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1. Company Snapshot

1.a. Company Description

Privia Health Group, Inc.operates as a national physician-enablement company in the United States.The company collaborates with medical groups, health plans, and health systems to optimize physician practices, enhance patient experiences, and reward doctors for delivering care in-person and virtual settings.


It offers technology and population health tools to enhance independent providers' workflows; management services organization that enable providers to focus on their patients by reducing administrative work; single-TIN medical group that facilitates payer negotiation, clinical integration and alignment of financial incentives; accountable care organization, which engage 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 with new patient populations and create custom contracts.The company was founded in 2007 and is headquartered in Arlington, Virginia.Privia Health Group, Inc.


was a former subsidiary of Brighton Health Group Holdings, LLC.

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1.b. Last Insights on PRVA

Negative drivers behind Privia Health Group's recent performance include a decline in operating income margin, which decreased to 4.4% in Q1 2025, down from 5.1% in the prior-year period. Additionally, the company's adjusted EBITDA margin also declined to 10.3% in Q1 2025, down from 11.1% in Q1 2024. Furthermore, Privia Health's operating expenses increased by 12.3% year-over-year, driven by higher personnel costs and other operating expenses.

1.c. Company Highlights

2. Privia Health's Strong Q3 2025 Earnings: A Deeper Dive

Privia Health reported a robust third quarter in 2025, with practice collections reaching $940.4 million, a 27.1% increase from the same period last year. Adjusted EBITDA was $38.2 million, a 61.6% increase year-over-year, resulting in an EBITDA margin of 30.5%, a significant 720 basis point improvement. The company's actual EPS was $0.05, slightly below estimates of $0.06. The strong financial performance was driven by a 13.1% year-over-year growth in implemented providers and a 12.8% growth in value-based attribution.

Publication Date: Nov -21

📋 Highlights
  • Strong Adjusted EBITDA Growth: Adjusted EBITDA surged 61.6% YoY to $38.2 million, with a 30.5% margin (720 bps improvement YoY).
  • Evolent ACO Acquisition: $113M deal (cash + earn-out) adds 120K+ attributed lives across 6 new states, expected to boost 2026 adjusted EBITDA.
  • Value-Based Care Momentum: 13.1% YoY provider growth, 12.8% value-based attribution growth, and 27.1% practice collections growth in Q3 2025.
  • 2025 Outlook Raised: Forecasts 12.5% attributed lives growth, 17.1% practice collections growth, and 32% adjusted EBITDA growth (midpoint).
  • Liquidity and Expansion Plans: $409.9M pro forma cash with no debt, enabling acquisitions and market dislocation opportunities, targeting 20% growth in 2026.

Operational Highlights

The company's operational performance was equally impressive, with a national footprint of 5,250 implemented providers caring for over 5.6 million patients across 15 states and D.C. The total attributed lives increased by nearly 13% from the previous year, driven by new provider growth and entry into Arizona. As Parth Mehrotra noted, the company is focused on generating positive contribution margin in its value-based contracts, pursuing attribution growth, managing risk, and implementing clinical and operational enhancements in its medical groups.

Acquisition and Growth Strategy

Privia Health's acquisition of Evolent Health's ACO business for $100 million in cash, plus an earn-out of up to $13 million, is expected to add over 120,000 value-based care attributed lives across existing and new states. The transaction is expected to close by year-end 2025 and positively contribute to adjusted EBITDA in 2026. The company's growth strategy is focused on increasing density in mature markets, adding new specialties, and monetizing its platform through ancillary services.

Valuation and Outlook

With a P/E Ratio of 152.39 and an EV/EBITDA of 59.93, the market is pricing in significant growth expectations. Analysts estimate next year's revenue growth at 9.8%. The company's strong track record of performance, low-cost provider network, and cash balance of over $400 million position it well for future growth. As Mehrotra stated, the company is guiding conservatively for Q4, but expects to see strong trends continue, with a potential 20% growth in 2026.

3. NewsRoom

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Privia Health Group, Inc. $PRVA Shares Sold by Cetera Investment Advisers

Dec -02

Source: defenseworld.net

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Privia Health Group, Inc. (NASDAQ:PRVA) Given Average Recommendation of “Moderate Buy” by Brokerages

Nov -29

Source: defenseworld.net

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Advantage Alpha Capital Partners LP Acquires Shares of 171,357 Privia Health Group, Inc. $PRVA

Nov -28

Source: defenseworld.net

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Head to Head Contrast: Privia Health Group (NASDAQ:PRVA) & 111 (NASDAQ:YI)

Nov -27

Source: defenseworld.net

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Bailard Inc. Makes New $531,000 Investment in Privia Health Group, Inc. $PRVA

Nov -15

Source: defenseworld.net

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Privia Health Group, Inc. (PRVA) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Here's What Key Metrics Tell Us About Privia Health (PRVA) Q3 Earnings

Nov -06

Source: zacks.com

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Privia Health (PRVA) Lags Q3 Earnings Estimates

Nov -06

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.51%)

6. Segments

Fee-for-service-Patient Care

Expected Growth: 10%

Privia Health Group's 10% growth in Fee-for-service-Patient Care is driven by increasing demand for value-based care, expansion into new markets, strategic partnerships, and investments in technology and data analytics. Additionally, the company's focus on improving patient outcomes, reducing costs, and enhancing the patient experience contributes to its growth.

