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LifeStance Health Group vs P3 Health Partners: LFST and PIII compared
LifeStance Health Group is the larger company: $456M of revenue in its latest quarter (Q3 2026) against $386M for P3 Health Partners (Q2 2026). LifeStance Health Group is growing faster (+25% against +9% a year earlier). P3 Health Partners is more profitable, with an operating margin of 10.7% against 7.3%.
Where the money goes: LFST and PIII
LifeStance Health Group (LFST) · Q3 2026
LifeStance Health Group, Q3 2026: revenue $456M (+25% year over year), operating margin 7.3%, net earnings $22.4M, operating cash flow $37.0M. The chart follows the revenue to costs, profit and cash.
P3 Health Partners (PIII) · Q2 2026
P3 Health Partners, Q2 2026: revenue $386M (+9% year over year), operating margin 10.7%, net earnings $7.4M, operating cash flow −$61.9M. The chart follows the revenue to costs, profit and cash.
| LifeStance Health Group (LFST) | P3 Health Partners (PIII) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $456M | $386M |
| Revenue growth, Y/Y | +25% | +9% |
| Operating margin | 7.3% | 10.7% |
| Net earnings | $22.4M | $7.4M |
| Net margin | 4.9% | 1.9% |
| Operating cash flow | $37.0M | −$61.9M |
| Free cash flow | $22.4M | — |
| Market value | $5.4B | $815M |
| P/E | 74.9× | — |
| Analysts’ mean target | $15.90 | $18.00 |
Where the revenue comes from
P3 Health Partners
- Capitated revenue: $366M (95%)
- Other patient service revenue: $20.0M (5%)
Questions
Which is bigger, LifeStance Health Group or P3 Health Partners?
LifeStance Health Group is the larger company: $456M of revenue in its latest quarter (Q3 2026) against $386M for P3 Health Partners (Q2 2026).
Is LifeStance Health Group or P3 Health Partners growing faster?
LifeStance Health Group is growing faster (+25% against +9% a year earlier).
Which is more profitable, LifeStance Health Group or P3 Health Partners?
P3 Health Partners is more profitable, with an operating margin of 10.7% against 7.3%.
More: LifeStance Health Group earnings · how LifeStance Health Group makes money · P3 Health Partners earnings · how P3 Health Partners makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.