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what it is
Phreesia sells software that helps doctors’ offices check patients in, verify insurance, and collect payments.
how it gets paid
Last year Phreesia made $420M in revenue.
why it's growing
Revenue grew 17.8% last year.
what just happened
The number that matters is not just revenue. You want to see whether the 24% adjusted EBITDA margin can coexist with a cleaner path to real profitability.
At a glance
B+ balance sheet — decent shape, but not bulletproof
40/100 earnings predictability — expect surprises
trailing p/e distorted — GAAP still deeply negative
-$1.02 fy2024 eps est
~$420M FY revenue (feeds often tag this as “est”—on-page bridge treats it as the annual total; reconcile to the filing)
xvary composite: 43/100 — below average
What they do
Phreesia sells software that helps doctors’ offices check patients in, verify insurance, and collect payments.
Healthcare offices hate changing front-desk plumbing. Phreesia runs check-in on your phone, on a web dashboard, and on in-office tablets, so ripping it out can disrupt registration and payment collection. That stickiness shows up in the numbers: annual revenue reached $420M, up 17.8% vs. prior year, with just $4M of long-term debt on the balance sheet.
How they make money
$420M
annual revenue · their business grew +17.8% last year
total revenue
$420M
+17.8%
The products that matter
patient intake workflow
Patient Intake Platform
~$120M in one cited quarter
One print near ~$120M (q) can sit above the ~$105M/q implied by $420M FY—do not blindly annualize a single quarter. Up ~13% vs. prior year on that referenced print still marks the front door of the business.
core workflow
patient payment processing
Payment Solutions
$168M annual revenue · +27%
This business generated $168M of annual revenue and grew 27%. The $160M AccessOne acquisition tells you management wants even more of this mix.
fastest grower
outreach and engagement
Patient Engagement Tools
built to lift revenue per client
This is the cross-sell layer. If Phreesia wants more than $420M of annual revenue to translate into profit, tools like this have to raise value per provider without raising costs at the same pace.
cross-sell layer
Key numbers
-13.8%
operating margin
Operating margin → profit after running the business → so what: on ~$420M of revenue, losing about $58M at the operating line is roughly a mid-teens operating loss rate.
$420M
annual revenue
Revenue → money customers paid the company → so what: the business has real scale, and it grew 17.8% vs. prior year.
$4M
long-term debt
Long-term debt → borrowed money due later → so what: at just 1% of capital, the balance sheet is not the main problem here.
n/m
trailing p/e
P/E → price divided by earnings → so what: with FY EPS still negative in the data strip, a headline multiple misleads—use margin and path to profit instead.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $4M (1% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PHR right now.
source: institutional data · return history unavailable
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What could go wrong
the top risk here is Phreesia failing to turn healthcare workflow growth into actual profit.
med
Persistent unprofitability
Net margin is about -5.35% in the same data stack as this page, while operating losses are deeper (about -13.8% on the revenue base summarized above). Analysts still expect about -$1.02 in EPS for FY2024, which means the market is buying a future margin story.
If growth slows before margins flip positive, the stock stops looking like a software turnaround and starts looking like an expensive operational problem.
med
AccessOne integration risk
The $160M acquisition can help the 27%-growing payments business, but acquisitions also bring systems work, cultural friction, and execution risk.
If the deal lifts revenue but not margin, shareholders get more complexity without the reason they paid for it.
med
Financing and confidence signals
A new $275M credit facility improves flexibility, but it also tells you the company still values extra runway. Insiders sold 60,766 shares last quarter while owning 5.5% of the business.
None of that breaks the thesis alone. Together, it lowers the margin for error in a stock with 10 / 100 price stability.
A business growing 17.8% with a -5.35% net margin, a $160M acquisition, and a $275M credit facility has less room for execution mistakes than the revenue line suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 FY2026 earnings
The number that matters is not just revenue. You want to see whether the 24% adjusted EBITDA margin can coexist with a cleaner path to real profitability.
trend
payments mix
Payment processing is already $168M of annual revenue and grew 27%, versus 13% for software subscriptions. If that gap holds, the business mix keeps shifting.
risk
AccessOne integration
The $160M acquisition only matters if it improves growth and margin together. Revenue without better economics will not rescue this multiple.
metric
net margin versus adjusted margin
Adjusted EBITDA margin hit 24%, while net margin still sits at -5.35%. That spread is the accounting version of the entire debate.
Analyst rankings
earnings predictability
40 / 100
in human-speak, analysts do not trust the earnings path to stay smooth.
risk rank
4
This framework rates it safer than only about 20% of stocks. That is not defensive territory.
price stability
10 / 100
You should expect swings. The chart is behaving like a small-cap story stock because that is what this is.
source: institutional data
Institutional activity
institutional ownership data for PHR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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