Phreesia (PHR)
Market Price (9/26/2026): $10.155 | Market Cap: $628.4 MilSector: Health Care | Industry: Health Care Technology
Phreesia (PHR)
Market Price (9/26/2026): $10.155Market Cap: $628.4 MilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 11% Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and Digital Health & Telemedicine. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -122% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 49x, P/EPrice/Earnings or Price/(Net Income) is 60x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% Key risksPHR key risks include [1] a history of cybersecurity incidents, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 11% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, and Digital Health & Telemedicine. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -122% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 49x, P/EPrice/Earnings or Price/(Net Income) is 60x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% |
| Key risksPHR key risks include [1] a history of cybersecurity incidents, Show more. |
Qualitative Assessment
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Phreesia (PHR) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Mixed Q2 Fiscal 2027 Earnings Performance and Reaffirmed Guidance.
Phreesia reported its fiscal Q2 2027 results on September 2, 2026, revealing a 10% year-over-year revenue increase to $129.5 million. However, the diluted earnings per share (EPS) of $0.03 significantly missed analyst consensus estimates, ranging from $0.07 to $0.11 per share, representing a miss of approximately 65%. Despite this notable EPS miss, the company maintained its full-year fiscal 2027 revenue outlook of $510 million to $520 million and Adjusted EBITDA guidance of $125 million to $135 million, which likely provided a stabilizing effect on the stock and prevented a more substantial decline following the earnings release.
2. Impact of Workforce Restructuring for Cost Reduction.
Effective May 7, 2026, Phreesia implemented a restructuring plan that included the elimination of approximately 220 positions, roughly half of which were contractor roles. This strategic move aimed to reduce operating expenses and align the company's cost structure with its current business priorities, with the expectation of generating meaningful annualized run-rate expense savings. These anticipated cost efficiencies were already factored into the reaffirmed fiscal 2027 Adjusted EBITDA outlook, contributing to a sense of financial prudence that could have supported the stock during this period.
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Phreesia (PHR) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Mixed Q2 Fiscal 2027 Earnings Performance and Reaffirmed Guidance.
Phreesia reported its fiscal Q2 2027 results on September 2, 2026, revealing a 10% year-over-year revenue increase to $129.5 million. However, the diluted earnings per share (EPS) of $0.03 significantly missed analyst consensus estimates, ranging from $0.07 to $0.11 per share, representing a miss of approximately 65%. Despite this notable EPS miss, the company maintained its full-year fiscal 2027 revenue outlook of $510 million to $520 million and Adjusted EBITDA guidance of $125 million to $135 million, which likely provided a stabilizing effect on the stock and prevented a more substantial decline following the earnings release.
2. Impact of Workforce Restructuring for Cost Reduction.
Effective May 7, 2026, Phreesia implemented a restructuring plan that included the elimination of approximately 220 positions, roughly half of which were contractor roles. This strategic move aimed to reduce operating expenses and align the company's cost structure with its current business priorities, with the expectation of generating meaningful annualized run-rate expense savings. These anticipated cost efficiencies were already factored into the reaffirmed fiscal 2027 Adjusted EBITDA outlook, contributing to a sense of financial prudence that could have supported the stock during this period.
3. Lingering Effects of Prior Guidance Downgrade and Related Litigation.
While the most significant stock price drop occurred before the specified period, the context of a reduced fiscal 2027 revenue growth projection announced on March 30, 2026, which initially caused a roughly 27% share price decline, continued to influence investor sentiment. Further, a class action lawsuit filed on May 26, 2026, within the analysis period, highlighted allegations of misleading statements regarding slowing demand in the Network Solutions segment. This backdrop of caution and adjusted expectations likely capped any potential significant upward movement, contributing to the stock remaining largely at the same level as the market absorbed these persistent concerns despite some positive operational news.
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Stock Movement Drivers
Fundamental Drivers
The 2.9% change in PHR stock from 5/31/2026 to 9/25/2026 was primarily driven by a 11.0% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.86 | 10.15 | 2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 496 | 508 | 2.5% |
| Net Income Margin (%) | 1.9% | 2.1% | 11.0% |
| P/E Multiple | 65.4 | 60.1 | -8.1% |
| Shares Outstanding (Mil) | 61 | 62 | -1.5% |
| Cumulative Contribution | 2.9% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| PHR | 2.9% | |
| Market (SPY) | 2.2% | 13.1% |
| Sector (XLV) | 14.7% | 35.0% |
Fundamental Drivers
The -17.7% change in PHR stock from 2/28/2026 to 9/25/2026 was primarily driven by a -22.6% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.33 | 10.15 | -17.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 463 | 508 | 9.6% |
| P/S Multiple | 1.6 | 1.2 | -22.6% |
| Shares Outstanding (Mil) | 60 | 62 | -3.0% |
| Cumulative Contribution | -17.7% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| PHR | -17.7% | |
| Market (SPY) | 13.0% | -6.9% |
| Sector (XLV) | 7.5% | 5.8% |
Fundamental Drivers
The -67.9% change in PHR stock from 8/31/2025 to 9/25/2026 was primarily driven by a -71.2% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.66 | 10.15 | -67.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 435 | 508 | 16.9% |
| P/S Multiple | 4.3 | 1.2 | -71.2% |
| Shares Outstanding (Mil) | 59 | 62 | -4.8% |
| Cumulative Contribution | -67.9% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| PHR | -67.9% | |
| Market (SPY) | 20.9% | 8.0% |
| Sector (XLV) | 26.4% | 11.9% |
Fundamental Drivers
The -64.3% change in PHR stock from 8/31/2023 to 9/25/2026 was primarily driven by a -75.5% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.47 | 10.15 | -64.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 301 | 508 | 68.5% |
| P/S Multiple | 5.0 | 1.2 | -75.5% |
| Shares Outstanding (Mil) | 53 | 62 | -13.8% |
| Cumulative Contribution | -64.3% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| PHR | -64.3% | |
| Market (SPY) | 77.8% | 31.1% |
| Sector (XLV) | 34.7% | 21.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PHR Return | -23% | -22% | -28% | 9% | -33% | -41% | -82% |
| Peers Return | -32% | -57% | -2% | -13% | -22% | 34% | -74% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| PHR Win Rate | 42% | 42% | 42% | 50% | 25% | 56% | |
| Peers Win Rate | 37% | 30% | 50% | 43% | 37% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PHR Max Drawdown | -50% | -68% | -69% | -37% | -53% | -54% | |
| Peers Max Drawdown | -59% | -65% | -52% | -52% | -50% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDOC, DOCS, VEEV, AMWL, GDRX.
