Phreesia (PHR)


Market Price (11/10/2026): $12.91 | Market Cap: $801.3 MilSector: Health Care | Industry: Health Care Technology

Phreesia (PHR)


Market Price (11/10/2026): $12.91
Market Cap: $801.3 Mil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/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 yield
FCF Yield is 8.5%

Megatrend and thematic drivers
Megatrends include Cloud Computing, Fintech & Digital Payments, and Digital Health & Telemedicine. Themes include Software as a Service (SaaS), Show more.

Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -85%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 62x, P/EPrice/Earnings or Price/(Net Income) is 76x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53%

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 -3.1%

Key risks
PHR key risks include [1] a history of cybersecurity incidents, Show more.

0 Attractive cash flow generation
CFO/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%
1 Attractive yield
FCF Yield is 8.5%
2 Megatrend and thematic drivers
Megatrends include Cloud Computing, Fintech & Digital Payments, and Digital Health & Telemedicine. Themes include Software as a Service (SaaS), Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -85%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 62x, P/EPrice/Earnings or Price/(Net Income) is 76x
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53%
7 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 -3.1%
8 Key risks
PHR key risks include [1] a history of cybersecurity incidents, Show more.

PHR in ETFs

Weight = PHR's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
IHF0.08%
NUSC0.05%
IWO0.04%
VTWO0.02%
SCHA0.02%
+5 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/6/2026

Phreesia (PHR) stock has gained about 20% since 7/31/2026 because of the following key factors:

1. Fiscal Second Quarter 2027 Revenue Outperformance and Enhanced Profitability.

Phreesia reported robust total revenue of $129.5 million for its fiscal second quarter, which ended July 31, 2026, surpassing the consensus estimate of $129.07 million with a 10% year-over-year increase. Concurrently, the company demonstrated improved operational efficiency and profitability, with Adjusted EBITDA significantly rising to $32.9 million, compared to $22.1 million in the same period of the prior fiscal year. This financial strength was further highlighted by a net income of $1.9 million and the generation of $13.8 million in free cash flow, enabling a reduction of over $23 million in debt principal. Management also reaffirmed its fiscal 2027 revenue guidance of $510 million to $520 million and Adjusted EBITDA guidance of $125 million to $135 million.

2. Significant Contribution from Payment Solutions, Bolstered by AccessOne Acquisition.

A core driver of Phreesia's revenue growth was the strong performance of its Payment Solutions segment, which saw a 36% year-over-year surge in revenue during fiscal Q2 2027. This growth was largely propelled by the AccessOne acquisition, completed in November 2025, which continued to integrate successfully and expand Phreesia's offerings. AccessOne is anticipated to contribute approximately $37 million to the company's total revenue for fiscal year 2027.

Show more
Updated on 11/6/2026

Phreesia (PHR) stock has gained about 20% since 7/31/2026 because of the following key factors:

1. Fiscal Second Quarter 2027 Revenue Outperformance and Enhanced Profitability.

Phreesia reported robust total revenue of $129.5 million for its fiscal second quarter, which ended July 31, 2026, surpassing the consensus estimate of $129.07 million with a 10% year-over-year increase. Concurrently, the company demonstrated improved operational efficiency and profitability, with Adjusted EBITDA significantly rising to $32.9 million, compared to $22.1 million in the same period of the prior fiscal year. This financial strength was further highlighted by a net income of $1.9 million and the generation of $13.8 million in free cash flow, enabling a reduction of over $23 million in debt principal. Management also reaffirmed its fiscal 2027 revenue guidance of $510 million to $520 million and Adjusted EBITDA guidance of $125 million to $135 million.

2. Significant Contribution from Payment Solutions, Bolstered by AccessOne Acquisition.

A core driver of Phreesia's revenue growth was the strong performance of its Payment Solutions segment, which saw a 36% year-over-year surge in revenue during fiscal Q2 2027. This growth was largely propelled by the AccessOne acquisition, completed in November 2025, which continued to integrate successfully and expand Phreesia's offerings. AccessOne is anticipated to contribute approximately $37 million to the company's total revenue for fiscal year 2027.

