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Medical care facilities · Healthcare · Fiscal year ends Dec 31
Privia Health reported revenue of $2.1B in the fiscal year ended Dec 2025, up 22.3% from the year before. Operating income was $34M, an operating margin of 1.6%, and net income was $23M.
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 966 | 1,357 | 1,658 | 1,736 | 2,123 |
| Selling, general & admin | 279 | 149 | 134 | 153 | 165 |
| Operating income | −217 | −19.1 | 20.6 | 17.0 | 34.2 |
| Net interest incomeBanks | −1.1 | 0.5 | 8.4 | – | – |
| Interest expense | 1.1 | 0.5 | – | – | – |
| Pre-tax income | −219 | −18.6 | 29.0 | 27.9 | 43.9 |
| Income tax | −27.9 | −6.5 | 8.0 | 10.8 | 14.2 |
| Net income | −188 | −8.6 | 23.1 | 14.4 | 22.9 |
| Diluted EPS | −1.83 | −0.08 | 0.19 | 0.11 | 0.18 |
| Diluted shares | 103 | 111 | 125 | 126 | 129 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 321 | 348 | 390 | 491 | 480 |
| Receivables | 117 | 190 | 291 | 316 | 401 |
| Current assets | 447 | 552 | 701 | 835 | 911 |
| Net PP&E | 4.5 | 3.4 | 2.3 | 1.2 | 0.5 |
| Goodwill | 128 | 127 | 139 | 142 | 210 |
| Total assets | 686 | 793 | 1,000 | 1,136 | 1,369 |
| Payables | 3.0 | 6.7 | 7.9 | 9.8 | 8.0 |
| Deferred revenue | 0.4 | – | – | – | – |
| Current liabilities | 190 | 264 | 387 | 449 | 569 |
| Long-term debt | 31.7 | 0.0 | – | – | – |
| Total liabilities | 236 | 274 | 393 | 452 | 578 |
| Shareholders' equity | 427 | 499 | 561 | 635 | 737 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 55.1 | 47.2 | 80.8 | 109 | 163 |
| Capital expenditure | 0.5 | 0.1 | 0.1 | – | – |
| Free cash flow | 54.5 | 47.1 | 80.7 | – | – |
| Depreciation & amortisation | 2.5 | 4.6 | 6.5 | 7.3 | 9.9 |
| Stock-based compensation | 254 | 67.4 | 37.1 | 56.7 | 71.1 |
| Acquisitions | 32.2 | 0.0 | 42.9 | 7.0 | 180 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 40.4% | 22.2% | 4.7% | 22.3% |
| Operating income growth (YoY) | – | – | – | −17.8% | 101.6% |
| EPS growth (YoY) | – | – | – | −42.1% | 63.6% |
| Operating margin | −22.5% | −1.4% | 1.2% | 1.0% | 1.6% |
| Net margin | −19.5% | −0.6% | 1.4% | 0.8% | 1.1% |
| Return on equityBlank when equity is negative | −44.1% | −1.7% | 4.1% | 2.3% | 3.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −43.8% | −3.6% | 3.4% | 2.5% | 4.3% |
| Free cash flow margin | 5.6% | 3.5% | 4.9% | – | – |
| Cash conversion (CFO ÷ net income) | −0.29x | −5.50x | 3.50x | 7.60x | 7.13x |
| Receivable days | 44 | 51 | 64 | 66 | 69 |
| Interest cover | −198x | −38.2x | – | – | – |
| Debt ÷ equity | 0.07x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −289 | −348 | – | – | – |
| Current ratio | 2.35x | 2.09x | 1.81x | 1.86x | 1.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.