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Side-by-side financial comparison of Andersons, Inc. (ANDE) 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 $329.5M, roughly 1.2× Andersons, Inc.). Andersons, Inc. runs the higher net margin — 20.5% vs -19.6%, a 40.1% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -2.4%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
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.
ANDE vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $384.8M |
| Net Profit | $67.4M | $-75.5M |
| Gross Margin | 70.3% | — |
| Operating Margin | 26.6% | -40.0% |
| Net Margin | 20.5% | -19.6% |
| Revenue YoY | -2.4% | 3.8% |
| Net Profit YoY | 49.6% | -28.8% |
| EPS (diluted) | — | $-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 | $329.5M | $384.8M | ||
| Q3 25 | $295.8M | $345.3M | ||
| Q2 25 | $535.0M | $355.8M | ||
| Q1 25 | $370.8M | $373.2M | ||
| Q4 24 | $337.5M | $370.7M | ||
| Q3 24 | $231.9M | $362.1M | ||
| Q2 24 | $492.5M | $379.2M | ||
| Q1 24 | $341.4M | $388.5M |
| Q4 25 | $67.4M | $-75.5M | ||
| Q3 25 | $20.1M | $-31.6M | ||
| Q2 25 | $7.9M | $-20.4M | ||
| Q1 25 | $284.0K | $-20.5M | ||
| Q4 24 | $45.1M | $-58.6M | ||
| Q3 24 | $27.4M | $-46.5M | ||
| Q2 24 | $36.0M | $-12.0M | ||
| Q1 24 | $5.6M | $-18.7M |
| Q4 25 | 70.3% | — | ||
| Q3 25 | 57.8% | — | ||
| Q2 25 | 29.6% | — | ||
| Q1 25 | 41.2% | — | ||
| Q4 24 | 63.1% | — | ||
| Q3 24 | 76.4% | — | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 37.6% | — |
| Q4 25 | 26.6% | -40.0% | ||
| Q3 25 | 8.7% | -12.8% | ||
| Q2 25 | 4.6% | -9.6% | ||
| Q1 25 | 0.9% | -10.2% | ||
| Q4 24 | 19.9% | -37.4% | ||
| Q3 24 | 26.8% | -29.5% | ||
| Q2 24 | 11.6% | -8.3% | ||
| Q1 24 | 4.1% | -11.3% |
| Q4 25 | 20.5% | -19.6% | ||
| Q3 25 | 6.8% | -9.1% | ||
| Q2 25 | 1.5% | -5.7% | ||
| Q1 25 | 0.1% | -5.5% | ||
| Q4 24 | 13.4% | -15.8% | ||
| Q3 24 | 11.8% | -12.8% | ||
| Q2 24 | 7.3% | -3.2% | ||
| Q1 24 | 1.6% | -4.8% |
| Q4 25 | — | $-23.08 | ||
| Q3 25 | $0.59 | $-9.67 | ||
| Q2 25 | $0.23 | $-6.23 | ||
| Q1 25 | $0.01 | $-6.28 | ||
| Q4 24 | $1.31 | $-23.13 | ||
| Q3 24 | $0.80 | $-15.70 | ||
| Q2 24 | $1.05 | $-7.37 | ||
| Q1 24 | $0.16 | $-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 | $98.3M | $25.0M |
| Total DebtLower is stronger | $560.0M | $228.4M |
| Stockholders' EquityBook value | $1.2B | $-155.2M |
| Total Assets | $3.7B | $656.6M |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.3M | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | — | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | $561.8M | $38.8M | ||
| Q3 24 | — | $63.0M | ||
| Q2 24 | — | $73.1M | ||
| Q1 24 | — | $27.3M |
| Q4 25 | $560.0M | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | $608.2M | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $1.2B | $-155.2M | ||
| Q3 25 | $1.2B | $-18.7M | ||
| Q2 25 | $1.4B | $44.5M | ||
| Q1 25 | $1.4B | $63.3M | ||
| Q4 24 | $1.4B | $75.9M | ||
| Q3 24 | $1.3B | $120.5M | ||
| Q2 24 | $1.3B | $166.8M | ||
| Q1 24 | $1.3B | $146.6M |
| Q4 25 | $3.7B | $656.6M | ||
| Q3 25 | $3.3B | $683.6M | ||
| Q2 25 | $3.4B | $731.6M | ||
| Q1 25 | $3.8B | $783.9M | ||
| Q4 24 | $4.1B | $783.4M | ||
| Q3 24 | $3.4B | $833.3M | ||
| Q2 24 | $3.3B | $892.8M | ||
| Q1 24 | $3.3B | $855.9M |
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | 0.45× | 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 | $-6.2M | $-25.7M |
| Free Cash FlowOCF − Capex | $-77.1M | — |
| FCF MarginFCF / Revenue | -23.4% | — |
| Capex IntensityCapex / Revenue | 21.5% | — |
| Cash ConversionOCF / Net Profit | -0.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.2M | $-25.7M | ||
| Q3 25 | $233.9M | $-15.4M | ||
| Q2 25 | $299.3M | $-16.6M | ||
| Q1 25 | $-350.0M | $-33.5M | ||
| Q4 24 | $268.8M | $-57.2M | ||
| Q3 24 | $-2.1M | $-22.6M | ||
| Q2 24 | $304.4M | $-10.2M | ||
| Q1 24 | $-239.6M | $-20.0M |
| Q4 25 | $-77.1M | — | ||
| Q3 25 | $167.0M | — | ||
| Q2 25 | $250.5M | — | ||
| Q1 25 | $-396.6M | — | ||
| Q4 24 | $212.9M | — | ||
| Q3 24 | $-40.0M | — | ||
| Q2 24 | $275.8M | — | ||
| Q1 24 | $-266.4M | — |
| Q4 25 | -23.4% | — | ||
| Q3 25 | 56.5% | — | ||
| Q2 25 | 46.8% | — | ||
| Q1 25 | -106.9% | — | ||
| Q4 24 | 63.1% | — | ||
| Q3 24 | -17.2% | — | ||
| Q2 24 | 56.0% | — | ||
| Q1 24 | -78.0% | — |
| Q4 25 | 21.5% | — | ||
| Q3 25 | 22.6% | — | ||
| Q2 25 | 9.1% | — | ||
| Q1 25 | 12.6% | — | ||
| Q4 24 | 16.6% | 0.0% | ||
| Q3 24 | 16.3% | 0.0% | ||
| Q2 24 | 5.8% | 0.0% | ||
| Q1 24 | 7.8% | 0.0% |
| Q4 25 | -0.09× | — | ||
| Q3 25 | 11.61× | — | ||
| Q2 25 | 38.10× | — | ||
| Q1 25 | -1232.46× | — | ||
| Q4 24 | 5.96× | — | ||
| Q3 24 | -0.08× | — | ||
| Q2 24 | 8.46× | — | ||
| Q1 24 | -42.94× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