[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] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | PHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.1% | 23.1% |
| Time to Breakeven | 165 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -59.1% | -9.5% |
| % Gain to Breakeven | 144.6% | 10.5% |
| Time to Breakeven | 665 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.3% | -33.7% |
| % Gain to Breakeven | 101.1% | 50.9% |
| Time to Breakeven | 211 days | 140 days |
In The Past
Phreesia's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.1% gain to breakeven.
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Asset Allocation
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| Event | PHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.1% | 23.1% |
| Time to Breakeven | 165 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -59.1% | -9.5% |
| % Gain to Breakeven | 144.6% | 10.5% |
| Time to Breakeven | 665 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.3% | -33.7% |
| % Gain to Breakeven | 101.1% | 50.9% |
| Time to Breakeven | 211 days | 140 days |
In The Past
Phreesia's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Phreesia (PHR)
Phreesia, Inc. (PHR) provides an integrated, SaaS-based software and payment platform specifically designed for the healthcare industry across the United States and Canada. The company's primary focus is to modernize and streamline the patient intake process, making it more efficient for both patients and healthcare providers, while also offering robust solutions for processing patient payments.
The core offering, known as the Phreesia Platform, delivers a comprehensive suite of solutions through various modalities, including patients' personal mobile devices, web-based dashboards for clinics, self-service intake tablets (PhreesiaPads), and on-site kiosks. Key features encompass automated patient registration, revenue cycle management tools like insurance verification and point-of-sale payments, and access solutions for appointment scheduling and reminders. The platform also includes clinical support for data collection and patient communication, alongside a life sciences solution enabling targeted content delivery from pharmaceutical and medical device companies.
Phreesia serves a diverse customer base within the healthcare ecosystem. Its main clients include a wide spectrum of healthcare services organizations, ranging from single-specialty and multi-specialty practices to large health systems. Furthermore, the company extends its services to pharmaceutical, medical device, and biotechnology companies, leveraging its platform to connect them with patients. While healthcare organizations are its direct clients, Phreesia's technology ultimately enhances the experience for millions of patients.
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Here are 1-3 brief analogies to describe Phreesia (PHR):
It's like Square for healthcare practices, providing digital tools for patient check-in, forms, and payment processing.
Think of it as TurboTax for patient intake, simplifying all the forms and administrative tasks for doctor visits.
It's the Shopify for healthcare's patient management, offering an all-in-one digital platform for patient engagement and payments.
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- Phreesia Platform: An integrated SaaS-based software and payment platform designed to manage the patient intake process and process patient payments for the healthcare industry.
- Registration Solution: Automates patient self-registration, streamlining the initial patient encounter.
- Revenue Cycle Solution: Optimizes financial operations through insurance verification, point-of-sale payments applications, and cost estimation tools.
- Access Solutions: Enhances patient access to care with appointment scheduling, reminders, and referral tracking functionalities.
- Life Sciences Solution: Delivers targeted and clinically relevant marketing content from pharmaceutical, medical device, and biotechnology companies to patients.
- Clinical Support Solution: Collects clinical intake and patient-reported outcome data across specialties and facilitates patient communication.
- COVID-19 Support Modules: Provides tools for managing COVID-19 vaccine delivery, screening, contactless check-in, and telehealth intake.
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Phreesia (PHR) sells its integrated SaaS-based software and payment platform primarily to other companies within the healthcare and life sciences industries. The provided background information does not list the specific names of individual customer companies.
Its major customer categories include:
- Healthcare Service Providers: This category encompasses single-specialty practices, multi-specialty groups, and health systems that utilize Phreesia's platform to manage patient intake and other administrative processes.
- Life Sciences Companies: This category includes pharmaceutical, medical device, and biotechnology companies that leverage Phreesia's platform for solutions such as delivering targeted marketing content to patients.
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Chaim Indig, Chief Executive Officer and Board Member
Chaim Indig co-founded Phreesia in 2005 and has served as its Chief Executive Officer and a member of its Board since. He has dedicated his career to improving healthcare for patients, providers, and staff. Under his leadership, Phreesia has grown its national presence, formed strategic partnerships with major healthcare companies, and received recognition for its role in enhancing care efficiency and patient-centeredness. He also led Phreesia through its initial public offering in 2019. Prior to co-founding Phreesia, Indig spearheaded the introduction of the analytics software company, Spotfire, Inc., into the pharmaceutical marketing space.
