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Integration advances Morningstar and PitchBook’s vision of trusted, analyst‑backed intelligence in AI‑powered research workflows

CHICAGO & SEATTLE--(BUSINESS WIRE)--Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, and PitchBook, a Morningstar company and a leading private capital market intelligence provider, today announced a new integration with Perplexity that broadens access to Morningstar and PitchBook data, research, and intelligence through Perplexity’s AI platform.

Through these Model Context Protocol (MCP) integrations, eligible users can incorporate Morningstar- and PitchBook-backed intelligence directly into their research workflows within Perplexity and Perplexity Computer, where they can move from questions to carrying out multi-step research tasks with trusted context. The experience pairs natural-language search with citation-based responses, drawing on the breadth of Morningstar and PitchBook’s analyst-driven investment research across public and private markets. This supports more efficient research by helping investors and financial advisors swiftly find and use trusted information in AI-enabled workflows.

“Our focus is on delivering independent, analyst‑backed intelligence in ways that align with how investors and financial professionals work today,” said Adam Wheat, head of Data & Research Solutions, chief technology officer for Direct Platform at Morningstar. “By making Morningstar and PitchBook content available in Perplexity, we’re extending the reach of our data and research while maintaining the rigor investors require to act with confidence when it matters most.”

Perplexity’s focus is accurate AI, bringing users citation-based answers and, through Perplexity Computer, the ability to complete more complex research workflows with relevant context. This aligns closely with Morningstar’s longstanding commitment to investor trust and informed decision-making. Integrating Morningstar and PitchBook intelligence into this environment helps users answer questions about investment vehicles and develop perspectives that are grounded in Morningstar’s independent research and professional-grade data they can defend and trust.

The collaboration reflects Morningstar and PitchBook’s broader AI strategy designed to reshape how investment intelligence is delivered and consumed. Key areas of focus include scaling AI alongside human expertise, embedding AI into workflows where investment decisions get made, and delivering proprietary data and intellectual property through channels clients use. Together, these efforts position Morningstar and PitchBook as the grounding source that investors and financial professionals use, supporting better-informed investment decisions while maintaining the independence and governance standards central to their approach.

“The way investment research is conducted is evolving, and the data powering it has never mattered more,” said Tom Van Buskirk, executive vice president of technology and engineering at PitchBook. “When financial professionals need a source of truth in private and public markets, they come to us. By integrating with platforms like Perplexity, we’re bringing Morningstar and PitchBook intelligence to the center of the AI tools investors already rely on.”

To learn more about PitchBook’s Premium Connector, click here. To learn more about Morningstar Direct AI Solutions, click here.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in AUMA as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.

About PitchBook, a Morningstar company

As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. For more information, visit www.pitchbook.com.

©2026 Morningstar, Inc. All rights reserved.

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Industry-first collaboration between two experienced managed accounts providers aims to bring enhanced personalization to retirement plan participants May 11, 2026 10:00 ET  | Source: Stadion Money Management

WATKINSVILLE, Ga., May 11, 2026 (GLOBE NEWSWIRE) -- Stadion Money Management (“Stadion”), a pioneer in retirement managed account services and technology, today announced a strategic collaboration with Morningstar Retirement to offer Stadion Managed Accounts powered by Morningstar Retirement through Lincoln Financial’s Retirement Plan Services.

The offering combines Stadion’s professional portfolio management capabilities with Morningstar Retirement’s personalization technology to help deliver more tailored investment offerings for plan participants. The offering is available to plans on Lincoln Financial’s Alliance platform.

“We’re combining our decades of professional money management experience with Morningstar Retirement’s personalization engine to deliver a new retirement managed account service,” said Duane Bernt, CEO at Stadion Money Management. “Lincoln Financial’s commitment to innovation makes them the ideal platform for this innovative collaboration.”

“We're excited to bring together two industry leaders to create something new for the retirement market,” said Brock Johnson, President at Morningstar Retirement.

“This launch reflects Lincoln Financial’s continued commitment to delivering innovative solutions that help drive better retirement outcomes for plan participants,” said Jason Crane, President of Lincoln Retirement Plan Services. “This service brings together strong, complementary capabilities from respected industry leaders to support more tailored retirement outcomes for participants.”

Stadion Managed Accounts powered by Morningstar Retirement is now available to eligible retirement plans on the Lincoln Financial Alliance platform. Plan sponsors interested in learning more should contact their Lincoln Financial representative.

About Stadion Money Management
Founded in 1993 and headquartered near Athens, Georgia, Stadion is a wholly owned subsidiary of Smart USA. Stadion partners with financial professionals, asset managers, and recordkeepers to deliver retirement plan and participant-level investment solutions. Stadion Money Management, LLC ("Stadion") is a registered investment adviser under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. More information about Stadion, including fees, can be found in Stadion's ADV Part 2, which is available free of charge. Please visit stadionmoney.com.

About Morningstar Retirement
Morningstar Retirement empowers investor success by providing research- and technology-driven products and services that help individuals reach their retirement goals. With advisory services provided by Morningstar Investment Management LLC, Morningstar Retirement supports and collaborates with workplace retirement plans and other industry players to differentiate their services, stay competitive, and reach new markets, all in service of building a better retirement system.

Morningstar Retirement not only helps people save for the retirement they want but helps them make their money last once they get there. For more information, visit https://www.morningstar.com/business/brands/retirement.

About Lincoln Financial
Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of December 31, 2025, the company had $349 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

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Contact Data Media Contact for Stadion: Gordon Lamb

CHICAGO--(BUSINESS WIRE)--Morningstar Credit Analytics, a wholly owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today launched Corporate Credit Analytics, a new set of tools designed to bring greater transparency and consistency to private credit analysis.

“Private credit decisions are still shaped by incomplete and inconsistent information. That distortion makes it harder to compare risk and defend decisions,” said Brian Grow, president of Morningstar Credit Analytics. “Corporate Credit Analytics replaces public-market comparisons with aggregated private‑company data. Credit teams can now have a common, data-driven, and defensible framework to help evaluate and benchmark borrower performance, from initial underwriting and portfolio surveillance through investment committee and fund investor reporting.”

According to PitchBook’s 2025 Annual Global Private Debt Report, private credit has grown to more than $2.5 trillion in assets, yet it remains structurally opaque. As reliance on issuer‑specific assumptions grows, institutional investors and regulators have raised concerns about how risk is measured, compared, and communicated.

A Standardized Framework for Private Credit Analysis

Corporate Credit Analytics is built to address a growing challenge in private credit analysis: fragmented, non-comparable data, a gap the Financial Stability Board identified in its 2026 private credit report. The platform brings three tools together designed to create consistent, comparable credit analysis:

Data Explorer surfaces aggregates of real company financial statements and loan-level data sourced from private company disclosures, rather than public comparables. The data set includes approximately 80 metrics spanning financial statements, debt schedules, covenant thresholds, credit estimates, and key credit ratios including EBITDA to interest expense, debt to EBITDA, cash flow to debt, leverage, and liquidity. Data Overview provides configurable visualizations of trends, ratio distributions, and key performance metrics across private credit rating categories and industries, supporting portfolio insights and effective communication with investment committees and stakeholders. The Credit Estimate Tool generates ratings-aligned credit risk scores for private and limited-disclosure borrowers using methodologies consistent with Morningstar DBRS frameworks. Outputs are mapped to familiar rating categories and benchmarked against aggregated segment statistics by industry, region, and credit quality. “With real financials, loan-level information, and credit estimate scoring in one place, users can now evaluate risk at a level that hasn’t been possible before,” Grow said.

Built for Institutional Credit Market Participants

Corporate Credit Analytics is designed for institutional users across the private credit ecosystem, including direct lenders, portfolio managers, CLO managers and structurers, bank credit teams, debt capital markets professionals, and ratings advisory functions. Use cases span underwriting, portfolio construction, fund investor communications, securitization, rating agency engagement, and ongoing surveillance—intended to help credit teams move faster and maintain consistency across investment committees, fund investors, and regulators. Users can access data and insights through the Morningstar Credit Analytics platform or via APIs, with upcoming Model Context Protocol (MCP)-enabled connectivity for AI-driven and agentic workflows.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.

