Auna (NYSE:AUNA) opened the year with Q1 2026 results that extend a mixed run of recent quarters, set against trailing 12 month revenue of PEN4.4b and EPS of PEN1.32 that have been shaped by both profitable periods and a one off PEN63.1m loss in the last year. Over recent quarters, the company has seen quarterly revenue move between about PEN1.0b and PEN1.1b, while EPS has swung from PEN1.11 in Q2 2025 to a loss of PEN0.91 in Q4 2025, leaving investors focused on how these shifts are flowing through to margins.

See our full analysis for Auna.

With the headline numbers on the table, the next step is to see how this earnings print lines up with the prevailing market and community narratives around Auna, and where the margin story supports or challenges those views.

Net margin stuck around 2.2%

• Over the last 12 months, Auna converted PEN4.4b of revenue into PEN97.6m of net income, which works out to a 2.2% net margin compared with 2.5% a year earlier.
• Consensus narrative expects margin uplift from patient retention, cross selling and cost control, yet the latest 2.2% margin and the one off PEN63.1m loss mean:
  • Record low medical loss ratios in OncoSalud and efficiency efforts are not yet clearly visible in trailing net margin, which still sits close to where it was a year ago.
  • Bulls counting on margins to reach around 7% in coming years are working off a base that is thin and recently affected by that one off loss.

Weak interest cover flags balance sheet risk

• Interest coverage is described as weak because current earnings do not comfortably cover interest payments. This sits alongside a trailing net margin of 2.2% and a PEN63.1m one off loss that already dragged profitability in the last year.
• Bears highlight leverage and funding pressure as a key concern, and the figures here line up with that caution in a few ways:
  • Thin profitability, with PEN97.6m of trailing net income on PEN4.4b of revenue, leaves less room to absorb higher interest costs or any further operational setbacks.
  • The large one off loss in the last 12 months shows how easily reported earnings can be pulled down, which makes the weak interest coverage ratio more important for anyone focused on balance sheet resilience.

Skeptics warn that these funding pressures could limit how confidently Auna pushes expansion and digital projects in the next few years, so it is worth seeing how that cautious case is built out in full 🐻 Auna Bear Case.

P/E at 11.3x with price far below DCF fair value

• Auna trades on a trailing P/E of 11.3x, well below the peer average of 35.8x and the US Healthcare industry at 24.3x. The current share price of US$4.38 is also far under a DCF fair value of US$32.99.
• Supporters of the bullish view point to this valuation gap, and the growth numbers behind it, as a key part of their thesis:
  • Forecast earnings growth of about 21.9% per year and revenue growth of 6.3% are being applied to a stock that trades not only below the 7.13 analyst price target but also far below the DCF fair value figure.
  • Bulls argue that, if earnings track those forecasts, today’s 11.3x P/E and wide gap to DCF fair value offer room for re rating, though trailing net margin of 2.2% and last year’s negative annual earnings growth show that execution still needs to catch up to the story.

If you want to see how bullish investors connect these growth forecasts to that wide DCF gap and low P/E, take a closer look at their full case 🐂 Auna Bull Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Auna on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With all of that in mind, do these mixed signals leave you cautious or curious about what comes next for Auna? Take a moment to review the key figures, weigh the balance of concerns and potential upsides for yourself, and then check out 3 key rewards and 2 important warning signs

See What Else Is Out There

Auna is working with thin 2.2% net margins, weak interest cover and a recent one off loss that together raise questions about resilience.

If that balance sheet risk leaves you wanting a sturdier footing, check out the solid balance sheet and fundamentals stocks screener (46 results) to quickly spot companies built to better absorb earnings swings.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.