AGL vs PRVA: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AGL and PRVA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AGL and PRVA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

agilon health provides a platform, capital, and technology that let community primary-care physician groups take on full financial risk for their senior patients, mostly Medicare Advantage members plus ACO REACH beneficiaries. Instead of fee-for-service billing, agilon and its partner doctors are paid a fixed amount per member and keep the difference if they keep patients healthy and out of the hospital. The model scales through long-term partnerships in individual markets, and the company reports total platform membership around 536,000, including roughly 426,000 Medicare Advantage members and 110,000 in the ACO model.

Full AGL guide

Privia Health Group is a national physician-enablement company headquartered in Arlington, Virginia, and its structure is unusual enough that it drives everything about the financials. Physicians keep owning their own Affiliated Practices and the buildings, staff and equipment inside them, and they join a single large Privia Medical Group in their market as owners of it. Privia holds the payer contracts, negotiates reimbursement, maintains the patient records and supplies the Privia Platform (technology plus revenue-cycle, population-health and administrative services) through a local management services organization, and in states where corporate ownership of medical practice is restricted the Medical Group is a Non-Owned or Friendly entity that Privia manages but does not own. As of June 30, 2026 that network covered ~5,644 implemented providers, ~1,300 practices, ~6.1 million patients and ~1,647,000 attributed lives in value-based arrangements. Revenue arrives in three shapes: fee-for-service patient care (~$803.8 million in the first half of 2026, about ~65% of the total) plus administrative fees from Non-Owned groups, value-based revenue split across capitation (~$181.3 million), shared savings (~$143.9 million) and per-member-per-month care management fees (~$38.6 million), and a small amount of other services. Of every dollar of revenue, roughly ~79% goes straight back out as provider expense to the physicians who earned it.

Full PRVA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AGL drivers: Margin-over-growth reset; Improving risk-adjustment and contracting.
• PRVA drivers: Provider adds and new-market entry drive the top line; The mix is shifting toward value-based care, which carries more margin and more risk.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: agilon carries meaningful medical-cost-trend risk: because it is paid a fixed amount per member, an unexpected rise in senior utilization or unit costs can swing it back to losses, which is what drove heavy prior-year losses. For PRVA, payer concentration is the sharpest exposure: three payers accounted for ~27%, ~18% and ~17% of first-half revenue, and a single payer represented ~55% of net receivables at June 30, 2026, so one contract renegotiation or slow settlement moves both the income statement and the cash cycle.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AGL if you believe its drivers more; PRVA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AGL and PRVA guides.

AGL. agilon generates billions in revenue but has historically run at a loss, posting a full-year 2025 net loss of roughly $391 million before turning to positive net income in Q1 2026. Because the company is in an early turnaround with thin projected EBITDA margins, valuation is driven more by revenue scale and the credibility of the profitability path than by current earnings multiples. Investors typically watch medical margin and membership trends rather than headline revenue growth, which is declining by design.

PRVA. Figures are approximate, stamped to August 2026 and drawn from the Q2 2026 earnings release, the Form 10-Q filed August 6, 2026 and the full-year 2025 release, so verify live data before acting on any of them. The reason PRVA screens at ~1.1x sales and ~96x earnings simultaneously is that the sales figure includes the ~79% of revenue paid straight to physicians while the earnings figure is after ~$71 million of annual stock compensation, so neither multiple describes the business on its own. The cleanest single comparison is enterprise value against adjusted EBITDA at roughly ~16x trailing and ~15x guided, held next to ~24% revenue growth, ~19% attributed-lives growth and a debt-free balance sheet.

Headline figures (approximate, July 2026): AGL shows revenue (ttm) ~$5.8B, 2026 revenue guidance ~$5.68B to $5.81B, q1 2026 revenue ~$1.42B (down ~7% YoY), q1 2026 net income ~$49M (vs ~$12M a year earlier); PRVA shows practice collections vs revenue (ttm) Practice Collections ~$3.69 billion flowed through the platform, of which ~$2.36 billion was recognized as GAAP revenue; the difference is collections at Non-Owned Medical Groups that Privia manages but does not consolidate. Full-year 2026 guidance was raised to the high end at ~$3.65 to ~$3.75 billion of collections and ~$2.35 to ~$2.45 billion of revenue, revenue growth GAAP revenue ~$2.36 billion for the twelve months ended June 30, 2026, up ~24%; Q2 2026 revenue ~$632.6 million, up ~21.4%; first-half revenue ~$1.24 billion, up ~23.5%, split ~65% fee-for-service patient care and ~29% value-based (capitation, shared savings, care management fees), what privia keeps Provider expense consumed ~79% of Q2 revenue (~$500.5 million of ~$632.6 million). Trailing Care Margin ~$503 million (~13.6% of Practice Collections, ~21% of revenue), platform contribution ~$69.0 million in Q2 at a ~52.2% margin, and trailing adjusted EBITDA ~$144 million, roughly ~3.9% of the money flowing across the platform, earnings, gaap versus adjusted Trailing net income attributable to stockholders ~$28.1 million (~$0.22 per share) against trailing adjusted net income of ~$136 million (~$1.04 per diluted share). The bridge is ~$71.1 million of annualized stock compensation plus intangible amortization and non-recurring items; Q2 2026 net income was ~$9.0 million with ~$19.4 million of stock compensation inside it.

AGL and PRVA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AGL and PRVA exposure against your real portfolio. It is not an investment adviser.