Privia Health Group Inc

Privia Health Group describes itself as a physician-enablement company. It works with doctors who already have practices, grouping them into one large medical group in each region while they keep much of their independence. Privia supplies the technology, billing and claims work, data analysis and negotiation with insurers. As of December 31, 2025, it had 5,380 doctors and other clinicians in more than 1,300 practice locations across 24 states and the District of Columbia, caring for over 5.8 million patients.

Revenue was $2.12 billion in 2025. About 64% came from fee-for-service patient care: payment for each visit or procedure billed through medical groups Privia owns or controls. Capitated revenue, a fixed payment per patient regardless of how much care they use, made up 14.5%. Shared savings, bonuses earned when care costs come in under a target and quality goals are met, added 11.1%. Fees for running medical groups Privia does not own brought in 6.5%, and monthly per-patient care management fees 3.4%.

The plan is to shift each market from fee-for-service toward value-based care, where pay depends on quality and total cost rather than visit volume. At the end of 2025, these contracts covered about 910,000 commercial, 298,000 Medicare shared-savings, 212,000 Medicare Advantage and 120,000 Medicaid patients.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $632.6M, up 21.4% from a year earlier, and net income was $9.0M (+236.7%).
• For fiscal 2025, revenue was $2.12B (+22.3% year over year; +21.0% a year from FY2020 to FY2025) with a 1.1% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed +20.8% from Aug 3, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Privia Health Group’s market value went from $2.60B at the end of 2022 to $2.79B on Oct 28, 2026, up 7%; since the end of 2025 it is down 4%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 25 sales ($18.0M), 17 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in PRVA

1. Its legal structure could be challenged. Some states bar Privia from owning medical groups, so it relies on complex agreements with doctor-owned groups and partners. A legal challenge or new reading of these laws could force costly changes to operations.
2. Value-based contracts can backfire. Capitated payments and shared savings made up about a quarter of 2025 revenue. If patients need more care than expected or quality targets are missed, these payments can shrink or turn into losses.
3. Errors in Medicare Advantage risk data. Medicare Advantage plans pay more for sicker patients based on recorded diagnoses. If the information Privia's groups submit proves inaccurate or unsupported, audits could cut payments and harm the business.
4. Insurers and Medicare could pay less. Most revenue comes from billing for visits and procedures. Lower government or insurer rates, tighter reviews of care use, narrower networks or more uninsured patients could all reduce what Privia collects.
5. Profits are thin after past losses. Privia earned $22.9 million on $2.12 billion of revenue in 2025, a 1.1% net margin, after losing money in 2021 and 2022. Small setbacks could wipe out its earnings.
6. Growth depends on new doctors and deals. Expansion relies on signing practices, entering new states and making acquisitions. Sales cycles are long and unpredictable, operations are concentrated in certain states, and acquired businesses can bring integration problems or hidden liabilities.

• Aug 18, 2026 Executive or board change
• Aug 6, 2026 Quarterly results released
• Jul 7, 2026 Executive or board change
• May 22, 2026 Shareholder vote results
• May 7, 2026 Quarterly results released
• Feb 26, 2026 Quarterly results released
• Dec 8, 2025 Other company announcement
• Nov 6, 2025 Quarterly results released

Privia Health does not pay a dividend, and it did not repurchase any shares from fiscal 2021 through fiscal 2025. Its 10-K, filed February 27, 2026, says it has no plans to pay regular cash dividends, so shareholders earn a return only if the share price rises. An income investor would receive no regular cash from this stock. The share count also grew about 21% between August 2021 and July 2026, spreading profits across more shares.

The available price history spans about four years, so it shows nothing about the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Within that period the stock's deepest fall was 52.8%, and it dropped as much as 32% from a peak during the year to October 28, 2026. A single stock like Privia carries more risk than a diversified fund that spreads money across many companies.