P3 Health Partners Warrant (PIIIW) 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 PIIIW SEC filings page.
P3 Health Partners Inc. Warrant (PIIIW) 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 has stalled, but expense control has not yet overcome losses and a balance sheet now financed heavily by liabilities.
The FY2025 operating loss narrowed to$270M while revenue fell2.8% , showing that lower costs—not growth—drove the modest improvement in operating margin. But net loss widened to$148M while operating cash flow remained negative at-$91M , so operating progress did not yet reach the bottom line or cash generation.
The balance sheet moved from positive equity in FY2024 to negative equity of
FY2024 operating cash flow and free cash flow were both
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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. Warrant'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. Warrant has an operating margin of -18.5%, meaning the company loses $19 on every $100 of revenue. This results in a profitability score of 17/100. This is up from -21.4% the prior year.
P3 Health Partners Inc. Warrant's revenue declined 2.8% year-over-year, from $1.5B to $1.5B. This contraction results in a growth score of 57/100.
P3 Health Partners Inc. Warrant'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. Warrant 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), the one computable operating efficiency signal (asset turnover improving) passes.
P3 Health Partners Inc. Warrant 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.
Key Financial Metrics
Earnings & Revenue
P3 Health Partners Inc. Warrant 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. Warrant's EBITDA was $62.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 112.4%.
P3 Health Partners Inc. Warrant reported $7.4M in net income in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 508.7%.
P3 Health Partners Inc. Warrant earned -$0.63 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
P3 Health Partners Inc. Warrant 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. Warrant'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. Warrant'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. Warrant's quarterly ROE was 10.3% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 56.1 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.
PIIIW 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-K | 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+37.3% | $25.8M+2.3% | $36.1M+13.3% | $22.4M-18.1% | $23.6M-12.7% | $25.2M-9.2% | $31.8M+26.5% | $27.4M-18.9% |
| Operating Income | $41.2Mn/m | $8.2Mn/m | -$153.9Mn/m | -$44.2Mn/m | -$34.1Mn/m | -$38.1Mn/m | -$138.5Mn/m | -$107.0Mn/m |
| EBITDA | $62.3Mn/m | $29.3Mn/m | -$132.9Mn/m | -$23.2Mn/m | -$13.0Mn/m | -$17.0Mn/m | -$117.3Mn/m | -$85.3Mn/m |
| Income Tax | $1.3M-36.1% | -$11.0M-1124.9% | -$1.0M-121.0% | $11Kn/m | $2.0M+104.6% | $1.1M-48.2% | $5.0M+180.2% | -$3.6M-975.0% |
| Net Income | $7.4Mn/m | $1.2Mn/m | -$75.5Mn/m | -$31.6Mn/m | -$20.4Mn/m | -$20.5Mn/m | -$58.6Mn/m | -$46.5Mn/m |
| EPS (Basic) | -$0.63n/m | $0.37 | -$23.08n/m | -$9.67n/m | -$6.23 | -$6.28n/m | -$34.76 | -$14.36 |
| EPS (Diluted) | -$0.63n/m | $0.32 | -$23.08n/m | -$9.67n/m | -$6.23 | -$6.28n/m | -$21.89 | -$15.70 |
| Diluted Shares (Avg) | 3M+2.9% | 8M | 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, Interest Expense.
PIIIW 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-K | 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 | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| 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 | $72.2M+62.4% | -$144.9M-329.1% | -$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 | -$642.5Mn/m | -$649.9Mn/m | -$651.1Mn/m | -$575.6Mn/m | -$544.0Mn/m | -$523.7Mn/m | -$503.2Mn/m | -$444.6Mn/m |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
PIIIW 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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$61.9Mn/m | -$27.5Mn/m | -$25.7Mn/m | -$15.4Mn/m | -$16.6Mn/m | -$33.5Mn/m | -$57.2Mn/m | -$22.6Mn/m |
| 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 | $0-100.0% |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | -$57.2M | -$22.6Mn/m |
| Investing Cash Flow | -$208K-516.0% | -$43Kn/m | $198Kn/m | -$119K-100.8% | $50Kn/m | $0n/m | -$475K-324.1% | $15.0Mn/m |
| Financing Cash Flow | $58.2M+298.3% | $27.8M-9.3% | $12.9M-61.8% | $14.7Mn/m | $14.6M-74.0% | $30.7M+168.9% | $33.7Mn/m | -$2.5Mn/m |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PIIIW 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-K | 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 | 10.3%+56.1pp | 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 | 1.36-0.9x | N/A | N/A | N/A | 2.29+1.5x | 1.68+0.9x | 1.43+0.7x | 1.11+0.5x |
| Liabilities-to-Equity | 7.16-7.3x | N/A | N/A | N/A | 14.49+10.1x | 10.48+5.6x | 8.35+3.3x | 4.72+1.0x |
| 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% | -6.3%-3.5pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: Shareholder equity is negative (-$155.2M), which causes the debt-to-equity, liabilities-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. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| P3 Health Partners Inc. Warrant PIIIW | FY2025 | $1.5B | -$147.9M | -10.1% | N/A | 24/100 |
| Surgery Partners, Inc. SGRY | FY2025 | $3.3B | -$77.9M | -2.4% | $3.0B | 53/100 |
| Guardian Pharmacy Services, Inc. GRDN | FY2025 | $1.4B | $49.2M | 3.4% | $2.7B | 53/100 |
| Astrana Health Inc. ASTH | FY2025 | $3.2B | $22.5M | 0.7% | $2.0B | 48/100 |
| AMN Healthcare Services AMN | FY2025 | $2.7B | -$95.7M | -3.5% | $1.8B | 25/100 |
| Ardent Health, Inc. ARDT | FY2025 | $6.3B | $135.8M | 2.1% | $1.8B | 56/100 |
Where P3 Health Partners Inc. Warrant Ranks
Frequently Asked Questions
P3 Health Partners Inc. Warrant (PIIIW) 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.
P3 Health Partners Inc. Warrant (PIIIW) revenue declined by 2.8% year-over-year, from $1.5B to $1.5B in fiscal year 2025.
No, P3 Health Partners Inc. Warrant (PIIIW) reported a net loss of $98.4M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $147.9M, with a net profit margin of -10.1%.
P3 Health Partners Inc. Warrant (PIIIW) had EBITDA of -$186.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, P3 Health Partners Inc. Warrant (PIIIW) had $25.0M in cash and equivalents against $228.4M in long-term debt.
P3 Health Partners Inc. Warrant (PIIIW) had an operating margin of -18.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
P3 Health Partners Inc. Warrant (PIIIW) had a net profit margin of -10.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
P3 Health Partners Inc. Warrant (PIIIW) recorded an outflow of $91.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
P3 Health Partners Inc. Warrant (PIIIW) had $656.6M in total assets as of fiscal year 2025, including both current and long-term assets.
P3 Health Partners Inc. Warrant (PIIIW) had a current ratio of 0.24 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
P3 Health Partners Inc. Warrant (PIIIW) had a return on assets of -22.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2025, P3 Health Partners Inc. Warrant (PIIIW) 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.
P3 Health Partners Inc. Warrant (PIIIW) has negative shareholder equity of -$155.2M as of fiscal year 2025, so no debt-to-equity or liabilities-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.
P3 Health Partners Inc. Warrant (PIIIW) 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.
P3 Health Partners Inc. Warrant (PIIIW) 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.
P3 Health Partners Inc. Warrant (PIIIW) scores 24 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average 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.