Latest Ratios: P/E Ratio 292.0x · EV/EBITDA 28.4x · ROE 0.8%. (2018–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $677M | $826M | $1.6B | $1.4B | $2.0B | $1.6B | $2.6B | $629M | — | — |
| Enterprise Value | $705M | $854M | $1.6B | $1.3B | $1.8B | $1.3B | $2.4B | $563M | — | — |
| P/E Ratio → | 292.00 | 358.13 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.41 | 1.72 | 3.90 | 3.90 | 7.00 | 7.30 | 17.35 | 5.04 | — | — |
| P/B Ratio | 2.00 | 2.45 | 6.19 | 5.53 | 6.83 | 3.73 | 9.80 | 6.18 | — | — |
| P/FCF | 10.00 | 12.20 | 197.66 | — | — | — | — | — | — | — |
| P/OCF | 8.59 | 10.48 | 50.62 | — | — | — | 892.82 | 761.91 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.78 | 3.75 | 3.69 | 6.40 | 5.90 | 15.98 | 4.51 | — | — |
| EV / EBITDA | 28.40 | 34.40 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 12.62 | 189.65 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.9% | 67.9% | 67.9% | 65.2% | 61.1% | 61.8% | 64.8% | 64.2% | 63.0% | 62.7% |
| Operating Margin | -1.4% | -1.4% | -13.8% | -38.3% | -62.8% | -54.8% | -17.3% | -12.3% | -9.5% | -18.2% |
| Net Profit Margin | 0.5% | 0.5% | -13.9% | -38.4% | -62.7% | -55.4% | -18.4% | -16.3% | -15.1% | -22.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.8% | 0.8% | -22.7% | -50.8% | -50.0% | -34.7% | -14.9% | -19.9% | — | — |
| ROA | 0.4% | 0.4% | -15.4% | -37.0% | -40.7% | -28.8% | -11.2% | -18.6% | -25.9% | -31.8% |
| ROIC | -1.8% | -1.8% | -23.3% | -69.1% | -110.5% | -98.4% | -40.9% | -32.4% | — | — |
| ROCE | -1.8% | -1.8% | -21.7% | -49.5% | -49.2% | -33.5% | -13.0% | -19.8% | -29.9% | -45.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 0.07 | 0.05 | 0.03 | 0.04 | 0.05 | 0.23 | — | — |
| Debt / EBITDA | 4.12 | 4.12 | — | — | — | — | — | — | 15.37 | — |
| Net Debt / Equity | — | 0.08 | -0.25 | -0.30 | -0.58 | -0.71 | -0.78 | -0.65 | — | — |
| Net Debt / EBITDA | 1.15 | 1.15 | — | — | — | — | — | — | 14.64 | — |
| Debt / FCF | — | 0.42 | -8.01 | — | — | — | — | — | — | — |
| Interest Coverage | -0.29 | -0.29 | -22.78 | -72.00 | -123.50 | -100.44 | -15.07 | -6.25 | -2.71 | -4.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.53 | 1.53 | 1.78 | 1.78 | 3.32 | 5.65 | 4.95 | 3.72 | 1.18 | 1.44 |
| Quick Ratio | 1.53 | 1.53 | 1.78 | 1.77 | 3.31 | 5.62 | 4.79 | 3.53 | 1.12 | 1.37 |
| Cash Ratio | 0.40 | 0.40 | 0.74 | 0.79 | 2.24 | 4.59 | 3.98 | 2.55 | 0.06 | 0.42 |
| Asset Turnover | — | 0.72 | 1.08 | 0.96 | 0.76 | 0.43 | 0.46 | 0.79 | 1.69 | 1.40 |
| Inventory Turnover | — | — | — | 161.47 | 103.47 | 49.57 | 5.86 | 6.50 | 22.12 | 18.16 |
| Days Sales Outstanding | — | 117.44 | 64.01 | 66.45 | 66.78 | 68.92 | 71.32 | 64.29 | 96.07 | 56.28 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 2.4% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.3% | 0.3% | — | — | — | — | — | — | — | — |
| FCF Yield | 10.0% | 8.2% | 0.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.9% | 1.0% | 0.6% | 0.2% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.9% | 1.0% | 0.6% | 0.2% | 2.4% | — | — |
| Shares Outstanding | — | $61M | $58M | $55M | $52M | $50M | $40M | $20M | $2M | $2M |
EHR platform native competition
According to current market data, Phreesia trades at a forward P/E of 25.11, which suggests that investors are pricing in significant future earnings expansion despite the company's historical reliance on non-GAAP metrics to justify its premium valuation relative to traditional healthcare administrative software providers.
The valuation multiple appears to hinge on the market's belief in the scalability of the high-margin life sciences segment rather than the commoditized intake business. Investors should monitor whether the forward earnings projections adequately account for the potential margin compression resulting from increased competition within the EHR ecosystem.
Based on reported financial figures, Phreesia's ROIC has struggled to maintain positive territory, fluctuating from -12.6% in 2024Q4 to a modest 1.4% in 2027Q1, indicating that the company is only just beginning to generate returns that exceed the cost of its invested capital base.
The historical volatility in returns suggests that the company's aggressive acquisition strategy has yet to yield the expected synergies required to drive sustained value creation. Future performance will likely depend on management's ability to improve asset turnover and reduce the reliance on goodwill-heavy growth.
As reported in recent quarterly filings, Phreesia's DSO has trended downward from 101 days in 2027Q1 to 63 days in 2026Q3, suggesting an improving ability to collect on receivables and a more efficient management of its customer-facing payment processing and subscription revenue streams.
The reduction in collection cycles appears to be a positive indicator of operational maturity and better credit management. However, investors should remain cautious, as the company's asset turnover remains low, implying that the platform requires significant capital investment to generate each incremental dollar of revenue.
Based on the latest financial statements, Phreesia maintains a current ratio of 1.76, which provides a stable liquidity cushion that appears sufficient to navigate short-term operational volatility while the company continues its transition toward consistent, self-sustaining GAAP profitability in a competitive healthcare information services market.
The liquidity position appears robust enough to cover immediate obligations without the need for dilutive external financing. This stability is critical given the company's ongoing exposure to potential regulatory shifts and the competitive pressures inherent in the digital patient intake space.
As noted in institutional research, the Price-to-Sales ratio is frequently misapplied to Phreesia, as it fails to distinguish between the lower-margin payment processing revenue and the high-margin life sciences marketing services that drive the company's true long-term economic value and potential for margin expansion.
Relying on a headline P/S multiple obscures the underlying shift in revenue mix, which is the primary driver of the company's improving cash flow profile. Analysts should instead focus on segment-specific contribution margins to better assess the durability of the company's competitive moat.
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Quick answers to the most common questions about buying PHR stock.
Phreesia, Inc.'s current P/E ratio is 292.0x. This places it at the 50th percentile of its historical range.
Phreesia, Inc.'s current EV/EBITDA is 28.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.4x.
Phreesia, Inc.'s return on equity (ROE) is 0.8%. The historical average is -27.5%.
Based on historical data, Phreesia, Inc. is trading at a P/E of 292.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phreesia, Inc. has 67.9% gross margin and -1.4% operating margin.
Phreesia, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.