Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -3183.7%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $35M | $11M | $33M | $134M | $77M | $293M | — | — |
| Enterprise Value | $297M | $274M | $160M | $222M | $166M | $244M | — | — |
| P/E Ratio → | -0.23 | — | — | — | — | — | — | — |
| P/S Ratio | 0.02 | 0.01 | 0.02 | 0.11 | 0.07 | 0.46 | — | — |
| P/B Ratio | — | — | 0.22 | 0.31 | 0.15 | 0.14 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.19 | 0.11 | 0.18 | 0.16 | 0.38 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -9.9% | -9.9% | 100.0% | 100.0% | 100.0% | -4.8% | 100.0% | 100.0% |
| Operating Margin | -18.5% | -18.5% | -21.4% | -13.3% | -148.7% | -29.5% | -5.8% | -27.2% |
| Net Profit Margin | -10.1% | -10.1% | -9.1% | -4.6% | -25.7% | -24.6% | -6.4% | -28.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -3183.7% | -3183.7% | -46.6% | -12.1% | -20.9% | -16.2% | — | — |
| ROA | -20.5% | -20.5% | -16.5% | -6.6% | -16.7% | -12.7% | -36.5% | -64.0% |
| ROIC | -101.6% | -101.6% | -60.2% | -22.2% | -89.1% | -14.8% | — | — |
| ROCE | -135.7% | -135.7% | -75.6% | -28.1% | -111.5% | -17.2% | -212.9% | -358.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.11 | 0.29 | 0.21 | 0.04 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 0.85 | 0.20 | 0.17 | -0.02 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -4.91 | -4.91 | -12.80 | -10.49 | -135.77 | -18.11 | -11.40 | -15.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.24 | 0.24 | 0.37 | 0.55 | 0.42 | 1.01 | 1.00 | 0.96 |
| Quick Ratio | 0.24 | 0.24 | 0.37 | 0.55 | 0.42 | 1.01 | 1.00 | 0.96 |
| Cash Ratio | 0.05 | 0.05 | 0.08 | 0.12 | 0.08 | 0.71 | 0.40 | 0.60 |
| Asset Turnover | — | 2.22 | 1.92 | 1.47 | 1.20 | 0.27 | 4.61 | 2.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 23.13 | 30.46 | 35.01 | 27.68 | 29.40 | 33.92 | 45.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $3M | $3M | $2M | $831580 | $831577 | $790625 | $475880 |
Imminent liquidity shortfall risk
According to current market data, PIII trades at a P/S multiple of 0.03, a valuation level that suggests investors are pricing the company as a distressed asset rather than a growth-oriented healthcare provider, given the persistent inability to generate positive earnings or maintain a stable revenue base.
The lack of a meaningful P/E or EV/EBITDA multiple underscores the market's skepticism regarding the company's path to profitability. This valuation discount appears to be a rational response to the negative gross margins and the absence of a clear, near-term catalyst for margin expansion.
As reported in financial statements, PIII's gross margin has frequently dipped into negative territory, such as the -7.1% recorded in 2025Q3, which indicates that the company's core medical underwriting is failing to cover the direct costs of care for its Medicare Advantage patient population.
The inability to maintain positive gross margins suggests that the company's physician-led model has not yet achieved the necessary clinical efficiency to offset high medical utilization. Investors should monitor whether this is a structural failure of the current risk-sharing contracts or a temporary issue related to patient acuity documentation.
Based on reported figures, PIII's asset turnover remains consistently low, hovering around 0.4x to 0.5x, which highlights the capital-intensive nature of its wellness center infrastructure and the difficulty of generating sufficient revenue volume to justify the fixed asset base currently deployed across its core markets.
The erratic nature of the cash conversion cycle, compounded by the reliance on IBNR estimates, suggests that working capital management is a significant drag on liquidity. The company appears to be struggling to optimize the timing of its medical claims payments relative to the receipt of capitated premiums.
According to recent SEC filings, the company's interest coverage ratio has frequently turned negative, reaching -9.66 in 2025Q4, which indicates that PIII lacks the operational earnings required to comfortably service its debt obligations without relying on external financing or further eroding its already thin cash reserves.
The rising debt-to-equity profile, coupled with negative interest coverage, suggests that the company is increasingly reliant on external capital to sustain its operations. This leverage profile warrants further investigation into the terms of existing debt covenants and the potential for future refinancing risks.
Market participants often misapply the P/S ratio to PIII, failing to recognize that in a capitated risk-bearing model, top-line revenue is a poor proxy for value when the underlying medical loss ratio consistently exceeds 100% and erodes the company's net equity position.
Investors should instead focus on the 'medical margin' or 'contribution margin' per member, as these metrics better capture the true unit economics of the business. Relying on revenue multiples obscures the reality that growth in this specific model can actually accelerate cash burn if the underwriting discipline is absent.
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PIII stock.
P3 Health Partners Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
P3 Health Partners Inc.'s return on equity (ROE) is -3183.7%. The historical average is -23.9%.
Based on historical data, P3 Health Partners Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
P3 Health Partners Inc. has -9.9% gross margin and -18.5% operating margin.