A Business at a Glance
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We were incorporated in Delaware as Foresight Acquisition Corp. (“Foresight”) on August 20, 2020. On December 3, 2021 (the “Closing Date”), we completed the Business Combinations (defined and discussed more fully below) with P3 Health Group Holdings, LLC, a Delaware limited liability company (“P3 Health Group Holdings”) and we changed our name to P3 Health Partners Inc. Following the Business Combinations, we are organized in an “Up-C” structure, in which P3 Health Partners Inc. is the sole manager of P3 Health Group, LLC and directly owns approximately 45% of P3 Health Group, LLC as of December 31, 2024. Substantially all of the Company’s assets are held and operations are conducted by P3 LLC and its subsidiaries, and the Company’s only assets are equity interests in P3 LLC.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.5B | 1.3B | 1.0B | 579M | 491M |
| Net Income | -131M | -136M | -58M | -270M | -146M | -31M |
| EPS | $-44.18 | $-54.00 | $-31.50 | $-325.00 | $-30.05 | $-6.45 |
| Free Cash Flow | 0 | -110M | -78M | -128M | -54M | -28M |
| ROIC | -102.5% | -82.0% | -23.1% | -1490.4% | -6.8% | - |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 2.04 | 0.76 | 16.13 | 0.04 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -255M | -321M | -168M | -1.6B | -129M | -29M |
| Operating Margin | -17.6% | -21.4% | -13.3% | -148.7% | -22.3% | -5.8% |
| ROE | 0.0% | -124.6% | -40.6% | -4614.4% | -7.1% | - |
| Shares Outstanding | 3M | 3M | 7M | 6M | 5M | 5M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 491M | 579M | 1.0B | 1.3B | 1.5B | 1.4B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -29M | -129M | -1.6B | -168M | -321M | -255M |
| Op. Margin | -5.8% | -22.3% | -148.7% | -13.3% | -21.4% | -17.6% |
| Net Income | -31M | -146M | -270M | -58M | -136M | -131M |
| Net Margin | -6.4% | -25.3% | -25.7% | -4.6% | -9.1% | -9.1% |
| Non-Recurring | 0 | 0 | 1.3B | 0 | 13M | 13M |
| Returns on Capital | ||||||
| ROIC | N/A | -6.8% | N/M | -23.1% | -82.0% | -102.5% |
| ROE | N/A | -7.1% | -4614.4% | -40.6% | -124.6% | 0.0% |
| ROA | -29.5% | -6.2% | -30.8% | -6.7% | -16.5% | -19.2% |
| Cash Flow | ||||||
| Op. Cash Flow | -25M | -51M | -126M | -76M | -110M | -123M |
| Free Cash Flow | -28M | -54M | -128M | -78M | -110M | 0 |
| Owner Earnings | -26M | -56M | -233M | -169M | -202M | -215M |
| CapEx | 2.9M | 3.3M | 2.2M | 1.8M | 0 | 0 |
| Maint. CapEx | 795K | 1.6M | 87M | 87M | 86M | 86M |
| Growth CapEx | 2.1M | 1.7M | 0 | 0 | N/A | 0 |
| D&A | 795K | 1.6M | 87M | 87M | 86M | 86M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 447K | 3.7M | 19M | 6.0M | 5.8M | 5.8M |
| Debt Repayment | 1.5M | 186K | 3.6M | 0 | 31M | 31M |
| Balance Sheet | ||||||
| Net Debt | 9.2M | -57M | 77M | 72M | 116M | 215M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 38M |
| Long-Term Debt | 45M | 80M | 94M | 108M | 90M | 90M |
| Debt/Equity | N/A | 0.04 | 16.13 | 0.76 | 2.04 | 0.00 |
| Interest Coverage | -41.7 | -46.2 | -273.2 | -28.9 | -22.6 | -22.6 |
| Equity | N/A | 2.1B | 5.9M | 142M | 76M | -19M |
| Total Assets | 106M | 2.4B | 877M | 861M | 783M | 684M |
| Total Liabilities | N/A | 300M | 354M | 427M | 634M | 665M |
| Intangibles | 871K | 2.1B | N/A | N/A | N/A | N/A |
| Retained Earnings | -130M | -39M | -310M | -367M | -503M | -503M |
| Working Capital | 265K | 1.1M | -141M | -133M | -312M | -312M |
| Current Assets | 91M | 200M | 101M | 166M | 184M | 184M |
| Current Liabilities | 91M | 199M | 242M | 299M | 496M | 496M |
| Per Share Data | ||||||
| EPS | -6.45 | -30.05 | -325.00 | -31.50 | -54.00 | -44.18 |
| Owner EPS | -5.30 | -11.58 | -36.83 | -23.49 | -80.27 | -65.29 |
| Book Value | N/A | 423.67 | 0.93 | 19.79 | 30.18 | -5.69 |
| Cash Flow/Share | -5.05 | -10.49 | -19.95 | -10.59 | -43.78 | -13.69 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 4.9M | 4.9M | 6.3M | 7.2M | 2.5M | 3.3M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | -0.1 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 0.8 | 90.1 | 3.9 | 0.3 | N/A |
| Price/Sales | N/A | 4.1 | 1.6 | 0.5 | 0.1 | 0.0 |
| FCF Yield | N/A | -3.1% | -24.3% | -14.2% | -437.8% | N/A |
| Market Cap | N/A | 1.8B | 528M | 549M | 25M | 7.8M |
| Avg. Price | N/A | 488.61 | 264.04 | 92.73 | 31.64 | 2.36 |
| Year-End Price | N/A | 360.00 | 83.50 | 76.50 | 10.00 | 2.36 |
P3 Health Partners Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
P3 Health Partners Inc. (PIII) has a 5-year average return on invested capital (ROIC) of -37.3%. This is below average and may indicate limited pricing power.
P3 Health Partners Inc. (PIII) has a market capitalization of $8M. It is classified as a small-cap stock.
P3 Health Partners Inc. (PIII) does not currently pay a regular dividend.
P3 Health Partners Inc. (PIII) operates in the Services-Health Services industry, within the Healthcare sector.
P3 Health Partners Inc. (PIII) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
P3 Health Partners Inc. (PIII) has a net profit margin of -9.1%. The company is currently unprofitable.
P3 Health Partners Inc. (PIII) generated $-110 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
P3 Health Partners Inc. (PIII) has a debt-to-equity ratio of 2.04. This indicates higher leverage, which may increase financial risk.
P3 Health Partners Inc. (PIII) reported earnings per share (EPS) of $-54.00 in its most recent fiscal year.
P3 Health Partners Inc. (PIII) has a return on equity (ROE) of -124.6%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 5 years of financial data for P3 Health Partners Inc. (PIII), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
P3 Health Partners Inc. (PIII) has a book value per share of $30.18, based on its most recent annual SEC filing.