P3 HEALTH PARTNERS INC Financials

PIII

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 28/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

P3 HEALTH PARTNERS INC has an operating margin of -21.4%, meaning the company retains $-21 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -13.3% the prior year.

Growth

P3 HEALTH PARTNERS INC's revenue surged 18.5% year-over-year to $1.5B, reflecting rapid business expansion. This strong growth earns a score of 81/100.

Leverage

P3 HEALTH PARTNERS INC has a moderate D/E ratio of 1.43. This balance of debt and equity financing earns a leverage score of 58/100.

Liquidity

P3 HEALTH PARTNERS INC's current ratio of 0.37 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Cash Flow

While P3 HEALTH PARTNERS INC generated -$110.1M in operating cash flow, capex of $0 consumed most of it, leaving -$110.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

P3 HEALTH PARTNERS INC passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.81x

For every $1 of reported earnings, P3 HEALTH PARTNERS INC generates $0.81 in operating cash flow (-$110.1M OCF vs -$135.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-14.5x

P3 HEALTH PARTNERS INC earns $-14.5 in operating income for every $1 of interest expense (-$320.7M vs $22.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows P3 HEALTH PARTNERS INC (PIII) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$1.5B

YoY+18.5%

5Y CAGR+59.5%

P3 HEALTH PARTNERS INC generated $1.5B in revenue in fiscal year 2024. This represents an increase of 18.5% from the prior year.

EBITDA

-$234.6M

YoY-188.7%

P3 HEALTH PARTNERS INC's EBITDA was -$234.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 188.7% from the prior year.

Free Cash Flow

-$110.1M

YoY-41.5%

P3 HEALTH PARTNERS INC generated -$110.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 41.5% from the prior year.

Net Income

-$135.8M

YoY-135.1%

P3 HEALTH PARTNERS INC reported -$135.8M in net income in fiscal year 2024. This represents a decrease of 135.1% from the prior year.

EPS (Diluted)

$-1.08

YoY-71.4%

P3 HEALTH PARTNERS INC earned $-1.08 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 71.4% from the prior year.

Cash & Debt

$38.8M

YoY+6.9%

5Y CAGR+3.6%

P3 HEALTH PARTNERS INC held $38.8M in cash against $108.9M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

-21.4%

YoY-8.1pp

5Y CAGR+5.8pp

P3 HEALTH PARTNERS INC's operating margin was -21.4% in fiscal year 2024, reflecting core business profitability. This is down 8.1 percentage points from the prior year.

Net Margin

-9.0%

YoY-4.5pp

5Y CAGR+19.8pp

P3 HEALTH PARTNERS INC's net profit margin was -9.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 4.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

P3 HEALTH PARTNERS INC invested $0 in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