About Morningstar Credit

Morningstar Credit provides credit ratings, research, data, and analytics solutions that support transparency in global credit markets. Morningstar Credit includes Morningstar DBRS and Morningstar Credit Analytics. For more information, visit credit.morningstar.com.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “ consider,” “future,” “maintain,” “may,” “expect,” “potential,” “anticipate,” “believe,” “continue,” “will,” “intend”, “aim” or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among other things, failing to innovate our product and service offerings or anticipate our clients’ changing needs. A more complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission (SEC), including our most recent Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information or future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our filings with the SEC on Forms 10-K, 10-Q and 8-K.

©2026 Morningstar, Inc. All rights reserved.

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Continued commitment to U.S. markets despite policy uncertainty, concerns around market concentration, calls for better climate tools and caution around AI come to the forefront in recent conversations.

CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, today shares results from the qualitative phase of its Asset Owner Perspectives Survey. The findings were taken from interviews with 25 of the largest institutional asset owners from North America, Europe and Asia-Pacific.

These individual discussions, conducted by Morningstar Indexes and Morningstar Sustainalytics in March and April 2026, are designed to check the pulse of the global asset owner community, identifying the most challenging issues and evolving trends. The qualitative phase of the survey will inform and direct the global quantitative survey to be conducted later this year.

Lindsey Stewart – Director of Institutional Insights, Morningstar:

“Asset owners act as stewards for some of the largest pools of global capital and as fiduciaries for a wide range of beneficiaries and key stakeholders. As a result, they often find themselves on the forefront of shifts in the market environment, global investment strategy, and regulatory standards and policy. This year, we’ve seen plenty of changes across all of those factors, so the conversation with this cohort has brought several important issues and pressure points to the surface.”

Asset owner interviews this year centered around global investment outlook, opinion on private markets, sustainable investment strategy and use of artificial intelligence (AI), among other topics. Notably:

Concentration in US markets concerning, yet necessary. Asset owners are viewing concentration risk in the Magnificent Seven stocks and the US more broadly as a major risk. Despite growing frustration with policy uncertainty and geopolitical volatility coming from the US, asset owners understand the need to continue to stay invested in this market, yet deeper diversification is required. “If you ignore it (the US market) your opportunity cost becomes enormous, particularly if you’re an index manager,” commented an asset owner. Diversification and resilience in focus. In response to portfolio concentration and geopolitical risks, asset owners are increasing diversification across asset classes. This includes prioritizing inflation-linked and stable cash flow investments such as infrastructure and real estate, alongside continued expansion into private markets through private credit and private equity. As one Australian superannuation fund noted: “What works in a world of greater divergence and volatility? Diversification. You want a resilient portfolio.” AI Operating in the Backroom, Not the Boardroom. Asset owners are increasingly using AI to improve internal efficiency and productivity but remain cautious about deploying it in strategic decision-making. Risk and governance concerns continue to slow broader adoption, with most taking a measured, test-and-learn approach rather than leading from the front. “It still needs a bit of NI, or natural intelligence, to critically assess the output and make sure it doesn’t contain errors,” noted one asset owner. Climate Remains Material, Just More Nuanced. Climate and broader sustainable investment priorities remain but how they are discussed is being reshaped by political and regulatory pressures. Asset owners continue to ask for better data, particularly around climate, nature and biodiversity. According to one asset owner in Continental Europe, “What we see is many US companies and banks and asset managers don’t publish climate targets anymore. That doesn’t necessarily mean that they have retreated from doing anything about it.” Morningstar is discussing findings from the qualitative phase of its annual survey with the media, clients and key stakeholders and is applying learnings to the questionnaire for the quantitative phase of the study, to be fielded in July and August with findings to be shared in September.

About Morningstar Indexes

Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP’s Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar’s equity research and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.

About Morningstar Sustainalytics

Morningstar Sustainalytics is a leading sustainable investment data, research, and ratings firm that supports investors around the world with the development and implementation of responsible investment strategies. For more than 30 years, the firm has been at the forefront of developing high-quality, innovative solutions to meet the evolving needs of global investors. Today, Morningstar Sustainalytics works with hundreds of the world’s leading asset managers and pension funds who incorporate sustainability information and assessments into their investment processes. The firm also works with hundreds of companies and their financial intermediaries to help them consider material sustainability factors in policies, practices, and capital projects. With 17 offices globally, Morningstar Sustainalytics has more than 1,800 staff members, including more than 850 analysts with varied multidisciplinary expertise across more than 40 industry groups. For more information, visit www.sustainalytics.com.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.

©2026 Morningstar, Inc. All rights reserved.

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A SpaceX rocket stands as the company prepares to file for an initial public offering (IPO), in Starbase, Texas, U.S. April 22, 2026. REUTERS/Carlos Barria Purchase Licensing Rights, opens new tab

CompaniesJune 2 (Reuters) - Morningstar analysts pegged SpaceX's valuation at $780 billion, less than half of what the Elon Musk-led company is reportedly targeting in its initial ​public offering, ahead of a planned roadshow this week.

Prospects for ‌the company's artificial intelligence business, which includes xAI and social media platform X, were uncertain given unclear economics and competition from OpenAI and Anthropic, the research firm said.

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"We ​don't see Grok as one of the leading AI labs today," ​said Morningstar equity analyst Nicolas Owens, referring to the chatbot developed ⁠by xAI.

Owens also warned that the future promise of SpaceX's AI ​segment relies on untested technology such as orbital data centers. Starlink, the satellite ​broadband business, also faces technological hurdles, many of which may be outside the company's control, he said.

"We think the company has been significantly overvalued and investors will have opportunities ​to buy the stock at more attractive levels after the IPO," Owens ​said.

The warning stands out as a rare contrarian view at a time when enthusiasm ‌for ⁠the IPO has been high.

SpaceX is aiming to launch the roadshow on June 4, with the stock scheduled to debut on the Nasdaq on June 12, Reuters has reported.

Morningstar said the stock could ascend in the near term, ​given the low ​float and the ⁠strong cadre of major investment banks underwriting the IPO.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are ​among the underwriters for SpaceX's share sale.

However, "long-term investors eager ​to participate ⁠in SpaceX's future endeavors and potential success will have opportunities to do so with a greater margin of safety than the initial offering is likely to ⁠provide," ​Owens said.

SpaceX is targeting a valuation of $1.75 ​trillion in the IPO, Reuters has reported. The company was last valued at $1.53 trillion on secondary ​trading platform Forge Global.

Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

SpaceX is expected to start trading on the Nasdaq in just over two weeks, but Morningstar analysts have warned that Elon Musk's tech behemoth is "significantly overvalued."

The hotly-anticipated debut is expected to be the largest ever initial public offering, with SpaceX reportedly targeting a $75 billion fundraise and a valuation of $1.75 trillion.

"We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO," Morningstar analysts wrote in a note published Monday. 

The analysts see a wide range of possibilities for the potential profitability of SpaceX's xAI and find its "economic moat indeterminate." They view the unit as posing a "material threat of value destruction" to the company. 

As such, Morningstar's discounted cash flow valuation of SpaceX is $780 billion, which is roughly 48% below its private market valuation of $1.5 trillion. 

Morningstar said the upcoming IPO does not offer the best entry point for retail investors. However, long-term investors eager to participate in the company's potential future success will have more opportunities later down the line, with "a greater margin of safety" than at the time of flotation, the analysts added. 

"With a small initial float boosted by almost every investment bank on the planet, buoyant investor appetite for AI infrastructure bids, and an unprecedented path to inclusion in the Nasdaq 100 Index just 15 trading days after the IPO, we expect SpaceX's share price will likely survive separation and may even ascend, at least for a time," Morningstar said. 

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SpaceX recorded a net loss in the latest quarter of $4.28 billion after losing $4.94 billion in 2025.

