P3 Health Partners Inc. (PIII) 10-Year Financial Performance & Capital Metrics

PIII • • Industrial / General

HealthcareHealthcare FacilitiesSpecialized Medical ServicesPrimary Care Management

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 Margin 100%
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/Equity 1.11 +286.6%
Interest Coverage -14.46 -37.7%

Technical Analysis

Key Insights

Based on financial 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
✗Weak momentum: RS Rating 3 (bottom 3%)
✗Shares diluted 54.9% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y59.47%

3Y33.03%

TTM-2.15%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-27.61%

EPS CAGR

10Y-

5Y-

3Y-

TTM-2.3%

ROCE

10Y Avg-133.95%

5Y Avg-89.06%

3Y Avg-71.71%

Latest-75.57%

Peer Comparison

Primary Care Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ASTHAstrana Health, Inc.	1.37B	27.38	30.42	46.72%	0.33%	1.72%	3.22%	0.92
PIIIP3 Health Partners Inc.	10.85M	3.30	-0.06	18.48%	-9.07%	-6.92%		1.11
AGLAgilon Health, Inc.	422.87M	1.02	-1.62	40.41%	-5.24%	-100.71%		0.09

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	145.48M	491.06M	637.36M	1.05B	1.27B	1.5B
Revenue Growth %	-	2.38%	0.3%	0.65%	0.21%	0.18%
Cost of Goods Sold+	0	0	668.07M	0	0	0
COGS % of Revenue	-	-	1.05%	-	-	-
Gross Profit+	145.48M	491.06M	-30.7M	1.05B	1.27B	1.5B
Gross Margin %	1%	1%	-0.05%	1%	1%	1%
Gross Profit Growth %	-	2.38%	-1.06%	35.18%	0.21%	0.18%
Operating Expenses+	185.02M	519.65M	157.24M	2.61B	1.43B	1.82B
OpEx % of Revenue	1.27%	1.06%	0.25%	2.49%	1.13%	1.21%
Selling, General & Admin	37.23M	54.89M	157.24M	162.38M	125.59M	113.93M
SG&A % of Revenue	0.26%	0.11%	0.25%	0.15%	0.1%	0.08%
Research & Development	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-
Other Operating Expenses	147.79M	464.76M	0	2.45B	1.31B	1.71B
Operating Income+	-39.54M	-28.59M	-187.95M	-1.56B	-167.93M	-320.66M
Operating Margin %	-0.27%	-0.06%	-0.29%	-1.49%	-0.13%	-0.21%
Operating Income Growth %	-	0.28%	-5.57%	-7.31%	0.89%	-0.91%
EBITDA+	-39.14M	-27.79M	-179.22M	-1.47B	-81.25M	-234.6M
EBITDA Margin %	-0.27%	-0.06%	-0.28%	-1.4%	-0.06%	-0.16%
EBITDA Growth %	-	0.29%	-5.45%	-7.22%	0.94%	-1.89%
D&A (Non-Cash Add-back)	399.18K	795.17K	8.72M	87.29M	86.67M	86.06M
EBIT	-39.44M	-28.88M	-193.34M	-1.55B	-167.75M	-283.82M
Net Interest Income+	-2.53M	-2.53M	-10.68M	-11.4M	-15.98M	-22.17M
Interest Income	0	0	0	0	0	0
Interest Expense	2.53M	2.53M	10.68M	11.4M	15.98M	22.17M
Other Income/Expense	-2.44M	-2.82M	-16.39M	1.22M	-15.8M	14.67M
Pretax Income+	-41.97M	-31.41M	-204.34M	-1.56B	-183.73M	-305.99M
Pretax Margin %	-0.29%	-0.06%	-0.32%	-1.49%	-0.15%	-0.2%
Income Tax+	0	0	0	1.86M	2.69M	4.39M
Effective Tax Rate %	1%	1%	0.77%	0.17%	0.31%	0.44%
Net Income+	-41.97M	-31.41M	-156.48M	-270.13M	-57.77M	-135.85M
Net Margin %	-0.29%	-0.06%	-0.25%	-0.26%	-0.05%	-0.09%
Net Income Growth %	-	0.25%	-3.98%	-0.73%	0.79%	-1.35%
