P3 HEALTH PARTNERS INC (PIII) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PIII SEC filings page.
P3 HEALTH PARTNERS INC (PIII) reported $1.5B in revenue over the twelve months to Jun 30, 2026, up 2.8% from the prior twelve months. This page shows its 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).
Revenue scale has not translated into self-funding operations, while rising obligations are compressing financial flexibility.
Operating losses narrowed in FY2025, yet net loss worsened as interest expense rose to$55.0M ; profitability and financing are moving in opposite directions, so the operating improvement did not reach bottom-line earnings.
Revenue edged lower in FY2025 while the operating loss narrowed, indicating cost reduction rather than volume expansion drove the better operating result. The business still has not demonstrated that its current revenue base can carry its operating structure without substantial external support.
Operating cash flow improved to
Financial Health Signals
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.
P3 HEALTH PARTNERS INC has an operating margin of -18.5%, meaning the company loses $19 on every $100 of revenue. This results in a profitability score of 18/100. This is up from -21.4% the prior year.
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.
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.
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.
P3 HEALTH PARTNERS INC reported a net loss of $147.9M while operations used $91.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
P3 HEALTH PARTNERS INC reported an operating loss of $270.3M against $55.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
P3 HEALTH PARTNERS INC generated $386.4M in revenue in Q2 2026. This represents an increase of 8.6% from the same quarter a year earlier. It is unchanged from the prior quarter.
P3 HEALTH PARTNERS INC's EBITDA was $62.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 577.5% from the same quarter a year earlier. Against the prior quarter it is up 112.4%.
P3 HEALTH PARTNERS INC reported $7.4M in net income in Q2 2026. This represents an increase of 136.6% from the same quarter a year earlier. Against the prior quarter it is up 508.7%.
P3 HEALTH PARTNERS INC earned -$0.63 per diluted share (EPS) in Q2 2026. This represents an increase of 89.9% from the same quarter a year earlier. Against the prior quarter it is down 296.9%.
Cash & Balance Sheet
P3 HEALTH PARTNERS INC held $21.3M in cash against $98.1M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
P3 HEALTH PARTNERS INC's operating margin was 10.7% in Q2 2026, reflecting core business profitability. This is up 20.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.5 percentage points.
P3 HEALTH PARTNERS INC's net profit margin was 1.9% in Q2 2026, showing the share of revenue converted to profit. This is up 7.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.
P3 HEALTH PARTNERS INC's ROE was 10.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 56.0 percentage points from the same quarter a year earlier.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
PIII Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $386.4M+8.6% | $386.4M+3.5% | $384.8M+3.8% | $345.3M-4.7% | $355.8M-6.2% | $373.2M-3.9% | $370.7M+6.9% | $362.1M+25.6% |
| SG&A Expenses | $32.4M+38.2% | $25.5M+2.2% | $35.7M+13.9% | $22.1M-18.7% | $23.4M-11.9% | $25.0M-8.8% | $31.4M+28.4% | $27.2M-17.7% |
| Operating Income | $41.2M+220.8% | $8.2M+121.6% | -$153.9M-11.1% | -$44.2M+58.7% | -$34.1M-8.9% | -$38.1M+13.1% | -$138.5M-115.5% | -$107.0M-216.4% |
| EBITDA | $62.3M+577.5% | $29.3M+272.1% | -$132.9M-13.2% | -$23.2M+72.8% | -$13.0M-35.3% | -$17.0M+23.6% | -$117.3M-175.3% | -$85.3M-605.2% |
| Interest Expense | -$7.9M+22.5% | -$16.8M-92.2% | -$15.6M-128.8% | -$20.5M-263.5% | -$10.1M-86.6% | -$8.7M-105.0% | -$6.8M-68.9% | -$5.6M-41.1% |
| Income Tax | $1.3M-36.1% | -$11.0M-1124.9% | -$1.0M-121.0% | $11K+100.3% | $2.0M+104.6% | $1.1M-48.2% | $5.0M+180.2% | -$3.6M-975.0% |
| Net Income | $7.4M+136.6% | $1.2M+106.0% | -$75.5M-28.8% | -$31.6M+32.1% | -$20.4M-69.4% | -$20.5M-9.5% | -$58.6M-130.2% | -$46.5M-249.8% |
| EPS (Basic) | -$0.63+89.9% | $0.37+105.9% | -$23.08+33.6% | -$9.67+32.7% | -$6.23-41.6% | -$6.28+20.1% | -$34.76-14383.3% | -$14.36-11866.7% |
| EPS (Diluted) | -$0.63+89.9% | $0.32+105.1% | -$23.08-5.4% | -$9.67+38.4% | -$6.23 | -$6.28+20.1% | -$21.89 | -$15.70 |
| Diluted Shares (Avg) | 3M+2.9% | 8M+158.2% | N/A | 3M-0.8% | 3M | 3M+37.1% | N/A | 3M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
PIII Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $654.4M-10.6% | $674.2M-14.0% | $656.6M-16.2% | $683.6M-18.0% | $731.6M-18.1% | $783.9M-8.4% | $783.4M-9.0% | $833.3M-7.1% |
