Phreesia, Inc.
- Open
- 9.91
- Day high
- 10.29
- Day low
- 9.74
- Prev close
- 10.07
- Volume
- 1.3M
- Mkt cap
- $671M
- P/E (TTM)
- 71.3
- EPS (TTM)
- $0.14
- P/B
- 1.9
- P/S
- 1.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$372K over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Phreesia, Inc. (PHR) is a Healthcare company listed on NYSE. The stock is down 64% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Phreesia, Inc. (PHR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PHR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $0.02 | $0.05 | +150.0% | $131M | +0.7% |
| Mar 30, 2026 | $0.07 | $0.12 | +82.6% | $127M | +0.2% |
| Dec 8, 2025 | $-0.00 | $0.10 | +27877.8% | $120M | +0.3% |
| Sep 4, 2025 | $-0.07 | $0.01 | +114.3% | $117M | -2.4% |
| May 28, 2025 | $-0.13 | $-0.07 | +46.2% | $116M | -0.3% |
| Mar 12, 2025 | $-0.19 | $-0.11 | +42.1% | $110M | +0.7% |
| Dec 9, 2024 | $-0.27 | $-0.25 | +7.4% | $107M | +0.4% |
| Sep 4, 2024 | $-0.37 | $-0.31 | +16.2% | $102M | +0.4% |
| May 30, 2024 | $-0.51 | $-0.35 | +31.4% | $101M | -1.1% |
| Mar 14, 2024 | $-0.58 | $-0.56 | +3.4% | $95M | +1.6% |
| Dec 5, 2023 | $-0.72 | $-0.58 | +19.4% | $92M | -2.1% |
| Sep 6, 2023 | $-0.75 | $-0.68 | +9.3% | $86M | +0.7% |
PHR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Sayar Ramindirector | Grant | 19,290 | $9.59 |
| Jun 26, 2026 | Goldstein Lainiedirector | Grant | 19,290 | $9.59 |
| Jun 26, 2026 | Smith Mark Douglasdirector | Grant | 19,290 | $9.59 |
| Jun 26, 2026 | Kessler Jondirector | Grant | 19,290 | $9.59 |
| Jun 26, 2026 | Munson Gilliandirector | Grant | 19,290 | $9.59 |
| Jun 26, 2026 | Egbuonu-Davis Lisadirector | Sell | 2,546 | $9.53 |
| Jun 26, 2026 | Egbuonu-Davis Lisadirector | Grant | 19,290 | $9.59 |
| May 20, 2026 | Hui Yvonneofficer: Principal Accounting Officer | Tax | 325 | $8.77 |
| May 20, 2026 | Hui Yvonneofficer: Principal Accounting Officer | Sell | 431 | $8.85 |
| May 4, 2026 | CAHILL EDWARD Ldirector | Grant | 1,085 | $9.21 |
| May 4, 2026 | Munson Gilliandirector | Grant | 1,085 | $9.21 |
| May 4, 2026 | Goldstein Lainiedirector | Grant | 1,085 | $9.21 |
| Apr 21, 2026 | Hoffman Allison Cofficer: General Counsel & Secretary | Sell | 6,176 | $9.06 |
| Apr 21, 2026 | Hui Yvonneofficer: Principal Accounting Officer | Sell | 1,327 | $9.28 |
| Apr 20, 2026 | Linetsky Davidofficer: President, Network Solutions | Tax | 229 | $9.17 |
Source: PHR SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full PHR insider & 13F page →Phreesia, Inc. company profile
Overview
Phreesia, Inc. (NYSE:PHR) is a healthcare technology company founded in 2005 and headquartered in Raleigh, North Carolina. The company went public in July 2019 and has grown to become a significant player in the healthcare information services sector. Phreesia operates an integrated software-as-a-service (SaaS) platform that digitizes and streamlines the patient intake process for healthcare providers across the United States and Canada. Over its 20-year history, the company has evolved from a simple patient check-in solution to a comprehensive healthcare engagement platform that now processes approximately 170 million patient visits annually, representing about 14% of all patient visits in the United States.
Business
Phreesia operates in the healthcare information technology sector, specifically focusing on patient engagement and intake management solutions. The healthcare IT industry has experienced significant growth as medical practices seek to digitize operations, improve patient experience, and increase operational efficiency. Core Platform and Services: The company's primary offering is the Phreesia Platform, a comprehensive SaaS-based solution that manages the entire patient intake process from registration to payment collection. This platform replaces traditional paper-based check-in processes with digital solutions that can be accessed through multiple modalities including mobile devices, tablets, kiosks, and web-based dashboards. The platform consists of several key components: 1. Patient Registration Solutions that automate self-registration and demographic data collection, 2. Revenue Cycle Management tools that handle insurance verification, cost estimation, and point-of-sale payment processing, 3. Clinical Support Solutions that collect patient-reported outcomes and clinical intake data across approximately 25 medical specialties, 4. Access Solutions for appointment scheduling, reminders, and referral tracking, and 5. Life Sciences Solutions that deliver targeted marketing content and patient engagement campaigns for pharmaceutical and medical device companies. Revenue Segments: Phreesia generates revenue through three primary segments. Healthcare Services represents the largest portion, accounting for approximately 85-90% of total revenue, and includes subscription fees from healthcare providers and payment processing fees. Network Solutions, contributing roughly 10-15% of revenue, involves partnerships with pharmaceutical companies and other life sciences organizations to deliver targeted patient engagement campaigns. The company also generates smaller amounts from various ancillary services and integrations.
