P3 Health Partners Inc.
PIII Healthcare Medical Care Facilities
P3 Health Partners Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, down 2.76% from fiscal 2024. In the quarter to June 2026, revenue grew 8.60%, EPS grew 89.9%, free cash flow fell 272.2% and total debt fell 34.1%, each against the same quarter a year earlier.
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P3 Health Partners Inc. (PIII) Altman Z-score
P3 Health Partners Inc.'s Altman Z-score for fiscal 2025 is −1.27, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.27 | (0.48) |
| FY2024 | −0.79 | (0.94) |
| FY2023 | 0.16 | 5.47 |
| FY2022 | −5.31 | (5.38) |
| FY2021 | 0.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.63) | — | −0.75 | |
| Retained earnings / total assets | (0.99) | — | −1.39 | |
| EBIT / total assets | (0.41) | — | −1.36 | |
| Market value of equity / total liabilities | 0.01 | — | 0.01 | |
| Sales / total assets | 2.22 | — | 2.22 | |
| Altman Z-score | Distress zone | −1.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −10.32 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BTMD biote Corp. compare | 2.6× |
| JYNT The Joint Corp. compare | 2.4× |
| AIRS AirSculpt Technologies, Inc. compare | 0.9× |
| CCEL Cryo-Cell International Inc. compare | −0.2× |
| CCM Concord Medical Services Holdings Limited compare | −1.2× |
| PIII P3 Health Partners Inc. | −1.3× |
| DCGO DocGo Inc. compare | −1.4× |
| PARK Park Dental Partners, Inc. compare | — |
| PAIYY Aesthetic Medical International Hldngs Group Ltd Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets