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Side-by-side financial comparison of AMN HEALTHCARE SERVICES INC (AMN) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
AMN HEALTHCARE SERVICES INC is the larger business by last-quarter revenue ($748.2M vs $384.8M, roughly 1.9× P3 Health Partners Inc.). AMN HEALTHCARE SERVICES INC runs the higher net margin — -1.0% vs -19.6%, a 18.6% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 1.8%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -4.5%).
AMN Healthcare Services Inc. is a leading US healthcare sector workforce solutions and staffing provider. It offers temporary and permanent placement for nurses, physicians, allied health and other clinical/non-clinical staff, plus workforce management tools and consulting for hospitals, clinics and other medical facilities.
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.
AMN vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $748.2M | $384.8M |
| Net Profit | $-7.7M | $-75.5M |
| Gross Margin | 26.1% | — |
| Operating Margin | 1.1% | -40.0% |
| Net Margin | -1.0% | -19.6% |
| Revenue YoY | 1.8% | 3.8% |
| Net Profit YoY | 95.9% | -28.8% |
| EPS (diluted) | $-0.19 | $-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 | $748.2M | $384.8M | ||
| Q3 25 | $634.5M | $345.3M | ||
| Q2 25 | $658.2M | $355.8M | ||
| Q1 25 | $689.5M | $373.2M | ||
| Q4 24 | $734.7M | $370.7M | ||
| Q3 24 | $687.5M | $362.1M | ||
| Q2 24 | $740.7M | $379.2M | ||
| Q1 24 | $820.9M | $388.5M |
| Q4 25 | $-7.7M | $-75.5M | ||
| Q3 25 | $29.3M | $-31.6M | ||
| Q2 25 | $-116.2M | $-20.4M | ||
| Q1 25 | $-1.1M | $-20.5M | ||
| Q4 24 | $-187.5M | $-58.6M | ||
| Q3 24 | $7.0M | $-46.5M | ||
| Q2 24 | $16.2M | $-12.0M | ||
| Q1 24 | $17.3M | $-18.7M |
| Q4 25 | 26.1% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 29.8% | — | ||
| Q1 25 | 28.7% | — | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 31.0% | — | ||
| Q2 24 | 31.0% | — | ||
| Q1 24 | 31.4% | — |
| Q4 25 | 1.1% | -40.0% | ||
| Q3 25 | 7.5% | -12.8% | ||
| Q2 25 | -18.8% | -9.6% | ||
| Q1 25 | 1.8% | -10.2% | ||
| Q4 24 | -27.6% | -37.4% | ||
| Q3 24 | 3.2% | -29.5% | ||
| Q2 24 | 5.1% | -8.3% | ||
| Q1 24 | 4.9% | -11.3% |
| Q4 25 | -1.0% | -19.6% | ||
| Q3 25 | 4.6% | -9.1% | ||
| Q2 25 | -17.7% | -5.7% | ||
| Q1 25 | -0.2% | -5.5% | ||
| Q4 24 | -25.5% | -15.8% | ||
| Q3 24 | 1.0% | -12.8% | ||
| Q2 24 | 2.2% | -3.2% | ||
| Q1 24 | 2.1% | -4.8% |
| Q4 25 | $-0.19 | $-23.08 | ||
| Q3 25 | $0.76 | $-9.67 | ||
| Q2 25 | $-3.02 | $-6.23 | ||
| Q1 25 | $-0.03 | $-6.28 | ||
| Q4 24 | $-4.90 | $-23.13 | ||
| Q3 24 | $0.18 | $-15.70 | ||
| Q2 24 | $0.42 | $-7.37 | ||
| Q1 24 | $0.45 | $-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 | $34.0M | $25.0M |
| Total DebtLower is stronger | $767.1M | $228.4M |
| Stockholders' EquityBook value | $642.1M | $-155.2M |
| Total Assets | $2.1B | $656.6M |
| Debt / EquityLower = less leverage | 1.19× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $25.0M | ||
| Q3 25 | $52.6M | $37.7M | ||
| Q2 25 | $41.5M | $38.6M | ||
| Q1 25 | $55.8M | $40.1M | ||
| Q4 24 | $10.6M | $38.8M | ||
| Q3 24 | $30.6M | $63.0M | ||
| Q2 24 | $48.0M | $73.1M | ||
| Q1 24 | $50.6M | $27.3M |
| Q4 25 | $767.1M | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | $1.1B | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $642.1M | $-155.2M | ||
| Q3 25 | $644.4M | $-18.7M | ||
| Q2 25 | $607.6M | $44.5M | ||
| Q1 25 | $715.1M | $63.3M | ||
| Q4 24 | $706.6M | $75.9M | ||
| Q3 24 | $890.7M | $120.5M | ||
| Q2 24 | $876.9M | $166.8M | ||
| Q1 24 | $854.2M | $146.6M |
| Q4 25 | $2.1B | $656.6M | ||
| Q3 25 | $2.1B | $683.6M | ||
| Q2 25 | $2.2B | $731.6M | ||
| Q1 25 | $2.4B | $783.9M | ||
| Q4 24 | $2.4B | $783.4M | ||
| Q3 24 | $2.7B | $833.3M | ||
| Q2 24 | $2.8B | $892.8M | ||
| Q1 24 | $2.9B | $855.9M |
| Q4 25 | 1.19× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | 1.49× | 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 | $75.6M | $-25.7M |
| Free Cash FlowOCF − Capex | $67.6M | — |
| FCF MarginFCF / Revenue | 9.0% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $233.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $-25.7M | ||
| Q3 25 | $22.7M | $-15.4M | ||
| Q2 25 | $78.5M | $-16.6M | ||
| Q1 25 | $92.7M | $-33.5M | ||
| Q4 24 | $72.8M | $-57.2M | ||
| Q3 24 | $66.7M | $-22.6M | ||
| Q2 24 | $99.5M | $-10.2M | ||
| Q1 24 | $81.4M | $-20.0M |
| Q4 25 | $67.6M | — | ||
| Q3 25 | $14.8M | — | ||
| Q2 25 | $68.7M | — | ||
| Q1 25 | $82.7M | — | ||
| Q4 24 | $56.6M | — | ||
| Q3 24 | $47.4M | — | ||
| Q2 24 | $72.2M | — | ||
| Q1 24 | $63.2M | — |
| Q4 25 | 9.0% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 12.0% | — | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 6.9% | — | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 7.7% | — |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 2.2% | 0.0% | ||
| Q3 24 | 2.8% | 0.0% | ||
| Q2 24 | 3.7% | 0.0% | ||
| Q1 24 | 2.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.77× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 9.54× | — | ||
| Q2 24 | 6.13× | — | ||
| Q1 24 | 4.70× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMN
| Travel Nurse Staffing | $208.3M | 28% |
| Allied Staffing | $146.9M | 20% |
| Labor Disruption Services | $124.3M | 17% |
| Technology And Workforce Solutions | $88.0M | 12% |
| Language Services | $69.9M | 9% |
| Other | $29.6M | 4% |
| International Nurse Staffing | $29.6M | 4% |
| Interim Leadership Staffing | $24.1M | 3% |
| Vendor Management Systems | $16.3M | 2% |
| Local Staffing | $8.6M | 1% |
| International Nurse Permanent Placement | $2.6M | 0% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
