P3 Health Partners Inc. (PIII) Balance Sheet
PIII balance sheet, 2025
December 31, 2025 · U.S. dollars$656.6M assets = $796.9M liabilities + −$140.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−$140.2M).
Both columns are drawn to the same scale: what PIII owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PIII financial health
Descriptive bands, not a rating. Fiscal 2025.
PIII balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $65.6M2019 | $656.6M2025 | +46.8%/yr | |
| Total liabilities | $121.5M2019 | $796.9M2025 | +36.8%/yr | |
| Shareholders’ equity | −$42.1M2019 | −$155.2M2025 | — | |
| Cash & short-term investments | $32.6M2019 | $25.0M2025 | −4.3%/yr | |
| Total debt | $22.7M2019 | $284.9M2025 | +52.5%/yr | |
| Net cash (debt) | $9.9M2019 | −$259.9M2025 | −$269.8M | |
| Working capital | −$2.2M2019 | −$412.2M2025 | −$410.0M | |
| Book value per share | −$164.702020 | −$47.492025 | — | |
| Current ratio | 0.962019 | 0.242025 | −0.72 | |
| Debt / equity | 0.042021 | 2.192024 | +2.14 | |
| Shares outstanding | 791K2020 | 3.3M2025 | +32.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PIII assets
PIII liabilities and equity
PIII debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PIII balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $25.0M | $38.8M | $36.3M | $18.5M | $140.5M | $36.3M | $32.6M |
| Cash & equivalents | $25.0M | $38.8M | $36.3M | $18.5M | $140.5M | $36.3M | $32.6M |
| Receivables | $92.5M | $125.2M | $121.5M | $79.6M | $52.1M | $45.6M | $18.0M |
| Inventory | $0 | $0 | −$3.6M | −$57.56B | $0 | $3.6M | $1 |
| Other current assets | $15.6M | $20.1M | $11.8M | $57.56B | $7.3M | $5.3M | $1.8M |
| Total current assets | $133.1M | $184.1M | $166.0M | $100.7M | $199.9M | $90.9M | $52.4M |
| Property, plant & equipment (net) | $3.4M | $5.7M | $24.0M | $20.5M | $15.1M | $10.9M | $8.8M |
| Goodwill & intangible assets | $492.4M | $574.4M | $666.7M | $2.06B | $2.15B | $871,128 | $741,128 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $27.8M | $19.2M | $4.2M | $0 | $3.6M | $3.8M | $3.7M |
| Total assets | $656.6M | $783.4M | $861.0M | $876.7M | $2.36B | $106.4M | $65.6M |
| Liabilities | |||||||
| Accounts payable | $81.5M | $64.0M | $8.7M | $176.4M | $17.7M | $9.6M | $2.1M |
| Short-term debt | $45.0M | $65.0M | $2.7M | $1.6M | $3.6M | $2.3M | $3.2M |
| Deferred revenue | — | — | −$2.7M | −$1.6M | — | — | $28.7M |
| Total current liabilities | $545.3M | $496.4M | $299.4M | $241.7M | $198.8M | $90.6M | $54.6M |
| Long-term debt | $228.4M | $89.8M | $108.3M | $94.4M | $80.0M | $45.4M | $15.0M |
| Lease obligations | $11.5M | $11.3M | $13.6M | $11.5M | $6.3M | $3.6M | $4.4M |
| Other long-term liabilities | $23.2M | $47.7M | $19.6M | $18.0M | $21.2M | $100.6M | $52.0M |
| Total liabilities | $796.9M | $633.9M | $427.3M | $354.1M | $299.9M | $236.7M | $121.5M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | — | $36,000 | $32,000 | $24,000 | $23,813 | $97.2M | $41.8M |
| Retained earnings (deficit) | −$651.1M | −$503.2M | −$367.3M | −$309.5M | −$39.4M | −$130.7M | −$85.2M |
| Accumulated other comprehensive income | — | — | $0 | $0 | — | $447,473 | $921,092 |
| Minority interest | $15.0M | $73.6M | $291.5M | $516.8M | — | — | — |
| Total shareholders' equity | −$155.2M | $75.9M | $142.1M | $5.9M | $2.06B | −$130.2M | −$42.1M |
| Key figures | |||||||
