Phreesia, Inc.
PHR Healthcare Health Information Services
Phreesia, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $480.6 million, up 14.5% from fiscal 2025. In the quarter to July 2026, revenue grew 10.4%, EPS grew 200.0%, free cash flow grew 43.5% and total debt rose 3,191.9%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Phreesia, Inc. (PHR) Altman Z-score
Phreesia, Inc.'s Altman Z-score for fiscal 2026 is 0.65, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 0.65 | (5.28) |
| FY2025 | 5.93 | 1.70 |
| FY2024 | 4.23 | (7.60) |
| FY2023 | 11.83 | 0.53 |
| FY2022 | 11.30 | (12.79) |
| FY2021 | 24.09 | 18.77 |
| FY2020 | 5.32 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.17 | |
| Retained earnings / total assets | (1.20) | — | −1.69 | |
| EBIT / total assets | (0.01) | — | −0.03 | |
| Market value of equity / total liabilities | 2.46 | — | 1.47 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Distress zone | 0.65 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.95 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OMDA Omada Health, Inc. compare | 4.0× |
| HSTM HealthStream, Inc. compare | 3.5× |
| NRC National Research Corporation compare | 3.3× |
| MDRX Veradigm Inc. compare | 1.6× |
| WEAV Weave Communications, Inc. compare | 1.4× |
| PHR Phreesia, Inc. | 0.7× |
| EVH Evolent Health, Inc compare | −0.4× |
| SOPH SOPHiA GENETICS SA compare | −3.4× |
| TDOC Teladoc Health, Inc. compare | −6.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets