The company's financial position is increasingly precarious, characterized by a $143.5 million equity deficit and a current ratio of 0.33, which indicates significant short-term liquidity risk.
| Total Current Assets | 172.21M | 133.08M | 184.14M | 166.02M | 100.69M | 199.86M | 90.88M | 52.35M |
| Cash & Short-Term Investments | 25.5M | 25.01M | 38.82M | 36.32M | 18.46M | 140.48M | 36.26M | 32.59M |
| Cash Only | 25.5M | 25.01M | 38.82M | 36.32M | 18.46M | 140.48M | 36.26M | 32.59M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 124.89M | 92.46M | 125.21M | 121.47M | 79.59M | 51.34M | 45.64M | 17.97M |
| Days Sales Outstanding | 24.82 | 23.13 | 30.46 | 35.01 | 27.68 | 29.4 | 33.92 | 45.08 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 21.82M | 15.61M | 20.11M | 4.61M | 2.64M | 1.08M | 3.79M | 763.15K |
| Total Non-Current Assets | 501.95M | 523.56M | 599.28M | 694.95M | 776.05M | 2.16B | 15.55M | 13.25M |
| Property, Plant & Equipment | 2.96M | 3.37M | 5.73M | 23.99M | 20.54M | 15.05M | 10.88M | 8.81M |
| Fixed Asset Turnover | 394.52x | 432.45x | 261.68x | 52.80x | 51.10x | 42.36x | 45.14x | 16.50x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 1.31B | 871.13K | 741.13K |
| Intangible Assets | 472.99M | 492.42M | 574.35M | 666.73M | 751.05M | 835.84M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 3.5M | 0 | 0 | 0 |
| Other Non-Current Assets | 25.99M | 27.76M | 19.2M | 4.23M | 790K | 3.61M | 3.8M | 3.7M |
| Total Assets | 674.16M | 656.64M | 783.42M | 860.97M | 876.74M | 2.36B | 106.44M | 65.61M |
| Asset Turnover | 2.14x | 2.22x | 1.92x | 1.47x | 1.20x | 0.27x | 4.61x | 2.22x |
| Asset Growth % | -66.2% | -16.18% | -9.01% | -1.8% | -62.91% | 2121.17% | 62.24% | - |
| Total Current Liabilities | 525.49M | 545.26M | 496.42M | 299.37M | 241.66M | 198.77M | 90.62M | 54.57M |
| Accounts Payable | 11.67M | 369.33M | 64.01M | 8.66M | 176.36M | 5.47M | 9.62M | 2.07M |
| Days Payables Outstanding | 56.14 | 84.08 | - | - | - | 2.99 | - | - |
| Short-Term Debt | 51.44M | 47.44M | 65M | 0 | 1.6M | 3.63M | 89.99K | 1.63M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 462.38M | 128.49M | 67.72M | 239.37M | 55.48M | 162.34M | 70.68M | 45.34M |
| Current Ratio | 0.33x | 0.24x | 0.37x | 0.55x | 0.42x | 1.01x | 1.00x | 0.96x |
| Quick Ratio | 0.33x | 0.24x | 0.37x | 0.55x | 0.42x | 1.01x | 1.00x | 0.96x |
| Cash Conversion Cycle | -31.32 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 281.84M | 251.62M | 137.48M | 127.93M | 112.42M | 101.17M | 146.04M | 66.96M |
| Long-Term Debt | 10.83M | 228.37M | 89.82M | 108.32M | 94.42M | 80M | 45.39M | 15M |
| Capital Lease Obligations | 10.31M | 11.47M | 11.34M | 13.62M | 11.52M | 6.3M | 3.63M | 4.41M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 169K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 271.01M | 11.77M | 36.31M | 5.99M | 6.31M | 14.87M | 97.01M | 47.56M |
| Total Liabilities | 807.32M | 796.88M | 633.89M | 427.31M | 354.08M | 299.94M | 236.65M | 121.54M |
| Total Debt | 62.27M | 287.29M | 166.16M | 124.64M | 107.54M | 92.02M | 51.29M | 22.66M |
| Net Debt | 36.77M | 262.27M | 127.35M | 88.32M | 89.08M | -48.46M | 15.03M | -9.94M |
| Debt / Equity | -0.47x | - | 1.11x | 0.29x | 0.21x | 0.04x | - | - |
| Debt / EBITDA | -0.45x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.26x | - | - | - | - | - | - | - |
| Interest Coverage | -3.54x | -4.91x | -12.80x | -10.49x | -135.77x | -18.11x | -11.40x | -15.56x |
| Total Equity | -133.17M | -140.24M | 149.53M | 433.66M | 522.66M | 2.06B | -130.22M | -55.93M |
| Equity Growth % | -572.7% | -193.78% | -65.52% | -17.03% | -74.68% | 1685.17% | -132.81% | - |
