P3 Health Partners Inc.(PIII)Earnings, Financials & Key Ratios
PIII•NASDAQ
$3.58
$11M mkt cap·Price updated May 7, 2026
AboutP3 Health Partners Inc., a patient-centered and physician-led population health management company, provides superior care services in the United States. It operates clinics and wellness centers. The company is based in Henderson, Nevada.Show more
- Revenue$1.5B+18.5%
- EBITDA-$235M-188.7%
- Net Income-$136M-135.1%
- EPS (Diluted)-54.06-77.6%
- Gross Margin100%
- EBITDA Margin-15.64%-143.7%
- Operating Margin-21.37%-61.2%
- Net Margin-9.05%-98.5%
- ROE-46.59%-285.6%
- ROIC-60.21%-171.0%
- Debt/Equity1.11+286.6%
- Interest Coverage-14.46-37.7%
PIII Key Insights
P3 Health Partners Inc. (PIII) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y sales CAGR of 59.5%
- ✓Trading at only 0.1x book value
- ✓Efficient asset utilization: 1.9x turnover
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Shares diluted 54.9% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
PIII Price & Volume
P3 Health Partners Inc. (PIII) stock price & volume — 10-year historical chart
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PIII Growth Metrics
P3 Health Partners Inc. (PIII) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years59.47%
3 Years33.03%
TTM-2.15%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-27.61%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-2.3%
Return on Capital
10 Years-133.95%
5 Years-89.06%
3 Years-71.71%
Last Year-75.57%
PIII Peer Comparison
P3 Health Partners Inc. (PIII) competitors in Physician platforms and value-based care — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 AGIO | 1.64B | 27.53 | -3.87 | 48.03% | -6.4% | -34.11% | 0.05 | |
 ALHC | 3.73B | 18.25 | -4932.43 | 46.06% | 0.47% | 11.5% | 1.89 | |
 OSCR | 5.41B | 20.87 | -12.35 | 27.5% | -0.3% | -3.26% | 0.44 | |
 CNC | 27.13B | 54.95 | -4.03 | 19.44% | -3.25% | -28.6% | 0.94 | |
 MOH | 9.99B | 191.82 | 21.50 | 11.75% | 0.42% | 4.44% | 0.97 | |
 CVS | 111.4B | 87.31 | 62.81 | 7.85% | 0.72% | 3.86% | 1.24 | |
 HUM | 29.67B | 247.14 | 25.12 | 10.06% | 0.82% | 6.17% | 0.73 | |
 CLOV | 1.44B | 2.82 | -16.59 | 40.34% | -2.58% | -17.08% |
Compare PIII vs Peers
P3 Health Partners Inc. (PIII) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
PIII Income Statement
P3 Health Partners Inc. (PIII) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 145.48M | 491.06M | 637.36M | 1.05B | 1.27B | 1.5B | 1.44B |
| Revenue Growth % | - | 237.54% | 29.79% | 64.66% | 20.67% | 18.48% | -2.15% |
| Cost of Goods Sold | 0 | 0 | 668.07M | 0 | 0 | 0 | 748.79M |
| COGS % of Revenue | - | - | 104.82% | - | - | - | - |
| Gross Profit | 145.48M▲ 0% | 491.06M▲ 237.5% | -30.7M▼ 106.3% | 1.05B▲ 3518.3% | 1.27B▲ 20.7% | 1.5B▲ 18.5% | 696.16M▲ 0% |
| Gross Margin % | 100% | 100% | -4.82% | 100% | 100% | 100% | 48.18% |
| Gross Profit Growth % | - | 237.54% | -106.25% | 3518.34% | 20.67% | 18.48% | - |
| Operating Expenses | 185.02M | 519.65M | 157.24M | 2.61B | 1.43B | 1.82B | 951.1M |
| OpEx % of Revenue | 127.18% | 105.82% | 24.67% | 248.73% | 113.26% | 121.37% | - |
| Selling, General & Admin | 37.23M | 54.89M | 157.24M | 162.38M | 125.59M | 113.93M | 102.84M |
| SG&A % of Revenue | 25.59% | 11.18% | 24.67% | 15.47% | 9.92% | 7.59% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 147.79M | 464.76M | 0 | 2.45B | 1.31B | 1.71B | 2M |
| Operating Income | -39.54M▲ 0% | -28.59M▲ 27.7% | -187.95M▼ 557.4% | -1.56B▼ 730.5% | -167.93M▲ 89.2% | -320.66M▼ 90.9% | -254.94M▲ 0% |
