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P3 Health Partners (PIII) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

P3 Health Partners
NasdaqCM•Healthcare•Medical Care Facilities
$7.61-0.36(-0.05%)Pre-market
Market Cap
$26.86M
P/S
0.0x
P/B
0.4x

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 was founded in 2020 and is based in Henderson, Nevada.

C

How this company scores

AverageMetricSide Score: 41/100

Strongest: Balance Sheet & Red Flags (14/25); weakest: Cash & Earnings Quality (6/25).

Profitability9/25
Growth12/25
Balance Sheet & Red Flags14/25
Cash & Earnings Quality6/25
Strengths
Profit converts from growthImproving leverageImproving marginsNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 0.0x5y range 0.0x – 58.5x
P/S 0.0x · below its 17-quarter median

Currently below its 17-quarter median.

P/B · 0.4x5y range 0.4x – 653.5x
P/B 0.4x · below its 13-quarter median

Currently below its 13-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume
Market Cap $26.86M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$1.47B
2Q
Q. Revenue
$386.38M
4%
TTM EBITDA
$-28.88M
3Q
TTM Op. Income
$-28.88M
3Q
Q. Op. Income
$41.23M
2Q
TTM Net Income
$-43.28M
3Q
Q. Net Income
$7.44M
2Q
EPS
$-0.63
90%
Shares Out.
$3.36M
4Q
$1.47B in TTM revenue declined 0.8% YoY, reaching $386.38M last quarter. TTM EBITDA of $-28.88M and TTM operating income of $-28.88M show growth is flowing through to the bottom line. However, net income is negative at $43.28M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
10.7%
2Q
Op. Margin
10.7%
2Q
Net Margin
1.9%
2Q
Op. margin of 10.7% is up 20.9% YoY — cost efficiency is improving. Net margin at 1.9% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
0.0x
1%
P/B Ratio
0.4x
99%
P/S of 0.0x and P/B of 0.4x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$654.39M
4Q
Cash
$21.27M
4Q
Long-Term Debt
$98.05M
8%
Book Value
$73.19M
16%
D/E Ratio
1.3
21%
Debt/EBITDA
2.4
With $654.39M in assets and $98.05M in long-term debt, D/E is 1.3and book value is $73.19M — moderate leverage. Over the past year, debt/equity is up 21% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-61.91M
2Q
TTM Free Cash Flow
$-121.55M
2%
FCF Margin
-8.2%
1%
FCF / Net Income
2.8
3Q
TTM FCF of $-121.55M on $-61.91M in operating cash flow. The FCF / Net Income ratio of 2.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 2% — a weakening trend.

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Leverage Risk

Watch

Debt-to-equity has risen 21.2% recently — increasing financial risk even if the current ratio is manageable.

Revenue Decline

Watch

Revenue has softened, declining in 3 quarters. Watch for further erosion.

Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.