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Side-by-side financial comparison of American Homes 4 Rent (AMH) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
American Homes 4 Rent is the larger business by last-quarter revenue ($455.0M vs $384.8M, roughly 1.2× P3 Health Partners Inc.). American Homes 4 Rent runs the higher net margin — 31.7% vs -19.6%, a 51.3% gap on every dollar of revenue. On growth, American Homes 4 Rent posted the faster year-over-year revenue change (4.2% vs 3.8%). Over the past eight quarters, American Homes 4 Rent's revenue compounded faster (3.6% CAGR vs -0.5%).
American Homes 4 RentAMHEarnings & Financial Report
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta, Dallas-Fort Worth, and Charlotte, North Carolina.
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.
AMH vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $384.8M |
| Net Profit | $144.3M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | — | -40.0% |
| Net Margin | 31.7% | -19.6% |
| Revenue YoY | 4.2% | 3.8% |
| Net Profit YoY | 0.3% | -28.8% |
| EPS (diluted) | $0.33 | $-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 | $455.0M | $384.8M | ||
| Q3 25 | $478.5M | $345.3M | ||
| Q2 25 | $457.5M | $355.8M | ||
| Q1 25 | $459.3M | $373.2M | ||
| Q4 24 | $436.6M | $370.7M | ||
| Q3 24 | $445.1M | $362.1M | ||
| Q2 24 | $423.5M | $379.2M | ||
| Q1 24 | $423.6M | $388.5M |
| Q4 25 | $144.3M | $-75.5M | ||
| Q3 25 | $116.8M | $-31.6M | ||
| Q2 25 | $123.6M | $-20.4M | ||
| Q1 25 | $128.7M | $-20.5M | ||
| Q4 24 | $143.9M | $-58.6M | ||
| Q3 24 | $87.6M | $-46.5M | ||
| Q2 24 | $108.5M | $-12.0M | ||
| Q1 24 | $128.1M | $-18.7M |
| Q4 25 | — | -40.0% | ||
| Q3 25 | — | -12.8% | ||
| Q2 25 | — | -9.6% | ||
| Q1 25 | — | -10.2% | ||
| Q4 24 | — | -37.4% | ||
| Q3 24 | — | -29.5% | ||
| Q2 24 | — | -8.3% | ||
| Q1 24 | — | -11.3% |
| Q4 25 | 31.7% | -19.6% | ||
| Q3 25 | 24.4% | -9.1% | ||
| Q2 25 | 27.0% | -5.7% | ||
| Q1 25 | 28.0% | -5.5% | ||
| Q4 24 | 33.0% | -15.8% | ||
| Q3 24 | 19.7% | -12.8% | ||
| Q2 24 | 25.6% | -3.2% | ||
| Q1 24 | 30.2% | -4.8% |
| Q4 25 | $0.33 | $-23.08 | ||
| Q3 25 | $0.27 | $-9.67 | ||
| Q2 25 | $0.28 | $-6.23 | ||
| Q1 25 | $0.30 | $-6.28 | ||
| Q4 24 | $0.33 | $-23.13 | ||
| Q3 24 | $0.20 | $-15.70 | ||
| Q2 24 | $0.25 | $-7.37 | ||
| Q1 24 | $0.30 | $-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 | $108.5M | $25.0M |
| Total DebtLower is stronger | $5.1B | $228.4M |
| Stockholders' EquityBook value | $7.0B | $-155.2M |
| Total Assets | $13.2B | $656.6M |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.5M | $25.0M | ||
| Q3 25 | $45.6M | $37.7M | ||
| Q2 25 | $323.3M | $38.6M | ||
| Q1 25 | $69.7M | $40.1M | ||
| Q4 24 | $199.4M | $38.8M | ||
| Q3 24 | $162.5M | $63.0M | ||
| Q2 24 | $718.4M | $73.1M | ||
| Q1 24 | $124.8M | $27.3M |
| Q4 25 | $5.1B | $228.4M | ||
| Q3 25 | $4.8B | $252.8M | ||
| Q2 25 | $5.2B | $182.0M | ||
| Q1 25 | $4.9B | $171.1M | ||
| Q4 24 | $5.0B | $108.9M | ||
| Q3 24 | $4.5B | $133.2M | ||
| Q2 24 | $5.0B | $133.1M | ||
| Q1 24 | $4.5B | $118.1M |
| Q4 25 | $7.0B | $-155.2M | ||
| Q3 25 | $7.2B | $-18.7M | ||
| Q2 25 | $7.2B | $44.5M | ||
| Q1 25 | $7.2B | $63.3M | ||
| Q4 24 | $7.2B | $75.9M | ||
| Q3 24 | $7.0B | $120.5M | ||
| Q2 24 | $7.0B | $166.8M | ||
| Q1 24 | $7.0B | $146.6M |
| Q4 25 | $13.2B | $656.6M | ||
| Q3 25 | $13.3B | $683.6M | ||
| Q2 25 | $13.6B | $731.6M | ||
| Q1 25 | $13.3B | $783.9M | ||
| Q4 24 | $13.4B | $783.4M | ||
| Q3 24 | $12.8B | $833.3M | ||
| Q2 24 | $13.3B | $892.8M | ||
| Q1 24 | $12.8B | $855.9M |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.68× | — | ||
| Q2 25 | 0.72× | 4.09× | ||
| Q1 25 | 0.69× | 2.71× | ||
| Q4 24 | 0.70× | 1.43× | ||
| Q3 24 | 0.64× | 1.11× | ||
| Q2 24 | 0.71× | 0.80× | ||
| Q1 24 | 0.64× | 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 | $864.3M | $-25.7M |
| Free Cash FlowOCF − Capex | $823.7M | — |
| FCF MarginFCF / Revenue | 181.0% | — |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 5.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.3M | $-25.7M | ||
| Q3 25 | $223.3M | $-15.4M | ||
| Q2 25 | $271.9M | $-16.6M | ||
| Q1 25 | $223.4M | $-33.5M | ||
| Q4 24 | $811.5M | $-57.2M | ||
| Q3 24 | $233.6M | $-22.6M | ||
| Q2 24 | $274.0M | $-10.2M | ||
| Q1 24 | $201.8M | $-20.0M |
| Q4 25 | $823.7M | — | ||
| Q3 25 | $214.5M | — | ||
| Q2 25 | $257.7M | — | ||
| Q1 25 | $215.9M | — | ||
| Q4 24 | $777.5M | — | ||
| Q3 24 | $225.3M | — | ||
| Q2 24 | $263.3M | — | ||
| Q1 24 | $191.0M | — |
| Q4 25 | 181.0% | — | ||
| Q3 25 | 44.8% | — | ||
| Q2 25 | 56.3% | — | ||
| Q1 25 | 47.0% | — | ||
| Q4 24 | 178.1% | — | ||
| Q3 24 | 50.6% | — | ||
| Q2 24 | 62.2% | — | ||
| Q1 24 | 45.1% | — |
| Q4 25 | 8.9% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 7.8% | 0.0% | ||
| Q3 24 | 1.9% | 0.0% | ||
| Q2 24 | 2.5% | 0.0% | ||
| Q1 24 | 2.6% | 0.0% |
| Q4 25 | 5.99× | — | ||
| Q3 25 | 1.91× | — | ||
| Q2 25 | 2.20× | — | ||
| Q1 25 | 1.74× | — | ||
| Q4 24 | 5.64× | — | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 1.58× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMH
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% |
