PIII
P3 Health Partners Inc.
PIII lost money over the past year, so it has no meaningful PE right now. Analysts expect losses to shrink.
PIII Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Weak |
PIII's revenue is currently healthy, and its profitability is stable, but its cash flow and balance sheet are under pressure.
PIII PE Valuation
PIII has no meaningful PE right now: it lost money over the past year.
PIII Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| -- | |
| Limited | |
| -- |
Analysts expect PIII's losses to shrink, with revenue growing.
PIII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$33.06 | +$17.95 |
| Q1 2026 | -$38.66 | +$13.62 |
| Q4 2025 | -$45.26 | +$8.74 |
| Q3 2025 | -$45.18 | -$4.18 |
| Q2 2025 | -$51.01 | -$19.51 |
| Q1 2025 | -$52.28 | -$23.78 |
| Q4 2024 | -$54.00 | -$22.50 |
| Q3 2024 | -$41.00 | +$93.00 |
PIII is still losing money, but far less than before: $33.06 per share over the past year, against $134.00 at its worst in late 2023.
PIII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $396.3M | +15% |
| Q2 2026 | $386.4M | +8.6% |
| Q1 2026 | $386.4M | +3.5% |
| Q4 2025 | $384.8M | +3.8% |
| Q3 2025 | $345.3M | -4.7% |
| Q2 2025 | $355.8M | -6.2% |
| Q1 2025 | $373.2M | -3.9% |
| Q4 2024 | $370.7M | +6.9% |
PIII's revenue has grown year over year for four quarters in a row: $396M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +19 points |
| Q2 2026 | 11% | +20 points |
| Q1 2026 | 2.1% | +12 points |
| Q4 2025 | -40% | -2.6 points |
| Q3 2025 | -13% | +17 points |
| Q2 2025 | -9.6% | -1.3 points |
| Q1 2025 | -10% | +1.1 points |
| Q4 2024 | -37% | -19 points |
PIII's operating margin was 5.8% last quarter, up 19 points from the same quarter a year ago, near the top of its range since 2020.
PIII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$61.9M | -$45.3M |
| Q1 2026 | -$27.5M | +$6M |
| Q4 2025 | -$25.7M | +$31.5M |
| Q2 2025 | -$16.6M | -$6.4M |
| Q1 2025 | -$33.5M | -$13.4M |
| Q4 2024 | -$57.2M | -$41.6M |
| Q3 2024 | -$22.6M | -$14.6M |
| Q2 2024 | -$10.2M | +$19.8M |
PIII has burned cash in almost every quarter: −$116M over the past year, against −$130M the year before.
PIII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +97% | +3.3M shares |
| 1 year | +103% | +3.4M shares |
| 3 years | +6% | +373K shares |
PIII has 7M diluted shares, up 103% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | $180,000 |
| Q1 2020 | — |
PIII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 28.6x | High |
PIII's net debt is more than 20 years of its operating earnings (EBITDA).
PIII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.3 | Oversold |
| Stochastic | 2.8 | Oversold |
PIII's weekly RSI is 29 (oversold) and its Stochastic is 3 (oversold).
PIII PE vs Healthcare Sector
PIII has no meaningful PE right now: it lost money over the past year.
PIII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.68 | 41% below |
| 20 week MA | $7.81 | 65% below |
| 50 week MA | $6.16 | 55% below |
| 100 week MA | $7.25 | 62% below |
| 200 week MA | $34.7 | 92% below |
PIII is in a downtrend: it's below all five of its weekly moving averages, and 92% below its 200-week average.
PIII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $488.5 | $363.0 | -26% |
| 2022 | $363.0 | $101.5 | -72% |
| 2023 | $101.5 | $70.5 | -31% |
| 2024 | $70.5 | $10.0 | -86% |
| 2025 | $10.0 | $3.57 | -64% |
| 2026 YTD | $3.57 | $2.75 | -23% |
PIII has finished every year since 2021 lower, and it's down 23% so far in 2026.