D

Privia Health Group, Inc. — Earnings Quality Grade D

PRVA · Healthcare

Significant concerns

Revenue
$2.1B
2025
Net Income
$23M
2025
Gross Margin
9.9%
Free Cash Flow
$163M
01

Screening Summary

12
Passed
2
Watch
2
Failed
-2.59
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 69 days, change +2 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue 22.3%, CFFO 49.5%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

!
B3SG&A Ratio

SG&A/Gross Profit = 78.9%, exceeds 70%

B4Gross Margin

Gross margin 9.9%, change -0.3pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 7.13. Profits backed by cash

C2Free Cash Flow

FCF $0.2B, FCF/NI = 7.13

C3Accruals Ratio

Accruals ratio = -10.3%. Low accruals

C4Cash vs Debt

Cash $0.5B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.4B = 58% of equity. Over 50%

D2Leverage

Debt/EBITDA = 0.2x. Healthy

D3Soft Asset Growth

Other assets 23.2% vs revenue 22.3%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 69% YoY

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.59 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.59
-4.0 Clean-2.22 Grey-1.78 Danger0
1.037
DSRI
AR growing faster than revenue?
1.032
GMI
Gross margin declining?
1.263
AQI
Asset quality deteriorating?
1.223
SGI
Revenue growth rate
1.056
DEPI
Depreciation slowing?
0.886
SGAI
SG&A ratio changing?
-0.1026
TATA
Accruals level
1.05
LVGI
Leverage increasing?
05

Altman Z-Score

2.77
Safe Zone
0 Distress1.102.605.0+ Safe
0.2501
Liquidity
-0.1141
Cumulative profit
0.025
Operating efficiency
1.2745
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25