Its Starlink arm generated $3.26 billion in revenue in the latest quarter, accounting for 69% of the total. Its space business lost $619 million on an operating basis, while its AI unit lost $2.5 billion — meaning connectivity is the only profitable part of the company. 

Crucially, SpaceX wrote in its S-1 filing that it has "a history of net losses and may not achieve profitability in the future."

Much of its value relies on success in developing various technologies that are "novel and untested", and SpaceX expects to "incur significant capital expenditures over a period of years" before its AI products and services become profitable, according to the document.

Dan Coatsworth, head of markets at AJ Bell, said "little is known" about SpaceX's financials due to its status as a private company, with Elon Musk controlling 85% of the voting rights. Coatsworth flagged the potential for an eye-watering valuation as a potential risk to further upside.

"A $1.75 trillion valuation would put SpaceX on 67 times sales, three times as much as Nvidia's rating based on its past financial year and latest share price," he added. "It implies SpaceX's valuation could be richer than a plate of dauphinoise potatoes."

Meanwhile, chatter about whether Musk could merge SpaceX with Tesla has resurfaced.

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New integration enables licensed users to query live deal-level credit intelligence within Anthropic’s Claude using natural language

CHICAGO--(BUSINESS WIRE)--Morningstar Credit Analytics (MCA), a wholly-owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today announced a new AI integration designed to enable licensed users to access Morningstar Credit Analytics’ commercial real estate (CRE) and commercial mortgage-backed securities (CMBS) data directly within Anthropic’s Claude. By integrating via Model Context Protocol (MCP), analysts can query live loan- and deal-level data using natural language questions within their AI workflows.

As AI interfaces become a primary entry point for financial research, governed access to structured institutional data is becoming critical for professional market participants. Morningstar Credit Analytics' integration aims to bring institutional credit intelligence into AI-enabled research workflows while preserving the data governance and entitlement controls already in place.

“Credit analysis has always depended on trusted data and analytical rigor. What’s changing is the speed and accessibility of that analysis,” said Brian Grow, president of Morningstar Credit Analytics. “By connecting our CRE and CMBS intelligence to AI tools like Claude, we can bring institutional credit intelligence directly into workflows. This is not a chatbot layered onto financial services. It’s about delivering credit insights while maintaining transparency, governance, and control.”

CRE Analytics, Now in Your AI Workflow

CRE Analytics is designed to give credit professionals direct access to CMBS loan performance, pool composition, and monthly surveillance data across conduit, SASB, CRE CLO, and agency structures. MCP integration brings that data directly into Claude, allowing licensed users to ask natural language questions without leaving their AI workflows.

The MCP-based architecture delivers Morningstar Credit Analytics’ proprietary data within existing entitlement and access controls. Users can interact directly with the data they are licensed to access. This is designed to enable organizations to extend governed access to institutional credit intelligence into AI workflows without compromising oversight or control.

CRE Surveillance and Analytics Use Cases

Licensed users can support credit risk analysis workflows directly within Claude to:

Query delinquency status, watchlist activity, and special servicing flags Retrieve CMBS deal and tranche-level analytics without leaving your AI workflow Conduct loan-level surveillance across conduit, SASB, CRE CLO, and agency deals Connecting compatible AI applications to the Morningstar Credit Analytics MCP connector requires no custom engineering effort. Licensed users can connect their Claude instance to the Morningstar Credit Analytics MCP server and can begin querying immediately. Because MCP is an open standard, clients can benefit from easier future interoperability as AI platforms and workflows continue to evolve.

Part of Morningstar’s Broader AI-Forward Strategy

This launch reflects Morningstar’s broader strategy to be the intelligence layer for investing—the grounding source investors need for analyst-backed comprehensive ratings and insights. Morningstar seeks to enable governed access to trusted financial data across research, analytics, and credit workflows. Morningstar and PitchBook have previously introduced MCP integrations across leading AI providers including OpenAI, Anthropic, Perplexity, and Microsoft.

See Morningstar Credit Analytics AI Demo at CREFC 2026

Morningstar Credit Analytics will demonstrate the Claude integration at the Commercial Real Estate Finance Council (CREFC) Annual Conference in New York, June 8–10, 2026. Attendees can schedule a live demonstration with a Morningstar Credit Analytics representative.

To learn more or request access, visit credit.morningstar.com.

About Morningstar

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $370 billion in assets under management and advisement (AUMA) as of March 31, 2026. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.Caution Concerning Forward-Looking Statements

About Morningstar Credit

Morningstar Credit provides credit ratings, research, data, and analytics solutions that support transparency in global credit markets. Morningstar Credit includes Morningstar DBRS and Morningstar Credit Analytics. For more information, visit credit.morningstar.com.

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “ consider,” “future,” “maintain,” “may,” “expect,” “potential,” “anticipate,” “believe,” “continue,” “will,” “intend”, “aim” or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among other things, failing to innovate our product and service offerings or anticipate our clients’ changing needs. A more complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission (SEC), including our most recent Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information or future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions in our filings with the SEC on Forms 10-K, 10-Q and 8-K.

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Nicolas Owens, Morningstar industrials equity analyst, joins 'Squawk on the Street' to discuss SpaceX's valuation, the company's business advantage and much more.

SEATTLE--(BUSINESS WIRE)--PitchBook, the leading private capital market intelligence platform, has been named the winner of the Performance Impact Award at Lattice's 2026 People Success Awards, presented at Lattiverse, Lattice's annual people success conference. The award recognizes organizations whose people strategy directly impacts business performance and drives lasting success.

PitchBook was selected for its work redesigning talent and performance processes to build a culture of continuous, high-quality feedback – connecting performance conversations to employee development and business outcomes. The results included review completion rates rising from 65% to over 90% in a single quarter, with 80% of employees now reporting they receive useful feedback from their manager.

"At PitchBook, we're committed to empowering our people with meaningful feedback and the tools to do their best work," said Amy Whaley, Chief People Officer at PitchBook. "This recognition reflects the work our entire organization has put into making performance conversations more intentional, more actionable, and more connected to how people grow here. We're proud of what the team has built and look forward to the continued success of our people."

This recognition reflects PitchBook’s broader commitment to investing in its people as the company continues to grow. With over 3,000 team members across offices in Seattle, San Francisco, New York, London, and Singapore, PitchBook provides comprehensive coverage of the private and public markets — delivering the data, research, and technology that investment and research professionals rely on.

To learn more about careers at PitchBook, click here.

About PitchBook, a Morningstar company

As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc.

David Mountcastle, EVP & Chief Financial Officer of Privia Health Group (PRVA +0.58%), reported the direct sale of 13,018 shares over March 12 and March 13, 2026, for a total transaction value of approximately $283,000 according to a SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)13,018Transaction value$283,000Post-transaction shares (direct)226,804Post-transaction shares (indirect)8,695Post-transaction value (direct ownership)~$4.92 millionTransaction value based on SEC Form 4 weighted average purchase price ($21.71); post-transaction value based on March 13, 2026 market close ($21.68).

Key questionsWhat was the impact on Mountcastle’s ownership percentage and remaining share capacity?
The transaction reduced his direct holdings by 5.24%, leaving Mountcastle with 226,804 directly held shares and a remaining direct ownership stake of 0.18% of the company’s outstanding shares as of the filing.Were there any indirect or derivative mechanics involved in this transaction?
No indirect or derivative securities were involved; the transaction consisted entirely of direct open-market sales, with indirect holdings (8,695 shares via spouse) unchanged by this filing.Company overviewMetricValueMarket capitalization$2.61 billionRevenue (TTM)$2.12 billionNet income (TTM)$22.92 million1-year price change (as of 3/21/26)-10.15%

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23.50

Company snapshotPrivia Health Group operates as a national physician-enablement company, supporting over 1,100 employees and a broad network of providers. It offers technology platforms, population health tools, and management services to optimize physician practices and reduce the administrative burdens of independent physicians.

