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

P3 HEALTH PARTNERS INC (PIII) reported diluted earnings per share of $-45.26 for fiscal year 2025. This represents a 16.3% 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.

P3 HEALTH PARTNERS INC Financials

PIII

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows P3 HEALTH PARTNERS INC (PIII) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI PIII FY2025 2026-05-14

Revenue scale has not translated into self-funding, leaving the business increasingly supported by creditors and short-term obligations.

From FY2024 to FY2025, operating cash burn improved to $91M from $110M, showing cash outflow eased even without top-line growth. Yet the net loss still reached $148M and equity fell to -$155M, so the loss-to-cash gap reflects non-cash charges more than a repaired balance sheet.

The sharpest structural change is liquidity compression: cash fell to $25M from $140M over the period. At the same time, the current ratio slid to 0.2x from 1.0x, meaning day-to-day funding now depends much more on stretching near-term liabilities than on balance-sheet flexibility.

Overhead discipline is visible: selling, general and admin expense declined to $106M from $157M since FY2022, so a larger revenue base is carrying less corporate cost. But financing cost moved the other way, with interest expense rising to $55M from $22M in FY2024, which means creditor claims are taking a bigger share of the economics while the company remains unprofitable.

Financial Health Signals

Financial Health Score 25/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of P3 HEALTH PARTNERS INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

P3 HEALTH PARTNERS INC has an operating margin of -18.5%, meaning the company retains $-19 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is up from -21.4% the prior year.

Growth

P3 HEALTH PARTNERS INC's revenue declined 2.8% year-over-year, from $1.5B to $1.5B. This contraction results in a growth score of 58/100.

Leverage

P3 HEALTH PARTNERS INC has a moderate D/E ratio of -1.47. This balance of debt and equity financing earns a leverage score of 38/100.

Liquidity

P3 HEALTH PARTNERS INC's current ratio of 0.24 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Altman Z-Score Distress

-1.25

P3 HEALTH PARTNERS INC scores -1.25, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($34.8M) relative to total liabilities ($796.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

P3 HEALTH PARTNERS INC passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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

0.62x

For every $1 of reported earnings, P3 HEALTH PARTNERS INC generates $0.62 in operating cash flow (-$91.2M OCF vs -$147.9M 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

-4.9x

P3 HEALTH PARTNERS INC earns $-4.9 in operating income for every $1 of interest expense (-$270.3M vs $55.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.5B

YoY-2.8%

P3 HEALTH PARTNERS INC generated $1.5B in revenue in fiscal year 2025. This represents a decrease of 2.8% from the prior year.

EBITDA

-$186.1M

YoY+20.7%

P3 HEALTH PARTNERS INC's EBITDA was -$186.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.7% from the prior year.

Net Income

-$147.9M

YoY-8.9%

P3 HEALTH PARTNERS INC reported -$147.9M in net income in fiscal year 2025. This represents a decrease of 8.9% from the prior year.

EPS (Diluted)

$-45.26

YoY+16.3%

P3 HEALTH PARTNERS INC earned $-45.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 16.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$25.0M

YoY-35.6%

5Y CAGR+168.4%

P3 HEALTH PARTNERS INC held $25.0M in cash against $228.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

-18.5%

YoY+2.8pp

P3 HEALTH PARTNERS INC's operating margin was -18.5% in fiscal year 2025, reflecting core business profitability. This is up 2.8 percentage points from the prior year.

Net Margin

-10.1%

YoY-1.1pp

P3 HEALTH PARTNERS INC's net profit margin was -10.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

PIII Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.5B-2.8%	$1.5B+18.5%	$1.3B+20.7%	$1.0B+81.4%	$578.6M	N/A
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	$106.3M-5.6%	$112.6M-8.0%	$122.4M-22.2%	$157.3M+591.4%	$22.7M	N/A
Operating Income	-$270.3M+15.7%	-$320.7M-90.9%	-$167.9M+89.2%	-$1.6B-6761.8%	-$22.7M	N/A
Interest Expense	-$55.0M-148.2%	-$22.2M-38.7%	-$16.0M-40.2%	-$11.4M-16.1%	-$9.8M	N/A
Income Tax	$2.0M-53.8%	$4.4M+62.8%	$2.7M+44.7%	$1.9M	$0	$0
Net Income	-$147.9M-8.9%	-$135.8M-135.1%	-$57.8M+78.6%	-$270.1M-989.0%	-$24.8M	N/A
EPS (Diluted)	$-45.26+16.3%	$-54.06-8481.0%	$-0.63+90.3%	$-6.50	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$386.4M+0.4%	$384.8M+11.5%	$345.3M-3.0%	$355.8M-4.7%	$373.2M+0.7%	$370.7M+2.4%	$362.1M-4.5%	$379.2M
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	$25.5M-28.8%	$35.9M+62.1%	$22.1M-5.0%	$23.3M-6.8%	$25.0M-20.3%	$31.4M+15.2%	$27.2M+2.3%	$26.6M
Operating Income	$8.2M+105.4%	-$153.9M-247.9%	-$44.2M-29.6%	-$34.1M+10.4%	-$38.1M+72.5%	-$138.5M-29.5%	-$107.0M-241.5%	-$31.3M
Interest Expense	-$16.8M-7.2%	-$15.6M+23.8%	-$20.5M-102.3%	-$10.1M-16.3%	-$8.7M-27.7%	-$6.8M-21.0%	-$5.6M-3.9%	-$5.4M
Income Tax	-$11.0M-957.4%	-$1.0M-9554.5%	$11K-99.4%	$2.0M+84.6%	$1.1M-78.3%	$5.0M+237.4%	-$3.6M-472.4%	$968K
Net Income	$1.2M+101.6%	-$75.5M-139.1%	-$31.6M-55.1%	-$20.4M+0.6%	-$20.5M+65.1%	-$58.6M-26.0%	-$46.5M-287.0%	-$12.0M
EPS (Diluted)	$0.32	N/A	$-9.67-55.2%	$-6.23+0.8%	$-6.28	N/A	$-15.70-113.0%	$-7.37

