Privia Health

Privia trades at 23.5x earnings while a $21 target sits below the $23.30 stock price.

If you own PRVA, you are paying more than one target number says you should.

prva

technology mid cap updated mar 20, 2026
$23.30
market cap ~$3B · 52-week range $19–$25
xvary composite: 52 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
Privia helps doctors run practices and manages care for 1.54 million covered patients.
how it gets paid
Last year Privia Health made $2.1B in revenue. Fee-for-service patient care was the main engine at $1.1B, or 52% of sales.
what just happened
PRVA beat estimates by 400% with $0.25 EPS versus a $0.05 estimate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
23.5x trailing p/e — priced about right
13.0% return on capital — nothing to write home about
xvary composite: 52/100 — below average
$1.20 fy2027 eps est
What they do
Privia helps doctors run practices and manages care for 1.54 million covered patients.
Privia ended 2025 with 5,380 providers and 1.54 million attributed lives. That is 23% more covered patients and 12% more providers in one year. If you are an independent doctor, your billing, care plans, and referrals all have to move together.
technology mid-cap physician-practice-management value-based-care healthcare-tech
How they make money
$2.1B annual revenue
Fee-for-service patient care
$1.1B
+17.4%
PMPM population health fees
$0.5B
+23.0%
Shared savings and quality bonuses
$0.4B
+19.0%
Other practice support
$0.1B
0.0%
The products that matter
runs physician operations
Physician practice management
$2.1B company revenue base
This is the core of what you own: a physician-enablement model already supporting a $2.1B revenue base. The missing piece is segment disclosure, so you should focus more on margins than storytelling.
core engine
coordinates care economics
Population health technology
7.0% operating margin
The technology matters only if it lifts the economics of the whole platform. Right now the business posts a 7.0% operating margin, so the software story still needs to prove it can widen returns.
margin test
what shareholders are betting on
Growth to profitability
$3B fy2029 revenue est
The market is looking ahead to a $3B revenue business. At 23.5x trailing earnings and 13.0% return on capital today, that future scale has to come with better profitability to matter.
the real bet
Key numbers
$2.1B
TTM revenue
You are not buying a tiny clinic. You are buying a $2.1B revenue machine.
23.5x
trailing P/E
You pay 23.5 dollars for each dollar of trailing earnings. That is richer than 15x and cheaper than 30x.
$21
18-mo target
The target is $2.30 below the current price. That is a 9.9% gap you cannot ignore.
1.54M
covered lives
1.54 million covered patients sit on the platform. More lives mean more recurring fees.
Financial health
B+
strength
  • balance sheet grade B+ — solid but not elite
  • risk rank 3 — safer than 50% of stocks
  • price stability 20 / 100
  • net profit margin 5.7% — keeps 6 cents of every dollar in revenue
  • return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market

Return history isn't available for PRVA right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
beat estimates
PRVA beat estimates by 400% with $0.25 EPS versus a $0.05 estimate.
Revenue was $541.2M, and attributed lives reached 1.54M, up 23%. That matters because more lives feed more fees.
$541.2M
revenue
$0.25
eps
1.54M
attributed lives
EPS surprise
A $0.25 result against a $0.05 estimate is a 400% beat. That is the number investors saw first.
source: company earnings report, 2026

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What could go wrong

the top risk is margin expansion never arriving in a 5.7% net-margin business.

∘
med
thin margins leave less room for mistakes
Privia generates $2.1B in revenue but only a 5.7% net margin. That is enough to be real, but not enough to absorb a lot of execution slippage.
If costs rise faster than scale, the market stops paying 23.5x earnings for a story that looks merely okay.
∘
med
the moat still looks operational, not structural
A 7.0% operating margin and 13.0% return on capital do not scream untouchable competitive advantage. They say the platform still has to prove it can scale cleanly.
If returns stay ordinary, valuation upside stays capped even if revenue keeps growing.
∘
med
target data says expectations are not exactly settled
The source set shows a $21 midpoint while the stock trades at $23.30, even though the long-range targets run $35 to $55. That is not precision. That is a reminder to treat targets as mood boards, not engineering drawings.
When target data gets loose, you should lean harder on operating results and less on price-target theater.
∘
med
price stability is weak
A 20 / 100 price stability score tells you the stock can move around even when the business case has not fully changed. Mid-cap healthcare stories do this all the time.
That matters if you need the market to stay patient while Privia proves the margin story.
Together, these risks point to the same conclusion: a $3B company on $2.1B of revenue has room to grow, but not much room to disappoint when profitability is still only 5.7%.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin math
5.7% net margin is the prove-it number
Revenue scale is already here at $2.1B. The next phase of the story is simple: does more scale create better economics, or just a bigger average business.
institutions
net buying has lasted two straight quarters
In 4Q2025, 105 institutions bought while 73 sold. That is constructive, but two quarters is a clue, not a lifetime endorsement.
earnings read-through
february showed the stock still reacts hard to guidance
An 8.0% move after higher 2026 revenue expectations tells you the market is still trading PRVA on forward confidence, not just trailing numbers.
valuation
the $21 midpoint target sits below a $23.30 stock
That does not make the stock broken. It does mean you should treat published target data carefully and spend more time on the business than the target tape.
Analyst rankings
short-term outlook
average
outlook rank 3 — the stock is moving with the broader market, no unusual signal.
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity

institutions have been net buying for 2 consecutive quarters — 105 buyers vs. 73 sellers in 4q2025. total institutional holdings: 0.1B shares. net buying for 2 quarters.

source: institutional data · 2q2025-4q2025
source: institutional data
Price targets
3-5 year target range
$12 $30
$23 current price
$21 target midpoint · 10% from current · 3-5yr high: $55 (+135% · 24% ann'l return)
source: institutional data · analyst targets

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