Revenue growth has stalled into a contraction of 2.76% year-over-year, while the company struggles with a volatile gross margin profile that frequently dips into negative territory.
| Sales/Revenue | 1.47B | 1.46B | 1.5B | 1.27B | 1.05B | 637.36M | 491.06M | 145.48M |
| Revenue Growth % | -0.87% | -2.76% | 18.48% | 20.67% | 64.66% | 29.79% | 237.54% | - |
| Cost of Goods Sold | 726.89M | 1.6B | 0 | 0 | 0 | 668.07M | 0 | 0 |
| COGS % of Revenue | - | 109.89% | - | - | - | 104.82% | - | - |
| Gross Profit | 745.36M | -144.32M | 1.5B | 1.27B | 1.05B | -30.7M | 491.06M | 145.48M |
| Gross Margin % | 50.63% | -9.89% | 100% | 100% | 100% | -4.82% | 100% | 100% |
| Gross Profit Growth % | - | -109.62% | 18.48% | 20.67% | 3518.34% | -106.25% | 237.54% | - |
| Operating Expenses | 969.33M | 125.98M | 1.82B | 1.43B | 2.61B | 157.24M | 519.65M | 185.02M |
| OpEx % of Revenue | - | 8.63% | 121.37% | 113.26% | 248.73% | 24.67% | 105.82% | 127.18% |
| Selling, General & Admin | 107.82M | 107.23M | 113.93M | 125.59M | 162.38M | 157.24M | 54.89M | 37.23M |
| SG&A % of Revenue | - | 7.35% | 7.59% | 9.92% | 15.47% | 24.67% | 11.18% | 25.59% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 18.75M | 1.71B | 1.31B | 2.45B | 0 | 464.76M | 147.79M |
| Operating Income | -223.98M | -270.3M | -320.66M | -167.93M | -1.56B | -187.95M | -28.59M | -39.54M |
| Operating Margin % | -15.21% | -18.53% | -21.37% | -13.26% | -148.73% | -29.49% | -5.82% | -27.18% |
| Operating Income Growth % | - | 15.7% | -90.95% | 89.24% | -730.51% | -557.43% | 27.69% | - |
| EBITDA | -139.79M | -186.14M | -234.6M | -81.25M | -1.47B | -179.22M | -27.79M | -39.14M |
| EBITDA Margin % | -9.5% | -12.76% | -15.64% | -6.42% | -140.42% | -28.12% | -5.66% | -26.9% |
| EBITDA Growth % | 39.05% | 20.66% | -188.72% | 94.49% | -722.24% | -544.85% | 28.99% | - |
| D&A (Non-Cash Add-back) | 84.19M | 84.16M | 86.06M | 86.67M | 87.29M | 8.72M | 795.17K | 399.18K |
| EBIT | -223.34M | -270.3M | -283.82M | -167.75M | -1.55B | -193.34M | -28.88M | -39.44M |
| Net Interest Income | -63.07M | -55.03M | -22.17M | -15.98M | -11.4M | -10.68M | -2.53M | -2.53M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 63.07M | 55.03M | 22.17M | 15.98M | 11.4M | 10.68M | 2.53M | 2.53M |
| Other Income/Expense | -61.87M | -50.76M | 6.61M | -15.8M | 1.22M | -16.39M | -2.82M | -2.44M |
| Pretax Income | -285.85M | -321.06M | -305.99M | -183.73M | -1.56B | -204.34M | -31.41M | -41.97M |
| Pretax Margin % | -19.42% | -22% | -20.39% | -14.51% | -148.62% | -32.06% | -6.4% | -28.85% |
| Income Tax | -10.04M | 2.02M | 4.39M | 2.69M | 1.86M | 0 | 0 | 0 |
| Effective Tax Rate % | 3.51% | -0.63% | -1.43% | -1.47% | -0.12% | 0% | 0% | 0% |
| Net Income | -126.25M | -147.95M | -135.85M | -57.77M | -270.13M | -156.48M | -31.41M | -41.97M |
| Net Margin % | -8.58% | -10.14% | -9.05% | -4.56% | -25.74% | -24.55% | -6.4% | -28.85% |
| Net Income Growth % | 8.27% | -8.91% | -135.14% | 78.61% | -72.63% | -398.16% | 25.16% | - |
| Net Income (Continuing) | -275.8M | -323.09M | -310.38M | -186.43M | -1.56B | -204.34M | -31.41M | -41.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 10.38M | 15M | 73.59M | 291.53M | 516.8M | 1.79B | 0 | -13.88M |
| EPS (Diluted) | -15.00 | -45.26 | -54.06 | -30.44 | -324.84 | -188.17 | -39.73 | -44.10 |
| EPS Growth % | 23.06% | 16.28% | -77.6% | 90.63% | -72.63% | -373.62% | 9.91% | - |
| EPS (Basic) | - | -45.26 | -46.79 | -30.44 | -324.84 | -188.17 | -39.73 | -44.10 |
| Diluted Shares Outstanding | 8.42M | 3.27M | 2.94M | 1.9M | 831.58K | 831.58K | 790.63K | 475.88K |