PIII Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$656.6M-16.2%	$783.4M-9.0%	$861.0M-1.8%	$876.6M-62.9%	$2.4B+598469.2%	$395K
Current Assets	$133.1M-27.7%	$184.1M+10.9%	$166.0M+64.9%	$100.7M-49.6%	$199.9M+111235.7%	$180K
Cash & Equivalents	$25.0M-35.6%	$38.8M+6.9%	$36.3M+107.1%	$17.5M-87.5%	$140.5M+78155.5%	$180K
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	N/A	$0-100.0%	$1.3B	N/A
Total Liabilities	$796.9M+25.7%	$633.9M-11.8%	$718.8M-17.4%	$870.7M-58.3%	$2.1B+561506.3%	$372K
Current Liabilities	$545.3M+9.8%	$496.4M+65.8%	$299.4M+23.9%	$241.7M+21.6%	$198.8M+53298.3%	$372K
Long-Term Debt	$228.4M+109.7%	$108.9M+0.5%	$108.3M+14.7%	$94.4M+18.0%	$80.0M	N/A
Total Equity	-$155.2M-304.4%	$75.9M-46.6%	$142.1M+2327.9%	$5.9M-97.9%	$273.6M+1204232.1%	$23K
Retained Earnings	-$651.1M-29.4%	-$503.2M-37.0%	-$367.3M-18.7%	-$309.5M-685.3%	-$39.4M-1724222.0%	-$2K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$674.2M+2.7%	$656.6M-3.9%	$683.6M-6.6%	$731.6M-6.7%	$783.9M+0.1%	$783.4M-6.0%	$833.3M-6.7%	$892.8M
Current Assets	$172.2M+29.4%	$133.1M-1.9%	$135.6M-13.4%	$156.5M-18.2%	$191.4M+4.0%	$184.1M-14.4%	$215.1M-11.2%	$242.1M
Cash & Equivalents	$25.5M+1.9%	$25.0M-33.7%	$37.7M-2.2%	$38.6M-3.7%	$40.1M+3.3%	$38.8M-38.4%	$63.0M-13.9%	$73.1M
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	$5.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$807.3M+1.3%	$796.9M+19.9%	$664.6M+3.1%	$644.4M-2.8%	$662.8M+4.6%	$633.9M+11.3%	$569.4M-21.6%	$725.9M
Current Liabilities	$525.5M-3.6%	$545.3M+28.6%	$424.0M-16.0%	$505.0M-0.4%	$507.0M+2.1%	$496.4M+22.5%	$405.3M+15.1%	$352.3M
Long-Term Debt	$259.6M+13.7%	$228.4M+6.6%	$214.2M+110.1%	$102.0M-3.9%	$106.1M-2.6%	$108.9M-18.3%	$133.2M+0.1%	$133.1M
Total Equity	-$143.5M+7.5%	-$155.2M-730.7%	-$18.7M-142.0%	$44.5M-29.7%	$63.3M-16.7%	$75.9M-37.0%	$120.5M-27.8%	$166.8M
Retained Earnings	-$649.9M+0.2%	-$651.1M-13.1%	-$575.6M-5.8%	-$544.0M-3.9%	-$523.7M-4.1%	-$503.2M-13.2%	-$444.6M-11.7%	-$398.1M

