olivLaw · US equity research
Phreesia, Inc. PHR
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Phreesia offers an integrated software, payments and engagement platform used by US healthcare providers, hospitals and life sciences companies. Revenue reached 480.6 million dollars in fiscal 2026, and the company maintained its fiscal 2027 outlook while integrating the AccessOne acquisition.
At the close of 04 Nov 2026, Phreesia, Inc. (PHR) stock was 13.18 USD (+7.77% on the day), with market capitalisation 818.1 m USD, P/E 77.1 on diluted EPS of 0.17 USD over the last 12 months, beta 0.92, 52-week range 8.06–23.15 USD. Latest reported quarter (Q2 2027): revenue of 129.5 m USD (+10.4% YoY), net income of 1.9 m USD (+193.3% YoY), diluted EPS 0.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 10.17 – 13.50
- in the upper half of the band · %B 0.90 · band width 28.1%
- SMA 50 / 200
- 11.09 / 10.87
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.53 / 0.46
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +27.1% | −1.1% | +28.2 pp | — |
| 3 months | +14.7% | −0.5% | +15.2 pp | — |
| 6 months | +38.3% | +4.4% | +33.9 pp | — |
| Year to date | −22.1% | +12.3% | −34.4 pp | — |
| 1 year | −41.5% | +13.5% | −55.1 pp | −3.2% |
| 3 years | −19.4% | +76.4% | −95.8 pp | +2.0% |
| 5 years | −82.1% | +63.7% | −145.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 106.8 m | 109.7 m | 115.9 m | 117.3 m | 120.3 m | 127.1 m | 130.9 m | 129.5 m |
| Cost of revenue | 17.9 m | 16.5 m | 16.6 m | 17.4 m | 18.3 m | 19.0 m | 17.7 m | 19.3 m |
| Research & development | 29.3 m | 29.6 m | 31.8 m | 29.3 m | 29.5 m | 30.9 m | 28.3 m | 27.6 m |
| Operating income | -13.8 m | -7.6 m | -3.3 m | -1.5 m | 3.7 m | -5.6 m | 6.7 m | 7.6 m |
| Depreciation & amortisation | 7.1 m | 6.8 m | 6.9 m | 7.4 m | 7.5 m | 9.7 m | 10.0 m | 10.0 m |
| Interest expense | 600.0 k | 586.0 k | 435.0 k | 391.0 k | 320.0 k | 5.8 m | 2.3 m | 1.7 m |
| Pre-tax income | -14.0 m | -5.4 m | -3.2 m | -563.0 k | 5.1 m | -10.3 m | 4.7 m | 3.2 m |
| Income tax | 442.0 k | 1.0 m | 735.0 k | -1.2 m | 854.0 k | -11.6 m | 1.8 m | 1.3 m |
| Net income | -14.4 m | -6.4 m | -3.9 m | 654.0 k | 4.3 m | 1.3 m | 3.0 m | 1.9 m |
| Diluted EPS | -0.25 | -0.11 ≈ | -0.07 | 0.01 | 0.07 | 0.02 ≈ | 0.05 | 0.03 |
| Operating cash flow | 5.8 m | 16.3 m | 14.9 m | 14.8 m | 15.5 m | 33.7 m | 23.9 m | 18.3 m |
| Capex | 616.0 k | 2.8 m | 3.5 m | 1.8 m | 3.3 m | 2.6 m | 4.3 m | 492.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 61.0, median 62.7, max 432.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99.9 m | 124.8 m | 148.7 m | 213.2 m | 280.9 m | 356.3 m | 419.8 m | 480.6 m |
| Revenue YoY | +25.1% | +24.9% | +19.1% | +43.4% | +31.7% | +26.8% | +17.8% | +14.5% |
| Net income | -15.1 m | -20.3 m | -27.3 m | -118.2 m | -176.1 m | -136.9 m | -58.5 m | 2.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -4.50 | -0.69 | -2.37 | -3.36 | -2.51 | -1.02 | 0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -15.1% | -16.3% | -18.4% | -55.4% | -62.7% | -38.4% | -13.9% | 0.5% |
| Free cash flow | -6.9 m | -6.2 m | -8.4 m | -93.1 m | -94.9 m | -38.2 m | 23.7 m | 67.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 73.8 m USD
- Financial debt
- 10.6 m USD
- Net debt
- -63.2 m USD
- Equity
- 337.2 m USD
- Total assets
- 663.8 m USD
- Debt / equity
- 0.03x
- Current ratio
- 1.53x
- ROE
- 0.8%
- ROA
- 0.4%
- FCF margin
