Phreesia, Inc. (PHR)

NYSEHealth CareMedical - Healthcare Information ServicesSnapshot 2026-10-23

$12.70-0.16%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Phreesia, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.5%

+10% or more+5%0%−5%−10% or less

0.64 → 0.64 EPS · FY ending Jan 31, 2028 · 8 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 8 to 8; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2027 · Q3
Revenue	—	128.42M
EPS	—	0.12
FY 2027 · Annual
Revenue	$510M–$520M	515.75M
EPS	—	0.294
EBITDA	$125M–$135Mnon-GAAP	—
FY 2028 · Annual
Revenue	—	535.04M
EPS	—	0.64

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Adjusted EBITDA target of $125M-$135M for FY 2027	Adjusted EBITDA target is $125M-$135M for 2027.	Improving	Adjusted EBITDA falls below $125M in FY 2027	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Restructuring to reduce operating expenses	A supporting condition in Phreesia, Inc.'s published investment case. The stated target is Successful cost reduction aligned with business priorities.	Improving	Operating expenses do not decrease or align with priorities	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 3 quarters. The restructuring plan was implemented in May 2026 with $2.8 million of charges recognized in 2026-Q3. Operating income improved from -$1.5 million in 2026-Q2 to $7.6 million in 2026-Q3, reflecting progress in expense reduction and cost structure alignment. The trajectory shows delivering on cost discipline through restructuring. Delivery assessment Oct 24, 2026
Revenue growth to $510M-$520M for FY 2027	A primary condition in Phreesia, Inc.'s published investment case. The stated target is $510M-$520M.	Intact	Revenue falls below $510M in FY 2027	Revenue: $129.458M FY2027-Q2; GAAP. Published target: $510M-$520M. Target period is not explicitly aligned with this observation. Source published Sep 3, 2026129,458,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: 233dd6c2-9a6a-46e6-b071-212d9ca2e7fa. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Revenue grew from $117.3 million in 2026-Q2 to $129.5 million in 2026-Q3. Management lowered the fiscal 2027 revenue guidance from $545-$559 million to $510-$520 million due to variability in network solutions but maintains the target. The trajectory shows delivering revenue growth but with increased forecasting variability. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-01-31 · fmp

