PIII · P3 Health Partners Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $386.39M | - | $345.25M | $355.79M | $373.23M | - | $362.12M | $379.16M | $388.49M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $25.54M | - | $22.14M | $23.30M | $25.00M | - | $27.22M | $26.61M | $27.40M | - |
| Total Operating Expenses | $378.15M | - | $389.48M | $389.91M | $411.31M | - | $469.11M | $410.49M | $432.32M | - |
| D&A | $21.07M | - | $21.03M | $21.08M | $21.05M | - | $21.67M | $21.69M | $21.54M | - |
| Operating Income | $8.24M | - | ($44.22M) | ($34.12M) | ($38.09M) | - | ($106.99M) | ($31.33M) | ($43.83M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($11.00M) | - | $11.0K | $1.98M | $1.07M | - | ($3.60M) | $968.0K | $2.07M | - |
| Net Income | $1.22M | - | ($31.59M) | ($20.36M) | ($20.48M) | - | ($46.51M) | ($12.02M) | ($18.70M) | - |
| EPS - Basic | $0.37 | - | ($9.67) | ($6.23) | ($6.28) | - | ($14.50) | ($4.50) | ($8.00) | - |
| EPS - Diluted | $0.32 | - | ($9.67) | ($6.23) | ($6.28) | - | ($15.50) | ($7.50) | ($8.00) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25.50M | $25.01M | $37.71M | $38.58M | $40.08M | $38.82M | $62.96M | $73.09M | $27.30M | $36.32M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $11.67M | $11.71M | $9.93M | $14.39M | $11.50M | $8.44M | $13.47M | $7.99M | $11.60M | $8.66M |
| Current Assets | $172.21M | $133.08M | $135.63M | $156.53M | $191.44M | $184.14M | $215.07M | $242.10M | $182.96M | $166.02M |
| Total Assets | $674.16M | $656.64M | $683.56M | $731.59M | $783.87M | $783.42M | $833.33M | $892.76M | $855.92M | $860.97M |
| Current Liabilities | $525.49M | $545.26M | $423.95M | $505.00M | $507.03M | $496.42M | $405.32M | $352.25M | $333.65M | $299.37M |
| Long-term Debt | $259.57M | $228.37M | $214.18M | $101.96M | $106.12M | $89.82M | $133.23M | $133.12M | $118.12M | $108.32M |
| Total Liabilities | $807.32M | $796.88M | $664.64M | $644.41M | $662.79M | $633.89M | $569.42M | $527.93M | $470.49M | $427.31M |
| Stockholders' Equity | ($143.55M) | ($155.23M) | ($18.69M) | $44.46M | $63.25M | $75.94M | $120.51M | $166.84M | $146.60M | $142.13M |
| Retained Earnings | ($649.92M) | ($651.14M) | ($575.62M) | ($544.03M) | ($523.67M) | ($503.19M) | ($444.58M) | ($398.06M) | ($386.04M) | ($367.34M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($27.47M) | - | - | - | ($33.47M) | - | - | - | ($20.03M) | - |
| Investing Cash Flow | ($43.0K) | - | - | - | $0 | - | - | - | $0 | - |
| Financing Cash Flow | $27.80M | - | - | - | $30.66M | - | - | - | $11.40M | - |
| CapEx | - | - | - | - | - | - | - | - | $0 | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | ($20.03M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 2.1% | - | -12.8% | -9.6% | -10.2% | - | -29.5% | -8.3% | -11.3% | - |
| EBITDA margin | 7.6% | - | -6.7% | -3.7% | -4.6% | - | -23.6% | -2.5% | -5.7% | - |
| Net margin | 0.3% | - | -9.1% | -5.7% | -5.5% | - | -12.8% | -3.2% | -4.8% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | -5.2% | - |
| FCF / Net income | - | - | - | - | - | - | - | - | 1.07 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 6.6% | - | 6.4% | 6.5% | 6.7% | - | 7.5% | 7.0% | 7.1% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | 0.2% | - | -4.6% | -2.8% | -2.6% | - | -5.6% | -1.3% | -2.2% | - |
| Return on equity | -0.9% | - | 169.0% | -45.8% | -32.4% | - | -38.6% | -7.2% | -12.8% | - |
| Return on invested capital | 5.6% | - | -17.9% | -18.4% | -17.8% | - | -33.3% | -8.3% | -13.1% | - |
| Liquidity | ||||||||||
| Current ratio | 0.33 | 0.24 | 0.32 | 0.31 | 0.38 | 0.37 | 0.53 | 0.69 | 0.55 | 0.55 |
| Quick ratio | 0.33 | 0.24 | 0.32 | 0.31 | 0.38 | 0.37 | 0.53 | 0.69 | 0.55 | 0.55 |
| Cash ratio | 0.05 | 0.05 | 0.09 | 0.08 | 0.08 | 0.08 | 0.16 | 0.21 | 0.08 | 0.12 |
| Leverage | ||||||||||
| Debt / Equity | -1.81 | -1.47 | -11.46 | 2.29 | 1.68 | 1.18 | 1.11 | 0.80 | 0.81 | 0.76 |
| Debt / Assets | 0.39 | 0.35 | 0.31 | 0.14 | 0.14 | 0.11 | 0.16 | 0.15 | 0.14 | 0.13 |
| Debt / EBITDA | 8.86 | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | -4.70 | -4.23 | -36.58 | 16.46 | 12.39 | 10.32 | 6.91 | 5.35 | 5.84 | 6.06 |
| Liabilities / Assets | 1.20 | 1.21 | 0.97 | 0.88 | 0.85 | 0.81 | 0.68 | 0.59 | 0.55 | 0.50 |
| Efficiency | ||||||||||
| Asset turnover | 0.57 | - | 0.51 | 0.49 | 0.48 | - | 0.43 | 0.42 | 0.45 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 9.6x | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | 0.5x | 0.4x | - | 26.4x | 19.0x | 41.8x | - |
| P / S | 0.1x | - | 0.1x | 0.1x | 0.1x | - | 8.8x | 8.4x | 15.8x | - |
| EV / EBITDA | 8.9x | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 3.5% | - | -4.7% | -6.2% | -3.9% | - | 25.6% | 15.2% | 28.6% | - |
| Revenue CAGR (3y) | 8.6% | - | 11.6% | 9.7% | 10.9% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | 58.7% | -8.9% | 13.1% | - | -216.4% | -49.0% | 10.2% | - |
| Net income growth (YoY) | - | - | 32.1% | -69.4% | -9.5% | - | -249.8% | -22.5% | -103.3% | - |
| EPS growth (YoY) | - | - | 37.6% | 16.9% | 21.5% | - | -12816.7% | -8233.3% | -3536.4% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 17.2% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | - | - | -73.4% | -56.9% | -46.6% | -35.9% | - | 2404.2% | 2327.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$1.52B totalCapitated Revenue$1.43B · 94.1%
Health Care Other$30.10M · 2.0%
Health Care Patient Service$30.10M · 2.0%
Health Care Incentive Fees$16.22M · 1.1%
Health Care Care Coordination Management Fees$10.82M · 0.7%
Health Care Clinical Fees Insurance Revenue$3.06M · 0.2%
Peer comparison
Same SIC group: Services-Health Services
Comparing P3 Health Partners Inc. against the 5 most active filers in the same SIC group.