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MARKETS / NASDAQ / PIII
NASDAQ · SERVICES-HEALTH SERVICES · SMALL CAP

P3 Health Partners Inc. PIII

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.5B
▼ 2.8% YoY
$-147.9M
In brief

What this company does

P3 Health Partners operates a platform focused on Medicare Advantage that manages member needs through subscription-like per-member-per-month arrangements with health plans and payors. As of December 31, 2025, the company had approximately 320 full-time employees. As of December 31, 2025, it had contracted with 2,400 primary care physicians. Its current markets include Arizona, California, Nevada, and Oregon. Four health plans, through contracts to provide capitated care services for their members, collectively accounted for approximately 75% of its total revenue for the year ended December 31, 2025. The company was incorporated in Delaware as Foresight Acquisition Corp. on August 20, 2020.

Written from the business description in P3 Health Partners Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 March 2026. Every sentence was checked against that document before publication.

Growth
USD 1.5B
Revenue, FY2025 · full 6-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.5 · Net income -0.1
0.8B-0.1B-0.2B201920202022202320242025
Compound annual growth
+11.6%
+24.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +24.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−22 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -18.5% · Net -22.1%
-50%-100%201920202022202320242025
ROE
FY2024 · ROE -124.6%
-50%-100%-150%201920202022202320242025

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF -110.1
-50M-100M201920202022202320242025

Total assetsUSD 656.6M
EquityUSD -155.2M
CashUSD 25.0M
Gross debtUSD 273.4M
Net debtUSD 248.4M
Current ratio0.24×

Equity was negative — liabilities exceeded assets. No ratio is shown.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220202019
Revenue $B1.51.51.31.00.50.1
Operating income $B−0.3−0.3−0.2−1.6−0.0−0.0
EBITDA $B−0.3−0.3−0.2−1.6−0.0−0.0
Income tax $B0.00.00.00.00.00.0
Net income $B−0.1−0.1−0.1−0.3−0.0−0.0
Free cash flow $B·−0.1−0.1−0.1−0.0−0.0
EPS, diluted $−45.26−54.06−0.63−6.50··
Dividend / sh $······
Payout %······
ROE %·−124.6−78.1−193.4··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 23 reconciliationsAUDITED

Reconciled in 7 of 19 fiscal years. 53 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Health Services
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2019

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