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P3 Health Partners

PIII on Nasdaq. Market value $39m.

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Should I look at this?

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Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 21 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Chicago Pacific Founders UGP III, LLC
    Insider or founder
    at least 50.0%+19.9 pts
    (filed with 11 related holders)
    Since 4 June 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended by adding the following: On February 13, 2025, P3 Health Group, LLC, a subsidiary of the Company, entered into the previously disclosed financing transaction with VBC 4, consisting of an unsecured promissory note and warrants ("VBC 4…

    Read the filing
  • Chicago Pacific Founders UGP III, LLC
    Insider or founder
    at least 44.2%
    (filed with 7 related holders)
    Since 12 December 2024
    What they said

    Item 4 of the Schedule 13D is hereby amended by adding the following: On December 12, 2024 (the "Effective Date"), P3 Health Group, LLC ("P3 LLC"), a subsidiary of P3 Health Partners Inc. (the "Company"), entered into a financing transaction with VBC Growth SPV 3, LLC, a…

    Read the filing
  • Hudson Vegas Investment SPV, LLC
    Passive investor
    at least 17.5%
    (filed with 2 related holders)
    Since 10 August 2026
    What they said

    Item 4 of the Original Schedule 13D is amended and supplemented as follows: On August 22, 2024, the Delaware Action was dismissed by the parties without the admission of fault or liability. None of the shares of Class V Common Stock or P3 LLC Units listed in this Amendment as…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in P3 Health Partners’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 8 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “As a result of these matters, substantial doubt exists about the Company’s ability to continue as a going concern for one year after the date the financial statements are issued.”
    Show the full paragraph
    As of June 30, 2026 and December 31, 2025, the Company had $ 21.3 million and $ 25.0 million, respectively, in unrestricted cash available to fund future operations. The Company has a working capital deficit of $ 209.2 million and a stockholders’ equity of $ 73.2 million as of June 30, 2026. The Company had negative cash flows from operations of $ 89.4 million for the six months ended June 30, 2026. The Company’s capital requirements will depend on many factors, including the pace of the Company’s growth, ability to manage medical costs, the maturity of its members, and its ability to raise capital. The Company continues to explore raising additional capital through a combination of debt financing and equity issuances. When the Company pursues additional debt and/or equity financing, there can be no assurance that such financing will be available on terms commercially acceptable to the Company or at all. If the Company is unable to raise additional capital or generate cash flows necessary to fund its operations or refinance its indebtedness, it will need to curtail planned activities, discontinue certain operations, or sell certain assets, which could materially and adversely affect its business, financial condition, results of operations, and prospects. As a result of these matters, substantial doubt exists about the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

    From the 10-Q filed 10 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.