Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
P3 Health PartnersPIII +8.94%44 Net-Net Working Capital is $-212.48 as of Mar. 2026. GuruFocus rates PIII with a GF Score™ of 44/100 and a GF Value™ of $8.77 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 194 Healthcare Providers & Services companies, P3 Health Partners ranks worse than 515463.4% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
P3 Health Partners's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-212.48.
The industry rank for P3 Health Partners's Net-Net Working Capital or its related term are showing as below:
PIII's Price-to-Net-Net-Working-Capital is not ranked *
in the Healthcare Providers & Services industry.
Industry Median: 7.625 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
P3 Health Partners (NAS:PIII) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
P3 Health Partners Net-Net Working Capital Related Terms
P3 Health Partners Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for P3 Health Partners's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
PIII vs CCEL, EHSI, CCM: Net-Net Working Capital Comparison
For the Medical Care Facilities subindustry, P3 Health Partners's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
P3 Health Partners Price-to-Net-Net-Working-Capital vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, P3 Health Partners's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where P3 Health Partners's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-212.48 mean?
P3 Health Partners (PIII) has a Net-Net Working Capital of $-212.48 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on P3 Health Partners According to the industry distribution chart, P3 Health Partners ranks #999999 out of 194 companies in the Healthcare Providers & Services industry.
Is P3 Health Partners' Net-Net Working Capital too high?
P3 Health Partners' current Net-Net Working Capital is $-212.48. Based on the distribution chart, P3 Health Partners ranks #999999 out of 194 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, P3 Health Partners has a GF Score™ of 44/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does P3 Health Partners' Net-Net Working Capital compare to CCEL and EHSI?
According to the Healthcare Providers & Services industry distribution chart, P3 Health Partners ranks #999999 out of 194 companies for Net-Net Working Capital. This places P3 Health Partners in the lower half of its industry. The industry median Net-Net Working Capital is 7.63. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Healthcare Providers & Services company?
The median Net-Net Working Capital among Healthcare Providers & Services companies is 7.63, based on 194 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on P3 Health Partners For the Healthcare Providers & Services industry, the median Net-Net Working Capital is 7.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. P3 Health Partners's current Net-Net Working Capital is $-212.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is P3 Health Partners stock overvalued right now?
Based on GuruFocus' analysis, P3 Health Partners (PIII) is currently considered Modestly Overvalued. The stock's GF Value™ is $8.77, compared to a current price of $10.51 — trading 19.8% above its estimated fair value. The current Net-Net Working Capital is $-212.48. P3 Health Partners' overall GF Score™ is 44/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For P3 Health Partners (PIII), the current Net-Net Working Capital is $-212.48 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is P3 Health Partners (PIII) Overvalued in 2026?
Based on GuruFocus' analysis, P3 Health Partners stock appears to be overvalued.
The current stock price of $10.51 is trading 19.8% above its estimated GF Value™ of $8.77.
GuruFocus considers P3 Health Partners to be Modestly Overvalued.
Key valuation signals for PIII:
Net-Net Working Capital: $-212.48
GF Value™: $8.77 vs. price of $10.51 (19.8% above fair value)
No single metric tells the full story. See the PIII stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
P3 Health Partners Inc is a patient-centered and physician-led population health management company. P3's model aggregates and supports the community's existing healthcare resources to build a network of community providers working together to deliver coordinated and integrated care to patients with a shared commitment to improving patient outcomes, lowering cost, and delivering experience for all. It includes utilization management, care management, disease education, and maintenance of a quality improvement and quality management program for members assigned to the Company. The Company is also responsible for the credentialing of its providers, processing and payment of claims, and the establishment of a provider network for certain health plans.
44GF Score
Get the complete analysis for PIII
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
PIII has been successfully added to your 