PIII Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$91.2M+17.2%	-$110.1M-44.9%	-$76.0M+39.7%	-$126.0M-7843.0%	-$1.6M	N/A
Capital Expenditures	N/A	$0-100.0%	$1.8M-18.2%	$2.2M-32.1%	$3.3M	N/A
Free Cash Flow	N/A	-$110.1M-41.5%	-$77.9M+39.3%	-$128.3M-2530.0%	-$4.9M	N/A
Investing Cash Flow	$129K-99.1%	$14.5M+895.0%	-$1.8M+76.4%	-$7.7M+97.6%	-$316.3M	N/A
Financing Cash Flow	$72.8M-26.3%	$98.8M-1.6%	$100.3M+782.0%	$11.4M-96.4%	$317.8M	N/A
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$27.5M-6.8%	-$25.7M-66.9%	-$15.4M+7.3%	-$16.6M+50.3%	-$33.5M+41.5%	-$57.2M-153.1%	-$22.6M-120.8%	-$10.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$57.2M-153.1%	-$22.6M-120.8%	-$10.2M
Investing Cash Flow	-$43K-121.7%	$198K+266.4%	-$119K-338.0%	$50K	$0+100.0%	-$475K-103.2%	$15.0M	$0
Financing Cash Flow	$27.8M+116.0%	$12.9M-12.2%	$14.7M+0.3%	$14.6M-52.3%	$30.7M-9.1%	$33.7M+1456.3%	-$2.5M-104.4%	$56.1M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-18.5%+2.8pp	-21.4%-8.1pp	-13.3%+135.5pp	-148.7%-144.8pp	-3.9%	N/A
Net Margin	-10.1%-1.1pp	-9.0%-4.5pp	-4.6%+21.2pp	-25.7%-21.5pp	-4.3%	N/A
Return on Equity	N/A	-178.9%-138.2pp	-40.6%+4573.8pp	-4614.4%-4605.3pp	-9.1%	N/A
Return on Assets	-22.5%-5.2pp	-17.3%-10.6pp	-6.7%+24.1pp	-30.8%-29.8pp	-1.1%	N/A
Current Ratio	0.24-0.1	0.37-0.2	0.55+0.1	0.42-0.6	1.01+0.5	0.48
Debt-to-Equity	-1.47-2.9	1.43+0.7	0.76-15.4	16.13+15.8	0.29-16.1	16.39
FCF Margin	N/A	-7.3%-1.2pp	-6.2%+6.1pp	-12.2%-11.4pp	-0.8%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	2.1%+42.1pp	-40.0%-27.2pp	-12.8%-3.2pp	-9.6%+0.6pp	-10.2%+27.1pp	-37.4%-7.8pp	-29.5%-21.3pp	-8.3%
Net Margin	0.3%+19.9pp	-19.6%-10.5pp	-9.2%-3.4pp	-5.7%-0.2pp	-5.5%+10.3pp	-15.8%-3.0pp	-12.8%-9.7pp	-3.2%
Return on Equity	N/A	N/A	N/A	-45.8%-13.4pp	-32.4%+44.8pp	-77.2%-38.6pp	-38.6%-31.4pp	-7.2%
Return on Assets	0.2%+11.7pp	-11.5%-6.9pp	-4.6%-1.8pp	-2.8%-0.2pp	-2.6%+4.9pp	-7.5%-1.9pp	-5.6%-4.2pp	-1.4%
Current Ratio	0.33+0.1	0.24-0.1	0.320.0	0.31-0.1	0.380.0	0.37-0.2	0.53-0.2	0.69
Debt-to-Equity	-1.81-0.3	-1.47+10.0	-11.46-13.8	2.29+0.6	1.68+0.2	1.43+0.3	1.11+0.3	0.80
FCF Margin	N/A	N/A	N/A	N/A	N/A	-15.4%-9.2pp	-6.3%-3.6pp	-2.7%

Note: Shareholder equity is negative (-$155.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.24), 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 2025. This represents a -2.8% 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 declined by 2.8% year-over-year, from $1.5B to $1.5B in fiscal year 2025.

Is P3 HEALTH PARTNERS INC profitable?

No, P3 HEALTH PARTNERS INC (PIII) reported a net income of -$147.9M in fiscal year 2025, with a net profit margin of -10.1%.

What is P3 HEALTH PARTNERS INC's EBITDA?

P3 HEALTH PARTNERS INC (PIII) had EBITDA of -$186.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does P3 HEALTH PARTNERS INC have?

As of fiscal year 2025, P3 HEALTH PARTNERS INC (PIII) had $25.0M in cash and equivalents against $228.4M in long-term debt.

What is P3 HEALTH PARTNERS INC's operating margin?

P3 HEALTH PARTNERS INC (PIII) had an operating margin of -18.5% in fiscal year 2025, 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 -10.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

P3 HEALTH PARTNERS INC (PIII) generated -$91.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are P3 HEALTH PARTNERS INC's total assets?

P3 HEALTH PARTNERS INC (PIII) had $656.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What is P3 HEALTH PARTNERS INC's current ratio?

P3 HEALTH PARTNERS INC (PIII) had a current ratio of 0.24 as of fiscal year 2025, 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 -1.47 as of fiscal year 2025, 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 -22.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is P3 HEALTH PARTNERS INC's cash runway?

Based on fiscal year 2025 data, P3 HEALTH PARTNERS INC (PIII) had $25.0M in cash against an annual operating cash burn of $91.2M. This gives an estimated cash runway of approximately 3 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.

Why is P3 HEALTH PARTNERS INC's debt-to-equity ratio negative or unusual?

P3 HEALTH PARTNERS INC (PIII) has negative shareholder equity of -$155.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is P3 HEALTH PARTNERS INC's Altman Z-Score?

P3 HEALTH PARTNERS INC (PIII) has an Altman Z-Score of -1.25, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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

P3 HEALTH PARTNERS INC (PIII) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 0.62x, 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 -4.9x, 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 25 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.