| Operating Margin % | -27.18% | -5.82% | -29.49% | -148.73% | -13.26% | -21.37% | -17.64% |
| Operating Income Growth % | - | 27.69% | -557.43% | -730.51% | 89.24% | -90.95% | - |
| EBITDA | -39.14M | -27.79M | -179.22M | -1.47B | -81.25M | -234.6M | -170.62M |
| EBITDA Margin % | -26.9% | -5.66% | -28.12% | -140.42% | -6.42% | -15.64% | -11.81% |
| EBITDA Growth % | - | 28.99% | -544.85% | -722.24% | 94.49% | -188.72% | -6.72% |
| D&A (Non-Cash Add-back) | 399.18K | 795.17K | 8.72M | 87.29M | 86.67M | 86.06M | 84.32M |
| EBIT | -39.44M | -28.88M | -193.34M | -1.55B | -167.75M | -283.82M | -232.27M |
| Net Interest Income | -2.53M | -2.53M | -10.68M | -11.4M | -15.98M | -22.17M | -45.91M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 322K |
| Interest Expense | 2.53M | 2.53M | 10.68M | 11.4M | 15.98M | 22.17M | 46.23M |
| Other Income/Expense | -2.44M | -2.82M | -16.39M | 1.22M | -15.8M | 14.67M | -23.57M |
| Pretax Income | -41.97M▲ 0% | -31.41M▲ 25.2% | -204.34M▼ 550.5% | -1.56B▼ 663.3% | -183.73M▲ 88.2% | -305.99M▼ 66.5% | -278.5M▲ 0% |
| Pretax Margin % | -28.85% | -6.4% | -32.06% | -148.62% | -14.51% | -20.39% | -19.27% |
| Income Tax | 0 | 0 | 0 | 1.86M | 2.69M | 4.39M | 8.02M |
| Effective Tax Rate % | 0% | 0% | 0% | -0.12% | -1.47% | -1.43% | -2.88% |
| Net Income | -41.97M▲ 0% | -31.41M▲ 25.2% | -156.48M▼ 398.2% | -270.13M▼ 72.6% | -57.77M▲ 78.6% | -135.85M▼ 135.1% | -131.05M▲ 0% |
| Net Margin % | -28.85% | -6.4% | -24.55% | -25.74% | -4.56% | -9.05% | -9.07% |
| Net Income Growth % | - | 25.16% | -398.16% | -72.63% | 78.61% | -135.14% | -27.61% |
| Net Income (Continuing) | -41.97M | -31.41M | -204.34M | -1.56B | -186.43M | -310.38M | -286.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -13.88M | 0 | 1.79B | 516.8M | 291.53M | 73.59M | 37.61M |
| EPS (Diluted) | -44.10▲ 0% | -39.73▲ 9.9% | -188.17▼ 373.6% | -324.84▼ 72.6% | -30.44▲ 90.6% | -54.06▼ 77.6% | -40.10▲ 0% |
| EPS Growth % | - | 9.91% | -373.63% | -72.63% | 90.63% | -77.58% | -2.3% |
| EPS (Basic) | -44.10 | -39.73 | -188.17 | -324.84 | -30.44 | -46.79 | - |
| Diluted Shares Outstanding | 475.88K | 790.63K | 831.58K | 831.58K | 1.9M | 2.94M | 3.27M |
| Basic Shares Outstanding | 475.88K | 790.63K | 831.58K | 831.58K | 1.9M | 2.9M | 3.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
PIII Balance Sheet
P3 Health Partners Inc. (PIII) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 52.35M | 90.88M | 199.86M | 100.69M | 166.02M | 184.14M | 135.63M |
| Cash & Short-Term Investments | 32.59M | 36.26M | 140.48M | 18.46M | 36.32M | 38.82M | 37.71M |
| Cash Only | 32.59M | 36.26M | 140.48M | 18.46M | 36.32M | 38.82M | 37.71M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 17.97M | 45.64M | 51.34M | 79.59M | 121.47M | 125.21M | 82.02M |
| Days Sales Outstanding | 45.08 | 33.92 | 29.4 | 27.68 | 35.01 | 30.46 | 27.98 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 763.15K | 3.79M | 1.08M | 2.64M | 4.61M | 20.11M | 15.89M |
| Total Non-Current Assets | 13.25M | 15.55M | 2.16B | 776.05M | 694.95M | 599.28M | 547.93M |
| Property, Plant & Equipment | 8.81M | 10.88M | 15.05M | 20.54M | 23.99M | 5.73M | 3.9M |
| Fixed Asset Turnover | 16.50x | 45.14x | 42.36x | 51.10x | 52.80x | 261.68x | 294.42x |
| Goodwill | 741.13K | 871.13K | 1.31B | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 835.84M | 751.05M | 666.73M | 574.35M | 512.91M |
| Long-Term Investments | 0 | 0 | 0 | 3.5M | 0 | 0 | 0 |