Balaji Gandhi, Chief Financial Officer
Balaji Gandhi has been the Chief Financial Officer of Phreesia since March 24, 2023, and brings over 25 years of executive experience to oversee the company's financial operations, including budgeting, forecasting, reporting, analysis, internal controls, and investor relations. Before joining Phreesia, he spent nearly a decade in leadership roles at companies such as Madaket Health, Press Ganey, and Fresenius Medical Care, focusing on finance, corporate development, strategy, and investor relations. He also served as an investment research analyst in the healthcare services market for more than ten years at firms including Deutsche Bank, GE Capital, and Oppenheimer & Co., Inc. His prior roles at Phreesia included leading Investor Relations, and he was also CFO at Madaket Inc.
Evan Roberts, President, Provider Solutions
Evan Roberts co-founded Phreesia in 2005 and has since led the company's efforts to deliver the highest value to its clients. He oversees Phreesia's ongoing operations and procedures. Before co-founding Phreesia, Roberts was a senior sales engineer at Spotfire, where he was instrumental in penetrating new markets and generating significant revenue.
Jack Callahan, Chief Technology Officer
Jack Callahan joined Phreesia in 2010. As Chief Technology Officer, he is responsible for Phreesia's core and integration platforms, overseeing the company's Patient Intake, Data Center Operations, Site Reliability Engineering, and Analytics teams. Previously, Callahan worked as a developer and architect at Spotfire, where he was part of the professional services team, assisting clients across various industries with data gathering and analysis.
David Linetsky, Senior Vice President, Network Solutions
David Linetsky is responsible for fostering Phreesia's partnerships with life sciences companies, advocacy groups, government agencies, and other organizations to support the development of valuable healthcare products that engage patients. He has been with Phreesia for over a decade, holding key leadership positions including Vice President of Analytics and Insights, and Vice President of Finance. Prior to his tenure at Phreesia, Linetsky worked in academia as a researcher and instructor in the fields of biotechnology, mathematics, and philosophy. He has served as SVP since March 2019, following earlier roles in analytics and finance since 2008, and worked as an intern/consultant from 2005–2008, becoming an executive officer in July 2019.
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Key Risks to the Business of Phreesia (PHR)
- Intensifying Competition from Integrated EHR Platforms and Other Patient Engagement Solutions: Phreesia faces significant competition from dominant Electronic Health Record (EHR) vendors, such as Epic Systems Corporation and Oracle Health (Cerner), which are increasingly integrating patient engagement features into their existing platforms. This directly challenges Phreesia's specialized offerings in patient intake and engagement. Furthermore, the company competes with a broad array of other patient engagement solution providers, including specialized intake tools and comprehensive practice management suites. This competitive landscape can exert pressure on Phreesia's pricing power and market differentiation, potentially hindering its revenue growth over time.
- Regulatory Changes and Compliance Burdens: Operating in the heavily regulated healthcare industry, Phreesia is subject to a complex web of federal and state fraud and abuse laws, as well as data privacy and security regulations like HIPAA. Evolving regulations in healthcare IT and data privacy can necessitate costly platform updates and substantial operational adjustments. Non-compliance with these regulations carries the risk of significant financial penalties, exclusion from government healthcare programs, adverse publicity, or mandates for major operational changes. Additionally, Phreesia's operations in non-U.S. jurisdictions, such as Canada and India, introduce further complexities due to differing employment and tax legislation, along with potential inconsistencies in law enforcement and corruption risks, all of which increase compliance costs and legal exposure.
- Execution Risk and Path to Sustained Profitability: While Phreesia has recently shown progress towards profitability, including achieving its first GAAP profit and projecting positive Adjusted EBITDA, it has historically experienced operating losses and net losses (e.g., a $58.5 million net loss in fiscal year 2025). The company's continued financial success is contingent on its ability to effectively cross-sell new modules, successfully integrate recent acquisitions like AccessOne, and consistently increase revenue per client. Any missteps in the integration of acquired entities, slower-than-anticipated adoption rates for new services, or underperforming cross-sell initiatives could impede margin expansion and delay the achievement of sustained profitability. Investors are particularly focused on the company's ability to consistently deliver on its operational goals and demonstrate a clear path to long-term cash flow generation and profitability.
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A clear emerging threat to Phreesia comes from the ongoing trend of dominant Electronic Health Record (EHR) vendors significantly expanding and improving their native capabilities in patient intake, payment processing, appointment scheduling, and patient communication. As healthcare providers seek to consolidate vendors and streamline workflows within their existing, indispensable EHR systems, enhanced functionality from these major EHR players (such as Epic, Cerner, Athenahealth, etc.) could directly compete with and potentially reduce the need for a separate, specialized platform like Phreesia.
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Phreesia, Inc. (PHR) operates within several significant addressable markets primarily within the United States, including patient intake software, patient engagement solutions, healthcare digital payments, and healthcare provider financing.
- The **U.S. patient intake software market** was valued at approximately USD 1.71 billion in 2024 and is projected to grow to about USD 5.66 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 14.2% from 2025 to 2033.