| Basic Shares Outstanding | 3.29M | 3.27M | 2.9M | 1.9M | 831.58K | 831.58K | 790.63K | 475.88K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and underwriting failure
As indicated by recent quarterly filings, PIII's top-line performance has shifted from double-digit expansion to a contraction of 2.76% year-over-year, signaling that the company's aggressive pursuit of Medicare Advantage enrollment is currently failing to generate sustainable, long-term revenue growth in its core markets.
The transition from high-growth periods in 2024 to recent revenue declines suggests that the company is struggling to retain its patient base or is intentionally shedding unprofitable contracts. This deceleration warrants further investigation into whether the firm is losing its competitive edge in physician recruitment or if the underlying Medicare Advantage market in Nevada has reached a saturation point.
Based on reported financial statements, PIII's gross margin profile remains deeply inconsistent, frequently dipping into negative territory as medical claims expenses consistently exceed premium revenue, which highlights a fundamental inability to maintain a profitable medical loss ratio across its current patient population.
The recurring negative gross margins suggest that the company's clinical model is not effectively managing the high-acuity care costs of its members. Investors should monitor whether this is a temporary result of seasonal utilization spikes or a permanent structural failure in the company's risk-sharing agreements with CMS.
According to the provided income statement data, PIII has failed to achieve meaningful operating leverage, as SG&A expenses continue to weigh heavily on the bottom line while the company struggles to scale its revenue base above the high fixed costs of its wellness center infrastructure.
The persistent operating losses, often exceeding $30 million per quarter, indicate that the company has not yet reached the necessary density to cover its corporate overhead. This lack of scalability suggests that the current business model may require a significant reduction in fixed costs or a radical improvement in unit economics to reach break-even.
Based on the latest financial disclosures, the company's cash position of approximately $25 million against a $1.46 billion revenue base creates a precarious liquidity profile that may force management into dilutive financing or emergency restructuring to maintain operations in the coming quarters.
The combination of sustained negative net income and a rapidly depleting cash balance suggests that the company is operating with little margin for error. Short-term investors should be wary of the potential for a capital raise that could significantly dilute existing equity holders, as the current cash burn rate appears unsustainable without external intervention.
Quick answers to the most common questions about buying PIII stock.
For fiscal year 2025, P3 Health Partners Inc. (PIII) reported total revenue of $1.46B. This represents a 902.9% increase compared to $145.5M in 2019.
P3 Health Partners Inc. (PIII) reported a net loss of $147.9M for the fiscal year ending 2025.
P3 Health Partners Inc. (PIII) reported an operating income of $-270.3M, resulting in an operating profit margin of -18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
P3 Health Partners Inc. (PIII) generated $-144.3M in gross profit for the year, representing a gross profit margin of -9.9%. This demonstrates the company's core pricing power and production efficiency.