3. Favorable Analyst Sentiment and Attractive Price Targets.

Positive sentiment from Wall Street analysts played a role in the stock's upward trend. As of October 2026, analysts maintained a predominantly "Buy" consensus rating for Phreesia. The average price target of $13.93 suggested a potential upside of 10.49% to 23.52% from the stock's trading levels at that time, indicating confidence in its future performance and growth trajectory.

4. Strategic Business Achievements and Industry Recognition.

Phreesia received notable industry accolades, being named to TIME's 2026 List of the World's Top HealthTech Companies in October 2026, marking its second consecutive year on the prestigious list. The company also continued to invest strategically in key areas such as artificial intelligence (AI) capabilities and the expansion of product offerings like ProviderConnect, enhancing its market position and signaling potential for sustained long-term growth.

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Stock Movement Drivers

Fundamental Drivers

The 20.2% change in PHR stock from 7/31/2026 to 11/9/2026 was primarily driven by a 11.0% change in the company's Net Income Margin (%).
(LTM values as of)731202611092026Change
Stock Price ($)10.7312.9020.2%
Change Contribution By: 
Total Revenues ($ Mil)4965082.5%
Net Income Margin (%)1.9%2.1%11.0%
P/E Multiple71.276.47.3%
Shares Outstanding (Mil)6162-1.5%
Cumulative Contribution20.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
PHR20.2% 
Market (SPY)0.8%35.5%
Sector (XLV)15.9%45.0%

Fundamental Drivers

The 40.1% change in PHR stock from 4/30/2026 to 11/9/2026 was primarily driven by a 328.8% change in the company's Net Income Margin (%).
(LTM values as of)430202611092026Change
Stock Price ($)9.2112.9040.1%
Change Contribution By: 
Total Revenues ($ Mil)4815085.7%
Net Income Margin (%)0.5%2.1%328.8%
P/E Multiple241.376.4-68.3%
Shares Outstanding (Mil)6062-2.4%
Cumulative Contribution40.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
PHR40.1% 
Market (SPY)5.0%15.4%
Sector (XLV)29.6%32.0%

Fundamental Drivers

The -43.0% change in PHR stock from 10/31/2025 to 11/9/2026 was primarily driven by a -47.6% change in the company's P/S Multiple.
(LTM values as of)1031202511092026Change
Stock Price ($)22.6412.90-43.0%
Change Contribution By: 
Total Revenues ($ Mil)45050812.9%
P/S Multiple3.01.6-47.6%
Shares Outstanding (Mil)6062-3.7%
Cumulative Contribution-43.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
PHR-43.0% 
Market (SPY)11.3%8.2%
Sector (XLV)32.2%16.4%

Fundamental Drivers

The -5.6% change in PHR stock from 10/31/2023 to 11/9/2026 was primarily driven by a -31.7% change in the company's P/S Multiple.
(LTM values as of)1031202311092026Change
Stock Price ($)13.6612.90-5.6%
Change Contribution By: 
Total Revenues ($ Mil)31950859.0%
P/S Multiple2.31.6-31.7%
Shares Outstanding (Mil)5462-13.1%
Cumulative Contribution-5.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
PHR-5.6% 
Market (SPY)86.2%30.5%
Sector (XLV)58.4%22.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PHR Return-23%-22%-28%9%-33%-24%-76%
Peers Return-32%-57%-2%-13%-22%46%-71%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
PHR Win Rate42%42%42%50%25%64% 
Peers Win Rate37%30%50%43%37%55% 
S&P 500 Win Rate75%42%67%75%67%36% 

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 11/9/2026 (YTD)

How Low Can It Go

EventPHRS&P 500
2025 US Tariff Shock
  % Loss-26.0%-18.8%
  % Gain to Breakeven35.1%23.1%
  Time to Breakeven165 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-59.1%-9.5%
  % Gain to Breakeven144.6%10.5%
  Time to Breakeven665 days24 days
2020 COVID-19 Crash
  % Loss-50.3%-33.7%
  % Gain to Breakeven101.1%50.9%
  Time to Breakeven211 days140 days

Compare to TDOC, DOCS, VEEV, AMWL, GDRX

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.

