Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 7, 2026
Privia Health Group, Inc. (PRVA)
A forensic read on Privia Health Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.9
Distress distance
Clean
Earnings quality
4
Forensic signals
3.1%
ROE
$2.8B
Market cap
22.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Privia Health Group, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+47.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +47.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +27% against revenue +22% and payables paid down 18% against +22% in revenue. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 56% of net operating assets, diverging from the balance-sheet accrual read.
+5.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +16% over the last 3 years to FY2025 (+5.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~14%.
7.2%
FY2025
Return on invested capital.Return on invested capital is 7.2% in the latest fiscal year and rising from -8% — slightly below its ~10% cost of capital — reinvestment is roughly a wash.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2025 — about $0.55 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 5.3% a year and is falling.
Key fundamentals
Latest Revenue$2.12B
Revenue Growth YoY+22.3%
Revenue CAGR (3yr)+16.1%
Net Margin1.1%
Return on Equity3.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Privia Health Group, Inc.'s actual 10-K/10-Q/8-K filings?