P3 Health Partners Inc. (PIII)

Nasdaq: PIII · Services-Health Services · Chicago, IL · filing with the SEC since 2020

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Grade3.0

◀ Past 3.0● Present 3.9▶ Future 1.7

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of P3 Health Partners Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.0/10

◀ Past3.030% of the headline

● Present3.940% of the headline

▶ Future1.730% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.0/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

1.3/10

Has it survived what it has been through?

21 warning events since 2020; the latest 2026-05-26.

weight 33% of this tense · 13th percentile among 15 sector filers · read for itself

From the record

P3 Health Partners Inc.'s filings since 2020 show 21 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 8 times, the latest 2026-05-26); a warning not to rely on past financial statements (8-K item 4.02, 3 times, the latest 2022-04-25); an auditor change (8-K item 4.01, the latest 2021-12-09); a late-report notice (Form NT 10-K or NT 10-Q, 9 times, the latest 2024-03-12) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

4.7/10

What has it actually done, year after year?

+46.8% a year over 6 filed years; profitable in 0 of 6.

weight 45% of this tense · 47th percentile among 14 sector filers · read for its customers

From the record

P3 Health Partners Inc.'s 6 filed years say what it did: revenue went from $145 million in fiscal 2019 to $1.5 billion in fiscal 2025, up 46.8% a year; it rose in 4 of 5 years; the deepest fall was 3% from fiscal 2024 to fiscal 2025; net income was positive in 0 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span46.8%top 11% of its family
the share of years revenue rosebottom 39% of its family
the share of filed years with a profitbottom 14% of its family
the deepest fall from a revenue peak2.8%bottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.8/10

How has it treated the people who own it?

SI estimate 1.8/10, confidence 35 of 100 (one part).

weight 22% of this tense · 18th percentile among 14 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 18% of 14 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 14 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: P3 Health Partners Inc.'s shareholder treatment is put at 1.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 18% of 14 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.9/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.1/10

Is it financially healthy right now?

Leverage 124%: owes 124¢ per asset dollar.

weight 33% of this tense · 21st percentile among 14 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, P3 Health Partners Inc.'s shareholders' equity was below zero, so the profit on it is not read. Leverage: it owed about 124 cents per dollar of assets, and net share issuance: its share count grew 11.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 11% of its family
the share count against the year beforebottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

4.9/10

How strong is its position in its industry?

bottom 49% of 14 in its family; net margin -10.1%.

weight 45% of this tense · 49th percentile among 14 sector filers · read for its customers

From the record

P3 Health Partners Inc.'s standing among 14 graded names in its industry family: revenue of $1.5 billion in fiscal 2025 ranks in the top 11% by size; a net margin of -10.1% ranks in the bottom 32%; revenue growth of 11.6% a year over the last 3 filed years ranks in the bottom 25% (its annual reports).

What it rests on

revenue against the family$1.46Btop 11% of its family
net margin-10.1%bottom 32% of its family
three-year revenue growth11.6%bottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.6/10

What are the people in charge doing?

SI estimate 4.6/10, confidence 35 of 100 (one part).

weight 22% of this tense · 46th percentile among 13 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 46% of 13 in its family; the record of its people begins on 2021-12-03 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 4.9 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read: The record of its people begins on 2021-12-03 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 4.9 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 13 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: P3 Health Partners Inc.'s leadership is put at 4.6 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 46% of 13 in its family; the record of its people begins on 2021-12-03 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 4.9 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

1.7/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

1.8/10

How much room does it have to grow?

bottom 18% of 14 in its family for room to expand.

weight 22% of this tense · 18th percentile among 14 sector filers · read for itself

From the record

P3 Health Partners Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $26 million against debt of $228 million leaves -30.8% of its assets as net cash, bottom 4% of its family; cash from operations less capital spending is -6.3% of revenue (bottom 32%) (its annual report).

What it rests on

cash less debt against assets-30.8%bottom 4% of its family
cash from operations less capital spending against revenue-6.3%bottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

1.1/10

What could actually drive growth from here?

bottom 11% of 14 in its family for growth drivers.

weight 45% of this tense · 11th percentile among 14 sector filers · read for its customers

From the record

P3 Health Partners Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 11.6% a year over the last three filed years against 46.8% over all 6, slowing (bottom 11% of its family); the newest year grew -2.8% (bottom 11%) (its annual reports). P3 Health Partners Inc. reported 4 product lines in fiscal 2025: Capitated Revenue at $1.4 billion (98%), Health Care Incentive Fees at $16 million (1%), Health Care Care Coordination Management Fees at $11 million (1%), and 1 more; 2 of 4 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-35.2 points a yearbottom 11% of its family
the newest year's revenue growth-2.8%bottom 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

2.6/10

Did its newest year beat what its own record pointed to?

bottom 26% of 12 in its family for expectations against reality.

weight 33% of this tense · 26th percentile among 12 sector filers · read for its shareholders

From the record

P3 Health Partners Inc.'s newest year against its own record: revenue of $1.5 billion in fiscal 2025 came in 18.7% below the $1.8 billion its prior three years' pace pointed to (bottom 13% of its family); net income of $148 million against a prior three-year average of $155 million (bottom 21%); a net margin of -10.1% against -13.1% before (bottom 46%) (its annual reports).

What it rests on

revenue against the prior three years' pace-18.7%bottom 13% of its family
net income against the prior three years' average+4%bottom 21% of its family
net margin against its prior average+3.0 pointsbottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton PIII · research, not advice