EventPHRS&P 500
2025 US Tariff Shock
  % Loss-26.0%-18.8%
  % Gain to Breakeven35.1%23.1%
  Time to Breakeven165 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-59.1%-9.5%
  % Gain to Breakeven144.6%10.5%
  Time to Breakeven665 days24 days
2020 COVID-19 Crash
  % Loss-50.3%-33.7%
  % Gain to Breakeven101.1%50.9%
  Time to Breakeven211 days140 days

Compare to TDOC, DOCS, VEEV, AMWL, GDRX

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

Major Suppliers:

  • Amazon Web Services (parent company: Amazon.com, Inc., AMZN)

AI Analysis | Feedback

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.

AI Analysis | Feedback

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Key Risks to the Business of Phreesia (PHR)

  1. 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.
  2. 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.
  3. 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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AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

Phreesia (PHR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Better Bets vs. Phreesia (PHR)

Peer Outperformance in Health Care Technology

PHR has outperformed 50% of its 20 Health Care Technology peers over 5Y. Among the peers that beat it are VEEV and DOCS. Health Care Technology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Health Care Technology constituents that PHR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
34%
of 32 industry peers · -41.4% return
3Y
67%
of 24 industry peers · -13.7% return
5Y
50%
of 20 industry peers · -82.6% return
Health Care Technology peers with revenue growth within 4pp of PHR's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
PHR Phreesia 16.8% 76.4x -41.4%-13.7%-82.6% —
VEEV Veeva Systems 15.7% 49.0x 3.9%85.6%-4.3% +78pp
DOCS Doximity 14.0% 42.0x -39.5%37.9%-57.0% +26pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Technology is PHR's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 9.8%58.5%102.8% CAH 516% · MCK 395% · COR 192%
Health Care Services 20 34.0%25.5%10.9% HIMS 177% · RDNT 147% · DGX 101%
Managed Health Care 8 52.2%-4.3%-3.7% OSCR 98% · HQY 50% · ELV 5%
Health Care Facilities 26 23.0%20.7%-4.3% THC 263% · NHC 228% · EHC 190%
Health Care Equipment 50 11.7%22.1%-13.2% UFPT 383% · GKOS 358% · TMDX 202%
Pharmaceuticals 59 -11.8%20.4%-37.9% LQDA 1097% · XERS 709% · KNSA 590%
Health Care Supplies 11 29.2%20.4%-40.8% LNTH 235% · HAE 96% · MMSI 30%
Life Sciences Tools & Services 109 -0.8%-9.6%-74.3% AXGN 278% · MEDP 201% · NTRA 183%
Biotechnology 365 -21.2%-29.6%-80.6% ELVN 1218% · TRVI 1187% · DNTH 1113%
Health Care Technology ← 21 -19.4%-44.4%-82.6% VEEV -4% · DOCS -57%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PHRTDOCDOCSVEEVAMWLGDRXMedian
NamePhreesia Teladoc .Doximity Veeva Sy.American.GoodRx  
Mkt Price12.918.9432.87306.3012.403.5912.66
Mkt Cap0.81.65.949.70.21.21.4
Rev LTM5082,4686623,458211785723
Op Inc LTM13-1321741,035-647544
FCF LTM681262971,665-28132129
FCF 3Y Avg231582751,337-87105131
CFO LTM912683061,665-19202235
CFO 3Y Avg483002831,337-79174228

Growth & Margins

PHRTDOCDOCSVEEVAMWLGDRXMedian
NamePhreesia Teladoc .Doximity Veeva Sy.American.GoodRx  
Rev Chg LTM12.9%-2.4%6.5%16.5%-20.3%-1.8%2.3%
Rev Chg 3Y Avg16.8%-1.5%14.0%15.7%-7.0%1.8%7.9%
Rev Chg Q10.4%-3.4%3.6%17.6%-13.0%-1.3%1.1%
QoQ Delta Rev Chg LTM2.5%-0.9%0.9%4.2%-3.3%-0.3%0.3%
Op Inc Chg LTM147.8%25.9%-29.4%29.5%48.1%-15.6%27.7%
Op Inc Chg 3Y Avg85.8%14.2%11.4%38.0%35.7%33.0%34.4%
Op Mgn LTM2.5%-5.4%26.3%29.9%-30.2%9.5%6.0%
Op Mgn 3Y Avg-9.5%-6.7%35.0%26.5%-55.9%5.6%-0.5%
QoQ Delta Op Mgn LTM1.8%0.5%-3.3%1.1%7.1%-0.4%0.8%
CFO/Rev LTM18.0%10.9%46.2%48.2%-9.1%25.7%21.8%
CFO/Rev 3Y Avg9.9%11.8%47.0%44.1%-31.2%22.0%16.9%
FCF/Rev LTM13.3%5.1%44.9%48.2%-13.2%16.8%15.0%
FCF/Rev 3Y Avg4.4%6.2%45.7%44.1%-34.8%13.3%9.7%