- 14.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 148.7 m | 213.2 m | 280.9 m | 356.3 m | 419.8 m | 480.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 23.5 m | 42.7 m | 58.9 m | 61.0 m | 66.2 m | 71.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 125.2 m ≈ | 170.6 m ≈ | 222.0 m ≈ | 295.3 m ≈ | 353.6 m ≈ | 409.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Research & development | 22.6 m | 52.3 m | 91.2 m | 112.3 m | 117.4 m | 121.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -25.7 m | -116.8 m | -176.6 m | -136.5 m | -58.1 m | -6.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 15.9 m | 21.3 m | 25.3 m | 29.5 m | 27.9 m | 31.5 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -9.8 m ≈ | -95.5 m ≈ | -151.2 m ≈ | -107.0 m ≈ | -30.2 m ≈ | 24.8 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 1.7 m | 1.2 m | 1.4 m | 1.9 m | 2.3 m | 7.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -27.2 m | -118.0 m | -175.7 m | -135.3 m | -55.8 m | -8.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 49.0 k | 182.0 k | 483.0 k | 1.5 m | 2.7 m | -11.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -27.3 m | -118.2 m | -176.1 m | -136.9 m | -58.5 m | 2.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.69 | -2.37 | -3.36 | -2.51 | -1.02 | 0.04 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 39.5 m | 49.9 m | 52.4 m | 54.6 m | 57.6 m | 61.5 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 218.8 m | 313.8 m | 176.7 m | 87.5 m | 84.2 m | 73.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 29.1 m | 40.3 m | 51.4 m | 64.9 m | 73.6 m | 97.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 272.3 m | 386.3 m | 262.4 m | 195.7 m | 203.3 m | 279.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 26.7 m | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Goodwill | 8.3 m | 33.6 m | 33.7 m | 75.8 m | 75.8 m | 170.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.7 m | 12.8 m | 11.4 m | 31.6 m | 28.1 m | 79.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 326.7 m | 494.5 m | 370.1 m | 370.3 m | 388.4 m | 663.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 4.4 m | 5.1 m | 10.8 m | 8.5 m | 5.6 m | 11.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 4.9 m | 5.8 m | 5.2 m | 6.1 m | 8.0 m | 8.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 1.6 m | 360.0 k | 246.0 k | 3.1 m | 1.9 m | 2.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 55.0 m | 68.4 m | 79.0 m | 110.1 m | 114.0 m | 183.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 63.4 m | 77.2 m | 82.2 m | 118.9 m | 123.6 m | 326.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 263.3 m † | 417.3 m † | 287.8 m † | 251.4 m † | 264.8 m † | 337.2 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.9 m | -74.7 m | -90.1 m | -32.4 m | 32.4 m | 78.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 11.2 m | 18.4 m | 4.7 m | 5.8 m | 8.7 m | 11.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -8.4 m ≈ | -93.1 m ≈ | -94.9 m ≈ | -38.2 m ≈ | 23.7 m ≈ | 67.7 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -25.1 m | -65.2 m | -26.2 m | -39.7 m | -24.1 m | -161.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 150.7 m | 235.0 m | -20.8 m | -17.1 m | -11.5 m | 72.9 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 818.1 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet61
- Growth100
- Valuation53
- Quality54
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.33 – 37.45 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)24.89 – 37.45 (Mid 29.78)WACC 9.3% · starting FCFF 89.3 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -21.1%
