Phreesia Financials
This page shows Phreesia (PHR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Revenue growth is finally converting into cash because overhead has stayed nearly flat inside an already high-margin model.
From FY2024 to FY2026, gross profit increased by$114M while selling and administrative expense stayed roughly flat near$80M ; that is why operating loss narrowed much faster than revenue growth alone would suggest. More telling, free cash flow turned positive in FY2025 and reached$67.7M in FY2026 even though operating margin was still-1.4% , showing cash breakeven arrived before clean GAAP profitability.
The company did not reach this improvement by stripping out development spend: R&D still rose from
FY2026 also brought a balance-sheet step-up, with total assets reaching
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Phreesia's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Phreesia has an operating margin of -1.4%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. This is up from -13.8% the prior year.
Phreesia's revenue grew 14.5% year-over-year to $480.6M, a solid pace of expansion. This earns a growth score of 77/100.
Phreesia has a moderate D/E ratio of 0.00. This balance of debt and equity financing earns a leverage score of 55/100.
Phreesia's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Phreesia has a free cash flow margin of 14.1%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.
Phreesia generates a 0.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from -20.7% the prior year.
Phreesia scores 0.51, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($657.1M) relative to total liabilities ($307.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Phreesia passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Phreesia generates $34.18 in operating cash flow ($78.8M OCF vs $2.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Phreesia earns $-1.0 in operating income for every $1 of interest expense (-$6.6M vs $7.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Phreesia generated $480.6M in revenue in fiscal year 2026. This represents an increase of 14.5% from the prior year.
Phreesia's EBITDA was $24.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 182.2% from the prior year.
Phreesia reported $2.3M in net income in fiscal year 2026. This represents an increase of 103.9% from the prior year.
Phreesia earned $0.04 per diluted share (EPS) in fiscal year 2026. This represents an increase of 103.9% from the prior year.
Cash & Balance Sheet
Phreesia generated $67.7M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 186.0% from the prior year.
Phreesia held $76.4M in cash against $92.1M in long-term debt as of fiscal year 2026.
Phreesia had 61M shares outstanding in fiscal year 2026. This represents an increase of 3.4% from the prior year.
Margins & Returns
Phreesia's gross margin was 85.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Phreesia's operating margin was -1.4% in fiscal year 2026, reflecting core business profitability. This is up 12.5 percentage points from the prior year.
Phreesia's net profit margin was 0.5% in fiscal year 2026, showing the share of revenue converted to profit. This is up 14.4 percentage points from the prior year.
Phreesia's ROE was 0.6% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 21.4 percentage points from the prior year.
Capital Allocation
Phreesia invested $121.5M in research and development in fiscal year 2026. This represents an increase of 3.5% from the prior year.