| Total debt | $284.9M | $166.2M | $124.6M | $107.5M | $89.9M | $51.3M | $22.7M |
| Net cash (debt) | −$259.9M | −$127.3M | −$88.3M | −$89.1M | $50.6M | −$15.0M | $9.9M |
| Working capital | −$412.2M | −$312.3M | −$133.4M | −$141.0M | $1.1M | $264,520 | −$2.2M |
| Tangible book value | −$647.7M | −$498.4M | −$524.6M | −$2.05B | −$81.4M | −$131.1M | −$42.8M |
| Book value per share | −$47.49 | $25.83 | $74.89 | $7.04 | — | −$164.70 | — |
| Shares outstanding | 3.3M | 2.9M | 1.9M | 832K | — | 791K | — |
| Current ratio | 0.24 | 0.37 | 0.55 | 0.42 | 1.01 | 1.00 | 0.96 |
| Quick ratio | 0.22 | 0.33 | 0.53 | 0.41 | 0.97 | 0.90 | 0.93 |
| Debt / equity | — | 2.19 | 0.88 | 18.37 | 0.04 | — | — |
| Equity / assets | −23.6% | 9.7% | 16.5% | 0.7% | 87.3% | −122.3% | −64.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $21.3M | $25.5M | $25.0M | $37.7M | $38.6M | $40.1M | $38.8M | $63.0M | $73.1M | $27.3M | $36.3M | $52.6M |
| Cash & equivalents | $21.3M | $25.5M | $25.0M | $37.7M | $38.6M | $40.1M | $38.8M | $63.0M | $73.1M | $27.3M | $36.3M | $52.6M |
| Receivables | $135.3M | $124.9M | $92.5M | $82.0M | $101.0M | $134.8M | $125.2M | $125.8M | $155.4M | $143.7M | $121.5M | $119.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $4.9M |
| Other current assets | $22.8M | $21.8M | $15.6M | $15.9M | $16.9M | $16.6M | $20.1M | $26.3M | $13.6M | $11.9M | $8.2M | $2.8M |
| Total current assets | $179.3M | $172.2M | $133.1M | $135.6M | $156.5M | $191.4M | $184.1M | $215.1M | $242.1M | $183.0M | $166.0M | $179.7M |
| Property, plant & equipment (net) | $2.5M | $3.0M | $3.4M | $3.9M | $4.7M | $5.3M | $5.7M | $6.3M | $7.5M | $8.1M | $24.0M | $9.4M |
| Goodwill & intangible assets | $452.4M | $473.0M | $492.4M | $512.9M | $533.4M | $553.9M | $574.4M | $594.9M | $624.7M | $645.7M | $666.7M | $687.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $20.1M | $26.0M | $27.8M | $31.1M | $37.0M | $33.2M | $19.2M | $17.1M | $18.4M | $19.1M | $4.2M | $20.0M |
| Total assets | $654.4M | $674.2M | $656.6M | $683.6M | $731.6M | $783.9M | $783.4M | $833.3M | $892.8M | $855.9M | $861.0M | $896.9M |
| Liabilities | ||||||||||||
| Accounts payable | $7.6M | $11.7M | $81.5M | $9.9M | $56.3M | $68.2M | $64.0M | $54.6M | $30.8M | $33.7M | $8.7M | $11.6M |
| Short-term debt | $21.8M | $51.4M | $45.0M | $38.6M | $80.5M | $65.8M | $65.0M | $208,000 | $831,000 | $1.4M | $2.7M | — |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | $12.7M | — |
| Total current liabilities | $388.6M | $525.5M | $545.3M | $424.0M | $505.0M | $507.0M | $496.4M | $405.3M | $352.3M | $333.6M | $299.4M | $267.3M |
| Long-term debt | $98.1M | $259.6M | $228.4M | $214.2M | $102.0M | $106.1M | $89.8M | $133.2M | $133.1M | $118.1M | $108.3M | $108.3M |
| Lease obligations | $10.4M | $10.8M | $11.5M | $12.1M | $10.3M | $11.0M | $11.3M | $11.2M | $12.2M | $12.9M | $13.6M | $13.6M |
| Other long-term liabilities | $30.1M | $22.3M | $23.2M | $26.5M | $37.5M | $49.6M | $47.7M | $30.9M | $42.6M | $18.7M | $19.6M | $20.3M |
| Total liabilities | $581.2M | $807.3M | $796.9M | $664.6M | $644.4M | $662.8M | $633.9M | $569.4M | $527.9M | $470.5M | $427.3M | $395.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | $36,000 | $36,000 | $36,000 | $32,000 | $32,000 | $31,000 |
| Retained earnings (deficit) | −$642.5M | −$649.9M | −$651.1M | −$575.6M | −$544.0M | −$523.7M | −$503.2M | −$444.6M | −$398.1M | −$386.0M | −$367.3M | −$341.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | $0 | $0 |