- The **U.S. patient engagement solutions market**, which encompasses many of Phreesia's offerings, was estimated at USD 7.40 billion in 2025 and is anticipated to reach approximately USD 25.21 billion by 2034, with a CAGR of 14.68% from 2025 to 2034. Other estimates place the U.S. patient engagement solutions market at USD 7.59 billion in 2024, growing to USD 22.41 billion by 2030 at a CAGR of 19.77% from 2025 to 2030.
- For **healthcare digital payments**, the U.S. market size was approximately USD 3.98 billion in 2024 and is projected to reach around USD 26.83 billion by 2034, with a CAGR of 21.02% from 2025 to 2034. Globally, this market was valued at USD 14.21 billion in 2024 and is expected to grow to USD 94.15 billion by 2034, with North America holding the largest market share (40%) in 2024.
- Phreesia has also identified a "multibillion dollar" opportunity in **healthcare provider (HCP) digital marketing** within its emerging products.
- Following its acquisition of AccessOne, Phreesia has expanded into the **provider financing market**, which addresses a large segment of U.S. healthcare, connected to an estimated USD 74 billion in out-of-pocket patient spend by 2032.
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Phreesia (PHR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Growth in Healthcare Services Clients (AHSCs): Phreesia consistently emphasizes the expansion of its client base as a primary growth driver. The company expects to increase its average number of healthcare services clients (AHSCs) to approximately 4,515 for fiscal year 2026 and projects mid-single-digit growth in AHSCs for fiscal year 2027. This indicates a continued focus on acquiring new healthcare provider clients.
- Increased Revenue per Client: A significant driver of revenue growth is the deepening of relationships with existing clients and the monetization of their services. Phreesia aims to increase the revenue generated from each average healthcare services client (AHSC) by cross-selling new applications and expanding its footprint within current client organizations. Total revenue per AHSC increased by 6% year-over-year in Q3 Fiscal Year 2026, and the company anticipates low-double-digit percentage growth in total revenue per AHSC for fiscal year 2027.
- Expansion of Network Solutions: Phreesia's Network Solutions segment is a key area for future growth, with its revenue growth often outpacing that of healthcare services clients. These solutions involve fees for targeted digital marketing delivered to patients through the Phreesia platform. Network solutions are projected to be the fastest-growing segment in fiscal year 2027.
- Growth in Payment Processing and Strategic Acquisitions: The expansion of Phreesia's integrated payments solution, driven by increased patient payment volumes, is a vital revenue stream. The acquisition of AccessOne in November 2025 is a notable strategic move, expanding Phreesia's payment solutions to include patient access and provider financing. This acquisition is expected to contribute approximately $7.5 million to fiscal year 2026 revenue and 6.5% of projected revenue for fiscal year 2027, enhancing payment capabilities and supporting margin expansion.
- New Product and Service Innovation: Phreesia continuously invests in developing and launching new products and services to enhance its platform and deepen client relationships. Examples include solutions aimed at improving medication adherence and new post-script engagement products, which are expected to generate additional revenue. This ongoing innovation helps Phreesia address evolving healthcare industry needs and expand its offerings.
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Share Repurchases
- Phreesia's Board of Directors authorized a stock repurchase program on March 12, 2025, allowing for the repurchase of up to 2.5 million shares of common stock.
- This repurchase program does not obligate the company to acquire a specific number or dollar value of shares and may be altered or discontinued at any time.
Share Issuance
- The number of outstanding common shares increased from 56,387,472 as of March 6, 2024, to 58,772,448 as of March 7, 2025.
- Outstanding common shares further increased to 59,914,473 as of August 29, 2025.
Outbound Investments
- Phreesia completed the acquisition of AccessOne in September 2025 for approximately $160 million in cash.
- The AccessOne acquisition was funded by $50 million from Phreesia's existing cash balance, approximately $107 million from a new bridge loan, and $6 million in cash acquired from AccessOne.
- Phreesia has made a total of 4 acquisitions, with peak activity in 2023 (2 acquisitions), followed by 2025 (1 acquisition) and 2021 (1 acquisition).
Capital Expenditures
- Phreesia's capital expenditures averaged $9.782 million annually for the fiscal years ending January 2021 to 2025.
- Capital expenditures reached a high of $18.42 million in January 2022 and a low of $4.732 million in January 2023.
- The company's latest twelve months capital expenditures stand at $11.332 million.