Capitated

Expected Growth: 11%

Privia Health Group's 11% capitated growth is driven by increasing adoption of value-based care, expansion into new markets, and strategic partnerships. Additionally, the company's focus on improving patient outcomes, reducing healthcare costs, and enhancing the patient experience through its technology-enabled platform contributes to its growth momentum.

Shared Savings

Expected Growth: 13%

Privia Health Group's 13% shared savings growth is driven by increasing adoption of value-based care models, expansion into new markets, and strategic partnerships. Additionally, the company's data analytics capabilities and care coordination platform enable providers to deliver high-quality, cost-effective care, resulting in significant cost savings for patients and payers.

Fee-for-service-Administrative Services

Expected Growth: 9%

Privia Health Group's 9% growth in Fee-for-service-Administrative Services is driven by increasing demand for value-based care, expansion of its provider network, and strategic partnerships. Additionally, the company's technology-enabled platform and data analytics capabilities enhance operational efficiency, leading to higher revenue and growth.

Care Management (Per Member Per Month)

Expected Growth: 12%

Privia Health Group's 12% growth in Care Management (Per Member Per Month) is driven by increasing adoption of value-based care, expansion into new markets, and enhanced patient engagement through technology-enabled services. Additionally, the company's focus on population health management, care coordination, and quality improvement initiatives contribute to this growth.

Other

Expected Growth: 11%

Privia Health Group's 11% growth is driven by increasing demand for value-based care, expansion into new markets, and strategic partnerships. The company's technology-enabled platform and data analytics capabilities also contribute to growth by improving patient outcomes and reducing healthcare costs. Additionally, Privia's focus on primary care and population health management positions it for continued growth in the evolving healthcare landscape.

7. Detailed Products

CarePlatform

A comprehensive care management platform that enables healthcare providers to deliver high-quality, patient-centered care

CareNetwork

A high-performance network of independent physicians and healthcare providers

CareAdvise

A suite of advisory services that help healthcare providers navigate the transition to value-based care

CareAnalytics

A data analytics platform that provides actionable insights to healthcare providers

CareMed

A medical group that provides high-quality, patient-centered care to patients

8. Privia Health Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Privia Health Group, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's focus on value-based care and its ability to provide high-quality, patient-centered care.

Bargaining Power Of Customers

Privia Health Group, Inc. has a diverse customer base, and no single customer has significant bargaining power. The company's focus on patient satisfaction and loyalty also reduces the bargaining power of customers.

Bargaining Power Of Suppliers

Privia Health Group, Inc. relies on a network of suppliers for medical equipment, pharmaceuticals, and other goods and services. While the company has some bargaining power due to its size, suppliers still have some negotiating power.

Threat Of New Entrants

The healthcare industry is highly regulated, and new entrants face significant barriers to entry. However, the trend towards value-based care and the increasing importance of digital health technologies create opportunities for new entrants to disrupt the market.

Intensity Of Rivalry

The healthcare industry is highly competitive, and Privia Health Group, Inc. operates in a crowded market with many established players. The company's focus on value-based care and its ability to provide high-quality, patient-centered care help to differentiate it from competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.45%
Debt Cost 3.95%
Equity Weight 98.55%
Equity Cost 8.02%
WACC 7.96%
Leverage 1.48%

11. Quality Control: Privia Health Group, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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CareCloud

A-Score: 5.2/10

Value: 7.6

Growth: 6.9

Quality: 7.8

Yield: 0.0

Momentum: 8.0

Volatility: 1.0

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Privia Health Group

A-Score: 5.1/10

Value: 1.9

Growth: 8.0

Quality: 5.6

Yield: 0.0

Momentum: 9.0

Volatility: 6.3

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OptimizeRx

A-Score: 4.3/10

Value: 3.5

Growth: 6.0

Quality: 5.2

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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Phreesia

A-Score: 4.0/10

Value: 3.3

Growth: 5.9

Quality: 5.0

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

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Definitive Healthcare

A-Score: 3.8/10

Value: 8.7

Growth: 5.3

Quality: 4.1

Yield: 0.0

Momentum: 2.5

Volatility: 2.3

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Omnicell

A-Score: 3.1/10

Value: 4.7

Growth: 3.3

Quality: 5.2

Yield: 0.0

Momentum: 1.0

Volatility: 4.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.84$

Current Price

23.84$

Potential

-0.00%

Expected Cash-Flows