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what it is
P3 Health Partners manages patient care through local doctors across 18 counties in five states.
how it gets paid
Last year Health Partners made $1.5B in revenue. Population health management was the main engine at $0.70B, or 47% of sales.
what just happened
The latest quarter showed a -$22.18 EPS loss on $1.1B of revenue.
At a glance
C balance sheet — red flag territory — real financial stress
772.3% return on capital — a money-printing machine
-$47.00 fy2024 eps est
$2B fy2026 rev est
21.4% operating margin
xvary composite: 19/100 — weak
What they do
P3 Health Partners manages patient care through local doctors across 18 counties in five states.
P3 does not need to own clinics. affiliate model → contracts with doctors instead of buying clinics → you get a network without the capital bill. It operates across 18 counties in five states, so your care is already stitched into a local system.
How they make money
$1.5B
annual revenue
Population health management
$0.70B
Care coordination
$0.35B
Administrative services
$0.20B
Physician network services
$0.15B
Joint ventures and other
$0.10B
The products that matter
manages care under fixed payments
Medicare Advantage Management
$341.6M quarterly capitated revenue
This is the core business. It generated $341.6M last quarter, but that was 4.6% lower than from a year ago. If this line does not stabilize, the rest of the story does not matter.
core revenue engine
everything outside core capitation
Other Revenue
$130M annualized snapshot line
At 8.7% of the disclosed mix, this bucket is too small to offset weakness in the main capitated business. You can think of it as support revenue, not the thesis.
8.7% of mix
Key numbers
-$47.00
fy2024 eps est
$2B
fy2026 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $226M (91% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for PIII right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed a -$22.18 EPS loss on $1.1B of revenue.
Revenue jumped 211% vs. prior year, but profit stayed negative. The gap between growth and earnings is still the story.
$375M
revenue
-$22.18
eps
21.4%
operating margin
profit gap
The -$22.18 EPS loss matters most because it shows more revenue still has not turned into profit.
source: EDGAR filing and company financial data, 2025
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What could go wrong
the #1 risk is Nasdaq delisting due to exchange non-compliance.
med
Nasdaq delisting
The company has already received a notice for non-compliance with listing requirements. On a stock with a market cap measured in tens of millions, exchange access matters a lot.
A delisting would directly damage liquidity and make future capital raising even harder.
med
Persistent operating losses
Adjusted EBITDA was -$45.9M in the latest quarter despite $341.6M in capitated revenue. That gap tells you the business model is still not carrying its own weight.
If losses stay near this level, outside financing stays part of the story and the equity keeps getting diluted by reality.
med
Debt load dominates the capital structure
Long-term debt is $226M, or 91% of capital. You're not looking at a company with flexibility. You're looking at a company with obligations.
Interest and covenant pressure can limit strategic options even if operations improve modestly.
med
Core revenue erosion
Capitated revenue fell 4.6% from a year ago, and that is the core economic engine. A value-based care model does not get easier when membership economics weaken.
This risk touches 91.3% of the disclosed revenue mix, so a continued decline would pressure the whole business.
A listing issue, a -$45.9M quarterly EBITDA loss, and $226M of debt against a sub-$25M equity value is not a normal risk stack. It is the whole story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 and full-year 2025 earnings
Results are scheduled for March 26, 2026. This is the next hard reset for the story, and you need to see both operating improvement and clean messaging on liquidity.
risk
Nasdaq listing status
If compliance is resolved, one overhang comes off. If it is not, liquidity risk becomes front and center again.
metric
Adjusted EBITDA loss
The latest number was -$45.9M. You do not need profitability next quarter, but you do need that loss moving in the right direction.
trend
Capitated revenue direction
The latest quarter fell 4.6% from a year ago. If the core line keeps shrinking, the turnaround case starts running out of runway.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for PIII is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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