Peer Outperformance in Health Care Technology
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PHR | Phreesia | 16.8% | 60.1x | -56.7% | -42.5% | -84.5% | — |
| VEEV | Veeva Systems | 15.7% | 44.9x | 0.3% | 40.8% | -6.4% | +78pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 10.8% | 42.7% | 87.6% | CAH 380% · MCK 337% · COR 165% |
| Managed Health Care | 8 | 34.8% | -9.4% | 3.1% | OSCR 74% · HQY 34% · ELV 12% |
| Health Care Services | 20 | 21.2% | 37.1% | 0.2% | HIMS 263% · RDNT 142% · DGX 70% |
| Health Care Facilities | 24 | 4.5% | 14.6% | -0.9% | NHC 275% · THC 264% · ENSG 135% |
| Health Care Equipment | 50 | -1.7% | -1.1% | -19.3% | POCI 11475% · UFPT 375% · GKOS 205% |
| Health Care Supplies | 12 | 29.6% | -7.7% | -38.4% | LNTH 270% · HAE 52% · MMSI 21% |
| Pharmaceuticals | 62 | -8.9% | 7.3% | -41.9% | LQDA 2284% · INDV 1094% · ETON 1051% |
| Life Sciences Tools & Services | 113 | 1.3% | -10.1% | -67.2% | SNWV 1957% · NTRA 249% · MEDP 212% |
| Health Care Technology ← | 21 | -32.6% | -53.0% | -78.2% | SPOK 72% · HSTM 2% · VEEV -6% |
| Biotechnology | 375 | -8.7% | -23.0% | -79.7% | CELZ 1371% · DNTH 1085% · ELVN 965% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Phreesia Earnings Notes | 12/16/2025 | |
| Now Is Not The Time To Buy Phreesia Stock | 12/10/2025 | |
| Day 6 of Gains Streak for Phreesia Stock with 18% Return (vs. 29% YTD) [8/28/2025] | 08/29/2025 | |
| Why Phreesia Stock Moved: PHR Stock Has Lost 60% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| PHR Dip Buy Analysis | 07/10/2025 | |
| Phreesia (PHR) Valuation Ratios Comparison | 05/15/2025 | |
| Phreesia (PHR) Operating Cash Flow Comparison | 02/17/2025 | |
| Phreesia (PHR) Net Income Comparison | 02/16/2025 | |
| Phreesia (PHR) Operating Income Comparison | 02/15/2025 | |
| Phreesia (PHR) Revenue Comparison | 02/13/2025 | |
| ARTICLES | ||
| Phreesia Stock Pre-Market (-24%): Slashes Full-Year Revenue Guidance | 03/31/2026 | |
| Stocks Trading At 52-Week Low | 02/03/2026 | |
| Phreesia Stock To $12? | 12/10/2025 | |
| PHR Stock Up 18% after 6-Day Win Streak | 08/29/2025 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.79 |
| Mkt Cap | 1.1 |
| Rev LTM | 720 |
| Op Inc LTM | 44 |
| FCF LTM | 125 |
| FCF 3Y Avg | 130 |
| CFO LTM | 231 |
| CFO 3Y Avg | 215 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.7% |
| Rev Chg 3Y Avg | 8.2% |
| Rev Chg Q | 3.0% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | 25.0% |
| Op Inc Chg 3Y Avg | 32.1% |
| Op Mgn LTM | 6.0% |
| Op Mgn 3Y Avg | -0.7% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 21.8% |
| CFO/Rev 3Y Avg | 16.9% |
| FCF/Rev LTM | 15.0% |
| FCF/Rev 3Y Avg | 9.7% |
Price Behavior
| Market Price | $10.15 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 07/18/2019 | |
| Distance from 52W High | -57.4% | |
| 50 Days | 200 Days | |
| DMA Price | $11.08 | $11.68 |
| DMA Trend | down | up |
| Distance from DMA | -8.4% | -13.1% |
| 3M | 1YR | |
| Volatility | 46.3% | 58.2% |
| Downside Capture | 188.48 | 162.07 |
| Upside Capture | 141.55 | 34.48 |
| Correlation (SPY) | 12.7% | 7.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.71 | 0.84 | 0.50 | -0.42 | 0.34 | 1.17 |
| Up Beta | 1.20 | -0.96 | -0.28 | -3.21 | -1.83 | 0.58 |
| Down Beta | 0.92 | -1.30 | -0.08 | 0.30 | 0.64 | 1.10 |
| Up Capture | 436% | 261% | 157% | 28% | 21% | 206% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 23 | 34 | 64 | 118 | 373 |
| Down Capture | 317% | 168% | 53% | 51% | 142% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 19 | 29 | 58 | 127 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PHR | |
|---|---|---|---|---|
| PHR | -57.2% | 58.1% | -1.22 | - |
| Sector ETF (XLV) | 26.9% | 16.2% | 1.28 | 10.9% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 7.3% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | -6.7% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -4.6% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 5.6% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 4.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PHR | |
|---|---|---|---|---|
| PHR | -31.4% | 60.6% | -0.38 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 30.2% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 41.3% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 1.6% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 3.2% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 35.8% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PHR | |
|---|---|---|---|---|
