P3 Health Partners Inc.
PIII Nasdaq Services-Health Services Financials FY2018–FY2024
Revenue
Total sales reported in the income statement.
$1.5B
2.8%
vs prior year
Operating margin
Operating income as a share of revenue.
−18.5%
2.8 pts
Net income
Profit after all expenses, interest and tax.
−$148M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−229.2%
55.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$33.06 EPS (TTM)
What P3 Health Partners Inc. does
No business description yet.
- Legal name
- P3 Health Partners Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 26, 2026
- Accession · CIK
- 0001832511-26-000011
0001832511
Revenue and margins
P3 Health Partners Inc. had $1.5B of revenue in fiscal 2024, down 2.8% on the year before.
FY18
Revenue $145M
FY19
Revenue $491M
FY21
Revenue —
FY22
Revenue $1.3B
FY23
Revenue $1.5B
FY24
Revenue $1.5B
Q3 '22
Revenue $288M
Q4 '22
Revenue $347M
Q1 '23
Revenue $388M
Q2 '23
Revenue $379M
Q3 '23
Revenue $362M
Q4 '23
Revenue $371M
Q1 '24
Revenue $373M
Q2 '24
Revenue $356M
Q3 '24
Revenue $345M
Q4 '24
Revenue $385M
Q1 '25
Revenue $386M
Q2 '25
Revenue $386M
FY18
Gross —
Operating −27.2%
Net −28.9%
FCF −20.4%
FY19
Gross —
Operating −5.8%
Net −6.4%
FCF −5.6%
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating −13.3%
Net −4.6%
FCF −6.1%
FY23
Gross —
Operating −21.4%
Net −9.1%
FCF −7.3%
FY24
Gross —
Operating −18.5%
Net −10.1%
FCF —
Gross
Operating
Net
FCF
Q3 '22
Gross —
Operating −11.7%
Net −4.6%
FCF −2.8%
Q4 '22
Gross —
Operating −18.5%
Net −7.3%
FCF −4.5%
Q1 '23
Gross —
Operating −11.3%
Net −4.8%
FCF −5.2%
Q2 '23
Gross —
Operating −8.3%
Net −3.2%
FCF −2.7%
Q3 '23
Gross —
Operating −29.5%
Net −12.8%
FCF −6.2%
Q4 '23
Gross —
Operating −37.4%
Net −15.8%
FCF −15.4%
Q1 '24
Gross —
Operating −10.2%
Net −5.5%
FCF —
Q2 '24
Gross —
Operating −9.6%
Net −5.7%
FCF —
Q3 '24
Gross —
Operating −12.8%
Net −9.1%
FCF —
Q4 '24
Gross —
Operating −40.0%
Net −19.6%
FCF —
Q1 '25
Gross —
Operating 2.1%
Net 0.3%
FCF —
Q2 '25
Gross —
Operating 10.7%
Net 1.9%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income −$42.0M
FY19
Net income −$31.4M
FY21
Net income —
FY22
Net income −$57.8M
FY23
Net income −$136M
FY24
Net income −$148M
Q3 '22
Net income −$13.3M
Q4 '22
Net income −$25.5M
Q1 '23
Net income −$18.7M
Q2 '23
Net income −$12.0M
Q3 '23
Net income −$46.5M
Q4 '23
Net income −$58.6M
Q1 '24
Net income −$20.5M
Q2 '24
Net income −$20.4M
Q3 '24
Net income −$31.6M
Q4 '24
Net income −$75.5M
Q1 '25
Net income $1.2M
Q2 '25
Net income $7.4M
FY18
Diluted EPS —
FY19
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS −$0.63
FY23
Diluted EPS −$54.06
FY24
Diluted EPS −$45.26
Q3 '22
Diluted EPS −$0.12
Q4 '22
Diluted EPS −$0.20
Q1 '23
Diluted EPS −$7.86
Q2 '23
Diluted EPS −$7.37
Q3 '23
Diluted EPS −$15.70
Q4 '23
Diluted EPS −$23.13
Q1 '24
Diluted EPS −$6.28
Q2 '24
Diluted EPS −$6.23
Q3 '24
Diluted EPS −$9.67
Q4 '24
Diluted EPS −$23.08
Q1 '25
Diluted EPS $0.32
Q2 '25
Diluted EPS −$0.63
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity —
Return on assets —
FY19
Return on capital −119.5%
Return on equity −138,376.7%
Return on assets −29.5%
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital −62.0%
Return on equity −78.1%
Return on assets −6.7%
FY23
Return on capital −173.5%
Return on equity −124.6%
Return on assets −16.5%
FY24
Return on capital −229.2%
Return on equity —
Return on assets −20.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2024, — of revenue. Cash from operations minus capital spending.