Valuation

PHRTDOCDOCSVEEVAMWLGDRXMedian
NamePhreesia Teladoc .Doximity Veeva Sy.American.GoodRx  
Mkt Cap0.81.65.949.70.21.21.4
P/S1.60.78.914.41.01.61.6
P/Op Inc63.7-12.333.748.1-3.316.325.0
P/EBIT61.8-11.833.748.1-3.314.824.3
P/E76.5-10.542.049.0-3.775.045.5
P/CFO8.76.119.229.9-11.06.07.4
Total Yield1.3%-9.5%2.4%2.0%-26.9%1.3%1.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg3.4%11.8%3.6%4.0%-65.0%7.4%3.8%
D/E0.10.60.00.00.00.40.0
Net D/E-0.00.1-0.1-0.1-0.80.2-0.1

Returns

PHRTDOCDOCSVEEVAMWLGDRXMedian
NamePhreesia Teladoc .Doximity Veeva Sy.American.GoodRx  
1M Rtn19.4%54.9%7.8%3.4%-2.4%4.7%6.2%
3M Rtn3.8%26.3%28.2%30.5%-8.7%-1.9%15.0%
6M Rtn34.9%29.2%25.2%92.2%52.1%26.4%32.0%
12M Rtn-41.4%18.7%-39.5%3.9%194.5%15.4%9.7%
3Y Rtn-13.6%-43.9%37.9%85.5%-44.6%-25.1%-19.3%
1M Excs Rtn25.0%60.5%13.3%9.0%3.2%10.1%11.7%
3M Excs Rtn9.8%35.8%30.4%34.0%-0.0%-1.1%20.1%
6M Excs Rtn35.4%29.7%25.7%92.7%52.6%26.9%32.5%
12M Excs Rtn-51.8%7.6%-57.2%-4.6%193.5%4.0%-0.3%
3Y Excs Rtn-85.1%-117.7%-14.3%-9.5%-124.2%-101.8%-93.4%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Technology solutions segment481420356281213
Total481420356281213


Net Income by Segment
$ Mil202620252024
Technology solutions segment2-59-137
Total2-59-137


Price Behavior

Price Behavior
Market Price$12.90 
Market Cap ($ Bil)0.8 
First Trading Date07/18/2019 
Distance from 52W High-44.3% 
   50 Days200 Days
DMA Price$11.14$10.83
DMA Trendindeterminatedown
Distance from DMA15.7%19.2%
 3M1YR
Volatility43.2%59.1%
Downside Capture89.06144.57
Upside Capture131.5261.58
Correlation (S&P 500)29.5%7.8%
PHR Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.210.361.080.280.211.08
Up Beta-7.40-3.58-0.74-0.85-2.310.53
Down Beta0.390.830.590.410.411.10
Up Capture231%85%215%79%44%203%
Bmk +ve Days12182862130427
Stock +ve Days13223466124381
Down Capture-85%63%120%26%127%110%
Bmk -ve Days10253664121325
Stock -ve Days9213057121358

[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-42.2%59.1%-0.68-
Sector ETF (XLV)30.8%17.0%1.4016.4%
Equity (SPY)13.3%13.7%0.657.9%
Gold (GLD)3.7%28.8%0.12-5.4%
Commodities (DBC)38.2%21.3%1.42-8.2%
Real Estate (VNQ)13.7%14.3%0.659.5%
Bitcoin (BTCUSD)-25.3%43.6%-0.554.0%

