Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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
5.9
Distress distance
Clean
Earnings quality
3
Forensic signals
3.1%
ROE
$2.4B
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, going concern, valuation). 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 5.9, placing it in the Safe zone. 3 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +27% against revenue +22% and payables paid down 18% against +22% in revenue. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 56% of net operating assets, against an accruals ratio of 47.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+1.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.7%/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 ~1.7% 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 FY2023 has been diluted ~3%.
7.2%
FY2025
Return on invested capital.Return on invested capital is 7.2% in the latest fiscal year, against 6.7% in FY2023, having run between 5.6% and 7.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $15M in FY2023 and $23M in FY2025, with operating income at 1.2% of revenue in FY2023, 1.0% in FY2024 and 1.6% in FY2025. The capital base behind it grew +44% across FY2023–FY2025, from $223M to $321M, and the return did not fall doing it, so the dollars added over that window earned at least the 6.7% the older base was already earning.
Key fundamentals
Latest Revenue$2.12B
Revenue Growth YoY+22.3%
Revenue CAGR (2yr)+13.2%
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?