P3 Health Partners (PIII)
NASDAQ:PIII
Want to see PIII full AI Analyst Report?
Top Page
P3 Health Partners
(NASDAQ:PIII)
Select Model
Select Model
Rating:45Neutral
Price Target:
$3.00
▼(-14.29% Downside)
Action:ReiteratedDate:04/29/26
The score is primarily held down by weak financial performance—persistent losses, ongoing cash burn, and negative equity. Technicals are neutral-to-slightly improved in the near term but still weak versus longer-term averages, while valuation remains constrained by negative earnings and no dividend support. Corporate actions provide some near-term balance-sheet support, but introduce senior, high-cost preferred capital that limits upside for common shareholders.
Positive Factors
Long-term Medicare Advantage contract through 2030
A multi-year services agreement running to 2030 provides durable revenue visibility and deeper payer integration. Initial fee-for-service payments then shifting to global risk in 2028 create a pathway to higher-margin, risk-bearing economics and strengthen strategic alignment with Medicare Advantage trends.
Negative Factors
Persistent unprofitability and negative EBITDA
Chronic losses and negative EBITDA indicate the core operating model has not yet reached sustainable margins. This structural profitability gap requires continuing external capital to fund operations, limits reinvestment capacity, and raises the risk that scale alone may not translate into durable earnings without meaningful cost and care-management improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term Medicare Advantage contract through 2030
A multi-year services agreement running to 2030 provides durable revenue visibility and deeper payer integration. Initial fee-for-service payments then shifting to global risk in 2028 create a pathway to higher-margin, risk-bearing economics and strengthen strategic alignment with Medicare Advantage trends.
Read all positive factors
P3 Health Partners (PIII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.63M
Dividend YieldN/A
Average Volume (3M)7.40K
Price to Earnings (P/E)―
Beta (1Y)0.13
Revenue Growth-2.76%
EPS Growth-1.22%
CountryUS
Employees360
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-45.20
Shares Outstanding3,294,290
10 Day Avg. Volume4,406
30 Day Avg. Volume7,400
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)-0.07
Price to Sales (P/S)0.00782
P/FCF Ratio-0.13
Enterprise Value/Market Cap1.98
Enterprise Value/Revenue0.03
Enterprise Value/Gross Profit0.16
Enterprise Value/Ebitda-0.22
Forecast
1Y Price Target
$3.50Price Target Upside0.00%
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-9.59
Revenue Forecast (FY)$1.54B
P3 Health Partners Business Overview & Revenue Model
Company Description
P3 Health Partners Inc., a patient-centered and physician-led population health management company, provides superior care services in the United States. It operates clinics and wellness centers. The company is based in Henderson, Nevada....
How the Company Makes Money
P3 Health Partners makes money primarily through value-based care arrangements in which it is paid to manage the total cost and quality of care for attributed patient populations (most notably Medicare Advantage members). Under these models, reven...
P3 Health Partners Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted several positive developments, including increased capitated revenue, successful operational improvements, strategic ventures, and reduced operating expenses. However, these are counterbalanced by significant adjusted EBITDA losses and revised financial guidance, indicating ongoing financial challenges.Positive Updates
Capitated Revenue Increase
Capitated revenue increased by roughly 6%, demonstrating the impact of clinical programs and utilization management efforts.
Negative Updates
Adjusted EBITDA Loss
Adjusted EBITDA loss for the quarter was $45.9 million, with a year-to-date adjusted EBITDA loss of $85.2 million.
Read all updates
Q3-2025 Updates
Positive
Negative
Capitated Revenue Increase
Capitated revenue increased by roughly 6%, demonstrating the impact of clinical programs and utilization management efforts.
