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

P3 HEALTH PARTNERS INC (PIIIW) 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

PIIIW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows P3 HEALTH PARTNERS INC (PIIIW) 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 PIIIW FY2025 2026-04-22

External financing is carrying the business while tight liquidity persists and overhead cuts have not restored sustainable economics.

From FY2024 to FY2025, operating cash burn improved from -$110.1M to -$91.2M and the operating loss narrowed, but that progress was partly offset by interest expense jumping to $55.0M from $22.2M. That helps explain why a slightly better operating year still finished with negative equity and continued dependence on financing cash inflows.

The balance sheet now looks funding-dependent: cash fell to $25.0M while current liabilities reached $545.3M, leaving a current ratio of 0.2x. With liabilities exceeding assets by about $140.2M, short-term flexibility depends more on access to capital than on internally generated cash.

Since FY2022, SG&A has dropped from $157.3M to $106.3M, yet FY2025 operating margin was still -18.5%. That suggests corporate overhead is not the only drag; even after meaningful cost trimming, the revenue base has not covered operating and financing burdens.

Financial Health Signals

Financial Profile 21/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 0/100, 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 46/100.

Leverage

P3 HEALTH PARTNERS INC carries a low D/E ratio of -1.47, meaning only $-1.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

P3 HEALTH PARTNERS INC's current ratio of 0.24 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

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

0.62x

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

Export CSV

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

PIIIW 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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-2.4%	$388.5M
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	$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-2.9%	$27.4M
Operating Income	-$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+28.5%	-$43.8M
Interest Expense	-$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-27.7%	-$4.3M
Income Tax	-$1.0M-9554.5%	$11K-99.4%	$2.0M+84.6%	$1.1M-78.3%	$5.0M+237.4%	-$3.6M-472.4%	$968K-53.3%	$2.1M
Net Income	-$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+35.7%	-$18.7M
EPS (Diluted)	N/A	$-9.67-55.2%	$-6.23+0.8%	$-6.28	N/A	$-15.70-113.0%	$-7.37+6.2%	$-7.86

PIIIW 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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+4.3%	$855.9M
Current Assets	$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+32.3%	$183.0M
Cash & Equivalents	$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+167.7%	$27.3M
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	$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+2.3%	$709.3M
Current Liabilities	$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+5.6%	$333.6M
Long-Term Debt	$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+12.7%	$118.1M
Total Equity	-$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+13.8%	$146.6M
Retained Earnings	-$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-3.1%	-$386.0M

PIIIW 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$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+48.9%	-$20.0M
Capital Expenditures	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	-$57.2M-153.1%	-$22.6M-120.8%	-$10.2M+48.9%	-$20.0M
Investing Cash Flow	$198K+266.4%	-$119K-338.0%	$50K	$0+100.0%	-$475K-103.2%	$15.0M	$0	$0
Financing Cash Flow	$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+392.4%	$11.4M
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

PIIIW 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-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%+3.0pp	-11.3%
Net Margin	-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%+1.6pp	-4.8%
Return on Equity	N/A	N/A	-45.8%-13.4pp	-32.4%+44.8pp	-77.2%-38.6pp	-38.6%-31.4pp	-7.2%+5.6pp	-12.8%
Return on Assets	-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%+0.8pp	-2.2%
Current Ratio	0.24-0.1	0.320.0	0.31-0.1	0.380.0	0.37-0.2	0.53-0.2	0.69+0.1	0.55
Debt-to-Equity	-1.47+10.0	-11.46-13.8	2.29+0.6	1.68+0.2	1.43+0.3	1.11+0.3	0.800.0	0.81
FCF Margin	N/A	N/A	N/A	N/A	-15.4%-9.2pp	-6.3%-3.6pp	-2.7%+2.5pp	-5.2%

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 (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.

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

P3 HEALTH PARTNERS INC (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) 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 Piotroski F-Score?

P3 HEALTH PARTNERS INC (PIIIW) 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 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 (PIIIW) 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 (PIIIW) 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 (PIIIW) scores 21 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.