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LifeStance Health vs P3 Health Partners: revenue, profit, margins and growth compared

LifeStance Health brought in $1.4B of revenue in fiscal 2025, P3 Health Partners $1.5B in fiscal 2024. Revenue changed by +13.9% at LifeStance Health and -2.8% at P3 Health Partners on the year before, so LifeStance Health grew faster. LifeStance Health kept 0.7% of its revenue as net profit, P3 Health Partners -10.1%.

Side by side, latest fiscal year

LFSTPIII
Fiscal year endedFY2025 (December 31, 2025)FY2024 (December 31, 2025)
Revenue$1.4B$1.5B
Revenue growth+13.9%-2.8%
Net income$9.7M-$147.9M
Net margin0.7%-10.1%
Free cash flow$110Mn/a
Free cash flow margin7.7%n/a
Earnings per share (diluted)n/a-$45.26
Cash$248.6M$25M
Debt$282.8M$273.4M
Price to earningsn/an/a
Market value$4.5B$51.2M
Dividend yieldn/an/a
Rank by revenue in sector#126 of 523 · Health care#124 of 523 · Health care

Over the years

Revenue
LFST FY2019: $212.5MLFST FY2021: $667.5MLFST FY2022: $859.5MLFST FY2023: $1.1BLFST FY2024: $1.3BLFST FY2025: $1.4BPIII FY2019: $145.5MPIII FY2021: $491.1MPIII FY2022: $1BPIII FY2023: $1.3BPIII FY2024: $1.5BPIII FY2024: $1.5BFY19FY21FY22FY23FY24FY25
LFST $1.4BPIII $1.5B
Net income
LFST FY2019: $5.7MLFST FY2021: -$307.2MLFST FY2022: -$215.6MLFST FY2023: -$186.3MLFST FY2024: -$57.4MLFST FY2025: $9.7MPIII FY2019: -$42MPIII FY2021: -$31.4MPIII FY2022: -$270.1MPIII FY2023: -$57.8MPIII FY2024: -$135.8MPIII FY2024: -$147.9MFY19FY21FY22FY23FY24FY25
LFST $9.7MPIII -$147.9M
Net margin
LFST FY2019: 2.7%LFST FY2021: -46.0%LFST FY2022: -25.1%LFST FY2023: -17.6%LFST FY2024: -4.6%LFST FY2025: 0.7%PIII FY2019: -28.8%PIII FY2021: -6.4%PIII FY2022: -25.7%PIII FY2023: -4.6%PIII FY2024: -9.1%PIII FY2024: -10.1%FY19FY21FY22FY23FY24FY25
LFST 0.7%PIII -10.1%
Revenue growth
LFST FY2022: +28.8%LFST FY2023: +22.8%LFST FY2024: +18.5%LFST FY2025: +13.9%PIII FY2021: +237.5%PIII FY2023: +20.7%PIII FY2024: +18.5%PIII FY2024: -2.8%FY21FY22FY23FY24FY25
LFST +13.9%PIII -2.8%
Free cash flow
LFST FY2019: $2.7MLFST FY2021: -$85.1MLFST FY2022: -$26.5MLFST FY2023: -$57.4MLFST FY2024: $85.7MLFST FY2025: $110MPIII FY2019: -$29.7MPIII FY2021: -$27.5MPIII FY2022: -$128.3MPIII FY2023: -$77.9MPIII FY2024: -$110.1MFY19FY21FY22FY23FY24FY25
LFST $110MPIII -$110.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about LifeStance Health and P3 Health Partners

Which is bigger by revenue, LifeStance Health or P3 Health Partners?

P3 Health Partners is bigger by revenue: $1.5B in fiscal 2024, against $1.4B for LifeStance Health in fiscal 2025.

Which keeps more of its revenue as profit, LifeStance Health or P3 Health Partners?

LifeStance Health had a net margin of 0.7% in fiscal 2025; P3 Health Partners had -10.1% in fiscal 2024.

Which grew revenue faster, LifeStance Health or P3 Health Partners?

In their latest fiscal years revenue changed by +13.9% at LifeStance Health and -2.8% at P3 Health Partners.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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