Privia Health Group, Inc. (PRVA)
NASDAQ:PRVA
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Privia Health Group
(NASDAQ:PRVA)
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Rating:71Outperform
Price Target:
$25.00
▲(4.08% Upside)
Action:Reiterated
Date:05/09/26
PRVA’s score is driven mainly by improving fundamentals with consistent cash generation and manageable leverage, plus a very low P/E metric supporting valuation. The latest earnings call adds confidence via strong operational momentum and profitability expansion, while the score is held back by thin margins, some recent TTM cash-flow softness, and only mixed/neutral technical momentum.
Positive Factors
Sustained Profitability Turnaround
Returning to positive EBIT and net income since 2023 signals a structural earnings recovery rather than a one-off gain. Durable profitability improves internal capital generation, reduces financing reliance, and supports reinvestment, M&A, and the firm’s stated EBITDA‑to‑FCF conversion goals over the medium term.
Negative Factors
Persistently Thin Margins
Modest gross and low operating/net margins constrain the firm’s ability to absorb adverse pricing or higher care costs. Thin margins reduce the cushion for shared‑savings variability, increase sensitivity to integration or hiring costs, and mean achieving management’s 30–35% EBITDA/care‑margin target requires sustained operational improvement.
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Positive Factors
Negative Factors
Sustained Profitability Turnaround
Returning to positive EBIT and net income since 2023 signals a structural earnings recovery rather than a one-off gain. Durable profitability improves internal capital generation, reduces financing reliance, and supports reinvestment, M&A, and the firm’s stated EBITDA‑to‑FCF conversion goals over the medium term.
Read all positive factors
Privia Health Group (PRVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.92B
Dividend YieldN/A
Average Volume (3M)1.00M
Price to Earnings (P/E)208.4
Beta (1Y)0.79
Revenue Growth24.72%
EPS Growth35.79%
CountryUS
Employees1,140
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)0.18
Shares Outstanding126,012,375
10 Day Avg. Volume1,260,361
30 Day Avg. Volume1,003,103
Financial Highlights & Ratios
PEG Ratio2.17
Price to Book (P/B)3.93
Price to Sales (P/S)1.36
P/FCF Ratio17.86
Enterprise Value/Market Cap-139.54
Enterprise Value/Revenue-181.42
Enterprise Value/Gross Profit-1.89K
Enterprise Value/Ebitda-7.78K
Forecast
1Y Price Target
$31.33Price Target Upside30.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)0.26
Revenue Forecast (FY)$2.41B
Privia Health Group Business Overview & Revenue Model
Company Description
Privia Health Group, Inc. operates as a national physician-enablement company in the United States. The company collaborates with medical groups, health plans, and health systems to optimize physician practices, enhance patient experiences, and re...
How the Company Makes Money
Privia primarily makes money by providing management services and technology-enabled support to affiliated physician practices and medical groups, earning fees tied to the scope of services delivered and the performance of those groups in value-ba...
Privia Health Group Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum — double‑digit provider and attributed‑lives growth, healthy practice collections growth, significant adjusted EBITDA expansion, margin improvement, and successful early integration of Evolent — supported by a large M&A pipeline and clear technology/AI initiatives to drive future efficiency. Offsetting factors included management’s conservative approach to full‑year guidance (except attributed lives), quarter‑to‑quarter volatility from prior‑year adjustments and shared‑savings timing, Q1 seasonality of cash flows, and payer/policy uncertainties (e.g., MA/V28 dynamics and variability in capitated vs. shared‑risk economics). Overall, the positives on growth, profitability, balance sheet flexibility, and execution materially outweighed the cited risks and uncertainties.Positive Updates
Provider and Attribution Growth
Implemented providers reached 5,535, a 13.6% increase year-over-year, with sequential growth of +155 from year-end 2025. Total value‑based attributed lives rose to ~1.6 million, up 26.5% year‑over‑year, driven by new provider signings and the addition of the Evolent ACO business.
Negative Updates
Conservative Full‑Year Guidance Despite Strong Q1
Management maintained full‑year 2026 guidance across most metrics (only increasing the attributed lives range) despite strong Q1 results, signaling a cautious posture and potential uncertainty on sustainability of near‑term upside.