What this transaction means for investorsThis sale of shares by Mountcastle was strictly for tax withholding obligations tied to the vesting of performance stock units, so investors shouldn’t let this transaction affect their investing decisions on PRVA stock. In a previous filing, the CFO had 35,335 restricted stock units vest on March 10, while 42,584 performance stock units vested the next day. So a sale to cover taxes was likely imminent. The EVP even sold 6,391 more shares on the 16th, at $22.11 per share, for a total of $141,241, which was also to cover taxes.

While PRVA share prices are down 10% in 2026, the company’s financials were fairly strong in its Q4 FY 2025 earnings report in late February. Privia exceeded earnings expectations, posting 7 cents per share for the quarter, above the 4-cent estimate and the highest year-over-year (YoY) growth since Q3 2023. 

Privia is still looking to grow its value-based operations, as it’s highly optimistic about its acquisition of Accountable Care Organization (ACO) back in late September 2025. With the purchase, Privia gained approximately 1.5 million customers who possess medical plans such as Medicare, Medicare Advantage, and Medicaid.

Adé Hennis has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Posted by Defense World Staff on Apr 4th, 2026

JPMorgan Chase & Co. increased its holdings in Privia Health Group, Inc. (NASDAQ:PRVA – Free Report) by 26.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,709 shares of the company’s stock after acquiring an additional 30,845 shares during the quarter. JPMorgan Chase & Co. owned about 0.12% of Privia Health Group worth $3,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in PRVA. Royal Bank of Canada grew its stake in shares of Privia Health Group by 63.5% in the 1st quarter. Royal Bank of Canada now owns 245,633 shares of the company’s stock worth $5,514,000 after buying an additional 95,371 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Privia Health Group by 24.7% in the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock worth $916,000 after acquiring an additional 8,068 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Privia Health Group by 3.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 118,764 shares of the company’s stock valued at $2,666,000 after acquiring an additional 3,714 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Privia Health Group by 55.1% in the 1st quarter. Intech Investment Management LLC now owns 56,553 shares of the company’s stock worth $1,270,000 after purchasing an additional 20,082 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in Privia Health Group in the 1st quarter worth about $154,000. Institutional investors own 94.48% of the company’s stock.

Wall Street Analysts Forecast Growth Several research analysts have issued reports on the stock. Barclays lifted their target price on shares of Privia Health Group from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Piper Sandler reiterated an “overweight” rating and set a $36.00 target price on shares of Privia Health Group in a research note on Thursday, February 26th. Citigroup decreased their price target on Privia Health Group from $34.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Wolfe Research set a $31.00 price objective on Privia Health Group in a research report on Tuesday, January 6th. Finally, Canaccord Genuity Group boosted their target price on Privia Health Group from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.13.

Check Out Our Latest Research Report on PRVA

Insider Buying and Selling at Privia Health Group In related news, CEO Parth Mehrotra sold 26,509 shares of Privia Health Group stock in a transaction on Monday, March 16th. The stock was sold at an average price of $22.11, for a total transaction of $586,113.99. Following the transaction, the chief executive officer directly owned 555,443 shares in the company, valued at approximately $12,280,844.73. The trade was a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Mountcastle sold 6,391 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $22.11, for a total value of $141,305.01. Following the completion of the transaction, the chief financial officer directly owned 220,413 shares in the company, valued at $4,873,331.43. This trade represents a 2.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 242,191 shares of company stock valued at $5,520,587. Insiders own 10.70% of the company’s stock.

Privia Health Group Price Performance NASDAQ PRVA opened at $21.21 on Friday. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 124.76, a PEG ratio of 1.32 and a beta of 0.87. Privia Health Group, Inc. has a 1-year low of $18.77 and a 1-year high of $26.51. The business’s fifty day moving average price is $22.14 and its 200-day moving average price is $23.41.

Privia Health Group (NASDAQ:PRVA – Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.21. The company had revenue of $541.17 million during the quarter, compared to analysts’ expectations of $516.61 million. Privia Health Group had a return on equity of 3.06% and a net margin of 1.08%.Privia Health Group’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.21 earnings per share. Equities research analysts anticipate that Privia Health Group, Inc. will post 0.14 EPS for the current year.

Privia Health Group Profile (Free Report)

Privia Health Group (NASDAQ: PRVA) is a physician enablement company that partners with independent physicians, medical groups and health systems to transform the delivery of patient care. Through a clinically integrated network and a proprietary technology platform, the company supports providers in managing population health, delivering coordinated care and optimizing financial performance under both fee-for-service and value-based reimbursement models.

Founded in 2016 and headquartered in McLean, Virginia, Privia Health has rapidly expanded its footprint to serve multiple metropolitan markets across the United States.

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Strong First Quarter Performance and Operating ExecutionReiterated Full-Year 2026 Guidance Reflects Continued Momentum ARLINGTON, Va., May 07, 2026 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the first quarter ended March 31, 2026.

  Three Months Ended March 31,  (unaudited; $ in millions, except per share amounts) 2026 2025 Change (%)*       Total revenue $603.8 $480.1 25.8%Gross profit $125.6 $103.6 21.2%Operating income $7.4 $5.2 42.2%Net income a $3.1 $4.2 (27.4)%Non-GAAP adjusted net income b $24.3 $19.9 22.3%Net income per share $0.02 $0.03 (33.3)%Non-GAAP adjusted net income per share b $0.19 $0.16 18.8%        * Any slight variations in totals are due to rounding.

a. Net income for the three months ended March 31, 2026, included $21.9 million in non-cash stock compensation expense. Net income for the three months ended March 31, 2025 included $17.8 million in non-cash stock compensation expense.

b. Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release.

First Quarter 2026 highlights include:

Continued strength in same-store growth and new provider additions;Practice Collections of $914.8M, +14.6% versus 1Q’25; andAdjusted EBITDA c e f of $36.7M, +36.3% versus 1Q’25.
Key Operating and Non-GAAP Financial Metrics c

  Three Months Ended March 31,  (unaudited; $ in millions) 2026 2025 Change (%)       Implemented Providers  5,535  4,871 13.6%Value-Based Care Attributed Lives  1,606,000  1,270,000 26.5%Practice Collections $914.8 $798.6 14.6%Care Margin $128.7 $105.3 22.3%Platform Contribution $67.0 $51.7 29.6%Adjusted EBITDA $36.7 $26.9 36.3%        c. Reconciliations of Care Margin, Platform Contribution, Adjusted EBITDA and other non-GAAP financial measures are presented in tables near the end of this press release.

Updated Full-Year 2026 Guidance d e f g

Privia Health maintained its full-year 2026 outlook for most metrics, and raised its guidance range for Attributed Lives, as follows:

 FY 2025 Initial FY 2026 Guidance at 2.27.26d Updated FY 2026 Guidance
at 5.7.26($ in millions)Actual Low High  Implemented Providers 5,380  5,900  6,000 UnchangedAttributed Lives 1,541,000  1,550,000  1,600,000 1,600,000 - 1,625,000Practice Collections$3,470.5 $3,650 $3,750 UnchangedGAAP Revenue$2,122.8 $2,350 $2,450 UnchangedCare Margin d e f$462.2 $515 $530 UnchangedPlatform Contribution d e$234.8 $260 $270 UnchangedAdjusted EBITDA d e f$125.5 $145 $155 Unchanged            Expect approximately 80% of Adjusted EBITDA to convert to free cash flow in full-year 2026Guidance does not assume any new business development activity d. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of Gross Profit, Operating Income and Net Income. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.

e. See “Key Metrics and Non-GAAP Financial Measures” for more information as to how the Company defines and calculates Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution, and Adjusted EBITDA, and for a reconciliation of the most comparable GAAP measures to Care Margin, Platform Contribution, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Per Share.

f. Certain non-recurring or non-cash and other expenses will be treated as an add back in the reconciliation of Net Income to Adjusted EBITDA, and the reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share, the details of which can be found in the Reconciliation schedules near the end of this and in future quarterly press releases.

g. Any slight variations in totals due to rounding.