- Peers: EV/EBITDA10.59 – 16.35 (Mid 14.18)17 companies used · median multiple 16.3x · quartiles 11.9x – 19.1xBR, CBZ, CPAY, CSGP, EBAY, FICO, FIS, GPN, HQY, MELI, MSCI, PAYS, PSFE, PYPL, RBA, UBER, WEX
- Peers: P/E3.33 – 6.73 (Mid 4.41)21 companies used · median multiple 25.8x · quartiles 19.5x – 39.4xACN, BR, CASS, CBZ, CPAY, EBAY, FICO, FIS, FLYW, GRAB, HQY, MA, MELI, MSCI, PAYS, PYPL, RBA, RSSS, TNET, UBER, WEX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.1% | 36 (vs peers) | 13% |
| Net margin · Quality | 2.1% | 38 (vs peers) | 8% |
| FCF conversion · Quality | 772.9% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 19.6% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.4x | 90 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.8x | 80 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 77.1x | 8 (vs peers) | 13% |
| EV/EBITDA · Valuation | 15.1x | 59 (vs peers) | 13% |
| FCF yield · Valuation | 9.9% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality54/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation53/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Phreesia, Inc. (PHR). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 480.6 m USD in 2026; YoY growth 14.5%; net margin 2.1%; ROE 3.1%; net debt/EBITDA -1.4x.
The estimated value range is 10.59–16.35 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 14.18 USD, the price of 13.18 USD leaves a potential of 7.6% (value / price − 1) and a margin of safety of 7.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 772.9%
- Revenue CAGR 3Y: 19.6%
- Net debt / EBITDA: -1.4x
- Current ratio: 1.8x
- FCF yield: 9.9%
What contradicts it
- Interest coverage: 1.2x
- P/E (TTM): 77.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BABAAlibaba Group Holding Ltd | 195.6 bn | 131.6 | 10.3% | 10.1% | +8.1% | −33% / +41% |
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| WEXWEX Inc. | 5.9 bn | 15.5 | 35.6% | 14.0% | +1.2% | +21% / +2% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| XMTRXometry, Inc. | 5.2 bn | — | -3.9% | -2.0% | +25.9% | +94% / +364% |
| TNETTrinet Group, Inc. | 3.1 bn | 18.1 | 141.6% | 3.6% | −0.9% | +14% / −42% |
| CBZCBIZ, Inc. | 3.0 bn | 25.8 | 6.8% | 4.6% | +52.1% | −0% / +6% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| AHGAkso Health Group | 2.2 bn | 133.0 | -9.8% | -135.0% | −6.4% | −11% / +56% |
| PAYSPaysign, Inc. | 863.9 m | 58.4 | 30.8% | 15.7% | +40.5% | +194% / +551% |
| PHRPhreesia, Inc. | 818.1 m | 77.1 | 3.1% | 2.1% | +14.5% | −42% / −19% |
| CASSCass Information Systems, Inc. | 704.1 m | 18.9 | 16.3% | 18.9% | +5.3% | +31% / +33% |
1- and 3-year price returns: for PHR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.47 Total return -36% · Per year -36% | 14.91 Total return 13% · Per year 13% | 22.37 Total return 70% · Per year 70% |
| 3 years | 10.05 Total return -24% · Per year -9% | 19.72 Total return 50% · Per year 14% | 32.21 Total return 144% · Per year 35% |
| 5 years | 11.92 Total return -10% · Per year -2% | 26.08 Total return 98% · Per year 15% | 46.39 Total return 252% · Per year 29% |
- Exit P/E± 4.93
- Net margin± 3.45
- Annual revenue growth± 2.57
- Annual dilution± 0.29
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Phreesia offers an integrated software, payments and engagement platform used by US healthcare providers, hospitals and life sciences companies. Revenue reached 480.6 million dollars in fiscal 2026, and the company maintained its fiscal 2027 outlook while integrating the AccessOne acquisition.