Read all updates
Q1-2026 Updates
Positive
Negative
Provider and Attribution Growth
Implemented providers reached 5,535, a 13.6% increase year-over-year, with sequential growth of +155 from year-end 2025. Total value‑based attributed lives rose to ~1.6 million, up 26.5% year‑over‑year, driven by new provider signings and the addition of the Evolent ACO business.
Read all positive updates
Company Guidance
Privia reiterated its full‑year 2026 guidance (raising only the year‑end attributed‑lives range) after a strong Q1: implemented providers 5,535 (+13.6% YoY, +155 sequential); 1.6M attributed lives (+26.5% YoY) — commercial ~913k, MA ~550k, Medicare programs +62%, Medicaid +36%; Q1 practice collections $914.8M (+14.6% YoY); Q1 adjusted EBITDA $36.7M (+36.3% YoY), representing 28.5% of care margin (up 290 bps); full‑year adjusted EBITDA midpoint $150M (implying ~20% EBITDA growth) with ~80% of EBITDA expected to convert to free cash flow as a full cash taxpayer; quarter‑end cash $219.5M and no debt; national footprint in 24 states + DC, 5,535 providers caring for >5.9M patients; management reiterated a long‑term EBITDA‑to‑care‑margin target of 30–35% (2026 guidance approaches ~29%) and noted pro forma year‑end cash could be roughly $600M excluding business‑development spend.Privia Health Group Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.25B | 2.12B | 1.74B | 1.66B | 1.36B | 966.22M |
| Gross Profit | 215.35M | 209.43M | 176.85M | 161.50M | 134.78M | 63.66M |
| EBITDA | 52.41M | 44.14M | 24.25M | 27.18M | -14.55M | -214.97M |
| Net Income | 21.76M | 22.92M | 14.38M | 23.08M | -8.59M | -188.23M |
Balance Sheet | ||||||
| Total Assets | 1.42T | 1.37B | 1.14B | 999.90M | 792.81M | 686.37M |
| Cash, Cash Equivalents and Short-Term Investments | 419.52B | 479.69M | 491.15M | 389.51M | 347.99M | 320.58M |
| Total Debt | 9.02B | 9.53M | 5.59M | 8.29M | 11.50M | 46.50M |
| Total Liabilities | 611.99B | 578.43M | 452.34M | 392.51M | 273.76M | 236.19M |
| Stockholders Equity | 753.06B | 737.22M | 635.18M | 561.44M | 499.09M | 426.87M |
Cash Flow | ||||||
| Free Cash Flow | 136.77M | 162.20M | 104.26M | 80.67M | 47.09M | 54.51M |
| Operating Cash Flow | 138.00M | 163.40M | 109.28M | 80.78M | 47.20M | 55.06M |
| Investing Cash Flow | -193.04M | -181.57M | -10.32M | -48.01M | -104.00K | -32.77M |
| Financing Cash Flow | 5.23M | 6.70M | 2.68M | 8.74M | -19.68M | 213.66M |
Privia Health Group Technical Analysis
Neutral
24.02
Price Trends
22.72
Positive
22.88
Positive
23.18
Negative
Market Momentum
<0.01
Positive
48.13
Neutral
61.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PRVA, the sentiment is Neutral. The current price of 24.02 is above the 20-day moving average (MA) of 23.77, above the 50-day MA of 22.72, and above the 200-day MA of 23.18, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.13 is Neutral, neither overbought nor oversold. The STOCH value of 61.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PRVA.
Privia Health Group Risk Analysis
Privia Health Group disclosed 51 risk factors in its most recent earnings report. Privia Health Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Privia Health Group Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $698.83M | 25.74 | 5.67% | 0.52% | 6.64% | 6.54% | |
71 Outperform | $2.92B | 208.37 | 0.01% | ― | 24.72% | 35.79% | |
56 Neutral | $1.15B | ― | -12.37% | ― | -1.50% | 83.75% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $438.68M | ― | -77.89% | ― | -21.26% | -290.08% | |
49 Neutral | $123.52M | -0.23 | -67.07% | ― | -3.89% | 63.03% |
* Healthcare Sector Average
PRVA
Privia Health Group
23.18
-0.62
-2.61%
HSTM
HealthStream
23.92
-4.16
-14.82%
EVH
Evolent Health
3.86
-4.14
-51.75%
TDOC
Teladoc
6.48
-0.49
-7.03%
DH
Definitive Healthcare Corp
0.86
-2.28
-72.64%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.