PIII Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.5B+18.5%	$1.3B+20.7%	$1.0B+81.4%	$578.6M+17.8%	$491.1M+237.5%	$145.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$112.6M-8.0%	$122.4M-22.2%	$157.3M+591.4%	$22.7M-57.4%	$53.4M+46.6%	$36.4M
Operating Income	-$320.7M-90.9%	-$167.9M+89.2%	-$1.6B-6761.8%	-$22.7M+20.4%	-$28.6M+27.7%	-$39.5M
Interest Expense	-$22.2M-38.7%	-$16.0M-40.2%	-$11.4M-16.1%	-$9.8M-287.8%	-$2.5M0.0%	-$2.5M
Income Tax	$4.4M+62.8%	$2.7M+44.7%	$1.9M	$0	$0	$0
Net Income	-$135.8M-135.1%	-$57.8M+78.6%	-$270.1M-989.0%	-$24.8M+21.0%	-$31.4M+25.2%	-$42.0M
EPS (Diluted)	$-1.08-71.4%	$-0.63+90.3%	$-6.50	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$345.3M-3.0%	$355.8M-4.7%	$373.2M+0.7%	$370.7M-2.2%	$379.2M-2.4%	$388.5M+12.0%	$346.9M+20.3%	$288.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$22.1M-5.0%	$23.3M-6.8%	$25.0M-20.3%	$31.4M+17.9%	$26.6M-2.9%	$27.4M+12.2%	$24.4M-26.1%	$33.1M
Operating Income	-$44.2M-29.6%	-$34.1M+10.4%	-$38.1M+72.5%	-$138.5M-342.0%	-$31.3M+28.5%	-$43.8M+31.8%	-$64.3M-90.0%	-$33.8M
Interest Expense	-$20.5M-102.3%	-$10.1M-16.3%	-$8.7M-27.7%	-$6.8M-25.7%	-$5.4M-27.7%	-$4.3M-5.2%	-$4.0M-1.1%	-$4.0M
Income Tax	$11K-99.4%	$2.0M+84.6%	$1.1M-78.3%	$5.0M+411.6%	$968K-53.3%	$2.1M+17.3%	$1.8M+328.9%	$412K
Net Income	-$31.6M-55.1%	-$20.4M+0.6%	-$20.5M+65.1%	-$58.6M-387.7%	-$12.0M+35.7%	-$18.7M+26.6%	-$25.5M-91.5%	-$13.3M
EPS (Diluted)	$-9.67-55.2%	$-6.23+0.8%	$-6.28-121.0%	$29.85+505.0%	$-7.37+6.2%	$-7.86-3830.0%	$-0.20-66.7%	$-0.12

PIII Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$783.4M-9.0%	$861.0M-1.8%	$876.6M+36978.3%	$2.4M+498.6%	$395K	N/A
Current Assets	$184.1M+10.9%	$166.0M+64.9%	$100.7M+50281.0%	$200K+11.3%	$180K	N/A
Cash & Equivalents	$38.8M+6.9%	$36.3M+107.1%	$17.5M+12383.8%	$140K-21.7%	$180K-99.4%	$32.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	$0-100.0%	$1.3M+50.4%	$871K+17.5%	$741K
Total Liabilities	$633.9M-11.8%	$718.8M-17.4%	$870.7M+421.1%	-$271.2M-72951.8%	$372K	N/A
Current Liabilities	$496.4M+65.8%	$299.4M+23.9%	$241.7M+121477.9%	$199K-46.6%	$372K	N/A
Long-Term Debt	$108.9M+0.5%	$108.3M+14.7%	$94.4M+18.0%	$80.0M+76.3%	$45.4M	N/A
Total Equity	$75.9M-46.6%	$142.1M+2327.9%	$5.9M-97.9%	$273.6M+1204232.1%	$23K	N/A
Retained Earnings	-$503.2M-37.0%	-$367.3M-18.7%	-$309.5M-685.3%	-$39.4M-1724222.0%	-$2K	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$683.6M-6.6%	$731.6M-6.7%	$783.9M+0.1%	$783.4M-12.2%	$892.8M+4.3%	$855.9M-0.6%	$861.0M-4.0%	$896.9M
Current Assets	$135.6M-13.4%	$156.5M-18.2%	$191.4M+4.0%	$184.1M-23.9%	$242.1M+32.3%	$183.0M+10.2%	$166.0M-7.6%	$179.7M
Cash & Equivalents	$37.7M-2.2%	$38.6M-3.7%	$40.1M+3.3%	$38.8M-46.9%	$73.1M+167.7%	$27.3M-24.8%	$36.3M-30.9%	$52.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$664.6M+3.1%	$644.4M-2.8%	$662.8M+4.6%	$633.9M-12.7%	$725.9M+2.3%	$709.3M-1.3%	$718.8M+1.4%	$708.9M
Current Liabilities	$424.0M-16.0%	$505.0M-0.4%	$507.0M+2.1%	$496.4M+40.9%	$352.3M+5.6%	$333.6M+11.4%	$299.4M+12.0%	$267.3M
Long-Term Debt	$214.2M+110.1%	$102.0M-3.9%	$106.1M-2.6%	$108.9M-18.2%	$133.1M+12.7%	$118.1M+9.1%	$108.3M+0.1%	$108.3M
Total Equity	-$18.7M-142.0%	$44.5M-29.7%	$63.3M-16.7%	$75.9M-54.5%	$166.8M+13.8%	$146.6M+3.1%	$142.1M-24.4%	$187.9M
Retained Earnings	-$575.6M-5.8%	-$544.0M-3.9%	-$523.7M-4.1%	-$503.2M-26.4%	-$398.1M-3.1%	-$386.0M-5.1%	-$367.3M-7.4%	-$341.9M