| PHR | -8.4% | 59.2% | 0.04 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 30.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 40.2% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.4% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 8.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 34.7% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 20.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | -6.3% | -14.2% | |
| 5/27/2026 | 3.5% | 5.7% | 10.3% |
| 4/3/2026 | 9.3% | -3.7% | 15.5% |
| 12/8/2025 | -23.3% | -17.0% | -16.0% |
| 9/4/2025 | -9.9% | -18.4% | -25.4% |
| 5/28/2025 | -6.6% | 3.3% | 12.0% |
| 3/12/2025 | 6.9% | 21.8% | 0.8% |
| 12/9/2024 | 11.6% | 18.5% | 23.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 12 | 11 | 8 |
| Median Positive | 6.9% | 7.8% | 10.3% |
| Median Negative | -9.8% | -8.4% | -19.1% |
| Max Positive | 21.2% | 35.7% | 51.3% |
| Max Negative | -23.3% | -33.5% | -40.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | -6.3% | -14.2% | |
| 5/27/2026 | 3.5% | 5.7% | 10.3% |
| 4/3/2026 | 9.3% | -3.7% | 15.5% |
| 12/8/2025 | -23.3% | -17.0% | -16.0% |
| 9/4/2025 | -9.9% | -18.4% | -25.4% |
| 5/28/2025 | -6.6% | 3.3% | 12.0% |
| 3/12/2025 | 6.9% | 21.8% | 0.8% |
| 12/9/2024 | 11.6% | 18.5% | 23.3% |
| 9/4/2024 | 6.3% | -3.5% | -8.7% |
| 5/30/2024 | -11.2% | -7.3% | -3.0% |
| 3/14/2024 | 4.8% | 4.0% | 0.4% |
| 12/5/2023 | 21.2% | 35.7% | 51.3% |
| 9/6/2023 | -22.1% | -33.5% | -40.9% |
| 5/31/2023 | 2.9% | 7.5% | 3.3% |
| 3/22/2023 | -7.7% | -8.4% | 0.6% |
| 12/8/2022 | 15.7% | 27.3% | 27.6% |
| 9/7/2022 | 15.6% | 19.7% | 8.5% |
| 6/2/2022 | 6.9% | 2.8% | 36.4% |
| 3/30/2022 | -10.3% | -2.2% | -22.1% |
| 12/8/2021 | -21.2% | -22.9% | -33.7% |
| 9/1/2021 | -9.8% | 1.5% | -12.9% |
| 6/3/2021 | 9.3% | 17.1% | 27.4% |
| 3/30/2021 | -0.1% | 0.7% | 0.7% |
| 12/8/2020 | 1.4% | 8.0% | 10.3% |
| 9/8/2020 | -1.4% | -0.0% | 4.9% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 12 | 11 | 8 |
| Median Positive | 6.9% | 7.8% | 10.3% |
| Median Negative | -9.8% | -8.4% | -19.1% |
| Max Positive | 21.2% | 35.7% | 51.3% |
| Max Negative | -23.3% | -33.5% | -40.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/03/2026 | 10-Q |
| 04/30/2026 | 05/28/2026 | 10-Q |
| 01/31/2026 | 03/31/2026 | 10-K |
| 10/31/2025 | 12/09/2025 | 10-Q |
| 07/31/2025 | 09/05/2025 | 10-Q |
| 04/30/2025 | 05/28/2025 | 10-Q |
| 01/31/2025 | 03/13/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/05/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/15/2024 | 10-K |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/01/2023 | 10-Q |
| 01/31/2023 | 03/23/2023 | 10-K |
| 10/31/2022 | 12/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/03/2026 | 10-Q |
| 04/30/2026 | 05/28/2026 | 10-Q |
| 01/31/2026 | 03/31/2026 | 10-K |
| 10/31/2025 | 12/09/2025 | 10-Q |
| 07/31/2025 | 09/05/2025 | 10-Q |
| 04/30/2025 | 05/28/2025 | 10-Q |
| 01/31/2025 | 03/13/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/05/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/15/2024 | 10-K |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/01/2023 | 10-Q |
| 01/31/2023 | 03/23/2023 | 10-K |
| 10/31/2022 | 12/09/2022 | 10-Q |
| 07/31/2022 | 09/08/2022 | 10-Q |
| 04/30/2022 | 06/03/2022 | 10-Q |
| 01/31/2022 | 03/31/2022 | 10-K |
| 10/31/2021 | 12/09/2021 | 10-Q |
| 07/31/2021 | 09/02/2021 | 10-Q |
| 04/30/2021 | 06/04/2021 | 10-Q |
| 01/31/2021 | 03/31/2021 | 10-K |
| 10/31/2020 | 12/09/2020 | 10-Q |
| 07/31/2020 | 09/09/2020 | 10-Q |
| 04/30/2020 | 06/09/2020 | 10-Q |
| 01/31/2020 | 04/23/2020 | 10-K |
| 10/31/2019 | 12/10/2019 | 10-Q |
Recent Forward Guidance
Updated 9/3/2026Latest: Q2 2027 Earnings Reported 9/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 AHSC Growth | Reported | 5.0% | 0 | Affirmed | Guidance: 5.0% for 2027 | |||
| 2027 Revenue | Reported | 510.00 Mil | 515.00 Mil | 520.00 Mil | 0 | Affirmed | Guidance: 515.00 Mil for 2027 | |
| 2027 Total Revenue per AHSC Growth | Reported | 2.0% | 0 | Affirmed | Guidance: 2.0% for 2027 | |||
| 2027 Adjusted EBITDA | Reported | 125.00 Mil | 130.00 Mil | 135.00 Mil | 0 | Affirmed | Guidance: 130.00 Mil for 2027 | |
Prior: Q1 2027 Earnings Reported 5/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 AHSC Growth | Reported | 4.0% | 5.0% | 6.0% | 0 | Affirmed | Guidance: 5.0% for 2027 | |
| 2027 Revenue | Reported | 510.00 Mil | 515.00 Mil | 520.00 Mil | 0 | Affirmed | Guidance: 515.00 Mil for 2027 | |
| 2027 Total Revenue per AHSC Growth | Reported | 1.0% | 2.0% | 3.0% | 0 | Affirmed | Guidance: 2.0% for 2027 | |
| 2027 Adjusted EBITDA | Reported | 125.00 Mil | 130.00 Mil | 135.00 Mil | 0 | Affirmed | Guidance: 130.00 Mil for 2027 | |