| Other Non-Current Assets | 3.7M | 3.8M | 3.61M | 790K | 4.23M | 19.2M | 120.52M |
| Total Assets | 65.61M▲ 0% | 106.44M▲ 62.2% | 2.36B▲ 2121.2% | 876.74M▼ 62.9% | 860.97M▼ 1.8% | 783.42M▼ 9.0% | 683.56M▲ 0% |
| Asset Turnover | 2.22x | 4.61x | 0.27x | 1.20x | 1.47x | 1.92x | 1.94x |
| Asset Growth % | - | 62.24% | 2121.17% | -62.91% | -1.8% | -9.01% | -53.45% |
| Total Current Liabilities | 54.57M | 90.62M | 198.77M | 241.66M | 299.37M | 496.42M | 423.95M |
| Accounts Payable | 2.07M | 9.62M | 5.47M | 176.36M | 8.66M | 64.01M | 9.93M |
| Days Payables Outstanding | - | - | 2.99 | - | - | - | 24.18 |
| Short-Term Debt | 1.63M | 89.99K | 3.63M | 1.6M | 0 | 65M | 38.61M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 45.34M | 70.68M | 162.34M | 55.48M | 239.37M | 67.72M | 375.41M |
| Current Ratio | 0.96x | 1.00x | 1.01x | 0.42x | 0.55x | 0.37x | 0.37x |
| Quick Ratio | 0.96x | 1.00x | 1.01x | 0.42x | 0.55x | 0.37x | 0.37x |
| Cash Conversion Cycle | - | - | - | - | - | - | 3.8 |
| Total Non-Current Liabilities | 66.96M | 146.04M | 101.17M | 112.42M | 127.93M | 137.48M | 240.68M |
| Long-Term Debt | 15M | 45.39M | 80M | 94.42M | 108.32M | 89.82M | 12.05M |
| Capital Lease Obligations | 4.41M | 3.63M | 6.3M | 11.52M | 13.62M | 11.34M | 32.63M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 169K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 47.56M | 97.01M | 14.87M | 6.31M | 5.99M | 36.31M | 330.74M |
| Total Liabilities | 121.54M | 236.65M | 299.94M | 354.08M | 427.31M | 633.89M | 664.64M |
| Total Debt | 22.66M | 51.29M | 92.02M | 107.54M | 124.64M | 166.16M | 50.66M |
| Net Debt | -9.94M | 15.03M | -48.46M | 89.08M | 88.32M | 127.35M | 12.95M |
| Debt / Equity | - | - | 0.04x | 0.21x | 0.29x | 1.11x | 1.11x |
| Debt / EBITDA | - | - | - | - | - | - | -0.30x |
| Net Debt / EBITDA | - | - | - | - | - | - | -0.08x |
| Interest Coverage | -15.60x | -11.29x | -17.61x | -136.87x | -10.51x | -14.46x | -5.02x |
| Total Equity | -55.93M▲ 0% | -130.22M▼ 132.8% | 2.06B▲ 1685.2% | 522.66M▼ 74.7% | 433.66M▼ 17.0% | 149.53M▼ 65.5% | 18.93M▲ 0% |
| Equity Growth % | - | -132.81% | 1685.17% | -74.68% | -17.03% | -65.52% | -303.04% |
| Book Value per Share | -117.53 | -164.70 | 2482.23 | 628.51 | 228.48 | 50.86 | 5.79 |
| Total Shareholders' Equity | -42.05M | -130.22M | 273.55M | 5.85M | 142.13M | 75.94M | -18.69M |
| Common Stock | 41.76M | 0 | 24K | 24K | 32K | 36K | 0 |
| Retained Earnings | -85.17M | -130.67M | -39.42M | -309.55M | -367.34M | -503.19M | -575.62M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 921.09K | 447.47K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -13.88M | 0 | 1.79B | 516.8M | 291.53M | 73.59M | 37.61M |
PIII Cash Flow Statement
P3 Health Partners Inc. (PIII) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -28.29M | -24.6M | -66.47M | -126.02M | -76.03M | -110.13M | -110.13M |
| Operating CF Margin % | -19.44% | -5.01% | -10.43% | -12.01% | -6% | -7.34% | - |
| Operating CF Growth % | - | 13.05% | -170.25% | -89.58% | 39.67% | -44.85% | -358.11% |
| Net Income | -41.97M | -31.41M | -156.48M | -270.13M | -186.43M | -310.38M | -131.05M |
| Depreciation & Amortization | 399.18K | 795.17K | 8.72M | 87.29M | 86.67M | 86.06M | 84.32M |
| Stock-Based Compensation | 474.04K | 447.48K | 0 | 0 | 5.98M | 5.75M | 3.27M |
| Deferred Taxes | 6.36M | 0 | 0 | 0 | 0 | -1.09M | -1.09M |
| Other Non-Cash Items | -1.62M | -21.02M | 5.51M | 22M | -12.55M | 21.55M | -89.08M |