PIII Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$110.1M-44.9%	-$76.0M+39.7%	-$126.0M-7843.0%	-$1.6M+93.5%	-$24.6M+13.0%	-$28.3M
Capital Expenditures	$0-100.0%	$1.8M-18.2%	$2.2M-32.1%	$3.3M+12.4%	$2.9M+101.6%	$1.5M
Free Cash Flow	-$110.1M-41.5%	-$77.9M+39.3%	-$128.3M-2530.0%	-$4.9M+82.3%	-$27.5M+7.5%	-$29.7M
Investing Cash Flow	$14.5M+895.0%	-$1.8M+76.4%	-$7.7M+97.6%	-$316.3M-9888.5%	-$3.2M+17.9%	-$3.9M
Financing Cash Flow	$98.8M-1.6%	$100.3M+782.0%	$11.4M-96.4%	$317.8M+814.1%	$34.8M-45.4%	$63.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$15.4M+7.3%	-$16.6M+50.3%	-$33.5M+41.5%	-$57.2M-458.9%	-$10.2M+48.9%	-$20.0M-26.1%	-$15.9M-109.3%	-$7.6M
Capital Expenditures	N/A	N/A	N/A	$0	$0	$0+100.0%	-$212K-154.8%	$387K
Free Cash Flow	N/A	N/A	N/A	-$57.2M-458.9%	-$10.2M+48.9%	-$20.0M-24.5%	-$16.1M-101.8%	-$8.0M
Investing Cash Flow	-$119K-338.0%	$50K	$0+100.0%	-$475K	$0	$0-100.0%	$212K+154.8%	-$387K
Financing Cash Flow	$14.7M+0.3%	$14.6M-52.3%	$30.7M-9.1%	$33.7M-39.9%	$56.1M+392.4%	$11.4M+1457.3%	-$840K-876.7%	-$86K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PIII Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-21.4%-8.1pp	-13.3%+135.5pp	-148.7%-144.8pp	-3.9%+1.9pp	-5.8%+21.4pp	-27.2%
Net Margin	-9.0%-4.5pp	-4.6%+21.2pp	-25.7%-21.5pp	-4.3%+2.1pp	-6.4%+22.4pp	-28.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-17.3%-10.6pp	-6.7%+24.1pp	-30.8%+1018.4pp	-1049.2%+6903.9pp	-7953.1%	N/A
Current Ratio	0.37-0.2	0.55+0.1	0.42-0.6	1.01+0.5	0.48	N/A
Debt-to-Equity	1.43+0.7	0.76-15.4	16.13+15.8	0.29-1997.9	1998.24	N/A
FCF Margin	-7.3%-1.2pp	-6.2%+6.1pp	-12.2%-11.4pp	-0.8%+4.8pp	-5.6%+14.8pp	-20.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-12.8%-3.2pp	-9.6%+0.6pp	-10.2%+27.1pp	-37.4%-29.1pp	-8.3%+3.0pp	-11.3%+7.2pp	-18.5%-6.8pp	-11.7%
Net Margin	-9.2%-3.4pp	-5.7%-0.2pp	-5.5%+10.3pp	-15.8%-12.6pp	-3.2%+1.6pp	-4.8%+2.5pp	-7.3%-2.7pp	-4.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-4.6%-1.8pp	-2.8%-0.2pp	-2.6%+4.9pp	-7.5%-6.1pp	-1.4%+0.8pp	-2.2%+0.8pp	-3.0%-1.5pp	-1.5%
Current Ratio	0.320.0	0.31-0.1	0.380.0	0.37-0.3	0.69+0.1	0.550.0	0.55-0.1	0.67
Debt-to-Equity	-11.46-13.8	2.29+0.6	1.68+0.2	1.43+0.6	0.800.0	0.81+0.0	0.76+0.2	0.58
FCF Margin	N/A	N/A	N/A	-15.4%-12.7pp	-2.7%+2.5pp	-5.2%-0.5pp	-4.6%-1.9pp	-2.8%

