumes across key service lines. 

The company was awarded an extension of an improved healthcare plan for ISSSTELEON — the social security institution covering all state employees of the state of Nuevo Leon. Other initiatives to grow and diversify revenues with attractive margins are also gaining traction.

In the fourth quarter, approximately 250 physicians — accounting for about 80% of revenues in the hospital network — confirmed volume and margin improvement. These alignment incentives are supporting higher productivity, improved clinical outcomes and stronger operating performance.

AUNA’s Peer Updates

Ardent Health’s ARDT total revenues fell 0.1% year over year to $1.61 million in the fourth quarter of 2025.Adjusted admissions rose 2%. However, a 2.4% decrease in net patient service revenue per adjusted admission offset the gain.Adjusted for the New Mexico state-directed payment program, which included two quarters of financial benefit in the prior-year quarter, Ardent Health’s total revenues grew roughly 3%.

AdaptHealth Corp. AHCO posted net revenues of $846.3 million in the fourth quarter of 2025, down 1.2% year over year. However, the company set patient census records in Sleep Health, Respiratory Health and Wellness at Home, and a retention record in Diabetes Health. AdaptHealth also advanced digital patient engagement and expanded self-service capabilities, more than doubling myApp users to 327,300 from the year-ago quarter’s levels. 

AUNA Stock Performance, Valuation and Estimates

In the past three months, Auna shares have risen 14.1% against the industry’s 7.6% fall.            

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Auna is trading at a forward, 12-month price-to-sales (P/S) of 0.28X, lower than its median and industry average.  

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Estimates for Auna’s earnings are showing an upward trend, as you can see below.

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AUNA stock sports a Zacks Rank #1 (Strong Buy) at present.You can see the complete list of today’s Zacks #1 Rank stocks here.

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