Webcast and Conference Call Information

The Company will host a conference call on May 7, 2026, at 8:00 am ET to discuss these results and management’s outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via live webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.

This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com.

About Privia Health

Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 24 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.9+ million patients, and reward 5,500+ physicians and advanced practitioners for delivering high-value care.

Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com.

Non-GAAP Financial Measures

The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company's reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release.

The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.

Safe Harbor Statement

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-Q is filed with the Securities and Exchange Commission (“SEC”). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as “aims,” “anticipates,” "assumes," “believes,” “estimates,” “expects,” “forecasts,” “future,” “intends,” “likely,” “may,” “outlook,” “plans,” “potential,” “projects,” “seeks,” “strategy,” “targets,” “trends,” “will,” “would,” “could,” “should,” and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things, our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full year guidance for 2026. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements.

Factors related to these risks and uncertainties include, but are not limited to: the heavily regulated industry in which we operate, and any failure by us or our medical groups to comply with the extensive applicable healthcare laws and government regulations; the complexity of the legal framework governing our relationships with Medical Groups, some of which we do not own, and Privia providers, and the impact of legal challenges or shifting interpretations of applicable laws; the execution of our growth strategy, which may not prove viable and we may not realize expected results; difficulties timely implementing our proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in our industry; challenges in successfully establishing a presence in new geographic markets; the impact of failures by or service disruptions at key third-party vendors, such as our primary electronic medical record vendor, athenahealth, Inc.; potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms or challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting our patient population; the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential security threats, cybersecurity incidents or privacy or other forms of data breaches involving us, our vendors or other third parties; the continued availability of qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.

Contact:
Robert Borchert
SVP, Investor & Corporate Communications
[email protected]
817.783.4841

   Privia Health Group, Inc.
Condensed Consolidated Statements of Operations(g)
(unaudited)
(in thousands, except share and per share data)
    For the Three Months Ended March 31,
 2026
 2025
      Revenue$603,847  $480,097       Operating expenses:     Provider expense 475,117   374,809 Cost of platform 68,420   59,526 Sales and marketing 8,134   6,922 General and administrative 41,473   31,721 Depreciation and amortization 3,281   1,901 Total operating expenses 596,425   474,879 Operating income 7,422   5,218 Interest income, net 1,888   2,931 Income before provision for income taxes 9,310   8,149 Provision for income taxes 5,600   2,103 Net income 3,710   6,046 Less: Net income attributable to non-controlling interests 646   1,826 Net income attributable to Privia Health Group, Inc.$3,064  $4,220 Net income per share attributable to Privia Health Group, Inc. stockholders – basic$0.02  $0.03 Net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.02  $0.03 Weighted average common shares outstanding – basic 124,152,526   120,623,670 Weighted average common shares outstanding – diluted 130,878,939   127,752,527          (g) Any slight variations in totals due to rounding.

Privia Health Group, Inc.
Condensed Consolidated Balance Sheets(h)
(in thousands)
     March 31, 2026 December 31, 2025Assets(unaudited)  Current assets:   Cash and cash equivalents$419,524  $479,685 Accounts receivable 513,676   400,902 Prepaid expenses and other current assets 32,822   30,414 Total current assets 966,022   911,001 Non-current assets:   Property and equipment, net 384   504 Right-of-use assets 8,307   8,794 Intangible assets, net 212,784   215,919 Goodwill 209,842   209,842 Deferred tax asset —   2,274 Other non-current assets 20,553   21,044 Total non-current assets 451,870   458,377 Total assets$1,417,892  $1,369,378     Liabilities and stockholders’ equity   Current liabilities:   Accounts payable and accrued expenses$80,555  $96,804 Provider liability 518,629   469,516 Operating lease liabilities, current 2,114   2,200 Total current liabilities 601,298   568,520 Non-current liabilities:   Operating lease liabilities, non-current 6,907   7,331 Deferred tax liability 254   — Other non-current liabilities 3,529   2,584 Total non-current liabilities 10,690   9,915 Total liabilities 611,988   578,435 Commitments and contingencies   Stockholders’ equity:   Common stock 1,257   1,236 Additional paid-in capital 905,048   892,291 Accumulated deficit (153,246)  (156,310)Total Privia Health Group, Inc. stockholders’ equity 753,059   737,217 Non-controlling interest 52,845   53,726 Total stockholders’ equity 805,904   790,943 Total liabilities and stockholders’ equity$1,417,892  $1,369,378          (h) Any slight variations in totals are due to rounding.

Privia Health Group, Inc.
Condensed Consolidated Statements of Cash Flows(i)
(unaudited)
(in thousands)
   For the Three Months Ended March 31,  2026   2025 Cash flows from operating activities   Net income$3,710  $6,046 Adjustments to reconcile net income to net cash used in operating activities:   Depreciation 146   228 Amortization of intangibles 3,135   1,673 Stock-based compensation 21,921   17,790 Deferred income taxes, net 2,528   1,713 Changes in asset and liabilities:   Accounts receivable, net (112,774)  (72,548)Prepaid expenses and other current assets (2,408)  (914)Other non-current assets and right-of-use assets 978   275 Accounts payable and accrued expenses (16,249)  (13,850)Provider liability 49,113   35,681 Operating lease liabilities (510)  (155)Other long-term liabilities 945   — Net cash used in operating activities (49,465)  (24,061)Cash from investing activities   Other (26)  — Net cash used in investing activities (26)  — Cash flows from financing activities   Proceeds from exercised stock options 774   2,243 Repurchase of non-controlling interest (11,444)  — Net cash (used in) provided by financing activities (10,670)  2,243 Net decrease in cash and cash equivalents (60,161)  (21,818)Cash and cash equivalents at beginning of period 479,685   491,149 Cash and cash equivalents at end of period$419,524  $469,331     Supplemental disclosure of cash flow information:   Interest paid$62  $— Income tax paid (refunds received)$63  $(313)         (i) Any slight variations in totals are due to rounding.

Additional Financial Information

Revenues disaggregated by source:

 For the Three Months Ended March 31,
(Dollars in thousands)2026
 2025
FFS-patient care$391,133  $311,761 FFS-administrative services 31,403   32,255 Capitated revenue 86,148   70,690 Shared savings 74,962   47,912 Care management fees (PMPM) 17,865   15,201 Other revenue 2,336   2,278 Total Revenue$603,847  $480,097          The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements:

  March 31,(Dollars in thousands)  2026   2025 Balance, beginning of period $78,989  $66,355 Incurred health care costs:    Current year  81,143   70,565 Prior years  435   (954)Total claims incurred $81,578  $69,611 Claims paid:    Current year  (2,088)  (10,273)Prior year  (53,239)  (39,332)Total claims paid $(55,327) $(49,605)Balance, end of period $105,240  $86,361           Key Metrics and Non-GAAP Financial Measures

Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company’s business, measure performance, identify trends affecting the Company’s business, formulate business plans, and make strategic decisions.