Net Income (Continuing)	-41.97M	-31.41M	-204.34M	-1.56B	-186.43M	-310.38M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	-13.88M	0	1.79B	516.8M	291.53M	73.59M
EPS (Diluted)+	-44.10	-39.73	-188.17	-324.84	-30.44	-54.06
EPS Growth %	-	0.1%	-3.74%	-0.73%	0.91%	-0.78%
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
Basic Shares Outstanding	475.88K	790.63K	831.58K	831.58K	1.9M	2.9M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	52.35M	90.88M	199.86M	100.69M	166.02M	184.14M
Cash & Short-Term Investments	32.59M	36.26M	140.48M	18.46M	36.32M	38.82M
Cash Only	32.59M	36.26M	140.48M	18.46M	36.32M	38.82M
Short-Term Investments	0	0	0	0	0	0
Accounts Receivable	17.97M	45.64M	51.34M	79.59M	121.47M	125.21M
Days Sales Outstanding	45.08	33.92	29.4	27.68	35.01	30.46
Inventory	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-
Other Current Assets	763.15K	3.79M	1.08M	2.64M	4.61M	20.11M
Total Non-Current Assets+	13.25M	15.55M	2.16B	776.05M	694.95M	599.28M
Property, Plant & Equipment	8.81M	10.88M	15.05M	20.54M	23.99M	5.73M
Fixed Asset Turnover	16.50x	45.14x	42.36x	51.10x	52.80x	261.68x
Goodwill	741.13K	871.13K	1.31B	0	0	0
Intangible Assets	0	0	835.84M	751.05M	666.73M	574.35M
Long-Term Investments	0	0	0	3.5M	0	0
Other Non-Current Assets	3.7M	3.8M	3.61M	790K	4.23M	19.2M
Total Assets+	65.61M	106.44M	2.36B	876.74M	860.97M	783.42M
Asset Turnover	2.22x	4.61x	0.27x	1.20x	1.47x	1.92x
Asset Growth %	-	0.62%	21.21%	-0.63%	-0.02%	-0.09%
Total Current Liabilities+	54.57M	90.62M	198.77M	241.66M	299.37M	496.42M
Accounts Payable	2.07M	9.62M	5.47M	176.36M	8.66M	64.01M
Days Payables Outstanding	-	-	2.99	-	-	-
Short-Term Debt	1.63M	89.99K	3.63M	1.6M	0	65M
Deferred Revenue (Current)	0	0	0	0	0	0
Other Current Liabilities	45.34M	70.68M	162.34M	55.48M	239.37M	67.72M
Current Ratio	0.96x	1.00x	1.01x	0.42x	0.55x	0.37x
Quick Ratio	0.96x	1.00x	1.01x	0.42x	0.55x	0.37x
Cash Conversion Cycle	-	-	-	-	-	-
Total Non-Current Liabilities+	66.96M	146.04M	101.17M	112.42M	127.93M	137.48M
Long-Term Debt	15M	45.39M	80M	94.42M	108.32M	89.82M
Capital Lease Obligations	4.41M	3.63M	6.3M	11.52M	13.62M	11.34M
Deferred Tax Liabilities	0	0	0	169K	0	0
Other Non-Current Liabilities	47.56M	97.01M	14.87M	6.31M	5.99M	36.31M
Total Liabilities	121.54M	236.65M	299.94M	354.08M	427.31M	633.89M
Total Debt+	22.66M	51.29M	92.02M	107.54M	124.64M	166.16M
Net Debt	-9.94M	15.03M	-48.46M	89.08M	88.32M	127.35M
Debt / Equity	-	-	0.04x	0.21x	0.29x	1.11x
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-15.60x	-11.29x	-17.61x	-136.87x	-10.51x	-14.46x
Total Equity+	-55.93M	-130.22M	2.06B	522.66M	433.66M	149.53M
Equity Growth %	-	-1.33%	16.85%	-0.75%	-0.17%	-0.66%
Book Value per Share	-117.53	-164.70	2482.23	628.51	228.48	50.86
Total Shareholders' Equity	-42.05M	-130.22M	273.55M	5.85M	142.13M	75.94M
Common Stock	41.76M	0	24K	24K	32K	36K
Retained Earnings	-85.17M	-130.67M	-39.42M	-309.55M	-367.34M	-503.19M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	921.09K	447.47K	0	0	0	0
Minority Interest	-13.88M	0	1.79B	516.8M	291.53M	73.59M

