# Privia Health Group (PRVA.US)

Canonical: https://gigainvestors.com/s/PRVA

Analysis as of: 2026-10-16T07:31:20.920Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $22.62 per share; close as of 2026-10-15.

Estimated value: low $4.85 per share, central $5.11 per share, high $5.47 per share. Buy at or below the central value $5.11 per share. Valuation as of 2026-10-16T07:31:20.920Z; scenarios are not confidence intervals.

Expected annual return: 3.8% at the stated quote. About 3.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 5.35×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.00×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: -0.23×

- FY2022: -0.01×

- FY2023: 0.01×

- FY2024: 0.01×

- FY2025: 0.02×

- LTM to Jun 2026: 0.02×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.6%

- ROIC, second-lowest year: -42.4%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 9.8%

- Recent gross margin (lower of latest and 3-year median): 9.9%

- Years with nonpositive capital: 3

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 6.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 1.1%

- FY2019: 9.1%

- FY2020: 14.1%

- FY2021: -691.1%

- FY2022: -42.4%

- FY2023: 36.1%

- FY2024: >100%

- FY2025: 40.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$113M

- Net income, five-year total: -$136M

- Return on incremental invested capital: 7.0%

- Working capital / revenue, annual change: 1.4 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$186M

- FY2022: -$4.1M

- FY2023: $29M

- FY2024: $17M

- FY2025: $32M

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.1% vs 40.5%

- Per-share earnings: 0.09 to 0.18 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.1%

- Diluted shares, 5-year annual growth: 6.1%

- Per-share value growth: 15.7%

- Per-share value change: $0.09

- Per-share value, starting three-year median: $0.09

- Per-share value, ending three-year median: $0.18

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 9.1%

- ROIC, last three-year median: 40.5%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.03

- FY2019: $0.09

- FY2020: $0.33

- FY2021: -$1.83

- FY2022: -$0.08

- FY2023: $0.19

- FY2024: $0.11

- FY2025: $0.18

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -10.3%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 43492.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.13×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.58×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -3.3%

- FY2019: -6.0%

- FY2020: -2.3%

- FY2021: -35.4%

- FY2022: -7.0%

- FY2023: -5.8%

- FY2024: -8.4%

- FY2025: -10.3%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 43% since Aug 2022 · sales +11.1%

Story as of 2026-10-16T09:59:26.875Z; price observation 2026-10-15.

Price needs cash profits to grow 29.4% a year for ten years

### Sales · FY2025–2026

sales +11.1%; source https://www.sec.gov/Archives/edgar/data/1759655/000175965526000010/prva-20251231.htm; observed 2026-02-27.

- FY2018: $658M 

- FY2019: $786M 

- FY2020: $817M 

- FY2021: $966M 

- FY2022: $1.4B 

- FY2023: $1.7B 

- FY2024: $1.7B 

- FY2025: $2.1B 

- FY2026: $2.4B 

### Gross margin · FY2025

gross margin 9.9%; source https://www.sec.gov/Archives/edgar/data/1759655/000175965526000010/prva-20251231.htm; observed 2026-02-27.

- FY2018: 8.6% 

- FY2019: 8.7% 

- FY2020: 10.1% 

- FY2021: 6.6% 

- FY2022: 9.9% 

- FY2023: 9.7% 

- FY2024: 10.2% 

- FY2025: 9.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in health information services; annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1759655/000175965526000010/prva-20251231.htm (filed 2026-02-27); FY2025: revenue 2122842000; grossProfit 209430000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PRVA.US: Privia Health Group, Inc. operates as a national physician-enablement company in the United States. The company collaborates with physician practices, health plans, and health systems. It also offers technology and population health tools to enhance providers' workflows; management services organization that enable providers to focus on their patients by reducing administrative work; and single-TIN medical group that facilitates negotiating power, clinical integration, and alignment of financial incentives. In addition, the company operates accountable care organization, which engages patients, reduce inappropriate utilization, and enhance coordination and patient quality metrics to drive value-based care; and network for purchasers and payers that enable providers to connect across platform to better understand the holistic needs of each patient and connect with other providers to address individual medical needs. The company was founded in 2007 and is headquartered in Arlington, Virginia.

### Why customers stay

Margins ranged from 9.7% to 10.2% during 2023–25; it earns 11.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 10.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1759655/000175965526000010/prva-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 8-year return on capital observations [[2018,0.01094823151125402],[2019,0.09094971918637874],[2020,0.14068190258692845],[2021,-6.910783714193756],[2022,-0.42353940617377406],[2023,0.36082155687150264],[2024,1.378236983393682],[2025,0.40477257335117867]]; median 0.1158158108866536. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 7% on new investment; paid no dividends in 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 528575.528258088; upkeep 5180424.471741912; cash acquisitions 0; owner earnings 4490575.528258088. Growth capex plus acquisitions / owner earnings = 0.11770774702081997.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 380000; cash acquisitions 0; owner earnings 32707000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 113000; cash acquisitions 42858000; owner earnings 29499000. Growth capex plus acquisitions / owner earnings = 1.4528628089087765.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 5021000; cash acquisitions 6957000; owner earnings 16632000. Growth capex plus acquisitions / owner earnings = 0.41829004329004327.