FY18
Free cash flow −$29.7M
FY19
Free cash flow −$27.5M
FY21
Free cash flow —
FY22
Free cash flow −$77.9M
FY23
Free cash flow −$110M
FY24
Free cash flow —
Q3 '22
Free cash flow −$8.0M
Q4 '22
Free cash flow −$15.7M
Q1 '23
Free cash flow −$20.0M
Q2 '23
Free cash flow −$10.2M
Q3 '23
Free cash flow −$22.6M
Q4 '23
Free cash flow −$57.2M
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow —
Q4 '24
Free cash flow —
Q1 '25
Free cash flow —
Q2 '25
Free cash flow —
FY18
Cash from operations −$28.3M
Capital spending $1.5M
FY19
Cash from operations −$24.6M
Capital spending $2.9M
FY21
Cash from operations —
Capital spending —
FY22
Cash from operations −$76.0M
Capital spending $1.8M
FY23
Cash from operations −$110M
Capital spending $0.0M
FY24
Cash from operations −$91.2M
Capital spending —
Cash from operations
Capital spending
Q3 '22
Cash from operations −$7.6M
Capital spending $0.4M
Q4 '22
Cash from operations −$15.9M
Capital spending −$0.2M
Q1 '23
Cash from operations −$20.0M
Capital spending $0.0M
Q2 '23
Cash from operations −$10.2M
Capital spending $0.0M
Q3 '23
Cash from operations −$22.6M
Capital spending $0.0M
Q4 '23
Cash from operations −$57.2M
Capital spending $0.0M
Q1 '24
Cash from operations −$33.5M
Capital spending —
Q2 '24
Cash from operations −$16.6M
Capital spending —
Q3 '24
Cash from operations −$15.4M
Capital spending —
Q4 '24
Cash from operations −$25.7M
Capital spending —
Q1 '25
Cash from operations −$27.5M
Capital spending —
Q2 '25
Cash from operations −$61.9M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
P3 Health Partners Inc. returned — to shareholders in fiscal 2024. The diluted share count rose 11.2%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
Dividends
Buybacks
FY18
Diluted shares —
FY19
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares 0.29B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably P3 Health Partners Inc. can carry it.
FY18
Cash $32.6M
Debt —
FY19
Cash $36.3M
Debt $55.1M
FY21
Cash $17.5M
Debt $94.4M
FY22
Cash $36.3M
Debt $108M
FY23
Cash $38.8M
Debt $109M
FY24
Cash $25.0M
Debt $273M
Cash
Debt
| Fiscal year end | FY19 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Cash and short-term investments | $36.3M | $17.5M | $36.3M | $38.8M | $25.0M |
| Debt incl. finance leases | $55.1M | $94.4M | $108M | $109M | $273M |
| Debt / equity | 2,428.9x | 16.1x | 0.8x | 1.4x | — |
| Current ratio | 1.0x | 0.4x | 0.6x | 0.4x | 0.2x |
| Quick ratio | 1.0x | 0.4x | 0.6x | 0.4x | 0.2x |
| Total assets | $106M | $877M | $861M | $783M | $657M |
| Total liabilities | $146M | $354M | $427M | $634M | $797M |
| Shareholders' equity | $0.0M | $5.9M | $142M | $75.9M | −$155M |
| Net debt (− = net cash) | $18.9M | $76.9M | $72.0M | $70.1M | $248M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✕ |
| Share count didn't rise | — | — | — | ✓ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | — | — | ✓ | ✓ |
| F-score | — / 3 | — / 3 | — / 5 | 3 / 8 | 2 / 8 |
| Accruals ratio | — | −6.4% | 2.1% | −3.1% | −7.9% |
| Altman Z'' | — | −5.79 | −3.37 | −7.33 | −10.32 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $145M | $491M | — | $1.3B | $1.5B | $1.5B |