Key Metrics(j)

  For the Three Months Ended March 31,
(unaudited; $ in millions) 2026
 2025
       Implemented Providers (as of end of period) (1)  5,535   4,871 Attributed Lives (as of end of period) (2)  1,606,000   1,270,000 Practice Collections (3) $914.8  $798.6        (1) Implemented Providers is defined as the total of all service professionals at the end of a given period who are credentialed and bill for medical services in both Owned and Non-Owned Medical Groups during that period.(2) Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care or specialty services as of the end of a particular period.(3) Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health’s platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups.(j) Any slight variations in totals are due to rounding.   Non-GAAP Financial Measures (4)(k)

  For the Three Months Ended March 31,(unaudited; $ in thousands)  2026   2025      Care Margin $128,730  $105,288 Platform Contribution $67,033  $51,733 Platform Contribution Margin  52.1%  49.1%Adjusted EBITDA $36,691  $26,915 Adjusted EBITDA Margin  28.5%  25.6%     (4) In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: Care Margin is Gross Profit excluding amortization of intangible assets.Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.Platform Contribution margin is Platform Contribution divided by Care Margin.Adjusted EBITDA is net income before interest income, net, provision for income taxes, net income attributable to non-controlling interests, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges, contingent and deferred consideration, and other non-recurring expenses.Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. (k) Any slight variations in totals are due to rounding.  Reconciliation of Gross Profit to Care Margin(l)

  For the Three Months Ended March 31,(unaudited; $ in thousands)  2026   2025 Revenue $603,847  $480,097 Provider expense  (475,117)  (374,809)Amortization of intangible assets  (3,135)  (1,673)Gross Profit $125,595  $103,615 Amortization of intangibles assets  3,135   1,673 Care Margin $128,730  $105,288 (l)Any slight variations in totals are due to rounding.  Reconciliation of Gross Profit to Platform Contribution(m)

  For the Three Months Ended March 31,(unaudited; $ in thousands)  2026   2025 Revenue $603,847  $480,097 Provider expense  (475,117)  (374,809)Amortization of intangibles assets  (3,135)  (1,673)Gross Profit $125,595  $103,615 Amortization of intangibles assets  3,135   1,673 Cost of platform  (68,420)  (59,526)Stock-based compensation(5)  6,723   5,971 Platform Contribution $67,033  $51,733 (m) Any slight variations in totals are due to rounding.(5) Amount represents stock-based compensation expense included in Cost of platform.  Reconciliation of Net Income to Adjusted EBITDA(n)

  For the Three Months Ended March 31,(unaudited; $ in thousands)  2026   2025 Net income $3,064  $4,220 Net income attributable to non-controlling interests  646   1,826 Provision for income taxes  5,600   2,103 Interest income, net  (1,888)  (2,931)Depreciation and amortization  3,281   1,901 Stock-based compensation  21,921   17,790 Other expenses(6)  4,067   2,006 Adjusted EBITDA $36,691  $26,915      (n) Any slight variations in totals are due to rounding.(6) Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses.  Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share(o)

 For the Three Months Ended March 31,(unaudited; $ in thousands) 2026   2025 (9) Net income$3,064  $4,220 Stock-based compensation 21,921   17,790 Intangible amortization expense 3,135   1,673 Other expenses(7) 4,067   2,006 Tax effect of adjustments(8) (7,863)  (5,796)Adjusted net income$24,324  $19,893 Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic$0.20  $0.16 Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted$0.19  $0.16 Weighted average common shares outstanding – basic 124,152,526   120,623,670 Weighted average common shares outstanding – diluted 130,878,939   127,752,527 (o) Any slight variations in totals due to rounding.(7) Other expenses include employer taxes on equity vesting/exercises, severance, contingent and deferred consideration, and other non-recurring expenses.(8) The Company uses a statutory blended tax rate of 27% on the adjustments between Net Income and Adjusted Net Income.(9) Updated to conform with current year presentation. 

Although the revenue and EPS for Privia Health (PRVA) give a sense of how its business performed in the quarter ended March 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

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ARLINGTON, Va., May 27, 2026 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA), a national physician enablement company, announced it has signed a definitive agreement to enter the state of New Jersey in partnership with Neurology Group of Bergen County (NGBC), a practice with 25 adult and pediatric clinicians.

NGBC will serve as the anchor practice for Privia Medical Group—New Jersey and is expected to be implemented on the Privia Platform by year-end 2026. Privia Health will provide an alternative for community clinicians in New Jersey to care for patients across all reimbursement models, leveraging a breadth of interoperable solutions and population health expertise to enable care insights and collaboration.

“We are thrilled to welcome Neurology Group of Bergen County into our network. NGBC is one of the largest and most respected independent neurology practices in the Northeast, with an exceptional team and a decades-long track record of delivering outstanding patient outcomes," said Jason Ross, EVP Medical Groups of Privia Health. “We look forward to supporting the NGBC team as they continue to serve the Bergen County community.”

“Partnering with Privia was the right next step for our practice and, most importantly, for our patients. They share our commitment to clinical excellence and the kind of personalized, compassionate care we’ve built over the past 50 years,” said NGBC physician John T. Nasr, M.D. “This partnership gives us the resources and support to expand access to high-quality neurological care across our community, while preserving the independent culture that has defined NGBC.”

About Privia Health

Privia Health is one of the largest physician enablement companies in the United States with a presence in 25 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.9+ million patients, and reward 5,500+ physicians and advanced practitioners for delivering high-value care.

Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com and connect with us on LinkedIn.

Safe Harbor Statement

This release may contain “forward-looking statements” within the meaning of the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission, including those set forth under “Risk Factors” therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date made. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact:

Robert Borchert
SVP, Investor & Corporate Communications
[email protected]
817.783.4841

Fort Lauderdale, May 28, 2026 (GLOBE NEWSWIRE) -- Cross Keys Capital, LLC, a leading independent investment banking firm providing M&A advisory services to physician group practices and healthcare services companies,is  pleased to announce it acted as the exclusive financial advisor to the Neurology Group of Bergen County (“NGBC”) in its partnership with Privia Health.

Founded in 1973, the Neurology Group of Bergen County is one of the region's most respected independent neurology practices, serving the communities of Bergen County, New Jersey. NGBC comprises 25 adult and pediatric clinicians operating at one central Ridgewood, NJ location. The practice provides comprehensive, state-of-the-art diagnostic testing and treatment across the full spectrum of neurological conditions, including epilepsy, multiple sclerosis, stroke, headache disorders, movement disorders, neuropathy, and pediatric neurology.

“Partnering with Privia was the right next step for our practice and, most importantly, for our patients. They share our commitment to clinical excellence and the kind of personalized, compassionate care we've built over the past 50 years,” said NGBC physicians Hugo Lijtmaer, M.D., Kenneth Citak, M.D. and John T. Nasr, M.D. “This partnership gives us the resources and support to expand access to high-quality neurological care across our community, while preserving the independent culture that has defined NGBC. We are grateful to the Cross Keys team for their expert guidance throughout this process. They made sure every aspect of the transaction reflected our values and long-term vision.”

The Cross Keys Capital deal team consisted of Bill Britton, Chris Gammill, and Victor Arocho. NGBC was represented by Brach Eichler’s legal team consisting of Joseph M. Gorrell, Caroline J. Patterson and Erika Marshall. Terms of the transaction were not disclosed.

About Privia Health

Privia Health is one of the largest physician enablement companies in the United States with a presence in 25 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.9+ million patients, and reward 5,500+ physicians and advanced practitioners for delivering high-value care.

Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com.

About Cross Keys Capital

Cross Keys Capital is a leading middle-market investment bank providing a full range of investment banking merger and acquisition advisory services to a variety of businesses nationally.

Cross Keys Capital’s healthcare services team is nationally recognized as a leader in providing merger and acquisition advisory services to independent physician group practices and healthcare services companies. To date, the firm’s healthcare practice has completed the sale or merger of over 200 transactions including independent physician group practices, healthcare services providers, and healthcare technology companies. For more information on Cross Keys Capital or to discuss a potential partnership or sale, please contact Bill Britton, Managing Director, at 954-410-1936 or [email protected]. Visit us online at www.ckcap.com.

On June 04, 2026, Privia Health Group Inc PRVA shares rose 3.4% to a current price of $21.37. Over the past 52 weeks, the stock has traded between $18.77 and $26.51, indicating significant volatility. The recent price increase provides a slight buffer against an overall year-to-date decline of 9.9%.

GF Value™ verdict: PRVA is currently priced at $21.37, which is 21.4% below its GF Value™ estimate of $27.19.GF Score™ of 87/100 indicates a strong overall rating, suggesting good long-term investment potential.Insider activity has shown that insiders sold $8.2 million in stock over the last three months, suggesting caution among company executives. Is PRVA Overvalued or Undervalued? Based on the current price of $21.37 compared to its GF Value™ estimate of $27.19, Privia Health Group Inc appears to be undervalued by approximately 21.4%. This margin of safety signifies that there may be opportunities for growth if the stock price aligns more closely with its intrinsic value. The GF Valuation label categorizes the stock as "Modestly Undervalued," indicating that while there is room for appreciation, potential investors should still exercise caution due to market conditions and inherent risks in the healthcare sector.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given that the stock is trading below its estimated fair value, it presents an attractive opportunity, but investors must monitor market trends and company performance closely before making decisions.