| Book Value per Share | -15.82 | -42.90 | 50.86 | 228.48 | 628.51 | 2482.23 | -164.70 | -117.53 |
| Total Shareholders' Equity | -143.55M | -155.23M | 75.94M | 142.13M | 5.85M | 273.55M | -130.22M | -42.05M |
| Common Stock | 0 | 0 | 36K | 32K | 24K | 24K | 0 | 41.76M |
| Retained Earnings | -649.92M | -651.14M | -503.19M | -367.34M | -309.55M | -39.42M | -130.67M | -85.17M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 447.47K | 921.09K |
| Minority Interest | 10.38M | 15M | 73.59M | 291.53M | 516.8M | 1.79B | 0 | -13.88M |
Imminent liquidity shortfall risk
As reported in recent financial filings, PIII's equity position has deteriorated into a deficit of $143.5 million by 2026Q1, reflecting a consistent pattern of capital erosion that signals a weakening business quality and an increasingly precarious financial trajectory for the organization's long-term viability.
The transition from positive equity in early 2024 to a significant deficit suggests that cumulative operating losses have overwhelmed the company's capital base. This trajectory implies that the current business model is failing to generate the internal returns necessary to preserve shareholder value, necessitating a potential restructuring.
Based on the latest quarterly data, PIII maintains a cash balance of only $25.5 million against a current ratio of 0.33, indicating that the company lacks the necessary liquidity buffer to cover its short-term obligations without immediate external financing or significant operational intervention.
A current ratio well below 1.0 suggests that current liabilities significantly exceed liquid assets, leaving the company highly vulnerable to any disruption in premium receipts or unexpected spikes in medical claims. Investors should monitor this liquidity gap as a primary indicator of potential insolvency risk.
According to the balance sheet, goodwill accounts for $473 million of the company's $674.2 million in total assets, which suggests that the asset base is heavily reliant on intangible valuations rather than tangible infrastructure or productive capital assets.
The high concentration of goodwill relative to total assets implies a significant risk of impairment if the underlying business units fail to meet performance expectations. This asset mix highlights the company's reliance on past acquisitions, which may not be providing the expected economic benefits in the current operating environment.
As indicated by the 2026Q1 balance sheet, the company's retained earnings have plummeted to a deficit of $649.9 million, a trend that underscores the persistent inability of the core operations to achieve profitability and replenish the equity base over the last ten quarters.
The shift into negative equity territory suggests that the company has effectively exhausted its initial capital, leaving it dependent on external funding to sustain operations. This structural distress may limit management's strategic flexibility and increase the cost of any future capital raises.
Quick answers to the most common questions about buying PIII stock.
As of 2025, P3 Health Partners Inc. (PIII) had total assets of $656.6M including $133.1M in current assets.
P3 Health Partners Inc. (PIII) carries total debt of $287.3M, offset by $25.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
P3 Health Partners Inc. (PIII) has total shareholders' equity (book value) of $-155.2M ($-42.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
P3 Health Partners Inc. (PIII) reported a current ratio of 0.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.