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-28.6%60.6%-0.31-
Sector ETF (XLV)8.8%15.4%0.3730.3%
Equity (SPY)11.8%17.3%0.5140.9%
Gold (GLD)17.8%19.1%0.751.7%
Commodities (DBC)8.0%19.6%0.292.4%
Real Estate (VNQ)1.5%18.9%-0.0336.1%
Bitcoin (BTCUSD)4.4%51.6%0.2723.1%

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-6.2%59.0%0.10-
Sector ETF (XLV)12.6%16.8%0.6231.2%
Equity (SPY)15.3%18.0%0.7240.1%
Gold (GLD)12.1%16.5%0.602.6%
Commodities (DBC)7.6%18.1%0.338.4%
Real Estate (VNQ)6.1%20.7%0.2534.9%
Bitcoin (BTCUSD)60.0%66.3%1.0020.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity3.1 Mil
Short Interest: % Change Since 93020262.1%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest5.1 days
Basic Shares Quantity61.9 Mil
Short % of Basic Shares5.0%

Earnings Returns History

Updated 10/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/2026-6.3%-14.2%-15.0%
5/27/20263.5%5.7%10.3%
4/3/20269.3%-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%
3/12/20256.9%21.8%0.8%
12/9/202411.6%18.5%23.3%
...
SUMMARY STATS   
# Positive131415
# Negative11109
Median Positive6.9%7.8%10.3%
Median Negative-9.9%-11.3%-16.0%
Max Positive21.2%35.7%51.3%
Max Negative-23.3%-33.5%-40.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/2/2026-6.3%-14.2%-15.0%
5/27/20263.5%5.7%10.3%
4/3/20269.3%-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%
3/12/20256.9%21.8%0.8%
12/9/202411.6%18.5%23.3%
9/4/20246.3%-3.5%-8.7%
5/30/2024-11.2%-7.3%-3.0%
3/14/20244.8%4.0%0.4%
12/5/202321.2%35.7%51.3%
9/6/2023-22.1%-33.5%-40.9%
5/31/20232.9%7.5%3.3%
3/22/2023-7.7%-8.4%0.6%
12/8/202215.7%27.3%27.6%
9/7/202215.6%19.7%8.5%
6/2/20226.9%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%
6/3/20219.3%17.1%27.4%
3/30/2021-0.1%0.7%0.7%
12/8/20201.4%8.0%10.3%
SUMMARY STATS   
# Positive131415
# Negative11109
Median Positive6.9%7.8%10.3%
Median Negative-9.9%-11.3%-16.0%
Max Positive21.2%35.7%51.3%
Max Negative-23.3%-33.5%-40.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202609/03/202610-Q
04/30/202605/28/202610-Q
01/31/202603/31/202610-K
10/31/202512/09/202510-Q
07/31/202509/05/202510-Q
04/30/202505/28/202510-Q
01/31/202503/13/202510-K
10/31/202412/09/202410-Q
07/31/202409/05/202410-Q
04/30/202405/31/202410-Q
01/31/202403/15/202410-K
10/31/202312/06/202310-Q
07/31/202309/07/202310-Q
04/30/202306/01/202310-Q
01/31/202303/23/202310-K
10/31/202212/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202609/03/202610-Q
04/30/202605/28/202610-Q
01/31/202603/31/202610-K
10/31/202512/09/202510-Q
07/31/202509/05/202510-Q
04/30/202505/28/202510-Q
01/31/202503/13/202510-K
10/31/202412/09/202410-Q
07/31/202409/05/202410-Q
04/30/202405/31/202410-Q
01/31/202403/15/202410-K
10/31/202312/06/202310-Q
07/31/202309/07/202310-Q
04/30/202306/01/202310-Q
01/31/202303/23/202310-K
10/31/202212/09/202210-Q
07/31/202209/08/202210-Q
04/30/202206/03/202210-Q
01/31/202203/31/202210-K
10/31/202112/09/202110-Q
07/31/202109/02/202110-Q
04/30/202106/04/202110-Q
01/31/202103/31/202110-K
10/31/202012/09/202010-Q
07/31/202009/09/202010-Q
04/30/202006/09/202010-Q
01/31/202004/23/202010-K
10/31/201912/10/201910-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2027 Earnings Reported 9/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 AHSC GrowthReported 5.0%  0AffirmedGuidance: 5.0% for 2027
2027 RevenueReported510.00 Mil515.00 Mil520.00 Mil0 AffirmedGuidance: 515.00 Mil for 2027
2027 Total Revenue per AHSC GrowthReported 2.0%  0AffirmedGuidance: 2.0% for 2027
2027 Adjusted EBITDAReported125.00 Mil130.00 Mil135.00 Mil0 AffirmedGuidance: 130.00 Mil for 2027


