PIII on Nasdaq

P3 Health Partners Inc.

American health services company, incorporated in Delaware. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

$1.5BRevenue, fiscal 20252
-$147.9MNet income, fiscal 20252

Compare with LifeStance Health Group, Inc., Privia Health Group, Inc. or InnovAge Holding Corp., or pick any stock.

  • TickerPIII on Nasdaq1
  • IndustryServices-Health Services1
  • HeadquartersChicago, Illinois1
  • Incorporated inDE3
  • Business address2045 W Grand Ave Ste B, Pmb # 82152, Chicago, Il 60612-15773
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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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.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-18.5%Operating margin2
-10.1%Net margin2
-2.8%Revenue growth, 20252

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Capitated Revenue brought in 98% of the revenue P3 Health Partners Inc. broke down this way in fiscal 2025.

  1. Capitated Revenue$1.4B298%down 4% from 2024
  2. Health Care Incentive Fees$16.2M21%up 4457% from 2024
  3. Health Care Coordination Management Fees$10.8M21%up 2% from 2024
  4. Health Care Clinical Fees Insurance Revenue$3.1M20%down 49% from 2024
Products and services by year
Products and services20242025
Capitated Revenue$1.5B$1.4B
Health Care Incentive Fees$356.0K$16.2M
Health Care Coordination Management Fees$10.6M$10.8M
Health Care Clinical Fees Insurance Revenue$5.9M$3.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$1.5B
  • Income tax0¢$2.0M

Out of $1.5B in revenue.2 The company lost money this year.

Financial statements

Revenue5672$1.5B in 2025+903% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $145.5M$145.5M20192020: $491.1M$491.1M2020+238%2022: $1.0B$1.0B2022+114%2023: $1.3B$1.3B2023+21%2024: $1.5B$1.5B2024+18%2025: $1.5B$1.5B2025−3%
Operating income5672-$270.3M in 2025+584% since 2019
-$2.0B-$1.5B-$1.0B-$500.0M02019: -$39.5M-$39.5M20192020: -$28.6M-$28.6M2020−28%2022: -$1.6B-$1.6B2022+5360%2023: -$167.9M-$167.9M2023−89%2024: -$320.7M-$320.7M2024+91%2025: -$270.3M-$270.3M2025−16%
Net income5672-$147.9M in 2025+252% since 2019
-$300.0M-$200.0M-$100.0M02019: -$42.0M-$42.0M20192020: -$31.4M-$31.4M2020−25%2022: -$270.1M-$270.1M2022+760%2023: -$57.8M-$57.8M2023−79%2024: -$135.8M-$135.8M2024+135%2025: -$147.9M-$147.9M2025+9%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
TOTAL OPERATING REVENUE$1.5B$1.5B
Medical expense$1.5B$1.6B
Premium deficiency reserve$18.7M$53.7M
Corporate, general and administrative expense$106.3M$112.6M
Sales and marketing expense$918.0K$1.3M
Depreciation and amortization$84.2M$86.1M
Impairment of assets held for sale$0$8.1M
TOTAL OPERATING EXPENSE$1.7B$1.8B
OPERATING LOSS-$270.3M-$320.7M
Interest expense, net-$55.0M-$22.2M
Mark-to-market of stock warrants$7.8M$22.1M
Other-$3.4M$1.5M
TOTAL OTHER INCOME (EXPENSE)-$50.8M$14.7M
Gain (Loss) on Disposition of Assets-$162.0K$13.3M
LOSS BEFORE INCOME TAXES-$321.1M-$306.0M
INCOME TAX PROVISION-$2.0M-$4.4M
NET LOSS-$323.1M-$310.4M
LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST-$175.1M-$174.5M
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST-$147.9M-$135.8M
Basic (in dollars per share)-$45.26-$46.78
Diluted (in dollars per share)-$45.26-$54.06
Basic (in shares)3.3M shares2.9M shares
Diluted (in shares)3.3M shares2.9M shares

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Leadership

Who has led P3 Health Partners Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Balkin2021
  2. Sherif Abdou2021–2024

Chief financial officer

  1. Gerald Muizelaar2021
  2. Eric Atkins2021
  3. Erin Darakjian2022
  4. Atul Kavthekar2022–2023
2025
Board members and other officers (14)