- Source: https://www.sec.gov/Archives/edgar/data/1759655/000175965526000010/prva-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 1200000; cash acquisitions 180370000; owner earnings 31626000. Growth capex plus acquisitions / owner earnings = 5.703218870549548.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Incremental return on capital 0.07024351108767016, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PRVA.US SharesStats.PercentInsiders = 6.194 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 29.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.4188363592907428. Price 22.62; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-04: $36.32 per share

- 2021-05: $32.73 per share

- 2021-06: $44.37 per share

- 2021-07: $41.50 per share

- 2021-08: $29.81 per share

- 2021-09: $23.56 per share

- 2021-10: $25.70 per share

- 2021-11: $23.10 per share

- 2021-12: $25.87 per share

- 2022-01: $21.28 per share

- 2022-02: $25.74 per share

- 2022-03: $26.73 per share

- 2022-04: $21.99 per share

- 2022-05: $23.96 per share

- 2022-06: $29.12 per share

- 2022-07: $36.78 per share

- 2022-08: $39.79 per share

- 2022-09: $34.06 per share

- 2022-10: $33.48 per share

- 2022-11: $23.93 per share

- 2022-12: $22.71 per share

- 2023-01: $27.04 per share

- 2023-02: $27.93 per share

- 2023-03: $27.61 per share

- 2023-04: $27.63 per share

- 2023-05: $24.95 per share

- 2023-06: $26.11 per share

- 2023-07: $27.92 per share

- 2023-08: $26.25 per share

- 2023-09: $23.00 per share

- 2023-10: $21.02 per share

- 2023-11: $20.66 per share

- 2023-12: $23.03 per share

- 2024-01: $20.16 per share

- 2024-02: $22.32 per share

- 2024-03: $19.59 per share

- 2024-04: $18.40 per share

- 2024-05: $17.37 per share

- 2024-06: $17.38 per share

- 2024-07: $20.74 per share

- 2024-08: $20.14 per share

- 2024-09: $18.21 per share

- 2024-10: $18.36 per share

- 2024-11: $21.48 per share

- 2024-12: $19.55 per share

- 2025-01: $22.85 per share

- 2025-02: $24.97 per share

- 2025-03: $22.45 per share

- 2025-04: $23.48 per share

- 2025-05: $22.76 per share

- 2025-06: $23.00 per share

- 2025-07: $19.52 per share

- 2025-08: $23.04 per share

- 2025-09: $24.90 per share

- 2025-10: $24.30 per share

- 2025-11: $24.37 per share

- 2025-12: $23.71 per share

- 2026-01: $23.22 per share

- 2026-02: $23.75 per share

- 2026-03: $20.57 per share

- 2026-04: $24.85 per share

- 2026-05: $21.51 per share

- 2026-06: $25.73 per share

- 2026-07: $23.67 per share

- 2026-08: $20.49 per share

- 2026-09: $19.69 per share

- 2026-10: $22.62 per share

## Annual estimated value (USD per share)

- FY2023: low $3.69 per share, central $3.80 per share, high $3.95 per share

- FY2024: low $5.08 per share, central $5.28 per share, high $5.55 per share

- FY2025: low $5.12 per share, central $5.35 per share, high $5.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1759655/000175965526000010/prva-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Henry Ellenbogen](https://gigainvestors.com/DCP): 11,635,948 PRVA shares; USD 299,393,000 reported position value; 2.91% of portfolio; reduce; quarter 2026 Q2.

# PRVA — Privia Health Group Inc.

Held by 1 investor · USD 299,393,000 total · 2026 Q2 · reported price USD 25.73 (split-adjusted).
Page: https://gigainvestors.com/s/PRVA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Henry Ellenbogen (https://gigainvestors.com/DCP) | USD 299,393,000 | 2.9% | reduce -3.74% |

## Total held by quarter

- 2023 Q2: USD 237,363,634 · 1 holder · USD 26.11
- 2023 Q3: USD 209,090,907 · 1 holder · USD 23.00
- 2023 Q4: USD 209,363,634 · 1 holder · USD 23.03
- 2024 Q1: USD 178,090,907 · 1 holder · USD 19.59
- 2024 Q2: USD 157,999,998 · 1 holder · USD 17.38
- 2024 Q3: USD 202,305,597 · 1 holder · USD 18.21
- 2024 Q4: USD 224,587,331 · 1 holder · USD 19.55
- 2025 Q1: USD 257,902,075 · 1 holder · USD 22.45
- 2025 Q2: USD 264,220,389 · 1 holder · USD 23.00
- 2025 Q3: USD 291,122,957 · 1 holder · USD 24.90
- 2025 Q4: USD 286,602,758 · 1 holder · USD 23.71
- 2026 Q1: USD 248,646,931 · 1 holder · USD 20.57
- 2026 Q2: USD 299,393,000 · 1 holder · USD 25.73