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Performant Healthcare (PHLT) Stock Overview
Provides audit, recovery, and analytics services in the United States. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 3/6 |
| Past Performance | 0/6 |
| Financial Health | 5/6 |
| Dividends | 0/6 |
PHLT Community Fair Values
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Analyst Price Targets
Performant Healthcare, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$7.75 |
| 52 Week High | US$7.76 |
| 52 Week Low | US$2.17 |
| Beta | 0.69 |
| 1 Month Change | 0.78% |
| 3 Month Change | 113.50% |
| 1 Year Change | 101.04% |
| 3 Year Change | 299.48% |
| 5 Year Change | 631.13% |
| Change since IPO | -26.89% |
Recent News & Updates
Recent updates
Seeking Alpha • Aug 04
Performant Healthcare: Getting Acquired At A Massive Premium (Rating Downgrade)
Summary In a surprise move, Performant Healthcare agreed to being acquired by privately-owned Machinify for $7.75 per share in cash, a 100%+ premium to prevailing trading prices. The company also released preliminary second quarter results substantially above consensus expectations. Performant Healthcare's strategic decision to focus on the healthcare market has been playing out at an increasing pace as of late. With shares trading at a small discount to the $7.75 offer price, I am downgrading the company's stock from "Buy" to "Hold." Read the full article on Seeking AlphaAnalysis Article • Jul 21
Health Check: How Prudently Does Performant Healthcare (NASDAQ:PHLT) Use Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • May 31
Subdued Growth No Barrier To Performant Healthcare, Inc. (NASDAQ:PHLT) With Shares Advancing 30%
Performant Healthcare, Inc. ( NASDAQ:PHLT ) shareholders would be excited to see that the share price has had a great...
New Narrative • Apr 03
Commercial Expansion And Project Turing Will Transform Operations
Performant Healthcare's commercial market expansion and strategic contracts are driving future revenue growth and boosting its revenue visibility and scalability.Analysis Article • Mar 25
Performant Healthcare, Inc.'s (NASDAQ:PHLT) Shares Climb 26% But Its Business Is Yet to Catch Up
Performant Healthcare, Inc. ( NASDAQ:PHLT ) shareholders are no doubt pleased to see that the share price has bounced...Seeking Alpha • Mar 18
Performant Healthcare: Decent Quarter And Guidance But Valuation Remains A Concern - Hold
Summary Performant Healthcare reported Q4/2024 results slightly ahead of expectations. Total healthcare revenues of $34.3 million represented a new high, and the company generated $1.5 million in free cash flow. Despite some expected headwinds this year, management guided for double-digit revenue growth and vastly improved profitability this year. With more recently implemented contracts ramping up to full scale, the company's medium term revenue and profitability targets might be within reach by 2026 and 2027 respectively. However, at 15x estimated 2026 EV/Adjusted EBITDA, valuation remains a concern. As a result, I am reiterating my "Hold" rating on Performant Healthcare's common shares. Read the full article on Seeking AlphaAnalysis Article • Jan 08
Pinning Down Performant Healthcare, Inc.'s (NASDAQ:PHLT) P/S Is Difficult Right Now
When close to half the companies in the Healthcare industry in the United States have price-to-sales ratios (or "P/S...Seeking Alpha • Nov 27
Performant Financial: In-Line Quarter And Outlook Despite Headwinds - Hold
Summary Performant Financial's Q3/2024 results came in very much in line with muted consensus expectations. While the decision to further reduce customer care services will impact the company's top-line performance going forward, management reiterated full-year projections for profitability and core healthcare revenues. In addition, the company has experienced headwinds from the election cycle and the Change Healthcare cybersecurity breach in February. Management has quietly removed its previously stated 20% EBITDA margin target from the company's presentation. While I am reiterating my "Hold" rating for now, I won't hesitate to downgrade the shares should the company's 2025 outlook come in below expectations. Read the full article on Seeking AlphaSeeking Alpha • Aug 13
Performant Financial: Decent Quarter But Further Progress Required
Summary Performant Financial Corporation reported second quarter 2024 results ahead of consensus estimates, with both revenues and profitability outperforming expectations. Adjusted EBITDA turned positive for the quarter, and the company generated $3.7 million in free cash flow. However, not everything is going according to plan, as the upcoming election has created some near-term headwinds in the company's government vertical. Consequently, management abstained from increasing expectations but reiterated the company's full-year guidance, which I consider a prudent decision. For now, I am reiterating my “Hold” rating on the shares, as it will take more time for Performant Financial to move closer to its long-term financial targets. Read the full article on Seeking AlphaAnalysis Article • Jul 30
Getting In Cheap On Performant Financial Corporation (NASDAQ:PFMT) Might Be Difficult
Performant Financial Corporation's ( NASDAQ:PFMT ) price-to-sales (or "P/S") ratio of 2.3x may not look like an...Analysis Article • Jul 04