Q4 2026 Earnings Reported 3/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue | Reported | 510.00 Mil | 515.00 Mil | 520.00 Mil | -6.7% | Lowered | Guidance: 552.00 Mil for 2027 | |
| 2027 Adjusted EBITDA | Reported | 125.00 Mil | 130.00 Mil | 135.00 Mil | 0 | Affirmed | Guidance: 130.00 Mil for 2027 | |
Q3 2026 Earnings Reported 12/8/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AHSCs | Reported | 4,515 | 0.3% | Raised | Guidance: 4,500 for 2026 | |||
| 2026 Revenue | Reported | 479.00 Mil | 480.00 Mil | 481.00 Mil | 0.6% | Raised | Guidance: 477.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 99.00 Mil | 100.00 Mil | 101.00 Mil | 11.7% | Raised | Guidance: 89.50 Mil for 2026 | |
| 2027 AHSC Growth | Reported | 5.0% | ||||||
| 2027 Revenue | Reported | 545.00 Mil | 552.00 Mil | 559.00 Mil | ||||
| 2027 Revenue per AHSC Growth | Reported | 10.0% | ||||||
| 2027 Adjusted EBITDA | Reported | 125.00 Mil | 130.00 Mil | 135.00 Mil | ||||
Insider Activity
Updated 9/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 9222026 | 10.08 | 6,662 | 67,153 | 2,687,066 | Form |
| 2 | Egbuonu-Davis, Lisa | Direct | Sell | 7162026 | 10.70 | 536 | 5,735 | 404,246 | Form | |
| 3 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 7072026 | 10.84 | 1,371 | 14,862 | 259,163 | Form |
| 4 | Egbuonu-Davis, Lisa | Direct | Sell | 6262026 | 9.53 | 2,546 | 24,263 | 365,151 | Form | |
| 5 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 5202026 | 8.85 | 431 | 3,814 | 214,462 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 9222026 | 10.08 | 6,662 | 67,153 | 2,687,066 | Form |
| 2 | Egbuonu-Davis, Lisa | Direct | Sell | 7162026 | 10.70 | 536 | 5,735 | 404,246 | Form | |
| 3 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 7072026 | 10.84 | 1,371 | 14,862 | 259,163 | Form |
| 4 | Egbuonu-Davis, Lisa | Direct | Sell | 6262026 | 9.53 | 2,546 | 24,263 | 365,151 | Form | |
| 5 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 5202026 | 8.85 | 431 | 3,814 | 214,462 | Form |
| 6 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 4212026 | 9.06 | 6,176 | 55,955 | 1,425,220 | Form |
| 7 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 4212026 | 9.28 | 1,327 | 12,315 | 228,882 | Form |
| 8 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 4172026 | 9.08 | 10,063 | 91,372 | 235,998 | Form |
| 9 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 4132026 | 8.07 | 14,483 | 116,878 | 1,319,324 | Form |
| 10 | Linetsky, David | President, Network Solutions | Direct | Sell | 4132026 | 8.07 | 8,332 | 67,239 | 1,808,132 | Form |
| 11 | Pale, Fire Capital SE | Pale Fire Capital SICAV a.s. | Buy | 4022026 | 8.31 | 106,236 | 882,407 | 74,126,369 | Form | |
| 12 | Pale, Fire Capital SE | Pale Fire Capital SICAV a.s. | Buy | 4022026 | 8.43 | 168,764 | 1,421,938 | 74,297,724 | Form | |
| 13 | Pale, Fire Capital SE | Pale Fire Capital SICAV a.s. | Buy | 4022026 | 8.16 | 1,000,500 | 8,160,478 | 70,547,387 | Form | |
| 14 | Gandhi, Balaji | Chief Financial Officer | Direct | Sell | 3272026 | 11.26 | 3,829 | 43,128 | 1,652,806 | Form |
| 15 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 3252026 | 11.97 | 6,176 | 73,927 | 1,956,915 | Form |
| 16 | Pale, Fire Capital SE | Pale Fire Capital SICAV a.s. | Buy | 3192026 | 11.69 | 780,009 | 9,118,227 | 89,414,046 | Form | |
| 17 | Pale, Fire Capital SE | Pale Fire Capital SICAV a.s. | Buy | 3192026 | 11.15 | 519,196 | 5,790,645 | 76,608,636 | Form | |
| 18 | Linetsky, David | President, Network Solutions | Spouse | Sell | 3192026 | 11.06 | 107 | 1,183 | 122,402 | Form |
| 19 | Pale, Fire Capital SE | Pale Fire Capital SICAV a.s. | Buy | 3192026 | 11.20 | 303,300 | 3,395,807 | 71,091,660 | Form | |
| 20 | Vanduyn, Amy Beth | SVP, Human Resources | Direct | Sell | 1202026 | 16.36 | 2,202 | 36,018 | 2,573,726 | Form |
| 21 | Roberts, Evan | President, Provider Solutions | Direct | Sell | 1202026 | 16.36 | 6,268 | 102,524 | 13,519,778 | Form |
| 22 | Linetsky, David | President, Network Solutions | Direct | Sell | 1202026 | 16.36 | 6,038 | 98,762 | 3,662,975 | Form |
| 23 | Indig, Chaim | Chief Executive Officer | Direct | Sell | 1202026 | 16.36 | 9,595 | 156,943 | 22,270,356 | Form |
| 24 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 1202026 | 16.36 | 3,995 | 65,345 | 2,775,111 | Form |
| 25 | Gandhi, Balaji | Chief Financial Officer | Direct | Sell | 1202026 | 16.36 | 4,687 | 76,664 | 2,462,827 | Form |
| 26 | Vanduyn, Amy Beth | SVP, Human Resources | Direct | Sell | 1202026 | 16.38 | 687 | 11,253 | 2,613,366 | Form |
