Tearsheet

Performant Healthcare (PHLT)


Market Price (10/31/2025): $7.745 | Market Cap: $608.6 Mil
Sector: Health Care | Industry: Health Care Technology

Performant Healthcare (PHLT)


Market Price (10/31/2025): $7.745
Market Cap: $608.6 Mil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0   Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -48,000, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 0.0%
1   Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 1927x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 127x
2   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7%
0 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -48,000, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 0.0%
1 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 1927x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 127x
2 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7%

Market Valuation & Key Metrics

PHLT Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
PHLT Return------100%
Peers Return9%10%-3%-15%3%-27%-25%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
PHLT Win Rate---- - 
Peers Win Rate12%12%15%20%19%46% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
PHLT Max Drawdown------ 
Peers Max Drawdown-6%-0%-27%-24%-15%-40% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: OMCL, BEAT, CARL, HTFL, MNDR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

PHLT has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Unique KeyEventXLVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-16.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven19.1%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven599 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-28.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven40.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven116 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-15.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven18.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven326 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-40.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven68.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1100 days1480 days

Compare to


In The Past

SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Performant Healthcare (PHLT)

Better Bets than Performant Healthcare (PHLT)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to PHLT. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
4.2%4.2%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
16.3%16.3%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
3.8%3.8%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
14.0%14.0%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
13.5%13.5%-8.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
4.2%4.2%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
16.3%16.3%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
3.8%3.8%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
14.0%14.0%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
13.5%13.5%-8.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Performant Healthcare

Financials

PHLTOMCLBEATCARLHTFLMNDRMedian
NamePerforma.Omnicell HeartBeamCarlsmed HeartFlowMobile-h. 
Mkt Price-33.581.6112.7136.572.6212.71
Mkt Cap0.61.60.1---0.6
Rev LTM1371,150033139-137
Op Inc LTM-015-21-24-61--21
FCF LTM-089-15-30-90--15
FCF 3Y Avg0123-13---0
CFO LTM5148-15-29-85--15
CFO 3Y Avg5180-13---5

Growth & Margins

PHLTOMCLBEATCARLHTFLMNDRMedian
NamePerforma.Omnicell HeartBeamCarlsmed HeartFlowMobile-h. 
Rev Chg LTM15.2%6.4%----10.8%
Rev Chg 3Y Avg7.1%-2.6%----2.2%
Rev Chg Q28.7%5.0%----16.9%
QoQ Delta Rev Chg LTM6.5%1.2%----3.9%
Op Mgn LTM-0.0%1.3%--71.4%-44.4%--22.2%
Op Mgn 3Y Avg-4.5%-1.7%-----3.1%
QoQ Delta Op Mgn LTM4.2%0.4%----2.3%
CFO/Rev LTM3.5%12.9%--86.4%-61.5%--29.0%
CFO/Rev 3Y Avg4.4%15.7%----10.1%
FCF/Rev LTM-0.3%7.8%--88.9%-65.0%--32.7%
FCF/Rev 3Y Avg0.1%10.7%----5.4%

Valuation

PHLTOMCLBEATCARLHTFLMNDRMedian
NamePerforma.Omnicell HeartBeamCarlsmed HeartFlowMobile-h. 
Mkt Cap0.61.60.1---0.6
P/S4.41.4----2.9
P/EBIT1,927.3101.6-2.7---101.6
P/E-688.268.1-2.7----2.7
P/CFO126.710.6-3.5---10.6
Total Yield-0.1%1.5%-37.3%----0.1%
Dividend Yield0.0%0.0%0.0%---0.0%
FCF Yield 3Y Avg-7.5%-27.2%----9.8%
D/E0.00.20.0---0.0
Net D/E0.0-0.0-0.1----0.0

Returns

PHLTOMCLBEATCARLHTFLMNDRMedian
NamePerforma.Omnicell HeartBeamCarlsmed HeartFlowMobile-h. 
1M Rtn-10.3%-2.4%-5.1%8.6%-38.5%-2.4%
3M Rtn-8.3%42.5%-9.6%--46.0%-0.7%
6M Rtn-7.0%-8.0%---64.9%-8.0%
12M Rtn--36.7%-40.4%---85.8%-40.4%
3Y Rtn--56.6%-51.7%----54.1%
1M Excs Rtn-10.4%-4.1%-6.2%0.2%-34.6%-4.1%
3M Excs Rtn-3.5%48.5%-15.9%--53.9%-6.2%
6M Excs Rtn--14.7%-29.7%---86.6%-29.7%
12M Excs Rtn--34.0%-51.2%---103.1%-51.2%
3Y Excs Rtn--134.0%-121.1%----127.5%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Healthcare payment integrity services and customer care outsourced services114    
Customer Care / Outsourced Services 14141417
Healthcare 95776943
Recovery 0337390
Total114109124156150


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity1,300,403
Short Interest: % Change Since 9302025-89.5%
Average Daily Volume774,622
Days-to-Cover Short Interest1.68
Basic Shares Quantity78,584,000
Short % of Basic Shares1.7%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/1/2025115.2%114.9%114.9%
3/12/20259.9%19.4%-4.0%
11/6/2024   
8/7/2024   
3/12/2024   
11/7/2023   
8/8/2023   
3/14/2023   
...
SUMMARY STATS   
# Positive221
# Negative181819
Median Positive62.6%67.2%114.9%
Median Negative  -4.0%
Max Positive115.2%114.9%114.9%
Max Negative  -4.0%

SEC Filings

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Report DateFiling DateFiling
6302025807202510-Q 6/30/2025
3312025509202510-Q 3/31/2025
12312024313202510-K 12/31/2024
93020241107202410-Q 9/30/2024
6302024808202410-Q 6/30/2024
3312024508202410-Q 3/31/2024
12312023313202410-K 12/31/2023
93020231109202310-Q 9/30/2023
6302023809202310-Q 6/30/2023
3312023510202310-Q 3/31/2023
12312022317202310-K 12/31/2022
93020221109202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022510202210-Q 3/31/2022
12312021316202210-K 12/31/2021
93020211112202110-Q 9/30/2021

Insider Activity

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