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PIIIW

P3 Health Partners Inc.

PIIIW

P3 Health Partners Inc. • NASDAQ
$0.01 ▲ 9.52% (+0.00)
Market Cap $30017
52w High $0.01
52w Low $0.01
Dividend Yield 0%
P/E -0.01
Volume 59.07K
Outstanding Shares 3.26M

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 Q3-2024Q4-2024Q1-2025Q2-2025
Capitated Revenue
Capitated Revenue
 $360.00M ▲$740.00M ▲$370.00M ▼$350.00M ▼
Health Care Patient Service
Health Care Patient Service
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing solidly over the past few years, which suggests the care model is gaining traction and the company is signing up more members or contracts. At the same time, the business is still not consistently profitable: operating results and net income remain negative, and margins are thin or even negative at the gross profit level in the most recent year. The direction of losses has improved compared with the deep loss period a couple of years ago, but the company is still in a scale‑up, turnaround phase rather than a steady, mature earnings phase. Overall, this looks like a growth story in healthcare services that has yet to fully prove durable profitability.

Balance Sheet

Balance Sheet The balance sheet looks relatively light and lean, with modest total assets and only a small cushion of equity. Cash on hand is limited, so the company does not appear to have a large safety buffer to absorb shocks. Debt has crept up over time but still sits at a level that is meaningful relative to the company’s size. Equity has moved from negative to positive, which is a constructive sign, but the overall capital base is thin. This combination points to a business that needs to carefully manage risk, funding, and growth commitments, as it does not have a fortress-like balance sheet to fall back on.

Cash Flow

Cash Flow The company has been consistently using cash rather than generating it from its core operations, which is typical for a business still building scale in a complex sector like value‑based care. Free cash flow is negative and closely tracks operating cash flow, since capital spending has been minimal. That means cash burn is mainly driven by the underlying economics and ramp-up of the model, not heavy investment in physical assets. Over time, the key question is whether improving operations and market density can turn this into a self‑funding business before cash resources or financing options become constrained.

Competitive Edge

Competitive Edge P3 operates in the attractive but highly competitive space of value‑based care and Medicare Advantage. Its main strengths are a physician‑led structure, high reported physician retention, and a service model that removes administrative burden from doctors while helping payers manage costs. These factors can create sticky relationships with both providers and health plans. The flip side is that the company is still relatively small in an industry dominated by larger, well‑capitalized players, and it faces ongoing regulatory and reimbursement uncertainty in government-backed programs. Execution quality, contract performance, and maintaining trust with physicians and payers will be critical to sustaining any edge.

Innovation and R&D

Innovation and R&D Innovation is centered on a data‑driven, population health platform rather than traditional lab-style R&D. The partnership with an AI health data company and the internal technology hub are designed to integrate clinical and claims data, automate administrative work, and support more proactive patient care. P3 is also experimenting with in‑home and virtual care, hospital‑at‑home collaborations, and care teams that extend beyond the clinic. These initiatives could deepen the moat if they truly improve outcomes and lower costs at scale, but they also introduce technology and integration risk: the company must prove it can deploy AI and analytics in a way that is reliable, clinically sound, and financially accretive.

Summary

P3 Health Partners is an early-stage, value‑based healthcare platform that has grown revenue meaningfully and built a differentiated, physician‑centric model, but it remains in a loss‑making and cash‑consuming phase. The balance sheet is relatively thin, leaving less room for missteps, and ongoing access to capital or rapid improvement in operating performance will matter. On the strategic side, its focus on Medicare Advantage, strong physician engagement, and AI‑enabled population health tools provide a credible path to differentiation in a crowded market. The key uncertainties are the speed at which the company can reach durable profitability, how it navigates reimbursement and regulatory shifts, and whether its technology and care model can consistently outperform larger, better‑funded competitors.