Performant Financial (NASDAQ:PFMT) Is Carrying A Fair Bit Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Seeking Alpha • Jun 03
Performant Financial: Slowly Progressing Towards Long-Term Targets - Hold
Summary Last month, Performant Financial reported first quarter 2024 results slightly ahead of consensus estimates and reiterated full-year expectations. Core healthcare revenues increased by approximately 13% with the company's claims-based business showing particular strength. The quarter was highlighted by the strategic decision to acquire an AI platform with the potential to improve the company's audit workflow processes quite meaningfully. However, immediate benefits to the business are likely to be limited. With Performant Financial still not anywhere close to management's stated long-term revenue and profitability targets, I am reiterating my "Hold" rating on the shares. Read the full article on Seeking AlphaAnalysis Article • Apr 11
Investors Aren't Entirely Convinced By Performant Financial Corporation's (NASDAQ:PFMT) Revenues
There wouldn't be many who think Performant Financial Corporation's ( NASDAQ:PFMT ) price-to-sales (or "P/S") ratio of...Seeking Alpha • Mar 19
Performant Financial: No Earnings Inflection Anytime Soon, Hold
Summary Performant Financial reported fourth quarter and full-year 2023 results largely in line with updated projections provided on the Q3 conference call in November. Healthcare revenues of $106.4 million increased by 12.4% year-over-year and represented 93.6% of total revenues, while Adjusted EBITDA of $3.3 million more than tripled. However, $4.1 million in capital expenditures resulted in slightly negative free cash flow for the year. On the conference call, management guided for another year of moderate growth in the core healthcare business and a slight improvement in Adjusted EBITDA. With potential earnings inflection still a couple of years in the future, I don't see any compelling reason to initiate new or add to existing positions at this point. Consequently, I am reiterating my "Hold" rating on the shares. Read the full article on Seeking AlphaAnalysis Article • Nov 09
Is Performant Financial (NASDAQ:PFMT) Using Debt Sensibly?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Aug 07
Is Performant Financial (NASDAQ:PFMT) Using Too Much Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Jun 08
Performant Financial Corporation (NASDAQ:PFMT) Investors Are Less Pessimistic Than Expected
When you see that almost half of the companies in the Commercial Services industry in the United States have...Analysis Article • Mar 16
Is Performant Financial (NASDAQ:PFMT) Weighed On By Its Debt Load?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Seeking Alpha • Oct 11
Performant announces partnership with Priority Health
Performant Healthcare Solutions (NASDAQ:PFMT) announced a new strategic engagement with Priority Health for payment integrity. "We are excited to collaborate with Priority Health to deliver an industry-first enterprise integrity solution; one uniquely tailored to support Priority Health’s needs," the company said.Seeking Alpha • Sep 30
Performant Financial: On Track To Achieve Full-Year Targets Despite Ongoing Headwinds
Summary Discussing second quarter 2022 results as well as additional progress on the company's business model transition. Growth in the core healthcare business remained sufficient for the company to reaffirm previously communicated full-year projections. Management highlighted a robust sales and implementation pipeline, strong eligibility inventory developments and a sustained rebound in core utilization rates as drivers for improved results in the second half. With total liquidity of $31 million at the end of Q2, the company won't run out of funds anytime soon. Given the current market environment, investors should abstain from opening or adding to existing positions at this point and instead closely monitor the company's progress over the second half of the year. Eighteen months ago, I praised Performant Financial's (PFMT) management for its decision to abandon the company's legacy student loan recovery business and focus on the rapidly growing healthcare segment: Company Presentation Unfortunately, the performance of the new core business has also been impacted by the pandemic as hospital utilization rates have not yet returned to pre-COVID levels. Company SEC-Filings Last month, Performant Financial reported somewhat uninspiring second-quarter results with both revenue and Adjusted EBITDA down sequentially but year-over-year growth in the core healthcare business remained sufficient for management to affirm full-year expectations: Given our continued achievements in the second quarter, and in combination with the KPI and opportunity growth ahead of us, we remain pleased with how we are tracking toward current year expectations and more importantly, our long-term goals,” stated Rohit Ramchandani, Senior Vice President of Finance and Strategy at Performant. “Despite a tumultuous macroeconomic climate we remain well capitalized and positioned to continue executing against our investment strategies, which will promote continued long-term growth. As we look ahead to the second half of the year, we are pleased to reiterate our Healthcare revenue and adjusted EBITDA guidance ranges for 2022 of $92-$96MM and $2-$4 million respectively. In the Q2 presentation, management highlighted a robust sales and implementation pipeline, strong eligibility inventory developments and a sustained rebound in core utilization rates as drivers for anticipated stronger results in the second half. Full-year cash usage is still expected to be between $4 million and $8 million as the company continues its catch-up in hiring to prepare for new contract implementations.Analysis Article • Sep 16