Phreesia invested $11.1M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 27.5% from the prior year.
PHR Income Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $130.9M+3.0% | $127.1M+5.6% | $120.3M+2.6% | $117.3M+1.1% | $115.9M+5.7% | $109.7M+2.7% | $106.8M+4.6% | $102.1M |
| Cost of Revenue | $17.7M-7.0% | $19.0M+3.6% | $18.3M+5.4% | $17.4M+4.6% | $16.6M+0.8% | $16.5M-7.5% | $17.9M+10.6% | $16.1M |
| Gross Profit | $113.3M+4.8% | $108.1M+6.0% | $102.0M+2.1% | $99.9M+0.6% | $99.3M+6.6% | $93.2M+4.8% | $88.9M+3.5% | $86.0M |
| R&D Expenses | $28.3M-8.4% | $30.9M+5.0% | $29.5M+0.6% | $29.3M-8.0% | $31.8M+7.4% | $29.6M+1.1% | $29.3M-0.8% | $29.5M |
| SG&A Expenses | $18.4M-31.9% | $27.0M+54.2% | $17.5M-8.2% | $19.0M+16.1% | $16.4M-10.9% | $18.4M-6.2% | $19.6M+0.7% | $19.5M |
| Operating Income | $6.7M+221.5% | -$5.6M-248.6% | $3.7M+348.1% | -$1.5M+54.2% | -$3.3M+56.8% | -$7.6M+45.0% | -$13.8M+19.6% | -$17.2M |
| Interest Expense | $2.3M-60.4% | $5.8M+1714.7% | $320K-18.2% | $391K-10.1% | $435K-25.8% | $586K-2.3% | $600K-1.3% | $608K |
| Income Tax | $1.8M+115.1% | -$11.6M-1460.4% | $854K+170.2% | -$1.2M-265.6% | $735K-27.5% | $1.0M+129.4% | $442K-41.1% | $750K |
| Net Income | $3.0M+128.8% | $1.3M-69.7% | $4.3M+553.1% | $654K+116.7% | -$3.9M+38.7% | -$6.4M+55.6% | -$14.4M+20.0% | -$18.0M |
| EPS (Diluted) | $0.05 | N/A | $0.07+600.0% | $0.01+114.3% | $-0.07 | N/A | $-0.25+19.4% | $-0.31 |
PHR Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $666.1M+0.4% | $663.8M+56.7% | $423.5M+3.6% | $408.6M+2.1% | $400.4M+3.1% | $388.4M+3.4% | $375.7M+3.7% | $362.2M |
| Current Assets | $267.3M-4.5% | $279.8M+16.2% | $240.9M+8.2% | $222.6M+3.4% | $215.4M+6.0% | $203.3M+7.2% | $189.6M+4.8% | $180.9M |
| Cash & Equivalents | $76.4M+3.5% | $73.8M-30.6% | $106.4M+8.2% | $98.3M+8.1% | $90.9M+7.9% | $84.2M+3.0% | $81.7M-0.1% | $81.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $89.6M-8.1% | $97.5M+10.4% | $88.3M+14.9% | $76.8M+2.3% | $75.1M+2.0% | $73.6M+3.1% | $71.4M+16.5% | $61.3M |
| Goodwill | $169.5M-0.3% | $170.1M+124.2% | $75.8M0.0% | $75.8M0.0% | $75.8M0.0% | $75.8M0.0% | $75.8M0.0% | $75.8M |
| Total Liabilities | $307.1M-6.0% | $326.6M+216.6% | $103.1M-6.8% | $110.6M-6.4% | $118.2M-4.4% | $123.6M+2.1% | $121.1M+9.2% | $110.9M |
| Current Liabilities | $152.1M-17.0% | $183.2M+85.5% | $98.8M-6.0% | $105.1M-5.0% | $110.7M-2.9% | $114.0M+4.4% | $109.2M+7.1% | $102.0M |
| Long-Term Debt | $85.3M-7.4% | $92.1M+2647.3% | $3.4M-26.7% | $4.6M-25.7% | $6.2M-24.4% | $8.2M-20.8% | $10.3M+41.0% | $7.3M |
| Total Equity | $359.1M+6.5% | $337.2M+5.3% | $320.3M+7.5% | $298.0M+5.6% | $282.2M+6.6% | $264.8M+4.0% | $254.6M+1.3% | $251.3M |
| Retained Earnings | -$796.2M+0.4% | -$799.2M+0.2% | -$800.5M+0.5% | -$804.8M+0.1% | -$805.4M-0.5% | -$801.5M-0.8% | -$795.1M-1.8% | -$780.7M |
PHR Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $23.9M-28.9% | $33.7M+117.6% | $15.5M+4.3% | $14.8M-0.1% | $14.8M-8.6% | $16.3M+181.0% | $5.8M-47.7% | $11.1M |
| Capital Expenditures | $4.3M+68.4% | $2.6M-21.8% | $3.3M+85.1% | $1.8M-49.6% | $3.5M+25.6% | $2.8M+352.9% | $616K-86.1% | $4.4M |
| Free Cash Flow | $19.6M-36.9% | $31.1M+155.0% | $12.2M-6.7% | $13.1M+15.2% | $11.3M-15.7% | $13.5M+160.5% | $5.2M-22.1% | $6.6M |
| Investing Cash Flow | $4.8M+103.4% | -$142.6M-2039.5% | -$6.7M-28.1% | -$5.2M+29.6% | -$7.4M-4.7% | -$7.1M-68.8% | -$4.2M+43.5% | -$7.4M |
| Financing Cash Flow | -$26.1M-134.1% | $76.5M+11570.0% | -$667K+69.0% | -$2.1M-156.4% | -$838K+87.4% | -$6.6M-301.5% | -$1.7M-19.6% | -$1.4M |
