P3 Health Partners Inc. PIII
We were incorporated in Delaware as Foresight Acquisition Corp. ("Foresight") on August 20, 2020. On December 3, 2021 (the "Closing Date"), we completed the Business Combinations (defined and discussed more fully below) with P3 Health Group Holdings, LLC, a Delaware limited liability company ("P3 Health Group Holdings") and we changed our name to P3 Health Partners Inc. Following the Business Combinations, we are organized in an "Up-C" structure, in which P3 Health Partners Inc. is the sole manager of P3 Health Group, LLC and directly owns approximately 46% of P3 Health Group, LLC as of December 31, 2025. Substantially all of the Company's assets are held and operations are conducted by P3 LLC and its subsidiaries, and the Company's only assets are equity interests in P3 LLC.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.46B | $1.50B | $1.27B | $1.05B | $578.6M | $491.1M | $145.5M | — |
| SG&A | $106.3M | $112.6M | $122.4M | $157.3M | $22.7M | $53.4M | $36.4M | — |
| Total operating expenses | $1.73B | $1.82B | $1.43B | $2.61B | $707.7M | $519.7M | $185.0M | — |
| Operating income | -$270.3M | -$320.7M | -$167.9M | -$1.56B | -$22.7M | -$28.6M | -$39.5M | — |
| Interest expense | $55.0M | $22.2M | $16.0M | $11.4M | $9.8M | $2.5M | $2.5M | — |
| Pre-tax income | -$321.1M | -$306.0M | -$183.7M | -$1.56B | -$146.4M | -$31.4M | -$42.0M | — |
| Income tax | $2.0M | $4.4M | $2.7M | $1.9M | $0 | $0 | $0 | — |
| Net income | -$323.1M | -$310.4M | -$186.4M | -$270.1M | -$24.8M | -$31.4M | -$42.0M | — |
| EPS, basic | -45.26 | -46.78 | -0.61 | -6.50 | — | — | — | — |
| EPS, diluted | -45.26 | -54.06 | -0.63 | -6.50 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $3.3M | $2.9M | $294.6M | $41.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $25.0M | $38.8M | $40.9M | $18.5M | $140.8M | $39.9M | $32.6M | $1.4M |
| Total current assets | $133.1M | $184.1M | $166.0M | $100.7M | $199.9M | $90.9M | — | — |
| Property, plant and equipment | $3.4M | $5.7M | $8.7M | $8.8M | $8.0M | $6.2M | — | — |
| Goodwill | — | — | — | $0 | $1.31B | $871.1K | $741.1K | — |
| Other intangibles | $492.4M | $574.4M | $666.7M | $751.0M | $835.8M | — | — | — |
| Total assets | $656.6M | $783.4M | $861.0M | $876.6M | $2.36B | $106.4M | — | — |
| Accounts payable | $11.7M | $8.4M | $8.7M | $11.5M | $5.5M | $11.8M | — | — |
| Short-term debt | $45.0M | $75.2M | $0 | — | $46.0K | $90.0K | — | — |
| Total current liabilities | $545.3M | $496.4M | $299.4M | $241.7M | $198.8M | $90.6M | — | — |
| Long-term debt | $228.4M | $108.9M | $108.3M | $94.4M | $80.0M | $45.4M | — | — |
| Total liabilities | $796.9M | $633.9M | $427.3M | $353.9M | $299.9M | $146.0M | — | — |
| Retained earnings | -$651.1M | -$503.2M | -$367.3M | -$309.5M | -$39.4M | -$130.5M | — | — |
| Total equity | -$155.2M | $75.9M | $142.1M | $5.9M | $273.6M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$91.2M | -$110.1M | -$76.0M | -$126.0M | -$1.6M | -$24.6M | -$28.3M | — |
| Depreciation and amortisation | $2.2M | $2.4M | $2.3M | $2.4M | $1.5M | $795.2K | $399.2K | — |
| Stock-based compensation | $5.6M | $5.8M | $6.0M | $19.4M | $3.7M | $447.5K | $474.0K | — |
| Capital expenditure | — | $0 | $1.8M | $2.2M | $3.3M | $2.9M | $1.5M | — |
| Investing cash flow | $129.0K | $14.5M | -$1.8M | -$7.7M | -$316.2M | -$3.2M | -$3.9M | — |
| Financing cash flow | $72.8M | $98.8M | $100.3M | $11.4M | $317.8M | $34.8M | $63.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-018240.
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