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PRVA

Privia Health Group, Inc.

PRVA

Privia Health Group, Inc. • NASDAQ
$24.37 ▼ -0.37% (-0.09)
Market Cap $3.00 B
52w High $26.51
52w Low $18.77
Dividend Yield 0%
P/E 174.07
Volume 362.40K
Outstanding Shares 123.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $580.419M ▲ $46.601M ▲ $6.861M ▲ 1.182% ▲ $0.06 ▲ $19.44M ▲
Q2-2025 $521.153M ▲ $44.324M ▲ $2.687M ▼ 0.516% ▼ $0.022 ▼ $8.327M ▲
Q1-2025 $480.097M ▲ $40.544M ▼ $4.22M ▼ 0.879% ▼ $0.03 ▼ $7.119M ▲
Q4-2024 $460.9M ▲ $42.719M ▲ $4.399M ▲ 0.954% ▲ $0.037 ▲ $7.08M ▼
Q3-2024 $437.921M $39.539M $3.535M 0.807% $0.03 $7.61M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $441.352M ▲ $1.351B ▲ $588.226M ▲ $709.124M ▲
Q2-2025 $390.127M ▼ $1.273B ▲ $538.996M ▲ $682.855M ▲
Q1-2025 $469.331M ▼ $1.184B ▲ $474.012M ▲ $659.436M ▲
Q4-2024 $491.149M ▲ $1.136B ▼ $452.336M ▼ $635.183M ▲
Q3-2024 $421.997M $1.146B $483.383M $614.886M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.861M ▲ $51.994M ▲ $-1.2M ▲ $431K ▼ $51.225M ▲ $50.794M ▲
Q2-2025 $3.288M ▼ $7.971M ▲ $-89.058M ▼ $1.883M ▼ $-79.204M ▼ $7.971M ▲
Q1-2025 $4.22M ▼ $-24.061M ▼ $0 ▲ $2.243M ▲ $-21.818M ▼ $-24.061M ▼
Q4-2024 $5.367M ▲ $74.798M ▲ $-6.265M ▼ $619K ▼ $69.152M ▲ $74.798M ▲
Q3-2024 $3.535M $33.154M $653K $838K $34.645M $33.154M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Capitated Revenue
Capitated Revenue
 $110.00M ▲$70.00M ▼$80.00M ▲$90.00M ▲
Care Management Fee PMPM
Care Management Fee PMPM
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
FFSAdministrative Services
FFSAdministrative Services
 $70.00M ▲$30.00M ▼$40.00M ▲$30.00M ▼
FFSPatient Care
FFSPatient Care
 $590.00M ▲$310.00M ▼$330.00M ▲$350.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Shared Savings
Shared Savings
 $80.00M ▲$50.00M ▼$60.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Privia shows a clear growth story with improving profitability, but still operates on fairly thin margins. Revenue has climbed steadily over the last several years, and gross profit has grown along with it, suggesting the core business model is gaining scale. The company moved from sizeable losses shortly after going public to modest, consistent profits more recently. That shift indicates better cost control and more disciplined operations. However, profitability is still relatively light compared to the size of the revenue base. This means the business is sensitive to changes in volume, reimbursement rates, or costs; a modest setback could push results back toward breakeven. Overall, the income statement tells a story of a scaling business that has passed the early loss-making phase but has more work to do to reach robust, durable margins.

Balance Sheet

Balance Sheet The balance sheet is a relative strength for Privia. Cash levels have grown meaningfully over time, and the company now holds a substantial cash cushion compared with its overall size. Debt is very low and has ticked down, which reduces financial risk and interest burden. Total assets and shareholders’ equity have both expanded, showing that the company has been building its asset base and net worth rather than relying on heavy borrowing. In plain terms, Privia looks conservatively financed, with ample liquidity and minimal leverage. This gives it flexibility to invest, withstand bumps in performance, and pursue growth without immediately needing to raise new capital or take on much debt.

Cash Flow

Cash Flow Privia’s cash flow profile is solid and fairly conservative. The business has generated positive cash from operations for several years, and this cash flow has grown as the company has scaled. Because the model is relatively asset-light, capital spending has been minimal, so most operating cash falls through into free cash flow. This pattern suggests that the reported profits are backed by real cash generation, not just accounting. It also means the company has internal funding to support technology development, market expansion, or selective deals, without depending heavily on external financing. The main caveat is that, with thin margins, cash generation still depends on maintaining growth and tight cost discipline.

Competitive Edge

Competitive Edge Privia operates in a competitive but structurally attractive niche: helping independent physicians move into value-based care using technology and shared infrastructure. Its main advantages are the physician-centered partnership model, a technology platform that plugs into existing medical record systems, and the ability to bundle many independent practices into a larger negotiating unit for health plans. As more physicians join, data and network benefits improve, which can make the platform more attractive over time. Once integrated, practices face meaningful switching costs due to technology, workflows, and value-based contracts, which supports customer stickiness. On the risk side, the company operates in a crowded field with other physician enablement and value-based care players. It also depends on complex relationships with payers and on evolving government programs. Policy changes, reimbursement shifts, or stronger competition could pressure margins or growth. So while the competitive position is differentiated and growing, it is not without meaningful external risks.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Privia’s model, even if it does not show up as traditional, lab-style R&D. The company’s main “R&D” engine is its cloud-based platform and analytics layer, which integrates with multiple electronic health record systems rather than trying to replace them. It focuses on practical tools: identifying care gaps, supporting population health management, embedding insights into physician workflows, and enabling telehealth and virtual support. This emphasis on workflow integration is important; it aims to make clinicians’ lives easier rather than adding new administrative burdens. Privia also innovates through partnerships, such as integrating clinical research into community practices and expanding accountable care capabilities through acquisitions. Future innovation will likely center on richer data analytics, decision support (possibly AI-enabled), more sophisticated value-based contract support, and broader service offerings for practices. The opportunity is significant, but continued success will depend on execution quality, data integration, and staying ahead of competing platforms.

Summary

Overall, Privia looks like a growing, asset-light healthcare services and technology company that has moved from early-stage losses to modest, sustainable profitability. Its financial footing is relatively strong: a cash-rich, low-debt balance sheet and consistent positive cash flow provide resilience and strategic flexibility. The income statement still shows thin margins, so execution and growth need to remain strong to avoid slipping back into losses. Strategically, the company is well aligned with the healthcare system’s shift toward value-based care and physician enablement. Its technology and partnership model create a foundation for a network effect and meaningful switching costs. At the same time, it operates in a heavily regulated, fast-evolving, and competitive environment, where payer dynamics and policy changes can materially affect outcomes. In short, Privia combines a solid financial base with a promising but execution-sensitive business model in a changing healthcare landscape.

NEWS

November 6, 2025 · 6:00 AM UTC

Privia Health Reports Third Quarter 2025 Financial Results

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October 7, 2025 · 9:00 AM UTC

Privia Health to Report Third Quarter 2025 Results on Thursday, November 6

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September 23, 2025 · 4:10 PM UTC

Evolent Announces Strategic Divestiture of its Value-Based Primary Care Business, Evolent Care Partners

Read more

September 23, 2025 · 4:10 PM UTC

Privia Health Expands Value-Based Care Footprint with Acquisition of Accountable Care Organization Business from Evolent Health

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