Phreesia, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Phreesia, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	79.8	99.9	125	149	213	281	356	420	481
Cost of revenue	12.6	15.1	16.8	23.5	42.7	58.9	61	66.2	71.4
Gross profit	67.3	84.8	108	125	171	222	295	354	409
Research and development	11.4	14.3	18.6	22.6	52.3	91.2	112	117	121
Selling and marketing	24.8	26.4	32.4	43	106	151	147	121	100
General and administrative	18.8	20.1	30.5	40.5	68.7	80.4	79.9	76.6	79.9
Operating income	-14.6	-9.49	-15.3	-25.7	-117	-177	-136	-58.1	-6.61
Interest expense		3.51	3.04	1.7	1.16	1.41	1.85	2.35	6.95
Interest income						2.48	4.07	2.68	2.17
Other non-operating income	-3.64	-5.57	-6.78	-1.57	-1.16	0.89	1.14	2.29	-2.33
Pre-tax income	-18.2	-15.1	-22.1	-27.2	-118	-176	-135	-55.8	-8.94
Income tax	0	0	-1.78	0.05	0.18	0.48	1.54	2.72	-11.2
Net income	-18.2	-15.1	-20.3	-27.3	-118	-176	-137	-58.5	2.31
EBITDA	-4.91	2.1	-1.37	-9.76	-95.5	-151	-107	-30.2	24.8
EPS, basic	-24.81	-24.53	-4.50	-0.69	-2.37	-3.36	-2.51	-1.02	0.04
EPS, diluted	-24.81	-24.53	-4.50	-0.69	-2.37	-3.36	-2.51	-1.02	0.04
Shares, basic (weighted)	1.54	1.84	20.3	39.5	49.9	52.4	54.6	57.6	59.7
Shares, diluted (weighted)	1.54	1.84	20.3	39.5	49.9	52.4	54.6	57.6	61.5

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	10.5	1.54	90.3	219	314	177	87.5	84.2	73.8
Receivables		16.1	22	29.1	40.3	51.4	64.9	73.6	97.5
Other current assets		0.56	0.89	2.39	11	10.7	14.5	15.9	18
Total current assets		33.3	132	272	386	262	196	203	280
Property, plant and equipment		14.2	14.5	26.7	34.6	21.7	16.9	23.7	20.3
Lease right-of-use assets			0	2.65	2.34	0.57	0.27	1.48	2
Goodwill		0.25	0.25	8.31	33.6	33.7	75.8	75.8	170
Intangible assets		1.44	1.2	2.73	12.8	11.4	31.6	28.1	79.8
Other non-current assets		0.71	0.18	1.67	4.16	3.26	2.88	2.67	2.44
Total assets		59.3	159	327	494	370	370	388	664
Accounts payable		3.75	6.02	4.39	5.12	10.8	8.48	5.62	11.5
Accrued liabilities		5.51	9.24	18.3	20.1	21.8	37.1	37.5	41.3
Deferred revenue		6.49	5.4	10.8	16.5	17.7	24.1	32.8	49.5
Short-term debt		0.1	0.38	4.86	5.82	5.17	6.06	8.04	7.97
Total current liabilities		27.9	35.4	55	68.4	79	110	114	183
Long-term debt		27.9	19.4	6.47	7.42	2.73	5.4	8.15	92.1
Lease liabilities			0	1.9	1.28	0.35	0.13	0.65	1.11
Other non-current liabilities						0	2.86	0.19	0.05
Total liabilities		63.7	56.9	63.4	77.2	82.2	119	124	327
Total debt		28	19.8	1.63	0.36	0.25	3.15	1.94	2.66
Paid-in capital		0	386	580	861	927	1,039	1,111	1,182
Retained earnings		-211	-284	-312	-430	-606	-743	-801	-799
Treasury stock		0	-0.4	-4.97	-14	-33.6	-45.5	-45.5	-45.5
Other comprehensive income							0	-0.05	-0.38
Shareholders' equity	-168	-211	102	263	417	288	251	265	337
Total equity	-168	-211	102	263	417	288	251	265	337
Total liabilities and equity		59.3	159	327	494	370	370	388	664
Shares outstanding		1.99	36.6	44.9

