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Side-by-side financial comparison of Astera Labs, Inc. (ALAB) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $270.6M, roughly 1.4× Astera Labs, Inc.). Astera Labs, Inc. runs the higher net margin — 16.6% vs -19.6%, a 36.2% gap on every dollar of revenue. On growth, Astera Labs, Inc. posted the faster year-over-year revenue change (91.8% vs 3.8%). Over the past eight quarters, Astera Labs, Inc.'s revenue compounded faster (103.6% CAGR vs -0.5%).
Astera Labs, Inc. is an American fabless semiconductor manufacturer and artificial intelligence company. The company specializes in designing high-speed connectivity solutions for data centers and AI infrastructure. The company has been listed on the Nasdaq since March 2024.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
ALAB vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.6M | $384.8M |
| Net Profit | $45.0M | $-75.5M |
| Gross Margin | 75.6% | — |
| Operating Margin | 24.7% | -40.0% |
| Net Margin | 16.6% | -19.6% |
| Revenue YoY | 91.8% | 3.8% |
| Net Profit YoY | 82.0% | -28.8% |
| EPS (diluted) | $0.25 | $-23.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $270.6M | $384.8M | ||
| Q3 25 | $230.6M | $345.3M | ||
| Q2 25 | $191.9M | $355.8M | ||
| Q1 25 | $159.4M | $373.2M | ||
| Q4 24 | $141.1M | $370.7M | ||
| Q3 24 | $113.1M | $362.1M | ||
| Q2 24 | $76.8M | $379.2M | ||
| Q1 24 | $65.3M | $388.5M |
| Q4 25 | $45.0M | $-75.5M | ||
| Q3 25 | $91.1M | $-31.6M | ||
| Q2 25 | $51.2M | $-20.4M | ||
| Q1 25 | $31.8M | $-20.5M | ||
| Q4 24 | $24.7M | $-58.6M | ||
| Q3 24 | $-7.6M | $-46.5M | ||
| Q2 24 | $-7.5M | $-12.0M | ||
| Q1 24 | $-93.0M | $-18.7M |
| Q4 25 | 75.6% | — | ||
| Q3 25 | 76.2% | — | ||
| Q2 25 | 75.8% | — | ||
| Q1 25 | 74.9% | — | ||
| Q4 24 | 74.0% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.9% | — | ||
| Q1 24 | 77.4% | — |
| Q4 25 | 24.7% | -40.0% | ||
| Q3 25 | 24.0% | -12.8% | ||
| Q2 25 | 20.7% | -9.6% | ||
| Q1 25 | 7.1% | -10.2% | ||
| Q4 24 | 0.1% | -37.4% | ||
| Q3 24 | -7.9% | -29.5% | ||
| Q2 24 | -31.7% | -8.3% | ||
| Q1 24 | -127.1% | -11.3% |
| Q4 25 | 16.6% | -19.6% | ||
| Q3 25 | 39.5% | -9.1% | ||
| Q2 25 | 26.7% | -5.7% | ||
| Q1 25 | 20.0% | -5.5% | ||
| Q4 24 | 17.5% | -15.8% | ||
| Q3 24 | -6.7% | -12.8% | ||
| Q2 24 | -9.8% | -3.2% | ||
| Q1 24 | -142.5% | -4.8% |
| Q4 25 | $0.25 | $-23.08 | ||
| Q3 25 | $0.50 | $-9.67 | ||
| Q2 25 | $0.29 | $-6.23 | ||
| Q1 25 | $0.18 | $-6.28 | ||
| Q4 24 | $1.23 | $-23.13 | ||
| Q3 24 | $-0.05 | $-15.70 | ||
| Q2 24 | $-0.05 | $-7.37 | ||
| Q1 24 | $-1.77 | $-7.86 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $167.6M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $1.4B | $-155.2M |
| Total Assets | $1.5B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.6M | $25.0M | ||
| Q3 25 | $140.4M | $37.7M | ||
| Q2 25 | $162.3M | $38.6M | ||
| Q1 25 | $86.4M | $40.1M | ||
| Q4 24 | $79.6M | $38.8M | ||
| Q3 24 | $126.1M | $63.0M | ||
| Q2 24 | $421.1M | $73.1M | ||
| Q1 24 | $696.1M | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $1.4B | $-155.2M | ||
| Q3 25 | $1.3B | $-18.7M | ||
| Q2 25 | $1.1B | $44.5M | ||
| Q1 25 | $1.0B | $63.3M | ||
| Q4 24 | $964.8M | $75.9M | ||
| Q3 24 | $889.6M | $120.5M | ||
| Q2 24 | $845.3M | $166.8M | ||
| Q1 24 | $808.8M | $146.6M |
| Q4 25 | $1.5B | $656.6M | ||
| Q3 25 | $1.4B | $683.6M | ||
| Q2 25 | $1.3B | $731.6M | ||
| Q1 25 | $1.1B | $783.9M | ||
| Q4 24 | $1.1B | $783.4M | ||
| Q3 24 | $983.1M | $833.3M | ||
| Q2 24 | $915.5M | $892.8M | ||
| Q1 24 | $864.9M | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $95.3M | $-25.7M |
| Free Cash FlowOCF − Capex | $76.6M | — |
| FCF MarginFCF / Revenue | 28.3% | — |
| Capex IntensityCapex / Revenue | 6.9% | — |
| Cash ConversionOCF / Net Profit | 2.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $281.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.3M | $-25.7M | ||
| Q3 25 | $78.2M | $-15.4M | ||
| Q2 25 | $135.4M | $-16.6M | ||
| Q1 25 | $10.5M | $-33.5M | ||
| Q4 24 | $39.7M | $-57.2M | ||
| Q3 24 | $63.5M | $-22.6M | ||
| Q2 24 | $29.8M | $-10.2M | ||
| Q1 24 | $3.7M | $-20.0M |
| Q4 25 | $76.6M | — | ||
| Q3 25 | $65.9M | — | ||
| Q2 25 | $133.3M | — | ||
| Q1 25 | $6.0M | — | ||
| Q4 24 | $24.3M | — | ||
| Q3 24 | $46.8M | — | ||
| Q2 24 | $28.5M | — | ||
| Q1 24 | $228.0K | — |
| Q4 25 | 28.3% | — | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 69.5% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 41.4% | — | ||
| Q2 24 | 37.1% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | 6.9% | — | ||
| Q3 25 | 5.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 10.9% | 0.0% | ||
| Q3 24 | 14.8% | 0.0% | ||
| Q2 24 | 1.7% | 0.0% | ||
| Q1 24 | 5.2% | 0.0% |
| Q4 25 | 2.12× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 2.64× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALAB
Segment breakdown not available.
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
