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PIII

P3 Health Partners Inc.

PIII

P3 Health Partners Inc. • NASDAQ
$5.40 ▼ -3.57% (-0.20)
Market Cap $17.65 M
52w High $14.50
52w Low $4.97
Dividend Yield 0%
P/E -0.09
Volume 2.14K
Outstanding Shares 3.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $345.253M ▼ $19.687M ▼ $-31.587M ▼ -9.149% ▼ $-9.67 ▼ $-27.89M ▼
Q2-2025 $355.788M ▼ $389.912M ▲ $-20.362M ▲ -5.723% ▼ $-6.23 ▲ $-10.456M ▲
Q1-2025 $373.225M ▲ $32.308M ▼ $-20.48M ▲ -5.487% ▲ $-6.28 ▲ $-13.396M ▲
Q4-2024 $370.686M ▲ $509.189M ▲ $-58.617M ▼ -15.813% ▼ $-18.02 ▼ $-96.209M ▼
Q3-2024 $362.124M $469.114M $-46.512M -12.844% $-14.37 $-79.135M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $37.714M ▼ $683.564M ▼ $664.636M ▲ $-18.686M ▼
Q2-2025 $38.581M ▼ $731.585M ▼ $644.407M ▼ $44.459M ▼
Q1-2025 $40.082M ▲ $783.87M ▲ $662.791M ▲ $63.25M ▼
Q4-2024 $38.816M ▼ $783.42M ▼ $633.891M ▲ $75.936M ▼
Q3-2024 $62.962M $833.333M $569.422M $120.514M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-31.587M ▲ $-15.412M ▲ $-119K ▼ $14.666M ▲ $-865K ▲ $-15.531M ▲
Q2-2025 $-43.665M ▲ $-16.633M ▲ $50K ▲ $14.617M ▼ $-1.966M ▲ $-16.633M ▲
Q1-2025 $-44.246M ▲ $-33.466M ▲ $0 ▲ $30.657M ▼ $-2.809M ▲ $-33.466M ▲
Q4-2024 $-58.617M ▼ $-57.238M ▼ $-475K ▼ $33.717M ▲ $-23.996M ▼ $-57.238M ▼
Q3-2024 $-46.512M $-22.618M $15M $-2.486M $-10.104M $-22.618M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Capitated Revenue
Capitated Revenue
 $370.00M ▲$360.00M ▼$740.00M ▲$350.00M ▼
Health Care Patient Service
Health Care Patient Service
 $0 ▲$0 ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last few years, showing that the core care model is gaining traction and scale. However, the company is still operating at a loss, with negative operating income and EBITDA throughout the period. The direction of travel is positive: losses have narrowed meaningfully from the very heavy loss period around 2022 to more moderate losses recently. Margins remain thin and volatile, including periods of negative gross profit, which signals that medical cost management and contract quality are still key pressure points. Overall, the income statement tells a story of a business moving toward better efficiency but not yet at a stable or sustainable profit level.

Balance Sheet

Balance Sheet The balance sheet is relatively light for a healthcare platform business, reflecting the asset-light, partnership-driven model. Total assets have come down from their peak after the SPAC period, and cash reserves are modest, leaving a limited cushion against ongoing losses. Debt has crept higher over time, while equity is positive but thin, which means the company does not have a large capital buffer to absorb major setbacks. This combination suggests some financial fragility: there is not a lot of room for prolonged cash burn or operational missteps without seeking additional funding or restructuring obligations. The balance sheet fits a capital-efficient strategy, but it also heightens sensitivity to execution risk.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, which means the company is still consuming cash to fund its business rather than generating it. Free cash flow mirrors operating cash flow (since capital spending is minimal), reinforcing that the model depends heavily on improving operations rather than cutting big investment projects. The pace of cash burn has improved, moving from more substantial outflows to smaller but still meaningful ones, suggesting better cost discipline and more efficient growth. Even so, the business is not yet self-funding, so its future path hinges on either reaching operating breakeven or securing ongoing access to outside capital. The cash flow profile is typical of a turnaround-stage healthcare platform but remains a key risk area.

Competitive Edge

Competitive Edge P3 operates in a highly competitive slice of healthcare—value-based care for seniors—alongside well-known peers, yet it differentiates itself with a strongly physician-led and partnership-based approach. Instead of owning many clinics outright, P3 plugs into existing primary care practices, which can be more capital-efficient and faster to scale if relationships are strong. Its focus on Medicare Advantage and deep integration with community providers gives it a clear niche and potentially strong local loyalty where it achieves density. At the same time, its smaller scale, ongoing losses, and limited balance sheet strength leave it more exposed than larger rivals that have deeper pockets or more diversified operations. The competitive position is promising in concept but still in the proof phase in terms of durable scale and consistent economics.

Innovation and R&D

Innovation and R&D The company’s real innovation is in its care model and technology enablement rather than traditional lab-style R&D. P3’s partnership with a leading healthcare data platform, together with its own technology hub, allows it to blend clinical and claims data to guide more proactive, preventive care. The model emphasizes care teams, coordinated chronic disease management, and tools that lighten the administrative load on physicians, which can improve both outcomes and provider satisfaction. Its focus on AI, automation, and data-driven insights is aligned with where value-based care is heading, and programs like P3 Restore show attention to clinician burnout—a critical issue in this sector. Future innovation will likely come from better using data to control medical costs and scaling the existing platform rather than building entirely new lines of business in the near term.

Summary

P3 Health Partners is a physician-centric value-based care company that has grown revenue and improved its loss profile, but it remains unprofitable and cash-flow negative. The business model is asset-light and relationship-driven, which supports capital efficiency but also results in a relatively thin balance sheet and modest cash reserves. Competitive strengths center on its physician-led culture, Medicare Advantage focus, and data-enabled care model, backed by partnerships in health analytics and AI. However, the company operates in a crowded, fast-evolving space and has less financial flexibility than some larger peers, making execution on its turnaround plan especially important. Overall, P3 looks like a developing turnaround story: operational metrics show progress, but the core financial question—reaching durable profitability and self-funding operations—remains open.

NEWS

November 24, 2025 · 4:05 PM UTC

P3 Health Partners to Present at the Noble Capital Markets 21st Annual Emerging Growth Equity Conference

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November 13, 2025 · 5:30 PM UTC

P3 Health Partners Announces Third Quarter 2025 Results

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October 21, 2025 · 4:05 PM UTC

P3 Health Partners Schedules Third Quarter 2025 Earnings Release and Conference Call

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September 17, 2025 · 4:05 PM UTC

P3 Health Partners to Participate in the Jefferies Healthcare Services Conference

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