| Minority interest | $65.5M | $11.7M | $15.0M | $37.6M | $42.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $72.2M | −$143.5M | −$155.2M | −$18.7M | $44.5M | $63.2M | $75.9M | $120.5M | $166.8M | $146.6M | $142.1M | $187.9M |
| Key figures | ||||||||||||
| Total debt | $130.3M | $62.3M | $284.9M | $50.7M | $192.7M | $182.9M | $166.2M | $144.6M | $146.1M | $132.5M | $124.6M | $121.8M |
| Net cash (debt) | −$109.0M | −$36.8M | −$259.9M | −$13.0M | −$154.1M | −$142.8M | −$127.3M | −$81.6M | −$73.1M | −$105.2M | −$88.3M | −$69.2M |
| Working capital | −$209.2M | −$353.3M | −$412.2M | −$288.3M | −$348.5M | −$315.6M | −$312.3M | −$190.2M | −$110.2M | −$150.7M | −$133.4M | −$87.6M |
| Tangible book value | −$380.2M | −$616.5M | −$647.7M | −$531.6M | −$488.9M | −$490.6M | −$498.4M | −$474.4M | −$457.8M | −$499.1M | −$524.6M | −$499.9M |
| Book value per share | $21.47 | −$43.22 | −$47.31 | −$5.72 | $13.61 | $19.40 | $23.35 | $36.59 | $59.13 | $61.65 | $61.63 | $92.88 |
| Shares outstanding | 3.4M | 3.3M | 3.3M | 3.3M | 3.3M | 3.3M | 3.3M | 3.3M | 2.8M | 2.4M | 2.3M | 2.0M |
| Current ratio | 0.46 | 0.33 | 0.24 | 0.32 | 0.31 | 0.38 | 0.37 | 0.53 | 0.69 | 0.55 | 0.55 | 0.67 |
| Quick ratio | 0.40 | 0.29 | 0.22 | 0.28 | 0.28 | 0.34 | 0.33 | 0.47 | 0.65 | 0.51 | 0.53 | 0.64 |
| Debt / equity | 1.80 | — | — | — | 4.33 | 2.89 | 2.19 | 1.20 | 0.88 | 0.90 | 0.88 | 0.65 |
| Equity / assets | 11.0% | −21.3% | −23.6% | −2.7% | 6.1% | 8.1% | 9.7% | 14.5% | 18.7% | 17.1% | 16.5% | 21.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
PIII financial position
At the end of fiscal 2025 (December 31, 2025), P3 Health Partners had total assets of $656.6 million (down 16.2% from a year earlier), total liabilities of $796.9 million and shareholders' equity of -$155.2 million. It held $25.0 million in cash and short-term investments against $284.9 million of debt, net debt of $259.9 million. Its current ratio was 0.24. In the latest quarter (ended June 30, 2026) total assets were $654.4 million and equity $72.2 million.
Related: PIII income statement, PIII cash flow statement, PIII key metrics. See the PIII stock overview for the latest quote and news.
PIII balance sheet FAQ
What are P3 Health Partners's total assets?
P3 Health Partners reported total assets of $656.6 million at the end of fiscal 2025 (December 31, 2025), compared with $783.4 million a year earlier.
How much debt does P3 Health Partners have?
P3 Health Partners had $284.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does P3 Health Partners have?
P3 Health Partners held $25.0 million in cash and short-term investments at the end of fiscal 2025; with $284.9 million of debt that is net debt of $259.9 million.
What is P3 Health Partners's book value?
P3 Health Partners's shareholders' equity (book value) was -$155.2 million at the end of fiscal 2025, or −$47.49 per share.
What is P3 Health Partners's current ratio?
P3 Health Partners had current assets of $133.1 million and current liabilities of $545.3 million, a current ratio of 0.24 (current liabilities exceed current assets).
How much goodwill does P3 Health Partners have?
P3 Health Partners carried $492.4 million of goodwill and intangible assets, 75.0% of total assets, at the end of fiscal 2025.