How Does PRVA's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 133.6x 158.4x Forward P/E 84.8x N/A Currently, Privia Health Group Inc's P/E ratio is 133.6x, which is 16% below its 5-year median P/E of 158.4x. This indicates that the stock is trading below its historical valuation metrics. The P/E analysis aligns with the GF Value™ verdict of being undervalued, suggesting that the stock has potential for price appreciation as it approaches its historical averages.

What Does PRVA's GF Score™ Tell Us? Metric Rating GF Score™ 87/100 Financial Strength 8/10 Profitability 6/10 Growth 9/10 Valuation 8/10 Momentum 7/10 The GF Score™ of 87/100 indicates a strong overall rating for Privia Health Group Inc, driven primarily by its impressive growth rank of 9/10 and solid financial strength at 8/10. However, profitability ranks lower at 6/10, suggesting that while the company's financial health is robust, there may be challenges in generating consistent profits. Overall, the strong GF Score™ reflects a favorable outlook, but the weaker profitability ranking highlights an area that needs attention.

What Are Insiders Doing with PRVA Stock? In the last three months, insiders at Privia Health Group Inc have sold a total of $8.2 million in stock, with no insider buying reported during this period. This trend of selling by insiders could signal a lack of confidence in the near-term performance of the company or a strategic move to realize gains. Generally, heavy insider selling without corresponding buying can be interpreted as a cautious signal for potential investors.

What This Means for Investors Based on the GF Value™ analysis, Privia Health Group Inc PRVA is currently undervalued. The stock's price of $21.37 is significantly below its estimated fair value of $27.19, indicating potential for price appreciation. However, investors should remain vigilant regarding insider selling trends and overall market conditions that may affect future performance.

For the complete analysis, visit the Privia Health Group Inc PRVA stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is PRVA's GF Score™?

PRVA has a GF Score™ of 87/100, indicating a strong overall rating that suggests good long-term investment potential.

Is PRVA overvalued or undervalued?

PRVA is currently undervalued, with a GF Value™ estimate of $27.19 compared to its market price of $21.37.

What is PRVA's P/E ratio?

PRVA's P/E ratio is 133.6x, which is 16% below its 5-year median P/E of 158.4x, indicating that the stock is trading below its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Hasbro, Inc. (HAS) Q1 2026 Earnings Call Transcript

Investors need to pay close attention to HAS stock based on the movements in the options market lately.

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Hasbro (HAS - Free Report) .

Hasbro currently has an average brokerage recommendation (ABR) of 1.41, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 16 brokerage firms. An ABR of 1.41 approximates between Strong Buy and Buy.

Of the 16 recommendations that derive the current ABR, 12 are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 75% and 6.3% of all recommendations.

Brokerage Recommendation Trends for HAS

Check price target & stock forecast for Hasbro here>>>

While the ABR calls for buying Hasbro, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is HAS a Good Investment?Looking at the earnings estimate revisions for Hasbro, the Zacks Consensus Estimate for the current year has increased 3.7% over the past month to $5.96.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Hasbro. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, the Buy-equivalent ABR for Hasbro may serve as a useful guide for investors.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Prediction market traders have a clear favorite for 2026’s box office crown, and the ripple effects extend well beyond Hollywood. On Polymarket’s “Highest grossing movie in 2026?” market, Spider-Man: Brand New Day commands a 54.5% implied probability of finishing the year on top, comfortably ahead of Avengers: Doomsday at 19.5% and Toy Story 5 at 13.4%. The market, which resolves on domestic calendar gross via Box Office Mojo and closes December 31, 2026, has cleared $9.47 million in all-time volume with $1.30 million in current liquidity.

Why It Matters Now Spider-Man: Brand New Day swings into theaters July 31, 2026, kicking off the heart of summer with a franchise that has consistently delivered for both studios and exhibitors. Polymarket traders have actually been trimming Spidey’s odds: the contract is down 11 cents over the past month and 8 cents over the past week, as Pixar’s Toy Story 5 has gained momentum (+10.55 cents in a month). Yet Spider-Man remains the clear leader, and the question for investors is straightforward: if the wall-crawler wins the crown, who actually cashes in?

The Polymarket Leaderboard Contender Implied Probability 1-Month Move Spider-Man: Brand New Day 54.5% down 11 cents Avengers: Doomsday 19.5% down 3 cents Toy Story 5 13.4% +10.55 cents The Super Mario Galaxy Movie 4.1% +1.05 cents The Odyssey 2.55% +0.2 cents Dune: Messiah 0.85% +0.05 cents Wicked: For Good 0.65% +0.4 cents Scream 7 0.65% +0.4 cents The Hunger Games: Sunrise on the Reaping 0.55% +0.2 cents Star Wars: The Mandalorian and Grogu 0.45% down 0.5 cents The Direct Beneficiary: Sony Sony (NYSE: SONY | SONY Price Prediction) owns Spider-Man’s theatrical rights through Sony Pictures and keeps the largest single revenue slice from distribution, international licensing, and home entertainment. Shares trade at $21.72, down 15.6% year to date, with an analyst target of $29.38 and a forward P/E of 17. The Pictures segment generated ¥1.49 trillion in FY2027 revenue, and management is returning capital aggressively with a ¥500 billion buyback authorized through May 2027. Reddit sentiment for Sony has been consistently bullish, peaking at a score of 82 (“very bullish”) on May 17, 2026. A Brand New Day blockbuster directly feeds Sony Pictures’ Filmed Entertainment line and reinforces the studio’s franchise economics.

Disney: Marvel Co-Owner and Downstream Beneficiary Walt Disney (NYSE: DIS) co-produces Spider-Man through Marvel Studios, collecting producer fees, brand reinforcement for the broader MCU, and a downstream Disney+ streaming window. The stock trades at $103.73, with analysts targeting $129.49 and bullish analyst sentiment. Disney’s Q2 FY26 entertainment SVOD operating income jumped 88% to $582 million, and management raised the FY26 buyback to $8 billion-plus. Notably, on March 31, 2026, eight directors acquired shares at $96.96, a coordinated insider buy that sits just below the current price.

AMC: High-Beta Theatrical Leverage AMC Entertainment (NYSE: AMC) is the riskiest, most leveraged play. The stock sits at $1.58, down 54.3% over the past year, with negative shareholders’ equity of $1.89 billion and a roughly $4 billion debt load. CEO Adam Aron has explicitly cited Spider-Man: Brand New Day and Avengers: Doomsday in the company’s outlook, and January 2026 North American box office tracked 16% ahead of the prior year. The Wall Street target stands at just $1.95, but operating leverage cuts both ways: a true mega-blockbuster summer would flow disproportionately to AMC’s bottom line.

Cinemark: The Cleaner Exhibitor Play Cinemark (NYSE: CNK) offers exhibitor exposure with a healthier balance sheet. Shares trade at $27.24, up 17.2% year to date, with an analyst target of $34.00. Q1 2026 was the strongest first quarter since the pandemic: revenue of $643.1 million (+18.9% YoY), adjusted EBITDA more than doubled to $88.5 million, and domestic concession per-cap hit a record $8.58. A forward P/E of 13 looks reasonable if the summer slate delivers.

IMAX: Premium-Format Multiplier IMAX (NYSE: IMAX) captures outsized share of blockbuster grosses on a tiny screen footprint. The stock has been on fire, up 14.6% in the past week to $39.23 and 40.9% over the past year, partly on news that IMAX is exploring a sale, which drove bullish Reddit sentiment scores of 70 to 72 on May 21 and 22. Management has reaffirmed FY26 guidance of $1.4 billion in global box office with at least 14 Filmed For IMAX releases. CEO Rich Gelfond, currently recovering from pneumonia, has called the 2026 slate “arguably the strongest we’ve ever seen.” Spider-Man films historically rank among IMAX’s best performers.