FY2028 EPS$0.64

$0.65 → $0.64 · observed estimates

FY2028 revenue$0.54B

$0.54B → $0.54B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.65	$538,454,198	8 / 13
2026-07-25	$0.65	$538,454,198	8 / 13
2026-07-26	$0.65	$538,454,198	8 / 13
2026-07-27	$0.65	$538,454,198	8 / 13
2026-07-28	$0.65	$538,454,198	8 / 13
2026-07-29	$0.65	$538,454,198	8 / 13
2026-07-30	$0.67	$540,349,540	8 / 13
2026-07-31	$0.67	$540,349,540	8 / 13
2026-08-01	$0.67	$540,349,540	8 / 13
2026-08-02	$0.67	$540,349,540	8 / 13
2026-08-03	$0.67	$540,349,540	8 / 13
2026-08-04	$0.67	$540,349,540	8 / 13
2026-08-05	$0.67	$540,349,540	8 / 13
2026-08-06	$0.67	$540,349,540	8 / 13
2026-08-07	$0.67	$540,349,540	8 / 13
2026-08-08	$0.67	$540,349,540	8 / 13
2026-08-09	$0.67	$540,349,540	8 / 13
2026-08-10	$0.67	$540,349,540	8 / 13
2026-08-12	$0.67	$540,349,540	8 / 13
2026-08-13	$0.67	$540,349,540	8 / 13
2026-08-14	$0.67	$540,349,540	8 / 13
2026-08-15	$0.67	$540,349,540	8 / 13
2026-08-16	$0.67	$540,349,540	8 / 13
2026-08-17	$0.67	$540,349,540	8 / 13
2026-08-18	$0.67	$540,349,540	8 / 13
2026-08-19	$0.67	$540,349,540	8 / 13
2026-08-20	$0.67	$540,349,534	8 / 13
2026-08-21	$0.67	$540,349,534	8 / 13
2026-08-22	$0.67	$540,349,534	8 / 13
2026-08-23	$0.67	$540,349,534	8 / 13
2026-08-24	$0.67	$540,349,534	8 / 13
2026-08-25	$0.67	$540,349,534	8 / 13
2026-08-26	$0.67	$540,349,534	8 / 13
2026-08-27	$0.67	$540,349,534	8 / 13
2026-08-28	$0.67	$540,349,534	8 / 13
2026-08-29	$0.67	$540,349,534	8 / 13
2026-08-30	$0.67	$540,349,534	8 / 13
2026-08-31	$0.67	$540,349,534	8 / 13
2026-09-01	$0.67	$540,350,887	8 / 13
2026-09-02	$0.67	$540,350,887	8 / 13
2026-09-03	$0.69	$540,869,000	8 / 13
2026-09-04	$0.65	$536,030,442	8 / 13
2026-09-05	$0.65	$536,030,442	8 / 13
2026-09-06	$0.65	$536,030,442	8 / 13
2026-09-07	$0.65	$536,030,442	8 / 13
2026-09-08	$0.65	$536,030,442	8 / 13
2026-09-09	$0.66	$536,025,141	8 / 13
2026-09-10	$0.66	$536,479,653	8 / 12
2026-09-11	$0.64	$536,626,737	8 / 13
2026-09-12	$0.64	$536,626,737	8 / 13
2026-09-13	$0.64	$536,626,737	8 / 13
2026-09-14	$0.64	$536,626,737	8 / 13
2026-09-15	$0.64	$536,626,737	8 / 13
2026-09-16	$0.64	$536,626,737	8 / 13
2026-09-17	$0.64	$536,626,737	8 / 13
2026-09-18	$0.64	$536,626,737	8 / 13
2026-09-19	$0.64	$536,626,737	8 / 13
2026-09-20	$0.64	$536,626,737	8 / 13
2026-09-21	$0.64	$536,626,737	8 / 13
2026-09-22	$0.64	$536,626,737	8 / 13
2026-09-23	$0.64	$536,626,737	8 / 13
2026-09-24	$0.64	$536,626,737	8 / 13
2026-09-25	$0.64	$536,626,737	8 / 13
2026-09-26	$0.64	$536,626,737	8 / 13
2026-09-27	$0.64	$536,626,737	8 / 12
2026-09-28	$0.64	$536,626,737	8 / 12
2026-09-29	$0.65	$536,415,794	8 / 12
2026-09-30	$0.65	$536,415,794	8 / 12
2026-10-01	$0.65	$536,415,794	8 / 12
2026-10-02	$0.65	$536,415,794	8 / 12
2026-10-03	$0.65	$536,415,794	8 / 12
2026-10-04	$0.65	$534,868,244	8 / 12
2026-10-05	$0.65	$534,868,244	8 / 12
2026-10-06	$0.65	$534,868,244	8 / 12
2026-10-07	$0.65	$534,868,244	8 / 12
2026-10-08	$0.65	$534,868,244	8 / 12
2026-10-09	$0.65	$534,868,244	8 / 12
2026-10-10	$0.65	$534,868,244	8 / 12
2026-10-11	$0.65	$534,868,244	8 / 12
2026-10-12	$0.65	$534,868,244	8 / 12
2026-10-13	$0.65	$534,868,244	8 / 12
2026-10-14	$0.65	$534,868,244	8 / 12
2026-10-15	$0.65	$534,868,244	8 / 12
2026-10-16	$0.65	$534,868,244	8 / 12
2026-10-17	$0.65	$534,868,244	8 / 12
2026-10-18	$0.65	$534,868,244	8 / 12
2026-10-19	$0.65	$534,868,244	8 / 12
2026-10-20	$0.64	$535,041,805	8 / 12
2026-10-21	$0.64	$535,041,805	8 / 12
2026-10-22	$0.64	$535,041,805	8 / 12
2026-10-23	$0.64	$535,041,805	8 / 12
2026-10-24	$0.64	$535,041,805	8 / 12

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	15	8
2026-06-01	12	8
2026-07-01	12	8
2026-08-01	11	8
2026-09-01	11	9
2026-10-01	10	8

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 10 Buy / Strong Buy · 8 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BarclaysOct 12 · prior May 14

$10.00 → $11.00+10.0%

$0$6.05$12.10

1 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Adjusted EBITDA target of $125M-$135M for FY 2027Direct metric needs a verified mapping
Restructuring to reduce operating expensesDirect metric needs a verified mapping
Revenue growth to $510M-$520M for FY 2027Revenue: $129.458M

Next proof point

Dec 14, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.5%Typical daily move · historical

Downside history

-65.7%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Phreesia, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth and operating-efficiency story with a healthcare-sector tailwind, rather than a low-risk business. The multi-year view is intact, supported by strong recent financial performance, though management’s forecasting variability and a run of earnings misses leave the thesis exposed.

What's priced into Phreesia, Inc.

The valuation evidence is mixed: PHR is described as cheap versus peers, while a separate measure shows a 54% premium to peers. The model has low confidence, and the priced-in tag says expectations are justified with low fragility, so the evidence does not point to a clear expectations cushion.

What the fundamentals likely do

Near term, revenue has grown and adjusted EBITDA has expanded, while restructuring helped operating income improve; management maintains its fiscal 2027 revenue and adjusted EBITDA goals. However, revenue guidance was cut because network solutions are variable, and recent earnings misses make the next report a meaningful risk.

What Phreesia, Inc. hinges on

The multi-year thesis depends on delivering the fiscal 2027 goals while sustaining margin gains and managing network-solutions variability. Near term, another guidance cut or continued weakening in jobs data could add pressure, while strong results and higher guidance from healthcare peers could support sector momentum.