Former names

  • Foresight Acquisition Corp.Nov 19, 2020 to Dec 3, 20213

Timeline

  1. Dec 7, 2021New chief executive Sherif Abdou becomes CEO14
  2. Feb 9, 2021New chief executive Michael Balkin becomes CEO13

Filings

352 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 74 major events, 116 insider forms, 38 large holders, 102 other. The latest 20:

  1. Oct 15, 2026S-3 EDGAR
  2. Sep 11, 20268-K EDGAR
  3. Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Aug 12, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Aug 12, 2026SCHEDULE 13D/A EDGAR
  6. Aug 10, 202610-Q EDGAR
  7. Aug 10, 20268-K EDGAR
  8. Jul 6, 20268-K EDGAR
  9. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Jun 10, 20268-K EDGAR
  11. May 26, 20268-K EDGAR
  12. May 18, 20264 EDGAR
  13. May 15, 20268-K EDGAR
  14. May 14, 202610-Q EDGAR
  15. May 14, 20268-K EDGAR
  16. Apr 30, 2026DEFA14A EDGAR
  17. Apr 30, 2026DEF 14A EDGAR
  18. Apr 28, 20268-K EDGAR
  19. Apr 20, 2026PRE 14A EDGAR
  20. Apr 3, 2026S-8 EDGAR

The 352 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

54 open-market trades by officers, directors and large owners since October 2021: 53 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 10, 2026Hudson Vegas Investment Manager, LLC10% ownerSale50,000$16.48$823.9KForm 4
Sep 13, 2024CPF III-A PT SPV, LLC10% ownerBuy80,000$0.50$40.0KForm 4
Sep 12, 2024CPF III-A PT SPV, LLC10% ownerBuy80,000$0.52$41.6KForm 4
Sep 11, 2024Chicago Pacific Founders GP III, L.P.10% ownerBuy80,000$0.56$44.8KForm 4
Sep 10, 2024Chicago Pacific Founders GP III, L.P.10% ownerBuy80,000$0.52$41.6KForm 4
Sep 9, 2024Chicago Pacific Founders GP III, L.P.10% ownerBuy80,000$0.53$42.4KForm 4
Sep 6, 2024Chicago Pacific Founders UGP III, LLC10% ownerBuy80,000$0.49$39.2KForm 4
Sep 5, 2024Chicago Pacific Founders UGP III, LLC10% ownerBuy80,000$0.49$39.2KForm 4
Sep 4, 2024Chicago Pacific Founders UGP III, LLC10% ownerBuy80,000$0.49$39.2KForm 4
May 24, 2024LEAVITT LEGACY, LLC10% ownerBuy7,974,481Form 4
Sep 14, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.52$226.8KForm 4
Sep 13, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.65$238.5KForm 4
Sep 13, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.65$238.5KForm 4
Sep 12, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.63$236.7KForm 4
Sep 12, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.63$236.7KForm 4
Sep 11, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.52$226.8KForm 4
Sep 11, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.34$210.6KForm 4
Sep 11, 2023CPF III-A PT SPV, LLC10% ownerBuy90,000$2.52$226.8KForm 4
Sep 11, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.34$210.6KForm 4
Sep 7, 2023CPF III PT SPV, LLC10% ownerBuy90,000$2.06$185.4KForm 4

All 54 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jane Street Group, LLC54,495$588.5K0.0%New
Vanguard Capital Management LLC41,484$448.0K0.0%−29,143
MYDA Advisors LLC20,000$216.0K0.1%New
Corient Private Wealth LP19,737$213.2K0.0%−100
Geode Capital Management, LLC17,096$184.7K0.0%−8,804
Scientech Research LLC16,318$176.2K0.1%New
Abundance Wealth Counselors16,000$172.8K0.0%New
Renaissance Technologies LLC15,149$163.6K0.0%New
Diversified Trust Co13,440$145.2K0.0%−6,876
BlackRock, Inc.7,637$82.5K0.0%−3,283
Vanguard Fiduciary Trust Co6,477$70.0K0.0%No change
Morgan Stanley2,820$30.5K0.0%New
UBS Group AG2,328$25.1K0.0%+488
Tower Research Capital LLC (TRC)540$5.8K0.0%New
Vanguard Global Advisers, LLC308$3.3K0.0%No change
Royal Bank Of Canada298$3.0K0.0%+296
Hrt Financial LP54,717$5900.0%+39,625
Bnp Paribas Financial Markets36$3890.0%No change
Jpmorgan Chase & Co19$2270.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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