Revenue model
Phreesia operates a multi-faceted business model that generates revenue through several complementary streams. The primary revenue source comes from subscription fees paid by healthcare providers who use the platform to manage patient intake processes. These recurring monthly or annual fees are typically based on the number of providers or patient visits processed through the system. The second major revenue stream is payment processing fees, where Phreesia charges a percentage-based transaction fee (approximately 2.8-2.9% take rate) when patients make payments through the platform. This creates a direct correlation between the volume of patient payments processed and revenue generation. The Network Solutions segment operates on a different model, generating revenue through partnerships with pharmaceutical companies, medical device manufacturers, and biotechnology firms. These partners pay Phreesia to deliver targeted marketing content, patient education materials, and engagement campaigns to relevant patient populations during their healthcare visits. Customer Base: The paying customers are primarily healthcare providers including single-specialty practices, multi-specialty groups, and large health systems. As of fiscal 2025, Phreesia serves over 4,300 Average Healthcare Services Clients (AHSCs), with an average revenue per client of approximately $25,000 annually. Margin Influencing Factors: Several factors impact Phreesia's profitability. Positive margin drivers include the scalable nature of software solutions, increasing adoption of existing products by current clients, and the high-margin Network Solutions business. However, margins face pressure from the lower-margin payment processing business, ongoing investment in research and development, sales and marketing expenses for client acquisition, and competitive pricing pressures in the healthcare IT sector. The company's path to profitability also depends on achieving operational leverage as revenue grows faster than fixed costs.
Competitive moat
Phreesia's competitive moat is moderately strong but faces ongoing challenges in a competitive healthcare IT landscape. The company's primary competitive advantages stem from its comprehensive platform approach and network effects. Unlike point solutions that address single aspects of patient engagement, Phreesia offers an integrated suite of tools that creates switching costs for healthcare providers who become dependent on the full ecosystem. The company benefits from data network effects, where the large volume of patient interactions (170 million visits annually) generates valuable insights that improve the platform's effectiveness and attract life sciences partners. This creates a virtuous cycle where more healthcare providers attract more pharmaceutical partners, which in turn provides additional value to providers through patient education and engagement opportunities. Integration complexity also provides some defensive positioning. Healthcare providers face significant operational disruption when switching patient intake systems, as these platforms integrate with electronic health records, billing systems, and clinical workflows. The time and cost required to implement and train staff on new systems creates meaningful switching costs. However, Phreesia's moat faces several challenges. The healthcare IT sector attracts significant venture capital investment, leading to well-funded competitors offering competitive solutions. Large technology companies and established healthcare IT vendors also pose threats through acquisition strategies or platform expansion. Additionally, the company operates in a regulated industry where compliance requirements can change, potentially leveling competitive advantages. The relatively standardized nature of patient intake processes also means that technological differentiation can be replicated over time, requiring continuous innovation to maintain competitive positioning.
Risks & safety
Phreesia presents a moderate margin of safety with improving financial fundamentals but some valuation concerns. Liquidity and Solvency: • Cash position of $84.2 million provides adequate runway • Current ratio of 1.78 indicates solid short-term liquidity • Debt-to-equity ratio of 0.067 shows minimal leverage risk • Positive operating cash flow of $32.4 million for fiscal 2025 demonstrates improving cash generation • Free cash flow turned positive at $8.3 million annually, marking significant improvement from previous losses Valuation Metrics: • EV/EBITDA of 185.8x appears extremely high, though based on minimal EBITDA of $2.1 million • Price-to-book ratio of 6.3x suggests premium valuation relative to tangible assets • Revenue multiple appears reasonable given 15-20% growth rates and path to profitability Other Considerations: • Recent achievement of positive EBITDA and free cash flow reduces financial risk • Strong revenue visibility through subscription model provides predictable cash flows • Growing client base and revenue per client trends support sustainable business model
Recent development
Over the past several years, Phreesia has undergone significant strategic evolution focused on expanding its platform capabilities and achieving profitability. The company has shifted from pure growth mode to a more balanced approach emphasizing both revenue expansion and operational efficiency. Product Innovation and AI Integration: Phreesia has heavily invested in artificial intelligence and automation capabilities throughout its platform. Recent product launches include Appointment Readiness tools, Postscript Engagement for prescription fulfillment reminders, and Patient Bill Pay functionality. The company is leveraging AI internally for forecasting and operational improvements while exploring patient-facing applications. Strategic Partnerships and Acquisitions: The company has expanded through strategic alliances, including partnerships with MEDITECH for product reselling and integration, Oracle Health, and MediFind for specialty appointment requests. Phreesia also completed the acquisition of Connect on Call, a medical answering service that replaces traditional call center operations with technology solutions. Financial Transformation: Perhaps most significantly, Phreesia achieved positive adjusted EBITDA and free cash flow for the first time as a public company in fiscal 2025. This milestone represents a fundamental shift in the business model from growth-at-all-costs to sustainable, profitable expansion. The company has demonstrated discipline in expense management while maintaining investment in key growth areas. Market Expansion: Phreesia has expanded its addressable market beyond traditional patient intake to include payer engagement through MemberConnect, social determinants of health screening, and enhanced life sciences partnerships. The Network Solutions segment has become an increasingly important growth driver, leveraging the platform's patient reach for pharmaceutical marketing and engagement campaigns.
PHR company profile · for informational purposes only — not investment advice.
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