Prior: Q1 2027 Earnings Reported 5/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 AHSC GrowthReported4.0%5.0%6.0% 0AffirmedGuidance: 5.0% for 2027
2027 RevenueReported510.00 Mil515.00 Mil520.00 Mil0 AffirmedGuidance: 515.00 Mil for 2027
2027 Total Revenue per AHSC GrowthReported1.0%2.0%3.0% 0AffirmedGuidance: 2.0% for 2027
2027 Adjusted EBITDAReported125.00 Mil130.00 Mil135.00 Mil0 AffirmedGuidance: 130.00 Mil for 2027

Q3 2026 Earnings Reported 12/8/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 AHSCsReported 4515 0.3% RaisedGuidance: 4500 for 2026
2026 RevenueReported479.00 Mil480.00 Mil481.00 Mil0.6% RaisedGuidance: 477.00 Mil for 2026
2026 Adjusted EBITDAReported99.00 Mil100.00 Mil101.00 Mil11.7% RaisedGuidance: 89.50 Mil for 2026
2027 AHSC GrowthReported 5.0%    
2027 RevenueReported545.00 Mil552.00 Mil559.00 Mil   
2027 Revenue per AHSC GrowthReported 10.0%    
2027 Adjusted EBITDAReported125.00 Mil130.00 Mil135.00 Mil   

Insider Activity

Updated 10/27/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Linetsky, DavidPresident, Network SolutionsSpouseBuy102620269.7570682216,762Form
2Hoffman, Allison CGeneral Counsel & SecretaryDirectSell922202610.086,66267,1532,687,066Form
3Egbuonu-Davis, Lisa DirectSell716202610.705365,735404,246Form
4Hui, YvonnePrincipal Accounting OfficerDirectSell707202610.841,37114,862259,163Form
5Egbuonu-Davis, Lisa DirectSell62620269.532,54624,263365,151Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Linetsky, DavidPresident, Network SolutionsSpouseBuy102620269.7570682216,762Form
2Hoffman, Allison CGeneral Counsel & SecretaryDirectSell922202610.086,66267,1532,687,066Form
3Egbuonu-Davis, Lisa DirectSell716202610.705365,735404,246Form
4Hui, YvonnePrincipal Accounting OfficerDirectSell707202610.841,37114,862259,163Form
5Egbuonu-Davis, Lisa DirectSell62620269.532,54624,263365,151Form
6Hui, YvonnePrincipal Accounting OfficerDirectSell52020268.854313,814214,462Form
7Hoffman, Allison CGeneral Counsel & SecretaryDirectSell42120269.066,17655,9551,425,220Form
8Hui, YvonnePrincipal Accounting OfficerDirectSell42120269.281,32712,315228,882Form
9Hui, YvonnePrincipal Accounting OfficerDirectSell41720269.0810,06391,372235,998Form
10Hoffman, Allison CGeneral Counsel & SecretaryDirectSell41320268.0714,483116,8781,319,324Form
11Linetsky, DavidPresident, Network SolutionsDirectSell41320268.078,33267,2391,808,132Form
12Pale, Fire Capital SEPale Fire Capital SICAV a.s.Buy40220268.31106,236882,40774,126,369Form
13Pale, Fire Capital SEPale Fire Capital SICAV a.s.Buy40220268.43168,7641,421,93874,297,724Form
14Pale, Fire Capital SEPale Fire Capital SICAV a.s.Buy40220268.161,000,5008,160,47870,547,387Form
15Gandhi, BalajiChief Financial OfficerDirectSell327202611.263,82943,1281,652,806Form
16Hoffman, Allison CGeneral Counsel & SecretaryDirectSell325202611.976,17673,9271,956,915Form
17Pale, Fire Capital SEPale Fire Capital SICAV a.s.Buy319202611.69780,0099,118,22789,414,046Form
18Pale, Fire Capital SEPale Fire Capital SICAV a.s.Buy319202611.15519,1965,790,64576,608,636Form
19Linetsky, DavidPresident, Network SolutionsSpouseSell319202611.061071,183122,402Form
20Pale, Fire Capital SEPale Fire Capital SICAV a.s.Buy319202611.20303,3003,395,80771,091,660Form
21Vanduyn, Amy BethSVP, Human ResourcesDirectSell120202616.362,20236,0182,573,726Form
22Roberts, EvanPresident, Provider SolutionsDirectSell120202616.366,268102,52413,519,778Form
23Linetsky, DavidPresident, Network SolutionsDirectSell120202616.366,03898,7623,662,975Form
24Indig, ChaimChief Executive OfficerDirectSell120202616.369,595156,94322,270,356Form
25Hoffman, Allison CGeneral Counsel & SecretaryDirectSell120202616.363,99565,3452,775,111Form
26Gandhi, BalajiChief Financial OfficerDirectSell120202616.364,68776,6642,462,827Form
27Vanduyn, Amy BethSVP, Human ResourcesDirectSell120202616.3868711,2532,613,366Form
28Roberts, EvanPresident, Provider SolutionsDirectSell120202616.381,81029,64713,641,208Form
29Linetsky, DavidPresident, Network SolutionsDirectSell120202616.381,74328,5493,766,957Form
30Indig, ChaimChief Executive OfficerDirectSell120202616.383,03849,76122,458,424Form
31Hoffman, Allison CGeneral Counsel & SecretaryDirectSell120202616.381,10618,1162,844,398Form
32Gandhi, BalajiChief Financial OfficerDirectSell120202616.3897515,9702,543,016Form
33Hui, YvonnePrincipal Accounting OfficerDirectSell116202616.173796,128471,614Form
34Hui, YvonnePrincipal Accounting OfficerDirectSell116202616.363655,971483,324Form
35Vanduyn, Amy BethSVP, Human ResourcesDirectSell112202617.012,60244,2522,725,184Form
36Roberts, EvanPresident, Provider SolutionsDirectSell112202617.016,317107,43414,194,670Form
37Linetsky, DavidPresident, Network SolutionsDirectSell112202617.016,106103,8453,940,936Form
38Indig, ChaimChief Executive OfficerDirectSell112202617.018,440143,54023,370,613Form
39Hui, YvonnePrincipal Accounting OfficerDirectSell112202617.473726,499522,528Form
40Hoffman, Allison CGeneral Counsel & SecretaryDirectSell112202617.016,585111,9922,972,195Form
41Gandhi, BalajiChief Financial OfficerDirectSell112202617.018,009136,2102,657,036Form
42Linetsky, DavidPresident, Network SolutionsSpouseSell1219202516.49941,550161,384Form
43Hui, YvonnePrincipal Accounting OfficerDirectSell1219202516.254266,922486,038Form
44Gandhi, BalajiChief Financial OfficerDirectSell1021202522.3688519,7902,196,764Form
45Hoffman, Allison CGeneral Counsel & SecretaryDirectSell1021202522.361,24127,7503,035,242Form
46Indig, ChaimChief Executive OfficerDirectSell1021202522.363,16370,72828,009,818Form
47Linetsky, DavidPresident, Network SolutionsDirectSell1021202522.362,05946,0423,842,303Form
48Roberts, EvanPresident, Provider SolutionsDirectSell1021202522.361,88842,21816,210,730Form
49Vanduyn, Amy BethSVP, Human ResourcesDirectSell1021202522.3663914,2892,500,877Form
50Hui, YvonnePrincipal Accounting OfficerDirectSell1017202523.053026,960699,184Form

Investor Activity (13F)

Updated Nov 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Prosight Management, LP$9.2 Mil1.5%46ADD +12.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Prosight Management, LP$9.2 Mil1.5%46ADD +12.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Greenhouse Funds LLLP$41.8 Mil1.6%33Exited13F
Park West Asset Management LLC$8.8 Mil0.7%47Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Prosight Management, LP$9.2 Mil1.5%46ADD +12.6%13F
Core Cache Last Updated: 11/9/2026