P3 Health Partners (NASDAQ:PIII) Issues Earnings Results

P3 Health Partners (NASDAQ:PIII) posted its quarterly earnings results on Thursday. The company reported ($23.02) EPS for the quarter, missing analysts’ consensus estimates of ($8.06) by ($14.96), FiscalAI reports. P3 Health Partners had a negative return on equity of 498.57% and a negative net margin of 10.14%.The company had revenue of $384.81 million during the quarter, compared to the consensus estimate of $357.65 million.

Here are the key takeaways from P3 Health Partners’ conference call:

• We are guiding to a 2026 Adjusted EBITDA midpoint of $10 million, a roughly $170 million improvement from 2025, with about 75% of that improvement already run-rated from contract renegotiations and CMS rate updates.
• The new Nebraska Medicare Advantage partnership adds 29,000 members (≈$27M revenue in 2026) and includes a two-year glide path to full risk that management says could scale to >$300M of revenue when fully delegated.
• Management highlights operational and clinical strengthening—over half of members are now attributed to Tier 1 providers, expanded complex care programs, and Four-Star status across ~70% of priority MA plans—which they cite as foundational to better cost management and quality.
• Despite progress, full-year Adjusted EBITDA remained a loss of $161.3 million (normalized -$149.1M) with Q4 medical margin deterioration and only $25 million of cash on hand, signaling ongoing liquidity and margin risk.

P3 Health Partners Price Performance

Shares of NASDAQ PIII opened at $2.94 on Friday. The stock’s 50-day simple moving average is $2.46 and its two-hundred day simple moving average is $5.19. P3 Health Partners has a twelve month low of $1.52 and a twelve month high of $11.30. The firm has a market capitalization of $21.20 million, a P/E ratio of -0.07 and a beta of 0.86. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 2.29.

Analyst Upgrades and Downgrades

PIII has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of P3 Health Partners in a research report on Thursday, January 22nd. BTIG Research reissued a “neutral” rating on shares of P3 Health Partners in a research report on Friday, December 12th. Finally, Lake Street Capital dropped their price target on shares of P3 Health Partners from $12.50 to $4.00 and set a “buy” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.00.

About P3 Health Partners

P3 Health Partners is a healthcare technology and services company that delivers data-driven solutions to support health plans in improving quality measures, risk adjustment accuracy and operational efficiency. The company’s platform integrates advanced analytics, reporting capabilities and workflow automation to help clients optimize performance across value-based care programs and regulatory requirements.

The company’s core offerings include quality measurement and reporting for HEDIS, STAR and other performance frameworks, risk adjustment coding and audit services, and population health analytics.