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PIII · NASDAQ · Medical - Care Facilities

P3 Health Partners

Runs at-risk Medicare Advantage arrangements through local primary-care-provider networks.

$9.22

After-hours close−0.04 (−0.43%)

At close$9.26(−1.38%)

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Profile

P3 Health Partners Inc.PIIIHealth Care

Runs at-risk Medicare Advantage population-health arrangements through local primary-care-provider networks in five U.S. states. Its model combines physician leadership, data and technology, care coordination, and community outreach; the Nasdaq-listed parent is the sole manager of P3 LLC, which holds substantially all operations.

Runs at-risk population-health-management arrangements for insurance plans serving Medicare Advantage beneficiaries. Local primary-care-provider networks execute care coordination and administrative support, while physician leadership, data and technology, and community outreach underpin the model.

Commercial operations began in 2017, and P3 works across five U.S. states. It supports patients, providers, and caregivers with a care model designed to improve outcomes and lower care costs.

The public company was formed through a 2021 combination with Foresight Acquisition Corp. It is the sole manager of P3 LLC, which holds substantially all operating assets and operations.

Company facts

CEOAric Coffman, M.D.

ListedDec 6, 2021

ExchangeNASDAQ

HeadquartersHenderson, NV

CountryUnited States

Employees320

CIK0001832511

ISINUS7444132044

Key statistics

Market cap$30.2M

EPS (ttm)−$32.95

P/E (ttm)−0.2798

ROE160.5%

P/B0.4294

P/S0.0201

Dividend yield—

Beta−1.62vs XLV −0.17

Year to date +165% · Average volume (30d) 49.6K

Analysts

Price target, next 12 months$18.50+100.7%Median of 4 analysts · vs the Aug 28 close

ConsensusBuy2 of 4 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $9.22

High$23.00+149.5%

Median$18.50+100.7%

Low$14.00+51.8%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 11, 2026	Lake Street	Reiterate	Buy	$4	$23
May 15, 2026	UBS	Target			$14
Mar 27, 2026	Lake Street	Reiterate	Buy	$12.50	$4
Nov 17, 2025	Lake Street	Reiterate	Buy	$20	$12.50

Earnings

EPS

Estimate−$3.97

ReportedDue Nov 12, 2026

Revenue

Estimate$385.2M

ReportedDue Nov 12, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 10, 2026Q2 FY26	−$1.89	−$0.63	+66.7%	$377.8M	$386.4M	+2.3%	−3.59%
May 14, 2026Q1 FY26	−$4.85	−$0.99	+79.6%	$391.5M	$386.4M	−1.3%	+180.15%
Mar 26, 2026Q4 FY25	−$8.06	−$23.02	−185.5%	$353.7M	$384.8M	+8.8%	+5.38%
Nov 14, 2025Q3 FY25	−$5.29	−$9.67	−82.7%	$346.6M	$345.3M	−0.4%	−12.57%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$373.2M	$355.8M	$345.3M	$384.8M	$386.4M	$386.4M
Gross profit	−$5.8M	$355.8M	−$24.5M	$384.8M	$29.3M	$86.0M
Operating income	−$38.1M	−$34.1M	−$44.2M	−$153.9M	$8.2M	$41.2M
Net income	−$20.5M	−$20.4M	−$31.6M	−$75.5M	$1.2M	$7.4M
Diluted EPS	−$6.28	−$6.23	−$9.67	−$23.02	$0.37	−$0.63
Gross margin	-1.5%	100.0%	-7.1%	100.0%	7.6%	22.3%
Operating margin	-10.2%	-9.6%	-12.8%	-40.0%	2.1%	10.7%

Fiscal years (4-quarter sums)FY21 $637.4M · FY22 $1.05B · FY23 $1.27B · FY24 $1.50B · FY25 $1.46B

Revenue by product · Q2 FY26

Capitated Revenue$366.4M · 95%

Health Care, Patient Service$20.0M · 5%

Balance sheet, Jun 30, 2026Cash & short-term investments $21.3M · Total debt $130.3M · Total assets $654.4M · Shareholders' equity $72.2M

Dividends

No dividends on record.

Ownership

Institutions 7.44%Insiders —

Shares outstanding 3.28M · Float 1.82M · 55.4% free float

Insiders — no current Form 4 position.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Chicago Pacific Founders UGP III, LLC	6.21M	49.99%	13D	Jun 6, 2025
Hudson Vegas Investment SPV, LLC · 10 percent owner	829.7K		Form 4	Aug 14, 2026
Vanguard Capital Management LLC	70.6K	2.16%	13F	May 15, 2026
Trinity Financial Advisors LLC	27.1K	0.83%	13F	Apr 7, 2026
Geode Capital Management, LLC	25.9K	0.79%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 10, 2026	Hudson Vegas Investment SPV, LLC	10 percent owner	−50,000	$16.48