| Working Capital Changes | 8.07M | 26.59M | 75.78M | 34.82M | 30.3M | 87.98M | 57.95M |
| Change in Receivables | 424.14K | -27.37M | 448.15K | -27.18M | -41.99M | -3.76M | 43.7M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 803.5K | 8.1M | 68.76M | 46.39M | 15.99M | -8.1M | 45.89M |
| Cash from Investing | -3.86M | -3.17M | -56.07M | -7.73M | -1.83M | 14.53M | -544K |
| Capital Expenditures | -1.45M | -2.93M | -3.41M | -2.23M | -1.83M | 0 | -119K |
| CapEx % of Revenue | 1% | 0.6% | 0.54% | 0.21% | 0.14% | - | - |
| Acquisitions | 0 | -130K | -52.87M | -5.5M | 0 | 0 | -475K |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -2.4M | -109.53K | 213.95K | 0 | 0 | 14.53M | 50K |
| Cash from Financing | 63.62M | 34.76M | 223.47M | 11.38M | 100.33M | 98.77M | 93.66M |
| Debt Issued (Net) | 1.58M | 34.94M | 28.16M | 11.38M | 14.1M | 58.95M | 93.86M |
| Equity Issued (Net) | 1000K | -180K | 1000K | 0 | 1000K | 0 | -51K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -180K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | -364K | 39.82M | -157K |
| Net Change in Cash | 31.48M▲ 0% | 7M▼ 77.8% | 100.93M▲ 1342.3% | -122.38M▼ 221.2% | 22.48M▲ 118.4% | 3.17M▼ 85.9% | -29.64M▲ 0% |
| Free Cash Flow | -29.74M▲ 0% | -27.52M▲ 7.5% | -69.88M▼ 153.9% | -128.25M▼ 83.5% | -77.86M▲ 39.3% | -110.13M▼ 41.5% | -122.87M▲ 0% |
| FCF Margin % | -20.44% | -5.6% | -10.96% | -12.22% | -6.15% | -7.34% | -8.5% |
| FCF Growth % | - | 7.45% | -153.91% | -83.53% | 39.3% | -41.45% | -79.22% |
| FCF per Share | -62.49 | -34.81 | -84.04 | -154.23 | -41.02 | -37.46 | -37.46 |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.78x | 0.42x | 0.47x | 1.32x | 0.81x | 0.94x |
| Interest Paid | 0 | 685.42K | 0 | 0 | 5.81M | 14.19M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 567K | 5.48M | 0 |
PIII Key Ratios
P3 Health Partners Inc. (PIII) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | -16.18% | -20.88% | -12.08% | -46.59% | -692.34% |
| Return on Invested Capital (ROIC) | - | -14.83% | -89.11% | -22.22% | -60.21% | -60.21% |
| Gross Margin | 100% | -4.82% | 100% | 100% | 100% | 48.18% |
| Net Margin | -6.4% | -24.55% | -25.74% | -4.56% | -9.05% | -9.07% |
| Debt / Equity | - | 0.04x | 0.21x | 0.29x | 1.11x | 1.11x |
| Interest Coverage | -11.29x | -17.61x | -136.87x | -10.51x | -14.46x | -5.02x |
| FCF Conversion | 0.78x | 0.42x | 0.47x | 1.32x | 0.81x | 0.94x |
| Revenue Growth | 237.54% | 29.79% | 64.66% | 20.67% | 18.48% | -2.15% |
PIII Frequently Asked Questions
P3 Health Partners Inc. (PIII) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
P3 Health Partners Inc. (PIII) reported $1.44B in revenue for fiscal year 2024. This represents a 893% increase from $145.5M in 2019.
P3 Health Partners Inc. (PIII) grew revenue by 18.5% over the past year. This is strong growth.
P3 Health Partners Inc. (PIII) reported a net loss of $131.0M for fiscal year 2024.
Dividend & Returns
P3 Health Partners Inc. (PIII) has a return on equity (ROE) of -46.6%. Negative ROE indicates the company is unprofitable.
P3 Health Partners Inc. (PIII) had negative free cash flow of $122.9M in fiscal year 2024, likely due to heavy capital investments.
Explore More PIII
P3 Health Partners Inc. (PIII) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
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Dividend History
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Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates