PHRPhreesia, Inc.

Services-Business Services, NEC

Revenue: $468M; 14% YoY
Operating margin: -1.4%; 90% YoY
EBITDA: $25M; 182% YoY
Market cap: $558M
Employees: 1,789; $261K revenue each
Net debt / EBITDA: -0.5×; −$13M net debt
AI in 10-K: 8.2; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
34× net income
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$261K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.2 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$558M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$27M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$213M	$281M	$346M	$410M	$468M	14%
Operating income	−$117M	−$177M	−$136M	−$58M	−$7M	89%
Net income	−$118M	−$176M	−$137M	−$59M	$2M	104%
Operating cash flow	−$75M	−$90M	−$32M	$32M	$79M	143%
Capex	$18M	$5M	$6M	$9M	$11M	27%
Stock-based comp	$36M	$59M	$72M	$67M	$67M	0.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 2, 2026	Pale Fire Capital SE	SCHEDULE 13D/A	14.7%	Passive
Mar 19, 2026	Pale Fire Capital SE	SCHEDULE 13D/A	12.7%	Passive
Feb 19, 2026	Pale Fire Capital SE	SCHEDULE 13D	9.2%	Passive

Insider trading

Open-market buys, 12 mo: $29M · 8
Open-market sells, 12 mo: $2M · 37
Net: $27M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$8M	−$18M	21	161
FY2025	$11M	$12M	92	209
FY2024	$8M	−$240K	82	188
FY2023	$8M	$13M	121	127
FY2022	$9M	−$15M	101	150