| Current Assets | $179.3M+14.6% | $172.2M-10.0% | $133.1M-27.7% | $135.6M-36.9% | $156.5M-35.3% | $191.4M+4.6% | $184.1M+10.9% | $215.1M+19.7% |
| Cash & Equivalents | $21.3M-44.9% | $25.5M-36.4% | $25.0M-35.6% | $37.7M-40.1% | $38.6M-47.2% | $40.1M+46.8% | $38.8M+6.9% | $63.0M+19.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $516.7M-19.8% | $807.3M+21.8% | $796.9M+25.7% | $664.6M+16.7% | $644.4M-11.2% | $662.8M-6.6% | $633.9M-11.8% | $569.4M-19.7% |
| Current Liabilities | $388.6M-23.1% | $525.5M+3.6% | $545.3M+9.8% | $424.0M+4.6% | $505.0M+43.4% | $507.0M+52.0% | $496.4M+65.8% | $405.3M+51.6% |
| Non-Current Liabilities | $128.2M-8.1% | $281.8M+80.9% | $251.6M+83.0% | $240.7M+46.7% | $139.4M-62.7% | $155.8M-58.5% | $137.5M-67.2% | $164.1M-62.8% |
| Long-Term Debt | $98.1M-3.8% | $259.6M+144.6% | $228.4M+109.7% | $214.2M+60.8% | $102.0M-23.4% | $106.1M-10.2% | $108.9M+0.5% | $133.2M+23.1% |
| Total Equity | $73.2M+64.6% | -$143.5M-327.0% | -$155.2M-304.4% | -$18.7M-115.5% | $44.5M-73.4% | $63.3M-56.9% | $75.9M-46.6% | $120.5M-35.9% |
| Retained Earnings | -$642.5M-18.1% | -$649.9M-24.1% | -$651.1M-29.4% | -$575.6M-29.5% | -$544.0M-36.7% | -$523.7M-35.7% | -$503.2M-37.0% | -$444.6M-30.0% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
PIII Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$61.9M-272.2% | -$27.5M+17.9% | -$25.7M+55.1% | -$15.4M+31.9% | -$16.6M-62.4% | -$33.5M-67.1% | -$57.2M-260.5% | -$22.6M-198.2% |
| Depreciation & Amortization | $21.0M-0.2% | $21.1M+0.1% | $21.0M-0.7% | $21.0M-3.0% | $21.1M-2.8% | $21.1M-2.3% | $21.2M-2.2% | $21.7M-0.2% |
| Stock-Based Compensation | N/A | $1.1M-41.9% | N/A | N/A | N/A | $1.8M+24.8% | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $0-100.0% |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | -$57.2M-255.7% | -$22.6M-183.7% |
| Investing Cash Flow | -$208K-516.0% | -$43K | $198K+141.7% | -$119K-100.8% | $50K | $0 | -$475K-324.1% | $15.0M+3976.0% |
| Financing Cash Flow | $58.2M+298.3% | $27.8M-9.3% | $12.9M-61.8% | $14.7M+689.9% | $14.6M-74.0% | $30.7M+168.9% | $33.7M+4113.9% | -$2.5M-2790.7% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PIII Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 10.7%+20.3pp | 2.1%+12.3pp | -40.0%-2.6pp | -12.8%+16.7pp | -9.6%-1.3pp | -10.2%+1.1pp | -37.4%-18.8pp | -29.5%-17.8pp |
| Net Margin | 1.9%+7.6pp | 0.3%+5.8pp | -19.6%-3.8pp | -9.2%+3.7pp | -5.7%-2.6pp | -5.5%-0.7pp | -15.8%-8.5pp | -12.8%-8.2pp |
| Return on Equity | 10.2%+56.0pp | N/A | N/A | N/A | -45.8%-38.6pp | -32.4%-19.6pp | -77.2%-59.3pp | -38.6%-31.5pp |
| Return on Assets | 1.1%+3.9pp | 0.2%+2.8pp | -11.5%-4.0pp | -4.6%+1.0pp | -2.8%-1.4pp | -2.6%-0.4pp | -7.5%-4.5pp | -5.6%-4.1pp |
| Current Ratio | 0.46+0.2x | 0.330.0x | 0.24-0.1x | 0.32-0.2x | 0.31-0.4x | 0.38-0.2x | 0.37-0.2x | 0.53-0.1x |
| Debt-to-Equity | 1.34-1.0x | N/A | N/A | N/A | 2.29+1.5x | 1.68+0.9x | 1.43+0.7x | 1.11+0.5x |
| Asset Turnover | 0.59+0.1x | 0.57+0.1x | 0.59+0.1x | 0.51+0.1x | 0.49+0.1x | 0.480.0x | 0.47+0.1x | 0.43+0.1x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -15.4%-10.8pp | -6.3%-3.5pp |
Not reported in any period shown, so not listed: Gross Margin.
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| P3 HEALTH PARTNERS INC PIII | FY2025 | $1.5B | -$147.9M | -10.1% | N/A | 24/100 |
| Ardent Health ARDT | FY2025 | $6.3B | $135.8M | 2.1% | $1.5B | 28/100 |
| National Health NHC | FY2025 | $1.5B | $120.0M | 7.9% | $3.4B | 67/100 |
| Aveanna Healthcare Holdings, Inc. AVAH | FY2026 | $2.4B | $225K | 0.0% | $3.0B | 36/100 |
| Guardian Pharmacy Services, Inc. GRDN | FY2025 | $1.4B | $49.2M | 3.4% | $2.6B | 53/100 |
| Brookdale Sr Living Inc BKD | FY2025 | $3.2B | -$262.7M | -8.2% | $2.8B | 25/100 |
Where P3 HEALTH PARTNERS INC Ranks
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) recorded an outflow of $91.2M in operating cash flow during fiscal year 2025, representing cash used by 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 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.
How does P3 HEALTH PARTNERS INC's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, P3 HEALTH PARTNERS INC (PIII) held $25.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $91.2M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is P3 HEALTH PARTNERS INC's debt-to-equity ratio negative or not reported?
P3 HEALTH PARTNERS INC (PIII) has negative shareholder equity of -$155.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 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) reported a net loss of $147.9M while operations used $91.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $270.3M against $55.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 24 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.