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-28.29M	-24.6M	-66.47M	-126.02M	-76.03M	-110.13M
Operating CF Margin %	-0.19%	-0.05%	-0.1%	-0.12%	-0.06%	-0.07%
Operating CF Growth %	-	0.13%	-1.7%	-0.9%	0.4%	-0.45%
Net Income	-41.97M	-31.41M	-156.48M	-270.13M	-186.43M	-310.38M
Depreciation & Amortization	399.18K	795.17K	8.72M	87.29M	86.67M	86.06M
Stock-Based Compensation	474.04K	447.48K	0	0	5.98M	5.75M
Deferred Taxes	6.36M	0	0	0	0	-1.09M
Other Non-Cash Items	-1.62M	-21.02M	5.51M	22M	-12.55M	21.55M
Working Capital Changes	8.07M	26.59M	75.78M	34.82M	30.3M	87.98M
Change in Receivables	424.14K	-27.37M	448.15K	-27.18M	-41.99M	-3.76M
Change in Inventory	0	0	0	0	0	0
Change in Payables	803.5K	8.1M	68.76M	46.39M	15.99M	-8.1M
Cash from Investing+	-3.86M	-3.17M	-56.07M	-7.73M	-1.83M	14.53M
Capital Expenditures	-1.45M	-2.93M	-3.41M	-2.23M	-1.83M	0
CapEx % of Revenue	0.01%	0.01%	0.01%	0%	0%	-
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	-2.4M	-109.53K	213.95K	0	0	14.53M
Cash from Financing+	63.62M	34.76M	223.47M	11.38M	100.33M	98.77M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	0	0	0	0	-364K	39.82M
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-29.74M	-27.52M	-69.88M	-128.25M	-77.86M	-110.13M
FCF Margin %	-0.2%	-0.06%	-0.11%	-0.12%	-0.06%	-0.07%
FCF Growth %	-	0.07%	-1.54%	-0.84%	0.39%	-0.41%
FCF per Share	-62.49	-34.81	-84.04	-154.23	-41.02	-37.46
FCF Conversion (FCF/Net Income)	0.67x	0.78x	0.42x	0.47x	1.32x	0.81x
Interest Paid	0	685.42K	0	0	5.81M	14.19M
Taxes Paid	0	0	0	0	567K	5.48M

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-16.18%	-20.88%	-12.08%	-46.59%
Return on Invested Capital (ROIC)	-	-	-14.83%	-89.11%	-22.22%	-60.21%
Gross Margin	100%	100%	-4.82%	100%	100%	100%
Net Margin	-28.85%	-6.4%	-24.55%	-25.74%	-4.56%	-9.05%
Debt / Equity	-	-	0.04x	0.21x	0.29x	1.11x
Interest Coverage	-15.60x	-11.29x	-17.61x	-136.87x	-10.51x	-14.46x
FCF Conversion	0.67x	0.78x	0.42x	0.47x	1.32x	0.81x
Revenue Growth	-	237.54%	29.79%	64.66%	20.67%	18.48%

Revenue by Segment

	2022	2024
Capitated Revenue	1.03B	1.48B
Capitated Revenue Growth	-	43.37%
Health Care, Patient Service	14.67M	16.85M
Health Care, Patient Service Growth	-	14.87%

Frequently Asked Questions

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.

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