Phreesia Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Phreesia has an operating margin of -13.8%, meaning the company retains $-14 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -38.3% the prior year.
Phreesia's revenue surged 17.8% year-over-year to $419.8M, reflecting rapid business expansion. This strong growth earns a score of 80/100.
Phreesia carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Phreesia's current ratio of 1.95 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.
Phreesia's free cash flow margin of 5.6% results in a low score of 28/100. Capital expenditures of $8.7M absorb a large share of operating cash flow.
Phreesia passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Phreesia generates $-0.55 in operating cash flow ($32.4M OCF vs -$58.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Phreesia earns $-24.8 in operating income for every $1 of interest expense (-$58.1M vs $2.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Phreesia (PHR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Phreesia generated $419.8M in revenue in fiscal year 2025. This represents an increase of 17.8% from the prior year.
Phreesia's EBITDA was -$30.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 71.8% from the prior year.
Phreesia generated $23.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 162.0% from the prior year.
Phreesia reported -$58.5M in net income in fiscal year 2025. This represents an increase of 57.2% from the prior year.
Phreesia earned $-1.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 59.4% from the prior year.
Phreesia held $90.9M in cash against $1.6M in long-term debt as of fiscal year 2025.
Phreesia had 59M shares outstanding in fiscal year 2025. This represents an increase of 4.2% from the prior year.
Phreesia's gross margin was 84.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.3 percentage points from the prior year.
Phreesia's operating margin was -13.8% in fiscal year 2025, reflecting core business profitability. This is up 24.5 percentage points from the prior year.
Phreesia's net profit margin was -13.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 24.5 percentage points from the prior year.
Phreesia invested $117.4M in research and development in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Phreesia invested $8.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 50.0% from the prior year.
PHR Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $120.3M+2.6% | $117.3M+1.1% | $115.9M+8.6% | $106.8M+4.6% | $102.1M+0.9% | $101.2M+6.5% | $95.0M+3.7% | $91.6M |
| Cost of Revenue | $18.3M+5.4% | $17.4M+4.6% | $16.6M-6.8% | $17.9M+10.6% | $16.1M+2.7% | $15.7M-2.6% | $16.1M+3.9% | $15.5M |
| Gross Profit | $102.0M+2.1% | $99.9M+0.6% | $99.3M+11.6% | $88.9M+3.5% | $86.0M+0.6% | $85.5M+8.4% | $78.9M+3.6% | $76.1M |
| R&D Expenses | $29.5M+0.6% | $29.3M-8.0% | $31.8M+8.6% | $29.3M-0.8% | $29.5M+2.3% | $28.9M-3.3% | $29.9M+4.6% | $28.5M |
| SG&A Expenses | $17.5M-8.2% | $19.0M+16.1% | $16.4M-16.4% | $19.6M+0.7% | $19.5M+2.3% | $19.1M+1.2% | $18.8M-7.0% | $20.2M |
| Operating Income | $3.7M+348.1% | -$1.5M+54.2% | -$3.3M+76.3% | -$13.8M+19.6% | -$17.2M+11.3% | -$19.4M+34.3% | -$29.6M+7.7% | -$32.0M |
| Interest Expense | $320K-18.2% | $391K-10.1% | $435K-27.5% | $600K-1.3% | $608K+9.9% | $553K-11.4% | $624K+20.7% | $517K |
| Income Tax | $854K+170.2% | -$1.2M-265.6% | $735K+66.3% | $442K-41.1% | $750K+47.1% | $510K+135.0% | $217K-41.7% | $372K |
| Net Income | $4.3M+553.1% | $654K+116.7% | -$3.9M+72.8% | -$14.4M+20.0% | -$18.0M+8.7% | -$19.7M+35.6% | -$30.6M+4.1% | -$31.9M |
| EPS (Diluted) | $0.07+600.0% | $0.01+114.3% | $-0.07+72.0% | $-0.25+19.4% | $-0.31+11.4% | $-0.35+36.4% | $-0.55+5.2% | $-0.58 |
PHR Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $423.5M+3.6% | $408.6M+2.1% | $400.4M+6.6% | $375.7M+3.7% | $362.2M-2.6% | $372.1M+0.5% | $370.3M-1.2% | $374.6M |
| Current Assets | $240.9M+8.2% | $222.6M+3.4% | $215.4M+13.6% | $189.6M+4.8% | $180.9M-5.2% | $190.9M-2.4% | $195.7M-1.8% | $199.2M |
| Cash & Equivalents | $106.4M+8.2% | $98.3M+8.1% | $90.9M+11.2% | $81.7M-0.1% | $81.8M+2.9% | $79.5M-9.1% | $87.5M-15.3% | $103.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $88.3M+14.9% | $76.8M+2.3% | $75.1M+5.2% | $71.4M+16.5% | $61.3M-7.5% | $66.3M+2.1% | $64.9M+12.9% | $57.4M |
| Goodwill | $75.8M0.0% | $75.8M0.0% | $75.8M0.0% | $75.8M0.0% | $75.8M0.0% | $75.8M0.0% | $75.8M+80.1% | $42.1M |
| Total Liabilities | $103.1M-6.8% | $110.6M-6.4% | $118.2M-2.4% | $121.1M+9.2% | $110.9M-7.1% | $119.3M+0.4% | $118.9M+8.0% | $110.0M |
| Current Liabilities | $98.8M-6.0% | $105.1M-5.0% | $110.7M+1.4% | $109.2M+7.1% | $102.0M-5.8% | $108.3M-1.7% | $110.1M+11.9% | $98.4M |
| Long-Term Debt | $964K-25.9% | $1.3M-20.1% | $1.6M-29.7% | $2.3M-10.9% | $2.6M-9.6% | $2.9M-8.6% | $3.1M-14.1% | $3.7M |
| Total Equity | $320.3M+7.5% | $298.0M+5.6% | $282.2M+10.8% | $254.6M+1.3% | $251.3M-0.6% | $252.7M+0.5% | $251.4M-5.0% | $264.6M |
| Retained Earnings | -$800.5M+0.5% | -$804.8M+0.1% | -$805.4M-1.3% | -$795.1M-1.8% | -$780.7M-2.4% | -$762.7M-2.7% | -$743.0M-4.3% | -$712.3M |
PHR Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.5M+4.3% | $14.8M-0.1% | $14.8M+156.7% | $5.8M-47.7% | $11.1M+1634.1% | -$721K+76.6% | -$3.1M+51.2% | -$6.3M |
| Capital Expenditures | $3.3M+85.1% | $1.8M-49.6% | $3.5M+468.8% | $616K-86.1% | $4.4M+405.4% | $876K-64.4% | $2.5M+98.2% | $1.2M |
| Free Cash Flow | $12.2M-6.7% | $13.1M+15.2% | $11.3M+119.5% | $5.2M-22.1% | $6.6M+515.4% | -$1.6M+71.2% | -$5.5M+26.6% | -$7.6M |
| Investing Cash Flow | -$6.7M-28.1% | -$5.2M+29.6% | -$7.4M-76.8% | -$4.2M+43.5% | -$7.4M-35.9% | -$5.4M+33.2% | -$8.2M+48.1% | -$15.7M |
| Financing Cash Flow | -$667K+69.0% | -$2.1M-156.4% | -$838K+49.2% | -$1.7M-19.6% | -$1.4M+24.3% | -$1.8M+60.4% | -$4.6M-101.8% | -$2.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PHR Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.8%-0.4pp | 85.2%-0.5pp | 85.7%+2.4pp | 83.3%-0.9pp | 84.2%-0.3pp | 84.5%+1.5pp | 83.0%-0.0pp | 83.0% |
| Operating Margin | 3.1%+4.4pp | -1.3%+1.6pp | -2.8%+10.1pp | -13.0%+3.9pp | -16.9%+2.3pp | -19.2%+11.9pp | -31.1%+3.8pp | -35.0% |
| Net Margin | 3.5%+3.0pp | 0.6%+3.9pp | -3.4%+10.1pp | -13.5%+4.2pp | -17.6%+1.8pp | -19.5%+12.8pp | -32.3%+2.6pp | -34.9% |
| Return on Equity | 1.3%+1.1pp | 0.2% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 1.0%+0.8pp | 0.2%+1.1pp | -1.0%+2.9pp | -3.8%+1.1pp | -5.0%+0.3pp | -5.3%+3.0pp | -8.3%+0.3pp | -8.5% |
| Current Ratio | 2.44+0.3 | 2.12+0.2 | 1.95+0.2 | 1.74-0.0 | 1.77+0.0 | 1.76-0.0 | 1.78-0.2 | 2.02 |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.01 |
| FCF Margin | 10.1%-1.0pp | 11.1%+1.3pp | 9.8%+5.0pp | 4.8%-1.7pp | 6.5%+8.1pp | -1.6%+4.3pp | -5.8%+2.4pp | -8.2% |
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Frequently Asked Questions
What is Phreesia's annual revenue?
Phreesia (PHR) reported $419.8M in total revenue for fiscal year 2025. This represents a 17.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Phreesia's revenue growing?
Phreesia (PHR) revenue grew by 17.8% year-over-year, from $356.3M to $419.8M in fiscal year 2025.
Is Phreesia profitable?
No, Phreesia (PHR) reported a net income of -$58.5M in fiscal year 2025, with a net profit margin of -13.9%.
What is Phreesia's earnings per share (EPS)?
Phreesia (PHR) reported diluted earnings per share of $-1.02 for fiscal year 2025. This represents a 59.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Phreesia's EBITDA?
Phreesia (PHR) had EBITDA of -$30.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Phreesia have?
As of fiscal year 2025, Phreesia (PHR) had $90.9M in cash and equivalents against $1.6M in long-term debt.
What is Phreesia's gross margin?
Phreesia (PHR) had a gross margin of 84.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Phreesia's operating margin?
Phreesia (PHR) had an operating margin of -13.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Phreesia's net profit margin?
Phreesia (PHR) had a net profit margin of -13.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Phreesia's free cash flow?
Phreesia (PHR) generated $23.7M in free cash flow during fiscal year 2025. This represents a 162.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Phreesia's operating cash flow?
Phreesia (PHR) generated $32.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Phreesia's total assets?
Phreesia (PHR) had $400.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Phreesia's capital expenditures?
Phreesia (PHR) invested $8.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Phreesia spend on research and development?
Phreesia (PHR) invested $117.4M in research and development during fiscal year 2025.
How many shares does Phreesia have outstanding?
Phreesia (PHR) had 59M shares outstanding as of fiscal year 2025.
What is Phreesia's current ratio?
Phreesia (PHR) had a current ratio of 1.95 as of fiscal year 2025, which is generally considered healthy.
What is Phreesia's debt-to-equity ratio?
Phreesia (PHR) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Phreesia's return on assets (ROA)?
Phreesia (PHR) had a return on assets of -14.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Phreesia's Piotroski F-Score?
Phreesia (PHR) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Phreesia's earnings high quality?
Phreesia (PHR) has an earnings quality ratio of -0.55x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Phreesia cover its interest payments?
Phreesia (PHR) has an interest coverage ratio of -24.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Phreesia?
Phreesia (PHR) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.