| 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 | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.5%+1.5pp | 85.0%+0.3pp | 84.8%-0.4pp | 85.2%-0.5pp | 85.7%+0.7pp | 85.0%+1.7pp | 83.3%-0.9pp | 84.2% |
| Operating Margin | 5.1%+9.5pp | -4.4%-7.5pp | 3.1%+4.4pp | -1.3%+1.6pp | -2.8%+4.1pp | -6.9%+6.0pp | -13.0%+3.9pp | -16.9% |
| Net Margin | 2.3%+1.2pp | 1.0%-2.5pp | 3.5%+3.0pp | 0.6%+3.9pp | -3.4%+2.5pp | -5.8%+7.7pp | -13.5%+4.2pp | -17.6% |
| Return on Equity | 0.8%+0.5pp | 0.4%-0.9pp | 1.3%+1.1pp | 0.2%+1.6pp | -1.4%+1.0pp | -2.4%+3.2pp | -5.7%+1.5pp | -7.2% |
| Return on Assets | 0.4%+0.2pp | 0.2%-0.8pp | 1.0%+0.8pp | 0.2%+1.1pp | -1.0%+0.7pp | -1.7%+2.2pp | -3.8%+1.1pp | -5.0% |
| Current Ratio | 1.76+0.2 | 1.53-0.9 | 2.44+0.3 | 2.12+0.2 | 1.95+0.2 | 1.78+0.0 | 1.74-0.0 | 1.77 |
| Debt-to-Equity | 0.000.0 | 0.010.0 | 0.000.0 | 0.000.0 | 0.010.0 | 0.010.0 | 0.010.0 | 0.01 |
| FCF Margin | 15.0%-9.5pp | 24.5%+14.3pp | 10.1%-1.0pp | 11.1%+1.3pp | 9.8%-2.5pp | 12.3%+7.4pp | 4.8%-1.7pp | 6.5% |
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Frequently Asked Questions
What is Phreesia's annual revenue?
Phreesia (PHR) reported $480.6M in total revenue for fiscal year 2026. This represents a 14.5% 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 14.5% year-over-year, from $419.8M to $480.6M in fiscal year 2026.
Is Phreesia profitable?
Yes, Phreesia (PHR) reported a net income of $2.3M in fiscal year 2026, with a net profit margin of 0.5%.
What is Phreesia's EBITDA?
Phreesia (PHR) had EBITDA of $24.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Phreesia have?
As of fiscal year 2026, Phreesia (PHR) had $76.4M in cash and equivalents against $92.1M in long-term debt.
What is Phreesia's gross margin?
Phreesia (PHR) had a gross margin of 85.2% in fiscal year 2026, 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 -1.4% in fiscal year 2026, 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 0.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Phreesia's return on equity (ROE)?
Phreesia (PHR) has a return on equity of 0.6% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Phreesia's free cash flow?
Phreesia (PHR) generated $67.7M in free cash flow during fiscal year 2026. This represents a 186.0% 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 $78.8M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Phreesia's total assets?
Phreesia (PHR) had $666.1M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Phreesia's capital expenditures?
Phreesia (PHR) invested $11.1M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Phreesia spend on research and development?
Phreesia (PHR) invested $121.5M in research and development during fiscal year 2026.
What is Phreesia's current ratio?
Phreesia (PHR) had a current ratio of 1.76 as of fiscal year 2026, which is generally considered healthy.
What is Phreesia's debt-to-equity ratio?
Phreesia (PHR) had a debt-to-equity ratio of 0.00 as of fiscal year 2026, 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 0.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Phreesia's Altman Z-Score?
Phreesia (PHR) has an Altman Z-Score of 0.51, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Phreesia's Piotroski F-Score?
Phreesia (PHR) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 to 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 34.18x, considered cash-backed (high 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 -1.0x, 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 48 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.