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) Piotroski F-score
P3 Health Partners Inc.'s Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | 0.00 |
| FY2024 | 2 | (2.00) |
| FY2023 | 4 | (1.00) |
| FY2022 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (20.55%) | (16.52%) | Fail | 0 |
| Positive operating cash flow | (91.24m) | (110.13m) | Fail | 0 |
| Rising return on assets | (20.55%) | (16.52%) | Fail | 0 |
| Cash flow above net income | 56.71m | 25.72m | Pass | 1 |
| Falling long-term leverage | 0.32 | 0.13 | Fail | 0 |
| Rising current ratio | 0.24 | 0.37 | Fail | 0 |
| No new shares issued | 3,269,000 | 2,904,000 | Fail | 0 |
| Rising gross margin | (4.12%) | (3.93%) | Fail | 0 |
| Rising asset turnover | 2.03 | 1.82 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| JYNT The Joint Corp. compare | 7 |
| BTMD biote Corp. compare | 7 |
| CCM Concord Medical Services Holdings Limited compare | 6 |
| CCEL Cryo-Cell International Inc. compare | 6 |
| PAIYY Aesthetic Medical International Hldngs Group Ltd Sponsored ADR compare | 5 |
| DCGO DocGo Inc. compare | 3 |
| AIRS AirSculpt Technologies, Inc. compare | 3 |
| PIII P3 Health Partners Inc. | 2 |
| PARK Park Dental Partners, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover