Performant Healthcare (PHLT) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): N/A
• Revenue Growth: 15.21%
• EPS Growth: 85.92%
• Country: US
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: N/A
• EPS (TTM): 0.06
• Shares Outstanding: N/A
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $8.00 ▲(3.23% Upside)

Performant Healthcare's stock score is primarily impacted by its financial performance challenges, including inconsistent profitability and cash flow issues. While technical analysis shows positive momentum, the valuation remains weak due to significant losses and no dividend yield.

Positive Factors

Business Model Strength

Performant Healthcare's performance-based revenue model aligns incentives with clients, fostering long-term partnerships and stable revenue streams.

Revenue Growth

A revenue growth rate of over 15% indicates strong market demand and successful client acquisition, supporting long-term business expansion.

Gross Profit Margin Improvement

Transitioning to a positive gross profit margin signifies improved operational efficiency and potential for future profitability.

Negative Factors

Inconsistent Profitability

Ongoing operational challenges and negative profit margins highlight the need for cost management and strategic improvements.

Erratic Cash Flow

Inconsistent cash flow generation can hinder investment in growth opportunities and affect financial stability.

Declining Stockholder Equity

A decrease in stockholder equity indicates financial strain, potentially limiting the company's ability to raise capital or invest in growth.

Performant Healthcare Business Overview & Revenue Model

Company Description

Performant Healthcare (PHLT) is a leading provider of technology-driven solutions that enhance the operational efficiency and financial performance of healthcare organizations. The company specializes in revenue integrity, claims management, and healthcare analytics, focusing on reducing improper payments and optimizing reimbursement processes for its clients. By leveraging advanced data analytics and machine learning, Performant Healthcare delivers insights that help healthcare providers, payers, and government agencies manage risk and improve their financial outcomes.

How the Company Makes Money

Performant Healthcare generates revenue primarily through its service offerings, which include revenue integrity solutions, claims review and management, and analytics services. The company typically charges clients on a fee-for-service basis, where it receives payments contingent on the successful recovery of improper payments. This performance-based model aligns the company’s incentives with those of its clients, as it earns a percentage of the savings it generates for them. Additionally, Performant may enter into long-term contracts with healthcare providers and government agencies, providing ongoing services that create a stable revenue stream. Significant partnerships with key players in the healthcare sector, such as insurers and government entities, also enhance its market presence and revenue potential.

Performant Healthcare Financial Statement Overview

Summary

Performant Healthcare shows inconsistent revenue performance with ongoing operational challenges, manageable leverage, and erratic cash flow, necessitating strategic improvements.

Income Statement

Performant Healthcare has shown inconsistent revenue performance with significant fluctuations in profitability. The gross profit margin improved from negative to positive in 2024, yet EBIT and net profit margins remain negative, indicating ongoing operational challenges and a need for cost management improvements.

Balance Sheet

The balance sheet reflects moderate stability with a relatively low debt-to-equity ratio, indicating manageable leverage levels. However, declining stockholder equity and a decreasing equity ratio suggest potential financial challenges that need addressing.

Cash Flow

Cash flow analysis reveals erratic free cash flow performance, with recent years showing negative free cash flow figures. The company has improved operating cash flow, but the free cash flow to net income ratio remains weak, indicating cash generation issues relative to earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	137.36M	122.98M	113.74M	109.18M	124.39M	155.94M
Gross Profit	68.23M	122.98M	113.74M	109.18M	124.39M	55.28M
EBITDA	6.92M	-2.21M	828.00K	304.00K	8.08M	-6.94M
Net Income	-885.00K	-9.89M	-7.52M	-6.54M	-10.29M	-13.99M
Balance Sheet
Total Assets	110.95M	101.77M	99.03M	118.83M	121.98M	126.23M
Cash, Cash Equivalents and Short-Term Investments	9.08M	9.29M	7.25M	23.38M	17.35M	16.04M
Total Debt	9.08M	8.85M	5.54M	21.47M	23.24M	65.73M
Total Liabilities	28.72M	25.27M	18.32M	34.35M	39.56M	84.25M
Stockholders Equity	82.24M	76.50M	80.71M	84.48M	82.42M	41.98M
Cash Flow
Free Cash Flow	-441.00K	-832.00K	-283.00K	-6.46M	-2.50M	17.02M
Operating Cash Flow	4.81M	6.18M	3.86M	-2.88M	916.00K	20.81M
Investing Cash Flow	-5.25M	-7.01M	-4.14M	1.73M	-270.00K	-3.79M
Financing Cash Flow	-907.00K	2.79M	-15.85M	5.06M	608.00K	-3.72M

Performant Healthcare Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHLT, the sentiment is Positive. The current price of 7.75 is above the 20-day moving average (MA) of 7.73, above the 50-day MA of 7.68, and above the 200-day MA of 4.33, indicating a bullish trend. The MACD of 0.06 indicates Positive momentum. The RSI at 71.30 is Negative, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PHLT.

Performant Healthcare Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSSI	65 Neutral	$513.96M	49.51	122.80%	―	328.80%	339.87%
HCKT	64 Neutral	$485.84M	29.49	10.27%	2.48%	0.68%	-67.84%
TLS	55 Neutral	$474.02M	―	-41.49%	―	-13.76%	-75.18%
PHLT	54 Neutral	―	―	-1.12%	―	15.21%	85.92%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CNDT	48 Neutral	$360.18M	75.00	2.21%	―	-14.36%	-73.74%
UIS	38 Underperform	$240.26M	-2.85	―	―	-4.93%	18.65%

Performant Healthcare Corporate Events

Performant Healthcare Completes Corporate Restructuring Merger

Performant Healthcare recently underwent a significant corporate restructuring through a merger, resulting in a change of control where the company became a wholly-owned subsidiary of another entity. As part of this process, the company terminated its credit agreement, paid off all related obligations, delisted its shares from Nasdaq, and deregistered them under the Securities Exchange Act. The merger also led to the resignation of the existing board of directors and the appointment of new directors and officers from the merger subsidiary, alongside amendments to the company’s certificate of incorporation and by-laws.

The most recent analyst rating on (PHLT) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Performant Healthcare stock, see the PHLT Stock Forecast page.

Performant Healthcare Stockholders Approve Merger Agreement

On October 17, 2025, Performant Healthcare‘s stockholders approved a merger agreement with Continental Buyer, Inc. and Prevail Merger Sub, Inc., resulting in Performant becoming a wholly-owned subsidiary of Continental Buyer. The approval also included a non-binding advisory vote on executive compensation related to the merger and the possibility to adjourn the meeting if necessary. The merger is expected to impact Performant’s operations by integrating it into Continental Buyer’s corporate structure, potentially affecting stakeholders and market positioning.

The most recent analyst rating on (PHLT) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Performant Healthcare stock, see the PHLT Stock Forecast page.

Performant Healthcare Announces Merger with Machinify

On July 31, 2025, Performant Healthcare, Inc. entered into an Agreement and Plan of Merger with Machinify, a portfolio company of New Mountain Capital. Under the merger agreement, Performant stockholders will receive $7.75 per share, a 139% premium over the 90-day volume-weighted average price, valuing the acquisition at approximately $670 million. The merger, unanimously approved by Performant’s board, aims to combine Machinify’s healthcare intelligence platform with Performant’s expertise to enhance payment accuracy and reduce administrative costs, benefiting stakeholders like the Centers for Medicare and Medicaid. The transaction is expected to close by the end of 2025, subject to customary conditions, and will result in Performant’s delisting from Nasdaq.

The most recent analyst rating on (PHLT) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Performant Healthcare stock, see the PHLT Stock Forecast page.