SWOT
Strengths
- Recurring revenue from annual contracts that renew automatically, and deep integration into client workflows.
- A large volume of patient visits processed through the platform, which provides data and a network that is hard to replicate.
- Security and compliance certifications, including HITRUST and PCI-DSS Level 1, that support client trust.
Weaknesses
- Reliance on Network Solutions adds forecasting variability, particularly in the second half of the fiscal year.
- A relatively fixed operating cost base means unexpected revenue shortfalls could reduce margins.
- Higher debt after the AccessOne acquisition and the refinancing with a larger credit line limits financial flexibility.
Opportunities
- Expansion of AccessOne and ProviderConnect could open new revenue if client adoption grows.
- Investment in AI could lower costs and improve existing products for clients.
- Rising patient financial responsibility could increase demand for payment and financing tools.
Threats
- EHR systems could compete directly in intake and payments if they extend their services.
- Rules on health data privacy are changing quickly and could raise compliance costs.
- Price pressure from consolidated clients could reduce the profitability of contracts.
Risks
- Security and privacy exposurehigh
A cyberattack or data breach could cause economic loss, loss of client trust and penalties under HIPAA and state laws.
- Network Solutions variabilitymedium
Life sciences marketing budgets can fluctuate, which could make second-half revenue harder to forecast.
- AccessOne integrationmedium
If integration does not deliver the expected synergies, costs could be higher and contribution lower than forecast.
- Debt and access to capitalmedium
Borrowings under the credit facility and reliance on securitizing cardholder receivables could become more costly or harder to obtain if financing conditions worsen.
- Restructuring and executionlow
Eliminating about 220 positions could affect implementation and development capacity if reductions exceed the expected savings.
Investment thesis
What would need to be true (bull case)
- If recurring revenue and integration into client workflows remain stable, the company could sustain moderate growth with improving margins.
- If AccessOne and ProviderConnect reach the expected adoption, payments and new product revenue could accelerate growth.
- If AI investments translate into lower costs and better products, the company could strengthen its position against competitors.
What would break the thesis
- If Network Solutions declines or becomes less predictable, the second-half forecast could be revised.
- If EHR systems extend their own payment and intake services directly, competitive pressure could reduce pricing.
- If rules on health data tighten, compliance costs could rise and limit operational flexibility.
What to watch
- Delivery of the 510-520 million dollar fiscal 2027 revenue outlookQ3 fiscal 2027
- Adjusted EBITDA progress against the 125-135 million dollar outlookQ3 fiscal 2027
- Effect of the restructuring on operating expenses and the expected completion costsQ3 fiscal 2027
- AccessOne contribution and borrowings under the Capital One credit facilitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Phreesia, Inc. (NYSE: PHR) was founded in 2005 and develops an integrated software, payments and engagement platform for healthcare providers. The platform is embedded directly in provider workflows and patient interactions, from scheduling and registration through payment and post-visit follow-up. According to the annual report, in fiscal 2026 the platform facilitated approximately 180 million patient visits, about one in six ambulatory visits in the United States. The AccessOne acquisition, completed in November 2025, expanded the company's healthcare payments market.
The revenue model has three streams: subscription and related services, payment solutions including processing and financing fees, and Network Solutions, through which life sciences companies reach patients and providers. Subscription revenue is relatively steady through the year because of recurring contracts. Payment revenue is higher in the first two to three months of the calendar year, when patient deductibles reset. Network Solutions is concentrated in the second half of the fiscal year, in line with life sciences marketing budgets.
The offering is organized around access to care through MediFind, scheduling and AI-based patient communications; affordability through cost transparency, integrated payments and financing; and outcomes through digital intake, patient engagement and analytics. Sales are made through a direct organization, and most healthcare services contracts are annual and renew automatically.