Note: The current ratio is below 1.0 (0.37), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is P3 HEALTH PARTNERS INC's annual revenue?

P3 HEALTH PARTNERS INC (PIII) reported $1.5B in total revenue for fiscal year 2024. This represents a 18.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is P3 HEALTH PARTNERS INC's revenue growing?

P3 HEALTH PARTNERS INC (PIII) revenue grew by 18.5% year-over-year, from $1.3B to $1.5B in fiscal year 2024.

Is P3 HEALTH PARTNERS INC profitable?

No, P3 HEALTH PARTNERS INC (PIII) reported a net income of -$135.8M in fiscal year 2024, with a net profit margin of -9.0%.

What is P3 HEALTH PARTNERS INC's earnings per share (EPS)?

P3 HEALTH PARTNERS INC (PIII) reported diluted earnings per share of $-1.08 for fiscal year 2024. This represents a -71.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is P3 HEALTH PARTNERS INC's EBITDA?

P3 HEALTH PARTNERS INC (PIII) had EBITDA of -$234.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does P3 HEALTH PARTNERS INC have?

As of fiscal year 2024, P3 HEALTH PARTNERS INC (PIII) had $38.8M in cash and equivalents against $108.9M in long-term debt.

What is P3 HEALTH PARTNERS INC's operating margin?

P3 HEALTH PARTNERS INC (PIII) had an operating margin of -21.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is P3 HEALTH PARTNERS INC's net profit margin?

P3 HEALTH PARTNERS INC (PIII) had a net profit margin of -9.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is P3 HEALTH PARTNERS INC's free cash flow?

P3 HEALTH PARTNERS INC (PIII) generated -$110.1M in free cash flow during fiscal year 2024. This represents a -41.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is P3 HEALTH PARTNERS INC's operating cash flow?

P3 HEALTH PARTNERS INC (PIII) generated -$110.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are P3 HEALTH PARTNERS INC's total assets?

P3 HEALTH PARTNERS INC (PIII) had $783.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are P3 HEALTH PARTNERS INC's capital expenditures?

P3 HEALTH PARTNERS INC (PIII) invested $0 in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is P3 HEALTH PARTNERS INC's current ratio?

P3 HEALTH PARTNERS INC (PIII) had a current ratio of 0.37 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is P3 HEALTH PARTNERS INC's debt-to-equity ratio?

P3 HEALTH PARTNERS INC (PIII) had a debt-to-equity ratio of 1.43 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is P3 HEALTH PARTNERS INC's return on assets (ROA)?

P3 HEALTH PARTNERS INC (PIII) had a return on assets of -17.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is P3 HEALTH PARTNERS INC's cash runway?

Based on fiscal year 2024 data, P3 HEALTH PARTNERS INC (PIII) had $38.8M in cash against an annual operating cash burn of $110.1M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is P3 HEALTH PARTNERS INC's Piotroski F-Score?

P3 HEALTH PARTNERS INC (PIII) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are P3 HEALTH PARTNERS INC's earnings high quality?

P3 HEALTH PARTNERS INC (PIII) has an earnings quality ratio of 0.81x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can P3 HEALTH PARTNERS INC cover its interest payments?

P3 HEALTH PARTNERS INC (PIII) has an interest coverage ratio of -14.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is P3 HEALTH PARTNERS INC?

P3 HEALTH PARTNERS INC (PIII) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.