Hasbro: The Toy Aisle Trade Hasbro (NASDAQ: HAS) holds the Marvel master toy license, meaning Spider-Man drives Marvel Legends action figures, plush, and role-play sales. Shares at $86.38 are up 30.3% year over year, with an analyst target of $113.53. Q1 FY26 adjusted EPS of $1.47 crushed the $1.13 consensus by 29.66%, and Magic: The Gathering revenue surged 36% to $469.6 million. The caveat: Marvel toy revenue is a modest slice of Hasbro’s overall portfolio, which is increasingly dominated by Wizards of the Coast (51.2% operating margin in the Wizards segment).

Netflix: The Pay-1 Window Beneficiary Netflix (NASDAQ: NFLX) wins downstream. Under the Sony Pictures output deal, theatrical films flow to Netflix’s pay-1 streaming window after their theatrical run. A Spidey blockbuster gives Netflix premium tentpole content for subscriber retention without writing a check on the production side. Netflix shares trade at $86.36, down 7.9% year to date. Netflix guided FY26 revenue to $50.7 billion to $51.7 billion with free cash flow raised to about $12.5 billion. Reddit sentiment recently turned very bearish, hitting a score of 12 on May 21, so the streamer is more of a diluted, indirect beneficiary.

The Honest Risk Caveats Polymarket odds are not destiny. Spider-Man’s contract has already slid 11 cents in a month, and Toy Story 5 is gaining ground. Carry-over from late 2025. Avatar: Fire and Ash generated $77 million in global IMAX box office in Q1 2026 alone and could keep grossing into the calendar-year tally. Structural headwinds remain. AMC reported attendance down 9.8% to 56.3 million in Q4 2025, a reminder that theatrical recovery is uneven. Toy licensing is modest at Hasbro. Marvel toys are valuable, but Magic and digital games drive the operating leverage today. The Verdict Most direct upside if Spider-Man wins: Sony (rights holder), IMAX (premium-format multiplier on Marvel grosses), and Cinemark (cleanest exhibitor balance sheet). The high-beta lottery ticket is AMC. For Disney (one franchise of many), Hasbro (toys are a slice), and Netflix (downstream window only), the exposure is diluted. Polymarket’s 54.5% probability reflects current trader pricing rather than a guaranteed outcome. Keep an eye on Toy Story 5‘s continued momentum and tracking data as the July 31 release approaches.

Shares of Hasbro (HAS - Free Report) have been struggling lately and have lost 9.2% over the past two weeks. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.

The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this toy maker enhances its prospects of a trend reversal.

What is a Hammer Chart and How to Trade It?This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'

In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.

When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.

Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.

Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.

Here's What Makes the Trend Reversal More Likely for HASAn upward trend in earnings estimate revisions that HAS has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That's because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

The consensus EPS estimate for the current year has increased 3.7% over the last 30 days. This means that the Wall Street analysts covering HAS are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.

If this is not enough, you should note that HAS currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Moreover, a Zacks Rank of 1 for Hasbro is a more conclusive indication of a potential trend reversal, as the Zacks Rank has proven to be an excellent timing indicator that helps investors identify precisely when a company's prospects are beginning to improve.

HAS' MAGIC goes deeper into digital: Arena gets Marvel rights as Wizards & Digital Gaming revenues jump 26% and margins hit 51.2%.

AI-powered versions of twelve iconic Hasbro characters, including Mr. Potato Head, Megatron, and G.I. Joe villian Cobra Commander are now available for licensing from Hasbor's new AI Studio, Sixth Wall.(Photo by Mario Ruiz/Getty Images)

Getty Images

Toymaker Hasbro today unveiled a project it has been working on in stealth mode for the past year - an AI studio tasked with giving iconic Hasbro properties like Mr. Potato Head interactive, AI-powered personas.

Hasbro’s proactive approach to AI could signal the beginning of a new era in character licensing, and create a lucrative revenue stream for the giant toy and entertainment company.

The company envisions a new kind of licensing model, which it is calling behavioral licensing, in which it licenses not only the character’s voice, but gives licensees access to a character’s personality, background story, and full creative DNA.

Hasbro executives preface discussions about the AI studio with some important caveats. At this point they are not creating AI character personas designed to interact with children, or to be embedded in toys. Also, the AI personas are a B2B offering, not something consumers will purchase, with characters available for licensed use by business partners such as theme parks and entertainment venues, or to be used as chat assistants for retailers, or in-store brand amabassadors.

The AI studio also addresss a key industry problem, according to Hasbro CEO Chris Cocks - the unauthorized AI use of intellectual property such as Hasbro’s iconic characters. Hasbro, he said in a statement, wanted to create a trusted way to bring characters onto AI-platforms, and to give credit to, and compensate, the voice talent behind those characters.

As of today Hasbro is making AI personas of 12 of its characters - including Optimus Prime, Cobra Commander, and Mr. Potato Head - available for licensing.

“We’re preparing our IP [intellectual property] for the age of AI," said Roberta Thomson, the Hasbro exec who will head the effort as CEO of the company’s new AI Studio, which Hasbro has named Sixth Wall.

MORE FOR YOU

The logo for the new Hasbro AI studio, Sixth Wall

Courtesy of Hasbro/Sixth Wall

Sixth Wall, Thomson said in an interview, is “building a proprietary tech platform that we call CharacterOS - the Character Operating System - which contains what we like to call a Golden Record for each of our characters, an AI-friendly set of data that encodes the lore and canon of the character and their universe, their personality and emotional range.”

Toy industry insiders who were given a sneak preview of the studio’s capabilities at last month’s Licensing Expo were amazed at the ability of the AI personas to have detailed interactions with humans, and respond to questions while fully remain in character.

“Hasbro has, smartly, developed a genuine way to interact with its characters that maintains the integrity of the source IP while embracing human creators and voices to power the experience,” said James Zahn, Editor in Chief at The Toy Book.

Zahn had an opportunity at the Licensing Expo to interact with one of the characters Sixth Wall is officially unveiling today, the Cobra Commander character from the G.I. Joe franchise.

Zahn said he was impressed with how believably the AI Cobra Commander reacted with characteristic paranoia and rage when Zahn suggested one of the Licensing Expo booths was a front for top-secret weapons developer M.A.R.S Industries.

“Let’s just say I raised his digital blood pressure, as he immediately accused me of being in league with Destro, whom he assumed had gone behind his back with some scheme,” Zahn said. “This may sound like nonsense to most, but for G.I. Joe fans, this is a direct line into the lore that lives well beyond the toys themselves.”

The AI persona of Cobra Commander uses has been trained using the voice of voice artist Frank Todaro.

Courtesy of Hasbro/Sixth Wall

Zahn gives Hasbro credit for waiting to announce the AI studio until it had concrete examples of AI personas to show. “The industry knew Hasbro had an AI studio, but few knew what those folks were actually building, and the possibilities for its application extend far beyond traditional toys,” he said.

Thomson, who was tapped to head the studio a year ago, said Hasbro began experimenting with conversational AI for its characters at the end of 2022. It created an AI version of a Ouija board, and an AI-enabled Trivial Pursuit - Trivial Pursuit Infinite - which used AI to allow players to request questions about a multitude of topics.

“Hasbro’s been innovating around play for more than 100 years so it’s no surprise that we wanted to avail ourselves of all the newest technologies," she said.

With the CharacterOS platform, “We’re super excited to bring forth this new model to the licensing industry," Thomson said, “licensing not just the static IP that appears in toy, the video game, the movie, but actually the behavior of a character.”

Hasbro today also announced that it has entered a strategic partnership with AI audio company ElevenLabs to add Hasbro characters to its audio marketplace.

Hasbro (HAS) closed the most recent trading day at $82.29, moving 2.34% from the previous trading session.