Phreesia, Inc. — Earnings Quality Grade C
PHR · Healthcare
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 71 days, change +10 days YoY
AR growth 32.6% exceeds revenue growth 14.5%
Revenue 14.5%, CFFO 143.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 1.3% vs revenue 14.5%. Normal
SG&A/Gross Profit = 55.2%. Normal
Gross margin 67.9%, change +0.1pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 34.2x). Non-cash charges depressing profits
FCF $0.1B, FCF/NI = 23.60
Accruals ratio = -11.5%. Low accruals
Cash $0.1B covers 72% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 90% of equity. Over 50%
Interest coverage = -1.0x (<2x). Financial stress
Other assets -8.5% vs revenue 14.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 94% YoY
Manipulation Score
M-Score = -2.72 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25