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

P3 Health Partners brought in $1.5B of revenue in fiscal 2024, Pennant $947.7M in fiscal 2025. Revenue changed by -2.8% at P3 Health Partners and +36.3% at Pennant on the year before, so Pennant grew faster. P3 Health Partners kept -10.1% of its revenue as net profit, Pennant 3.1%.

Side by side, latest fiscal year

PIIIPNTG
Fiscal year endedFY2024 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.5B$947.7M
Revenue growth-2.8%+36.3%
Net income-$147.9M$29.6M
Net margin-10.1%3.1%
Free cash flown/a$36.3M
Free cash flow marginn/a3.8%
Earnings per share (diluted)-$45.26$0.84
Cash$25M$17M
Debt$273.4M$168.8M
Price to earningsn/a48.5
Market value$51.2M$1.4B
Dividend yieldn/an/a
Rank by revenue in sector#124 of 523 · Health care#148 of 523 · Health care

Over the years

Revenue
PIII FY2019: $145.5MPIII FY2021: $491.1MPIII FY2022: $1BPIII FY2023: $1.3BPIII FY2024: $1.5BPIII FY2024: $1.5BPNTG FY2019: $286.1MPNTG FY2019: $338.5MPNTG FY2020: $391MPNTG FY2021: $439.7MPNTG FY2022: $473.2MPNTG FY2023: $544.9MPNTG FY2024: $695.2MPNTG FY2025: $947.7MFY19FY20FY21FY22FY23FY24FY25
PIII $1.5BPNTG $947.7M
Net income
PIII FY2019: -$42MPIII FY2021: -$31.4MPIII FY2022: -$270.1MPIII FY2023: -$57.8MPIII FY2024: -$135.8MPIII FY2024: -$147.9MPNTG FY2019: $15.7MPNTG FY2019: $2.5MPNTG FY2020: $15.7MPNTG FY2021: $2.7MPNTG FY2022: $6.6MPNTG FY2023: $13.4MPNTG FY2024: $22.6MPNTG FY2025: $29.6MFY19FY20FY21FY22FY23FY24FY25
PIII -$147.9MPNTG $29.6M
Net margin
PIII FY2019: -28.8%PIII FY2021: -6.4%PIII FY2022: -25.7%PIII FY2023: -4.6%PIII FY2024: -9.1%PIII FY2024: -10.1%PNTG FY2019: 5.5%PNTG FY2019: 0.8%PNTG FY2020: 4.0%PNTG FY2021: 0.6%PNTG FY2022: 1.4%PNTG FY2023: 2.5%PNTG FY2024: 3.2%PNTG FY2025: 3.1%FY19FY20FY21FY22FY23FY24FY25
PIII -10.1%PNTG 3.1%
Revenue growth
PIII FY2021: +237.5%PIII FY2023: +20.7%PIII FY2024: +18.5%PIII FY2024: -2.8%PNTG FY2019: +18.3%PNTG FY2020: +15.5%PNTG FY2021: +12.5%PNTG FY2022: +7.6%PNTG FY2023: +15.1%PNTG FY2024: +27.6%PNTG FY2025: +36.3%FY19FY20FY21FY22FY23FY24FY25
PIII -2.8%PNTG +36.3%
Free cash flow
PIII FY2019: -$29.7MPIII FY2021: -$27.5MPIII FY2022: -$128.3MPIII FY2023: -$77.9MPIII FY2024: -$110.1MPNTG FY2019: $19.7MPNTG FY2019: $2.8MPNTG FY2020: $43MPNTG FY2021: -$24.5MPNTG FY2022: -$5.1MPNTG FY2023: $25MPNTG FY2024: $30.3MPNTG FY2025: $36.3MFY19FY20FY21FY22FY23FY24FY25
PIII -$110.1MPNTG $36.3M

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

Questions about P3 Health Partners and Pennant

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

P3 Health Partners is bigger by revenue: $1.5B in fiscal 2024, against $947.7M for Pennant in fiscal 2025.

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

P3 Health Partners had a net margin of -10.1% in fiscal 2024; Pennant had 3.1% in fiscal 2025.

Which grew revenue faster, P3 Health Partners or Pennant?

In their latest fiscal years revenue changed by -2.8% at P3 Health Partners and +36.3% at Pennant.

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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