| 27 | Roberts, Evan | President, Provider Solutions | Direct | Sell | 1202026 | 16.38 | 1,810 | 29,647 | 13,641,208 | Form |
| 28 | Linetsky, David | President, Network Solutions | Direct | Sell | 1202026 | 16.38 | 1,743 | 28,549 | 3,766,957 | Form |
| 29 | Indig, Chaim | Chief Executive Officer | Direct | Sell | 1202026 | 16.38 | 3,038 | 49,761 | 22,458,424 | Form |
| 30 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 1202026 | 16.38 | 1,106 | 18,116 | 2,844,398 | Form |
| 31 | Gandhi, Balaji | Chief Financial Officer | Direct | Sell | 1202026 | 16.38 | 975 | 15,970 | 2,543,016 | Form |
| 32 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 1162026 | 16.17 | 379 | 6,128 | 471,614 | Form |
| 33 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 1162026 | 16.36 | 365 | 5,971 | 483,324 | Form |
| 34 | Vanduyn, Amy Beth | SVP, Human Resources | Direct | Sell | 1122026 | 17.01 | 2,602 | 44,252 | 2,725,184 | Form |
| 35 | Roberts, Evan | President, Provider Solutions | Direct | Sell | 1122026 | 17.01 | 6,317 | 107,434 | 14,194,670 | Form |
| 36 | Linetsky, David | President, Network Solutions | Direct | Sell | 1122026 | 17.01 | 6,106 | 103,845 | 3,940,936 | Form |
| 37 | Indig, Chaim | Chief Executive Officer | Direct | Sell | 1122026 | 17.01 | 8,440 | 143,540 | 23,370,613 | Form |
| 38 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 1122026 | 17.47 | 372 | 6,499 | 522,528 | Form |
| 39 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 1122026 | 17.01 | 6,585 | 111,992 | 2,972,195 | Form |
| 40 | Gandhi, Balaji | Chief Financial Officer | Direct | Sell | 1122026 | 17.01 | 8,009 | 136,210 | 2,657,036 | Form |
| 41 | Linetsky, David | President, Network Solutions | Spouse | Sell | 12192025 | 16.49 | 94 | 1,550 | 161,384 | Form |
| 42 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 12192025 | 16.25 | 426 | 6,922 | 486,038 | Form |
| 43 | Gandhi, Balaji | Chief Financial Officer | Direct | Sell | 10212025 | 22.36 | 885 | 19,790 | 2,196,764 | Form |
| 44 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 10212025 | 22.36 | 1,241 | 27,750 | 3,035,242 | Form |
| 45 | Indig, Chaim | Chief Executive Officer | Direct | Sell | 10212025 | 22.36 | 3,163 | 70,728 | 28,009,818 | Form |
| 46 | Linetsky, David | President, Network Solutions | Direct | Sell | 10212025 | 22.36 | 2,059 | 46,042 | 3,842,303 | Form |
| 47 | Roberts, Evan | President, Provider Solutions | Direct | Sell | 10212025 | 22.36 | 1,888 | 42,218 | 16,210,730 | Form |
| 48 | Vanduyn, Amy Beth | SVP, Human Resources | Direct | Sell | 10212025 | 22.36 | 639 | 14,289 | 2,500,877 | Form |
| 49 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 10172025 | 23.05 | 302 | 6,960 | 699,184 | Form |
| 50 | Linetsky, David | President, Network Solutions | Spouse | Sell | 9222025 | 23.94 | 93 | 2,226 | 236,586 | Form |
| 51 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 9182025 | 23.50 | 2,059 | 48,386 | 3,218,983 | Form |
| 52 | Linetsky, David | President, Network Solutions | Direct | Sell | 9182025 | 23.50 | 1,064 | 25,004 | 4,086,368 | Form |
| 53 | Gandhi, Balaji | Chief Financial Officer | Direct | Sell | 9182025 | 23.28 | 4,183 | 97,399 | 2,308,066 | Form |
| 54 | Hoffman, Allison C | General Counsel & Secretary | Direct | Sell | 9182025 | 23.28 | 3,133 | 72,950 | 3,237,393 | Form |
| 55 | Hui, Yvonne | Principal Accounting Officer | Direct | Sell | 9182025 | 23.28 | 940 | 21,887 | 713,387 | Form |
| 56 | Indig, Chaim | Chief Executive Officer | Direct | Sell | 9182025 | 23.28 | 6,328 | 147,344 | 29,239,874 | Form |
| 57 | Linetsky, David | President, Network Solutions | Direct | Sell | 9182025 | 23.28 | 2,165 | 50,411 | 4,073,652 | Form |
| 58 | Roberts, Evan | President, Provider Solutions | Direct | Sell | 9182025 | 23.28 | 3,761 | 87,573 | 16,923,963 | Form |
| 59 | Vanduyn, Amy Beth | SVP, Human Resources | Direct | Sell | 9182025 | 23.28 | 1,762 | 41,027 | 2,619,006 | Form |
Investor Activity (13F)
Updated Sep 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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Industry Resources
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| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
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| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Technology Resources |
| Healthcare IT News |
| MobiHealthNews |
| HealthTech Magazine |
External Quote Links
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| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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