PIII Nasdaq Services-Health Services Financials FY2018βFY2024
P3 Health Partners Inc. had $1.5B of revenue in fiscal 2024, down 2.8% on the year before. Over five years, revenue changed +24.3% a year on average.
Last close Β· Oct 23, 2026
$4.14
5.0%Hi! I read P3 Health Partners Inc.βs latest annual report (fiscal 2024). Here is what stands out:
Good So-so Weak
Are sales growing?
β2.8%
No. Sales fell 2.8% last year.
Does it make a profit?
β10.1%
No. It lost money last year.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· P3 Health Partners Inc. had $1.5B of revenue in fiscal 2024, down 2.8% on the year before. Over five years, revenue changed +24.3% a year on average. Its operating margin was β18.5%, up 2.8Β pts: of every 100 in sales, about β19 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· P3 Health Partners Inc. lost $148M in fiscal 2024.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $0.8M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.8M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Hudson Vegas Investment Manager, LLC10% owner | Sold | 50,000 | $16.48 | $0.8M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· P3 Health Partners Inc. owes $248M more than it holds in cash.
Cash, debt and the ratios that show how comfortably P3 Health Partners Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β |
| 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 | β$155M |
| Net debt (β = net cash) | $18.9M | $76.9M | $72.0M | $70.1M | $248M |
KIRA Β· Its return on capital was β229.2%: every 100 invested in the business earned about β229 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· P3 Health Partners Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β |
| F-score | β / 3 | β / 3 | β / 5 | 3 / 8 | 2 / 8 |
| Accruals ratio | β | β6.4% | 2.1% | β3.1% | β7.9% |
| Altman Z'' | β | β5.79 | β3.37 | β7.33 | β10.32 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $145M | $491M | β | $1.3B | $1.5B | $1.5B |
| Net interest income | β$2.5M | β$2.5M | β | β$16.0M | β$22.2M | β$55.0M |
| Provision for credit losses | β | β | β | β | $0.0M | $3.0M |
| Operating income | β$39.5M | β$28.6M | β | β$168M | β$321M | β$270M |
| Pretax income | β$42.0M | β$31.4M | β | β$184M | β$306M | β$321M |
| Income tax | $0.0M | $0.0M | β | $2.7M | $4.4M | $2.0M |
| Net income | β$42.0M | β$31.4M | β | β$57.8M | β$136M | β$148M |
| Diluted EPS | β | β | β | β$0.63 | β$54.06 | β$45.26 |
| Diluted shares | β | β | β | 0.29B | 0.00B | 0.00B |
| Cash flow | ||||||
| Cash from operations | β$28.3M | β$24.6M | β | β$76.0M | β$110M | β$91.2M |
| Capital expenditure | $1.5M | $2.9M | β | $1.8M | $0.0M | β |
| Free cash flow | β$29.7M | β$27.5M | β | β$77.9M | β$110M | β |
| Depreciation and amortization | $0.4M | $0.8M | β | $86.7M | $86.1M | $84.2M |
| Stock-based compensation | $0.5M | $0.4M | β | $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 | β | $55.1M | $94.4M | $108M | $109M | $273M |
| Current assets | β | $90.9M | $101M | $166M | $184M | $133M |
| Current liabilities | β | $90.6M | $242M | $299M | $496M | $545M |
| Property and equipment, net | β | $6.2M | $8.8M | $8.7M | $5.7M | $3.4M |
| Goodwill | $0.7M | $0.9M | $0.0M | β | β | β |
| Intangible assets | β | β | $751M | $667M | $574M | $492M |
| Total assets | β | $106M | $877M | $861M | $783M | $657M |
| Total liabilities | β | $146M | $354M | $427M | $634M | $797M |
| Shareholders' equity | β | $0.0M | $5.9M | $142M | $75.9M | β$155M |
| Margins | ||||||
| Operating margin | β27.2% | β5.8% | β | β13.3% | β21.4% | β18.5% |
| EBITDA margin | β26.9% | β5.7% | β | β6.4% | β15.6% | β12.8% |
| Net margin | β28.9% | β6.4% | β | β4.6% | β9.1% | β10.1% |
| FCF margin | β20.4% | β5.6% | β | β6.1% | β7.3% | β |
| Net interest share of revenue | β1.7% | β0.5% | β | β1.3% | β1.5% | β3.8% |
| Returns | ||||||
| Return on capital | β | β119.5% | β | β62.0% | β173.5% | β229.2% |
| Return on capital employed | β | β180.7% | β | β29.9% | β111.7% | β242.7% |
| Return on equity | β | β138,376.7% | β | β78.1% | β124.6% | β |
| Return on assets | β | β29.5% | β | β6.7% | β16.5% | β20.5% |
| Growth | ||||||
| Revenue growth | β | 237.5% | β | β | 18.5% | β2.8% |
| Share count change | β | β | β | β | β99.0% | 11.2% |
| Financial health | ||||||
| Debt / equity | β | 2,428.9x | 16.1x | 0.8x | 1.4x | β |
| Current ratio | β | 1.0x | 0.4x | 0.6x | 0.4x | 0.2x |
| Quick ratio | β | 1.0x | 0.4x | 0.6x | 0.4x | 0.2x |
| Capital allocation | ||||||
| Capex / revenue | 1.0% | 0.6% | β | 0.1% | 0.0% | β |
| Stock comp / revenue | 0.3% | 0.1% | β | 0.5% | 0.4% | 0.4% |
| Quality scores | ||||||
| Piotroski F-score | β | β | β | β | 3.0 | 2.0 |
| Altman Z'' | β | β5.8 | β | β3.4 | β7.3 | β10.3 |
| Accruals ratio | β | β6.4% | β | 2.1% | β3.1% | β7.9% |
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 β not investment advice. Check the original filings before relying on any figure.
