Latest Ratios: P/E Ratio 291.7x · 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 | $676M | $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 → | 291.73 | 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 | 9.99 | 12.20 | 197.66 | — | — | — | — | — | — | — |
| P/OCF | 8.58 | 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 | 28.37 | 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 |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying PHR stock.
Phreesia, Inc.'s current P/E ratio is 291.7x. 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 291.7x. 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.
Key Metrics
Top Statement Risk
Gross margin erosion from payment mix shift
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Growth Pivot
Phreesia's forward P/E of 33.10 and EV/EBITDA of 11.14, as reported in recent market data, suggest the market is pricing in a successful transition to profitability, a significant premium over traditional healthcare IT peers like Health Catalyst.
The valuation multiples appear to be pricing in the company's recent pivot toward operating profitability and its unique life sciences revenue stream, rather than its current GAAP earnings. The forward P/E is substantially lower than the trailing P/E of 291.73, indicating analysts expect a sharp earnings inflection. This premium valuation is justified only if the company can sustain its recent operating margin improvement and successfully cross-sell higher-margin services to its provider base.
Margin Compression Amidst Operating Leverage
Gross margin has contracted significantly from 69.4% in 2025Q4 to 58.8% in 2027Q2, according to the provided financial data, a trend that appears to be driven by a less favorable revenue mix despite improving operating leverage.
The persistent decline in gross margin is the most concerning trend, as it suggests a potential loss of pricing power or an unfavorable shift toward lower-margin payment processing revenue. However, this is being partially offset by strong operating leverage, with SG&A as a percentage of revenue improving from 50.5% to 31.7% over the same period. The key question for investors is whether the gross margin decline is a temporary mix issue or a structural headwind that will cap long-term profitability.
Early Signs of Capital Efficiency Recovery
ROIC has improved from a trough of -7.9% in 2025Q1 to a positive 2.2% in 2027Q2, based on the reported figures, indicating the company is beginning to generate returns on its invested capital after a period of heavy investment.
The turnaround in ROIC from deeply negative to positive territory is a critical milestone, suggesting the company's growth investments are starting to yield returns. This improvement is primarily driven by the swing to operating profitability rather than a significant increase in asset turnover, which has remained relatively stable. For the trend to be sustainable, investors should monitor whether the company can continue to expand margins while maintaining its revenue growth trajectory.
Strategic Leverage for Acquisition
The debt-to-equity ratio increased from 0.07 in 2025Q4 to 0.18 in 2027Q2, as reported in the financial statements, reflecting a strategic decision to use debt to fund a transformative acquisition.
The increase in leverage appears to be a calculated move to finance the acquisition that significantly expanded the company's asset base and goodwill. While the D/E ratio remains low in absolute terms, the interest coverage ratio has improved dramatically from negative territory to 6.39x, indicating that the company's operating income is now more than sufficient to service its debt. This suggests the acquisition is being funded prudently, but the large goodwill balance introduces impairment risk if the acquired business underperforms.
The Misleading Power of Gross Margin
The single most commonly misapplied ratio for Phreesia is its gross margin, which appears strong at 58.8% but obscures the underlying mix shift toward lower-margin payment processing revenue.
Investors often focus on the headline gross margin as a proxy for pricing power and business quality. However, for Phreesia, this metric is misleading because it blends high-margin life sciences revenue with lower-margin, high-volume payment processing fees. A decline in gross margin may not indicate operational weakness but rather a strategic shift toward a higher-volume, lower-margin business line. A more insightful metric would be the gross margin of the life sciences segment alone, which would better reflect the company's true earning power and competitive moat.