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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) 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 $348.6M, roughly 1.1× APOGEE ENTERPRISES, INC.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs -19.6%, a 24.4% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 2.1%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -1.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
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.
APOG vs PIII — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $348.6M | $384.8M |
| Net Profit | $16.5M | $-75.5M |
| Gross Margin | 23.8% | — |
| Operating Margin | 7.1% | -40.0% |
| Net Margin | 4.7% | -19.6% |
| Revenue YoY | 2.1% | 3.8% |
| Net Profit YoY | -21.2% | -28.8% |
| EPS (diluted) | $0.77 | $-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 | $348.6M | $384.8M | ||
| Q3 25 | $358.2M | $345.3M | ||
| Q2 25 | $346.6M | $355.8M | ||
| Q1 25 | $345.7M | $373.2M | ||
| Q4 24 | $341.3M | $370.7M | ||
| Q3 24 | $342.4M | $362.1M | ||
| Q2 24 | $331.5M | $379.2M | ||
| Q1 24 | $361.8M | $388.5M |
| Q4 25 | $16.5M | $-75.5M | ||
| Q3 25 | $23.6M | $-31.6M | ||
| Q2 25 | $-2.7M | $-20.4M | ||
| Q1 25 | $2.5M | $-20.5M | ||
| Q4 24 | $21.0M | $-58.6M | ||
| Q3 24 | $30.6M | $-46.5M | ||
| Q2 24 | $31.0M | $-12.0M | ||
| Q1 24 | $15.7M | $-18.7M |
| Q4 25 | 23.8% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.8% | — | ||
| Q1 24 | 24.4% | — |
| Q4 25 | 7.1% | -40.0% | ||
| Q3 25 | 7.5% | -12.8% | ||
| Q2 25 | 2.0% | -9.6% | ||
| Q1 25 | 1.8% | -10.2% | ||
| Q4 24 | 8.4% | -37.4% | ||
| Q3 24 | 12.3% | -29.5% | ||
| Q2 24 | 12.5% | -8.3% | ||
| Q1 24 | 6.0% | -11.3% |
| Q4 25 | 4.7% | -19.6% | ||
| Q3 25 | 6.6% | -9.1% | ||
| Q2 25 | -0.8% | -5.7% | ||
| Q1 25 | 0.7% | -5.5% | ||
| Q4 24 | 6.1% | -15.8% | ||
| Q3 24 | 8.9% | -12.8% | ||
| Q2 24 | 9.4% | -3.2% | ||
| Q1 24 | 4.3% | -4.8% |
| Q4 25 | $0.77 | $-23.08 | ||
| Q3 25 | $1.10 | $-9.67 | ||
| Q2 25 | $-0.13 | $-6.23 | ||
| Q1 25 | $0.12 | $-6.28 | ||
| Q4 24 | $0.96 | $-23.13 | ||
| Q3 24 | $1.40 | $-15.70 | ||
| Q2 24 | $1.41 | $-7.37 | ||
| Q1 24 | $0.71 | $-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 | $41.3M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $512.3M | $-155.2M |
| Total Assets | $1.1B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.3M | $25.0M | ||
| Q3 25 | $39.5M | $37.7M | ||
| Q2 25 | $32.8M | $38.6M | ||
| Q1 25 | $41.4M | $40.1M | ||
| Q4 24 | $43.9M | $38.8M | ||
| Q3 24 | $51.0M | $63.0M | ||
| Q2 24 | $30.4M | $73.1M | ||
| Q1 24 | $37.2M | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | $285.0M | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | $62.0M | $118.1M |
| Q4 25 | $512.3M | $-155.2M | ||
| Q3 25 | $500.2M | $-18.7M | ||
| Q2 25 | $481.8M | $44.5M | ||
| Q1 25 | $487.9M | $63.3M | ||
| Q4 24 | $522.1M | $75.9M | ||
| Q3 24 | $506.4M | $120.5M | ||
| Q2 24 | $480.0M | $166.8M | ||
| Q1 24 | $471.0M | $146.6M |
| Q4 25 | $1.1B | $656.6M | ||
| Q3 25 | $1.2B | $683.6M | ||
| Q2 25 | $1.2B | $731.6M | ||
| Q1 25 | $1.2B | $783.9M | ||
| Q4 24 | $1.2B | $783.4M | ||
| Q3 24 | $917.1M | $833.3M | ||
| Q2 24 | $889.0M | $892.8M | ||
| Q1 24 | $884.1M | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | 0.58× | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | 0.13× | 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 | $29.3M | $-25.7M |
| Free Cash FlowOCF − Capex | $22.9M | — |
| FCF MarginFCF / Revenue | 6.6% | — |
| Capex IntensityCapex / Revenue | 1.9% | — |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | $67.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.3M | $-25.7M | ||
| Q3 25 | $57.1M | $-15.4M | ||
| Q2 25 | $-19.8M | $-16.6M | ||
| Q1 25 | $30.0M | $-33.5M | ||
| Q4 24 | $31.0M | $-57.2M | ||
| Q3 24 | $58.7M | $-22.6M | ||
| Q2 24 | $5.5M | $-10.2M | ||
| Q1 24 | $74.9M | $-20.0M |
| Q4 25 | $22.9M | — | ||
| Q3 25 | $52.4M | — | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | — | ||
| Q4 24 | $22.0M | — | ||
| Q3 24 | $50.2M | — | ||
| Q2 24 | $-1.8M | — | ||
| Q1 24 | $58.7M | — |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 14.7% | — | ||
| Q2 24 | -0.5% | — | ||
| Q1 24 | 16.2% | — |
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 2.6% | 0.0% | ||
| Q3 24 | 2.5% | 0.0% | ||
| Q2 24 | 2.2% | 0.0% | ||
| Q1 24 | 4.5% | 0.0% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | — | ||
| Q1 24 | 4.76× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Transferred At Point In Time | $163.0M | 47% |
| Architectural Services Segment | $105.2M | 30% |
| Performance Surfaces | $53.0M | 15% |
| UW Interco LLC | $27.9M | 8% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