Calculating The Fair Value Of Performant Financial Corporation (NASDAQ:PFMT)
In this article we are going to estimate the intrinsic value of Performant Financial Corporation ( NASDAQ:PFMT ) by...Analysis Article • Aug 12
We Think Performant Financial (NASDAQ:PFMT) Has A Fair Chunk Of Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Jun 14
Performant Financial (NASDAQ:PFMT) Has Some Difficulty Using Its Capital Effectively
What underlying fundamental trends can indicate that a company might be in decline? When we see a declining return on...Analysis Article • May 10
Is Performant Financial (NASDAQ:PFMT) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Seeking Alpha • May 02
Performant Financial: Good Progress On Business Model Transition Despite Headwinds
Discussing fourth quarter and full-year 2021 results as well as progress on the company's ongoing business model transition. New focus on healthcare segment has experienced some hiccups as COVID-19 continues to impact hospital utilization rates. Last year's equity offering and subsequent debt refinancing have greatly improved the company's capital structure and liquidity. With near-term debt maturities having been addressed, a vastly-improved balance sheet and sufficient liquidity, management should be able to focus on growing the new core business going forward. That said, with negative EBITDA currently expected for the first half of 2022 and COVID-19 still representing a major impact, there appears to be no need to hurry for investors to open new or add to existing positions.Analysis Article • Feb 02
Is Performant Financial (NASDAQ:PFMT) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Analysis Article • Jan 11
These Return Metrics Don't Make Performant Financial (NASDAQ:PFMT) Look Too Strong
To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications...Seeking Alpha • Nov 22
The Prognosis On Performant Financial
Although still up substantially, shares of Performant Financial Corporation have fallen back over 40% as the market digests a FY21 downward revenue revision and an August secondary. The company’s transition away from its legacy collection business to healthcare payment integrity will be completed by YE21. With a recently re-awarded 8.5 year CMS contract, the onboarding (or expansion) of 22 clients in the past three quarters, and beneficial owner buying, Performant merited a deeper dive. A full investment analysis follows in the paragraphs below.Shareholder Returns
| PHLT | US Healthcare | US Market | |
|---|---|---|---|
| 7D | 0.3% | -1.9% | -1.4% |
| 1Y | 101.0% | 39.2% | 17.1% |
Return vs Industry: PHLT exceeded the US Healthcare industry which returned -14.2% over the past year.
Return vs Market: PHLT exceeded the US Market which returned 16.6% over the past year.
Price Volatility
| PHLT volatility | |
|---|---|
| PHLT Average Weekly Movement | 32.8% |
| Healthcare Industry Average Movement | 7.0% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.4% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: PHLT's share price has been volatile over the past 3 months compared to the US market.
Volatility Over Time: PHLT's weekly volatility has increased from 18% to 33% over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1976 | 964 | Sim Kohl | performantcorp.com |
Performant Healthcare, Inc. provides audit, recovery, and analytics services in the United States. It supports healthcare payers in identifying, preventing, and recovering waste and improper payments through advanced technology, analytics, and proprietary data assets. The company also offers coordination-of-benefits services, as well as claims-based services, which includes the audit and identification of improperly paid claims.
Performant Healthcare, Inc. Fundamentals Summary
| PHLT fundamental statistics | |
|---|---|
| Market cap | US$623.41m |
| Earnings (TTM) | -US$885.00k |
| Revenue (TTM) | US$137.36m |
4.5x
P/S Ratio-704.4x
P/E RatioIs PHLT overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| PHLT income statement (TTM) | |
|---|---|
| Revenue | US$137.36m |
| Cost of Revenue | US$104.86m |
| Gross Profit | US$32.50m |
| Other Expenses | US$33.38m |
| Earnings | -US$885.00k |
Last Reported Earnings
Jun 30, 2025
Next Earnings Date
n/a
| Earnings per share (EPS) | -0.011 |
| Gross Margin | 23.66% |
| Net Profit Margin | -0.64% |
| Debt/Equity Ratio | 9.7% |
How did PHLT perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2025/10/23 20:09 |
| End of Day Share Price | 2025/10/20 00:00 |
| Earnings | 2025/06/30 |
| Annual Earnings | 2024/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Performant Healthcare, Inc. is covered by 10 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Constantine Davides | Citizens JMP Securities, LLC |
| George Sutton | Craig-Hallum Capital Group LLC |
| Julio Quinteros | Goldman Sachs |