| Net interest income | −$2.5M | −$2.5M | — | −$16.0M | −$22.2M | −$55.0M |
| Provision for credit losses | — | — | — | — | $0.0M | $3.0M |
| Operating income | −$39.5M | −$28.6M | — | −$168M | −$321M | −$270M |
| Pretax income | −$42.0M | −$31.4M | — | −$184M | −$306M | −$321M |
| Income tax | $0.0M | $0.0M | — | $2.7M | $4.4M | $2.0M |
| Net income | −$42.0M | −$31.4M | — | −$57.8M | −$136M | −$148M |
| Diluted EPS | — | — | — | −$0.63 | −$54.06 | −$45.26 |
| Diluted shares | — | — | — | 0.29B | 0.00B | 0.00B |
| Cash flow | ||||||
| Cash from operations | −$28.3M | −$24.6M | — | −$76.0M | −$110M | −$91.2M |
| Capital expenditure | $1.5M | $2.9M | — | $1.8M | $0.0M | — |
| Free cash flow | −$29.7M | −$27.5M | — | −$77.9M | −$110M | — |
| Depreciation and amortization | $0.4M | $0.8M | — | $86.7M | $86.1M | $84.2M |
| Stock-based compensation | $0.5M | $0.4M | — | $6.0M | $5.8M | $5.6M |
| Balance sheet | ||||||
| Cash and short-term investments | $32.6M | $36.3M | $17.5M | $36.3M | $38.8M | $25.0M |
| Total debt | — | $55.1M | $94.4M | $108M | $109M | $273M |
| Current assets | — | $90.9M | $101M | $166M | $184M | $133M |
| Current liabilities | — | $90.6M | $242M | $299M | $496M | $545M |
| Property and equipment, net | — | $6.2M | $8.8M | $8.7M | $5.7M | $3.4M |
| Goodwill | $0.7M | $0.9M | $0.0M | — | — | — |
| Intangible assets | — | — | $751M | $667M | $574M | $492M |
| Total assets | — | $106M | $877M | $861M | $783M | $657M |
| Total liabilities | — | $146M | $354M | $427M | $634M | $797M |
| Shareholders' equity | — | $0.0M | $5.9M | $142M | $75.9M | −$155M |
| Margins | ||||||
| Operating margin | −27.2% | −5.8% | — | −13.3% | −21.4% | −18.5% |
| EBITDA margin | −26.9% | −5.7% | — | −6.4% | −15.6% | −12.8% |
| Net margin | −28.9% | −6.4% | — | −4.6% | −9.1% | −10.1% |
| FCF margin | −20.4% | −5.6% | — | −6.1% | −7.3% | — |
| Net interest share of revenue | −1.7% | −0.5% | — | −1.3% | −1.5% | −3.8% |
| Returns | ||||||
| Return on capital | — | −119.5% | — | −62.0% | −173.5% | −229.2% |
| Return on capital employed | — | −180.7% | — | −29.9% | −111.7% | −242.7% |
| Return on equity | — | −138,376.7% | — | −78.1% | −124.6% | — |
| Return on assets | — | −29.5% | — | −6.7% | −16.5% | −20.5% |
| Growth | ||||||
| Revenue growth | — | 237.5% | — | — | 18.5% | −2.8% |
| Share count change | — | — | — | — | −99.0% | 11.2% |
| Financial health | ||||||
| Debt / equity | — | 2,428.9x | 16.1x | 0.8x | 1.4x | — |
| Current ratio | — | 1.0x | 0.4x | 0.6x | 0.4x | 0.2x |
| Quick ratio | — | 1.0x | 0.4x | 0.6x | 0.4x | 0.2x |
| Capital allocation | ||||||
| Capex / revenue | 1.0% | 0.6% | — | 0.1% | 0.0% | — |
| Stock comp / revenue | 0.3% | 0.1% | — | 0.5% | 0.4% | 0.4% |
| Quality scores | ||||||
| Piotroski F-score | — | — | — | — | 3.0 | 2.0 |
| Altman Z'' | — | −5.8 | — | −3.4 | −7.3 | −10.3 |
| Accruals ratio | — | −6.4% | — | 2.1% | −3.1% | −7.9% |
Source: SEC EDGAR XBRL filings (CIK 0001832511). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.