Read all positive updates
Company Guidance
During P3 Health's Third Quarter 2025 Earnings Call, the company provided guidance on its financial performance and strategic initiatives. The call highlighted a 6% increase in capitated revenue and a significant $100 million year-over-year improvement in EBITDA, despite an adjusted EBITDA loss of $45.9 million for the quarter. P3 Health reported a normalized adjusted EBITDA loss of approximately $70 million year-to-date and revised its full-year adjusted EBITDA guidance to a range of minus $110 million to minus $95 million. The company is focusing on operational improvements, including a strategic joint venture to add 13,000 fully accretive ACO members and a pipeline of 25,000 Medicare Advantage lives for 2026. Medical margin for the quarter was reported at $4.4 million, or $13 PMPM, while operating expenses improved by $10.4 million, or 33%, compared to the previous year. The company is executing on an EBITDA expansion opportunity of $120 million to $170 million over the next five quarters, driven by factors such as improved provider alignment and clinical program scaling, with expectations for meaningful profitability in 2026.P3 Health Partners Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.46B | 1.50B | 1.27B | 1.05B | 637.36M |
| Gross Profit | -144.32M | 1.50B | 1.27B | 1.05B | -30.70M |
| EBITDA | -186.14M | -197.76M | -81.07M | -1.46B | -184.61M |
| Net Income | -147.95M | -135.85M | -57.77M | -270.13M | -156.48M |
Balance Sheet | |||||
| Total Assets | 656.64M | 783.42M | 860.97M | 876.74M | 2.36B |
| Cash, Cash Equivalents and Short-Term Investments | 25.01M | 38.82M | 36.32M | 18.46M | 140.48M |
| Total Debt | 287.29M | 166.16M | 124.64M | 107.54M | 92.02M |
| Total Liabilities | 796.88M | 633.89M | 427.31M | 354.08M | 299.94M |
| Stockholders Equity | -155.23M | 75.94M | 142.13M | 5.85M | 273.55M |
Cash Flow | |||||
| Free Cash Flow | -91.16M | -110.13M | -77.86M | -128.25M | -69.88M |
| Operating Cash Flow | -91.24M | -110.13M | -76.03M | -126.02M | -66.47M |
| Investing Cash Flow | 129.00K | 14.53M | -1.83M | -7.73M | -56.07M |
| Financing Cash Flow | 72.81M | 98.77M | 100.33M | 11.38M | 223.47M |
P3 Health Partners Technical Analysis
Neutral
3.50
Price Trends
2.54
Positive
3.19
Negative
5.51
Negative
Market Momentum
-0.06
Positive
48.82
Neutral
39.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PIII, the sentiment is Neutral. The current price of 3.5 is above the 20-day moving average (MA) of 2.72, above the 50-day MA of 2.54, and below the 200-day MA of 5.51, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 48.82 is Neutral, neither overbought nor oversold. The STOCH value of 39.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PIII.
P3 Health Partners Risk Analysis
P3 Health Partners disclosed 62 risk factors in its most recent earnings report. P3 Health Partners reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
P3 Health Partners Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.14B | 31.06 | 9.31% | ― | 36.31% | 18.03% | |
63 Neutral | $1.10B | -9.24 | -9.16% | ― | 14.13% | 62.92% | |
54 Neutral | $375.59M | -120.27 | 759.71% | ― | 27.79% | 20.34% | |
52 Neutral | $463.98M | 1.10 | -116.65% | ― | -2.11% | -55.51% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $61.44M | -0.16 | -71.45% | ― | -47.74% | -1056.93% | |
45 Neutral | $20.63M | -0.08 | -257.39% | ― | -2.76% | -1.22% |
* Healthcare Sector Average
PIII
P3 Health Partners
2.86
-5.76
-66.82%
PNTG
Pennant Group
32.53
4.77
17.18%
TOI
Oncology Institute
3.80
1.05
38.18%
DCGO
DocGo
0.62
-1.78
-74.08%
INNV
InnovAge Holding
8.12
4.86
149.08%
AGL
Agilon Health
27.85
-56.90
-67.14%
P3 Health Partners Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
P3 Health Partners Restructures Debt and Raises New Capital
Positive
Apr 28, 2026
On April 27, 2026, P3 Health Partners Inc. and its subsidiary P3 Health Group, LLC entered into a Debt Exchange Agreement with affiliates of Chicago Pacific Founders, converting approximately $252.5 million of outstanding promissory notes into mul...
Business Operations and Strategy
P3 Health Partners Signs Long-Term Medicare Advantage Insurer Deal
Positive
Mar 25, 2026
On March 19, 2026, P3 Health Partners entered into a long-term Statement of Work and related Master Services Agreement with a large nonprofit health insurer in Nebraska to support primary care providers in the insurer’s Medicare Advantage ne...
Business Operations and StrategyPrivate Placements and Financing
P3 Health Partners Extends Availability of Growth Financing
Positive
Feb 17, 2026
On February 11, 2026, P3 Health Group, LLC amended an existing unsecured promissory note with VBC Growth SPV 5, LLC, changing the terms originally set on May 29, 2025. The amendment extends the availability period for drawing the remaining $19.0 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.