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-18.2	-15.1	-20.3	-27.3	-118	-176	-137	-58.5	2.31
Depreciation and amortization	9.64	11.6	13.9	15.9	21.3	25.3	29.5	27.9	31.5
Stock-based compensation	0.81	1.45	6.18	13.5	36.1	58.8	71.6	67	67.5
Deferred income tax	0	0	-0.78	-0.07	0.14	0.43	0.23	0.21	-13.3
Change in receivables	-3.38	-3.77	-5.91	-6.62	-10.2	-11.1	-11.2	-8.81	-23.4
Change in payables	-2.06	2.37	-0.03	-3.82	2.88	4.77	-1.99	-3.23	5.26
Cash from operations	-11.1	-2.13	0.83	2.89	-74.7	-90.1	-32.4	32.4	78.8
Capital expenditures	-6.59	-4.72	-7.02	-11.2	-18.4	-4.73	-5.81	-8.71	-11.1
Acquisitions	0	-1.19	0	-6.51	-34.4	0	-14.6	0	-153
Cash from investing	-12	-11	-12.3	-25.1	-65.2	-26.2	-39.7	-24.1	-162
Stock issued	0.15	0	131	175	246	0	0	1.01	1.45
Cash from financing	31.3	4.19	100	151	235	-20.8	-17.1	-11.5	72.9
Exchange rate effect						0	0	-0.11	-0.18
Net change in cash	8.18	-8.96	88.8	128	95	-137	-89.2	-3.3	-10.4
Free cash flow	-17.7	-6.85	-6.19	-8.35	-93.1	-94.9	-38.2	23.7	67.7
Interest paid	2.8	2.8	2.31	1.47	0.8	0.76	1.31	2.19	1.61
Income taxes paid		0	0	0.06	0.05	0.04	0.04	3.07	1.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $10.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	85.4%	Gross profit / revenue.
Operating margin	2.5%	Operating income / revenue.
EBITDA margin	9.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.5%	Pre-tax income / revenue.
Net margin	2.1%	Net income / revenue.
FCF margin	15.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.0%	Cash from operations / revenue.
Effective tax rate	-278.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	3.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	22.9%	Research and development expense / revenue.
Stock-based pay / revenue	11.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	7.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	143.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	93.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	186.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	27.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	70.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	9.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.76x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.2%	Total debt / total assets.
Liabilities / assets	42.5%	Total liabilities / total assets.
Net debt	-$73.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.48x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.23x	Operating income / interest expense.
Working capital	$109.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$125.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.78x	Revenue / average total assets.
Fixed asset turnover	28.0x	Revenue / average property, plant and equipment.
Receivables turnover	5.68x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
FCF conversion	772.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.13	Revenue / diluted weighted shares.
FCF per share	$1.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.46	Cash from operations / diluted weighted shares.
Book value per share	$5.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.01	Tangible book value / shares outstanding.
Cash per share	$1.19	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$627.4M	Share price x shares outstanding.
Enterprise value	$553.9M	Market cap + total debt - cash - short-term investments.
P/E	60.1x	Market cap / net income. Only when net income is positive.
P/S	1.24x	Market cap / revenue.
P/B	1.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.98x	Market cap / tangible book value, when positive.
P/FCF	7.77x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.87x	Market cap / cash from operations, when positive.
EV/Sales	1.09x	Enterprise value / revenue.
EV/EBIT	44.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.86x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.9%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).

What was Phreesia, Inc.'s revenue in fiscal 2026?

Phreesia, Inc. reported revenue of $480.6M for fiscal 2026, 14.5% higher than the year before.

Was Phreesia, Inc. profitable in fiscal 2026?

Yes. Net income was $2.3M, a net margin of 0.5%.

How much free cash flow did Phreesia, Inc. generate in fiscal 2026?

Cash from operations of $78.8M minus capital expenditures of $11.1M left free cash flow of $67.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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