Privia Health Group (PRVA)
NASDAQ:PRVA
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Privia Health Group
(NASDAQ:PRVA)
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Rating:70Outperform
Price Target:
$23.50
▲(3.48% Upside)
Action:ReiteratedDate:02/27/26
PRVA scores well on financial stability and cash generation, and the earnings call/guidance signals continued strong operating momentum into 2026. The score is held back primarily by a very expensive valuation (high P/E) and only mixed technical momentum (negative MACD despite price above moving averages).
Positive Factors
Conservative Balance Sheet
Very low leverage and a growing equity base reduce refinancing and solvency risk, giving management durable financial flexibility to fund organic growth, M&A, tech investments, or weather payer/reimbursement shocks without materially stressing liquidity or capital structure over the next 2–6 months.
Negative Factors
Thin Net Profit Margins
Structurally low net margins limit the firm's ability to absorb reimbursement pressure, integration costs, or temporary collection timing issues. With modest margin cushions, adverse payer actions or cost increases could materially compress net income and restrict reinvestment or M&A funding flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and a growing equity base reduce refinancing and solvency risk, giving management durable financial flexibility to fund organic growth, M&A, tech investments, or weather payer/reimbursement shocks without materially stressing liquidity or capital structure over the next 2–6 months.
Read all positive factors
Privia Health Group (PRVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.81B
Dividend YieldN/A
Average Volume (3M)933.77K
Price to Earnings (P/E)126.4
Beta (1Y)0.73
Revenue Growth19.01%
EPS Growth38.68%
CountryUS
Employees1,140
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)0.07
Shares Outstanding123,688,286
10 Day Avg. Volume718,330
30 Day Avg. Volume933,775
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 Cap0.83
Enterprise Value/Revenue1.10
Enterprise Value/Gross Profit11.46
Enterprise Value/Ebitda47.91
Forecast
1Y Price Target
$30.63Price Target Upside34.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)0.35
Revenue Forecast (FY)$2.38B
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 generates revenue by providing platform-based services to affiliated physician practices and medical groups and by participating in value-based care arrangements. Key revenue streams include: (1) Fee-for-service-related administra...
Privia Health Group Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance picture for 2025: robust provider and attributed lives growth, double-digit practice collections and care margin gains, significant adjusted EBITDA growth (38.8%), exceptional free cash flow generation in 2025, and a solid balance sheet (~$480M cash). Management provided constructive 2026 guidance (midpoint ~19.5% adjusted EBITDA growth, care margin up ~13%, and continued provider/lives expansion) while highlighting disciplined capital deployment and M&A (Evolent ACO acquisition adds ~120k lives). Key risks discussed include normalization of EBITDA-to-FCF conversion to ~80% due to becoming a cash taxpayer, quarter-to-quarter collections timing variability, payer/MA program uncertainty (REACH→LEAD), and integration/time risk for acquired ACO providers not yet on Privia’s platform. Overall, the positives—substantial growth, strong margins, high retention/NPS, and a strong cash position—outweigh the headwinds and execution risks mentioned.Positive Updates
Robust Provider Growth
Implemented providers reached 5,380 at year-end 2025, an increase of 591 providers or 12.3% year-over-year; sequential implemented provider growth was +130 from Q3 to Q4. Guidance midpoint for 2026 expects implemented providers to increase ~10.6% year-over-year.
Negative Updates
Lowered EBITDA-to-Free Cash Flow Conversion Guidance (Tax Headwind)
EBITDA-to-free-cash-flow conversion is expected to normalize to ~80% in 2026 from an exceptional 130% in 2025, primarily because Privia will become a full cash taxpayer in 2026 (run-down of NOLs) — a headwind to FCF despite strong underlying profitability.
Read all updates
Q4-2025 Updates
Positive
Negative
Robust Provider Growth
Implemented providers reached 5,380 at year-end 2025, an increase of 591 providers or 12.3% year-over-year; sequential implemented provider growth was +130 from Q3 to Q4. Guidance midpoint for 2026 expects implemented providers to increase ~10.6% year-over-year.
Read all positive updates
Company Guidance
Privia guided to a strong 2026 outlook: implemented providers are expected to grow ~10.6% year‑over‑year, attributed lives to be ~1.58 million, practice collections to rise ~6.6%, and care margin to increase ~13% (midpoints); adjusted EBITDA is guided to grow ~19.5% to about $150.0 million (implying roughly a 29% EBITDA-to-care‑margin ratio at the midpoint), with management expecting ~80% of 2026 adjusted EBITDA to convert to free cash flow as the company becomes a full cash taxpayer, and assuming no new business development Privia expects to end 2026 with approximately $600 million in cash (up from ~$480 million year‑end 2025) and no debt.Privia Health Group Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.12B | 1.74B | 1.66B | 1.36B | 966.22M |
| Gross Profit | 209.43M | 176.85M | 161.50M | 134.78M | 63.66M |
| EBITDA | 44.14M | 24.25M | 27.18M | -14.55M | -214.97M |
| Net Income | 22.92M | 14.38M | 23.08M | -8.59M | -188.23M |
Balance Sheet | |||||
| Total Assets | 1.37B | 1.14B | 999.90M | 792.81M | 686.37M |
| Cash, Cash Equivalents and Short-Term Investments | 479.69M | 491.15M | 389.51M | 347.99M | 320.58M |
| Total Debt | 9.53M | 5.59M | 8.29M | 11.50M | 46.50M |
| Total Liabilities | 578.43M | 452.34M | 392.51M | 273.76M | 236.19M |
| Stockholders Equity | 737.22M | 635.18M | 561.44M | 499.09M | 426.87M |
Cash Flow | |||||
| Free Cash Flow | 162.20M | 104.26M | 80.67M | 47.09M | 54.51M |
| Operating Cash Flow | 163.40M | 109.28M | 80.78M | 47.20M | 55.06M |
| Investing Cash Flow | -181.57M | -10.32M | -48.01M | -104.00K | -32.77M |
| Financing Cash Flow | 6.70M | 2.68M | 8.74M | -19.68M | 213.66M |
Privia Health Group Technical Analysis
Positive
22.71
Price Trends
22.15
Positive
22.98
Negative
22.75
Negative
Market Momentum
-0.32
Negative
57.03
Neutral
88.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PRVA, the sentiment is Positive. The current price of 22.71 is above the 20-day moving average (MA) of 21.34, above the 50-day MA of 22.15, and below the 200-day MA of 22.75, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 57.03 is Neutral, neither overbought nor oversold. The STOCH value of 88.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 1 New Risks
1.
We may encounter difficulty acquiring entities or assets, face challenges integrating the operations of acquired businesses or realizing expected results or become liable for unknown or contingent liabilities as a result of acquisitions. Q4, 2025
Privia Health Group Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.81B | 126.39 | 3.29% | ― | 19.01% | 38.68% | |
69 Neutral | $596.81M | 37.76 | 5.18% | 0.52% | 3.68% | 5.62% | |
52 Neutral | $940.15M | -6.16 | -14.24% | ― | -2.37% | 77.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $148.52M | -2.20 | -47.69% | ― | -5.30% | 46.01% | |
45 Neutral | $285.79M | -0.85 | -69.22% | ― | -16.65% | -71.92% |
* Healthcare Sector Average
PRVA
Privia Health Group
22.71
-0.34
-1.48%
HSTM
HealthStream
20.33
-11.30
-35.72%
EVH
Evolent Health
2.56
-7.44
-74.40%
TDOC
Teladoc
5.27
-2.61
-33.12%
DH
Definitive Healthcare Corp
1.04
-1.45
-58.23%
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.