Segments
Subscription and related services
This segment generates recurring revenue from contracts with healthcare services organizations, with an average of 4,514 clients in fiscal 2026 and total revenue per client of 106,467 dollars. It is the main source of predictability in the business model.
Payment and financing solutions
This segment covers processing and financing fees for patients and providers. The AccessOne acquisition extended the segment, and the fiscal 2027 outlook assumes about 37 million dollars of contribution from AccessOne.
Network Solutions
This segment sells engagement campaigns to life sciences companies under annual contracts priced per engagement. Management has noted greater variability in forecasting this segment, particularly in the second half of the fiscal year.
Market context
The company estimates a total addressable market of approximately 24 billion dollars, including 6.3 billion dollars for subscriptions, 9.1 billion dollars for financing and payment fees, and 8.2 billion dollars for Network Solutions. These are the company's own estimates, and the payment component is based on roughly 95 billion dollars of annual out-of-pocket patient spending in ambulatory care.
According to the annual report, the market is supported by the adoption of digital patient intake, the shift toward value-based care and rising patient financial responsibility. Demand from Network Solutions clients is harder to predict, and the company does not view recent changes there as a structural shift in demand.
Trends
- Rising patient financial responsibilitytailwind
Costs borne directly by patients increase providers' interest in payment and financing solutions, which could widen the payments revenue base.
- AI adoption in clinical workflowsmixed
New entrants can build AI products quickly, while the company is investing in AI for communications and automation. The effect depends on whether it keeps its scale advantage.
- Consolidation in healthcareheadwind
Mergers among providers and among EHR systems could reduce the number of clients or change contract terms, which could pressure prices.
- Life sciences marketing budgetsheadwind
Policy and brand-specific changes are affecting commitments from some Network Solutions clients, introducing variability in second-half revenue.
Competitive position
The market is fragmented and competitive, ranging from small niche firms to large, well-financed companies. Competitors include the EHR and practice management systems the company integrates with, which may offer similar intake, payment or direct patient communication services.
The company says it competes on platform breadth, interoperability, its large network of providers and patients, and its compliance-first model. However, larger competitors have greater name recognition, longer histories and more resources, and AI-enabled entrants can lower barriers to entry.
- EHR and practice management system vendors
Vendors that integrate intake, payments and patient communication and could offer similar services directly within their products.
- Niche providers of intake and scheduling tools
Smaller specialist firms that may compete on individual functions, sometimes with faster implementation.
- Healthcare payment and financing providers
Companies offering payment processing and patient financing options, an area the company expanded through AccessOne.
- New AI-enabled platforms
Companies that can rapidly develop AI products for communications and automation at lower initial cost.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Wall Street Splits on Phreesia (PHR) as Margins Improve but Growth Visibility FadesYahoo Finance — News · 17 Sept 2026 · EN
- Phreesia’s (PHR) Profit Turnaround Meets A Cash-Strapped Client BaseYahoo Finance — News · 13 Sept 2026 · EN
- Phreesia (PHR) Q2 2027 Earnings Call TranscriptYahoo Finance — News · 09 Sept 2026 · EN
- Why Phreesia Stock Got Knocked Down TodayYahoo Finance — News · 09 Sept 2026 · EN
- Why Phreesia Stock Tumbled TodayYahoo Finance — News · 03 Sept 2026 · EN
- Phreesia Q2 Earnings Call HighlightsYahoo Finance — News · 02 Sept 2026 · EN
SEC filings
- Quarterly report03 Sept 2026
- Current report02 Sept 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Shareholder vote
- Quarterly report28 May 2026
- Current report27 May 2026Results of operations · Financial statements and exhibits
- Proxy statement14 May 2026
- Current report11 May 2026Other events
- Current report04 May 2026Material agreement · Creation of a direct financial obligation
- Current report03 Apr 2026Results of operations · Financial statements and exhibits
- Annual report31 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Phreesia, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Phreesia, Inc. · 03 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Phreesia, Inc. · 02 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.