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Side-by-side financial comparison of AeroVironment Inc (AVAV) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $384.8M, roughly 1.2× P3 Health Partners Inc.). AeroVironment Inc runs the higher net margin — -3.6% vs -19.6%, a 16.0% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 3.8%). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs -0.5%).
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
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.
AVAV vs PIII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $384.8M |
| Net Profit | $-17.1M | $-75.5M |
| Gross Margin | 22.0% | — |
| Operating Margin | -6.4% | -40.0% |
| Net Margin | -3.6% | -19.6% |
| Revenue YoY | 181.9% | 3.8% |
| Net Profit YoY | -875.1% | -28.8% |
| EPS (diluted) | $-0.34 | $-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 | $472.5M | $384.8M | ||
| Q3 25 | $454.7M | $345.3M | ||
| Q2 25 | $275.1M | $355.8M | ||
| Q1 25 | $167.6M | $373.2M | ||
| Q4 24 | $188.5M | $370.7M | ||
| Q3 24 | $189.5M | $362.1M | ||
| Q2 24 | $197.0M | $379.2M | ||
| Q1 24 | $186.6M | $388.5M |
| Q4 25 | $-17.1M | $-75.5M | ||
| Q3 25 | $-67.4M | $-31.6M | ||
| Q2 25 | $16.7M | $-20.4M | ||
| Q1 25 | $-1.8M | $-20.5M | ||
| Q4 24 | $7.5M | $-58.6M | ||
| Q3 24 | $21.2M | $-46.5M | ||
| Q2 24 | $6.0M | $-12.0M | ||
| Q1 24 | $13.9M | $-18.7M |
| Q4 25 | 22.0% | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 37.7% | — | ||
| Q4 24 | 39.1% | — | ||
| Q3 24 | 43.0% | — | ||
| Q2 24 | 38.4% | — | ||
| Q1 24 | 36.1% | — |
| Q4 25 | -6.4% | -40.0% | ||
| Q3 25 | -15.2% | -12.8% | ||
| Q2 25 | 5.0% | -9.6% | ||
| Q1 25 | -1.8% | -10.2% | ||
| Q4 24 | 3.7% | -37.4% | ||
| Q3 24 | 12.2% | -29.5% | ||
| Q2 24 | 3.0% | -8.3% | ||
| Q1 24 | 7.7% | -11.3% |
| Q4 25 | -3.6% | -19.6% | ||
| Q3 25 | -14.8% | -9.1% | ||
| Q2 25 | 6.1% | -5.7% | ||
| Q1 25 | -1.0% | -5.5% | ||
| Q4 24 | 4.0% | -15.8% | ||
| Q3 24 | 11.2% | -12.8% | ||
| Q2 24 | 3.1% | -3.2% | ||
| Q1 24 | 7.4% | -4.8% |
| Q4 25 | $-0.34 | $-23.08 | ||
| Q3 25 | $-1.44 | $-9.67 | ||
| Q2 25 | $0.59 | $-6.23 | ||
| Q1 25 | $-0.06 | $-6.28 | ||
| Q4 24 | $0.27 | $-23.13 | ||
| Q3 24 | $0.75 | $-15.70 | ||
| Q2 24 | $0.18 | $-7.37 | ||
| Q1 24 | $0.50 | $-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 | $588.5M | $25.0M |
| Total DebtLower is stronger | $747.5M | $228.4M |
| Stockholders' EquityBook value | $4.4B | $-155.2M |
| Total Assets | $5.6B | $656.6M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $25.0M | ||
| Q3 25 | $685.8M | $37.7M | ||
| Q2 25 | $40.9M | $38.6M | ||
| Q1 25 | $47.0M | $40.1M | ||
| Q4 24 | $69.0M | $38.8M | ||
| Q3 24 | $81.2M | $63.0M | ||
| Q2 24 | $73.3M | $73.1M | ||
| Q1 24 | $107.7M | $27.3M |
| Q4 25 | $747.5M | $228.4M | ||
| Q3 25 | $747.5M | $252.8M | ||
| Q2 25 | $30.0M | $182.0M | ||
| Q1 25 | $25.0M | $171.1M | ||
| Q4 24 | $15.0M | $108.9M | ||
| Q3 24 | $17.5M | $133.2M | ||
| Q2 24 | $28.0M | $133.1M | ||
| Q1 24 | $40.0M | $118.1M |
| Q4 25 | $4.4B | $-155.2M | ||
| Q3 25 | $4.4B | $-18.7M | ||
| Q2 25 | $886.5M | $44.5M | ||
| Q1 25 | $861.1M | $63.3M | ||
| Q4 24 | $858.4M | $75.9M | ||
| Q3 24 | $845.5M | $120.5M | ||
| Q2 24 | $822.7M | $166.8M | ||
| Q1 24 | $813.0M | $146.6M |
| Q4 25 | $5.6B | $656.6M | ||
| Q3 25 | $5.6B | $683.6M | ||
| Q2 25 | $1.1B | $731.6M | ||
| Q1 25 | $1.0B | $783.9M | ||
| Q4 24 | $1.0B | $783.4M | ||
| Q3 24 | $999.2M | $833.3M | ||
| Q2 24 | $1.0B | $892.8M | ||
| Q1 24 | $980.3M | $855.9M |
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.03× | 4.09× | ||
| Q1 25 | 0.03× | 2.71× | ||
| Q4 24 | 0.02× | 1.43× | ||
| Q3 24 | 0.02× | 1.11× | ||
| Q2 24 | 0.03× | 0.80× | ||
| Q1 24 | 0.05× | 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 | $-45.1M | $-25.7M |
| Free Cash FlowOCF − Capex | $-55.9M | — |
| FCF MarginFCF / Revenue | -11.8% | — |
| Capex IntensityCapex / Revenue | 2.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $-25.7M | ||
| Q3 25 | $-123.7M | $-15.4M | ||
| Q2 25 | $-264.0K | $-16.6M | ||
| Q1 25 | $-25.8M | $-33.5M | ||
| Q4 24 | $-3.6M | $-57.2M | ||
| Q3 24 | $28.4M | $-22.6M | ||
| Q2 24 | $-11.7M | $-10.2M | ||
| Q1 24 | $52.6M | $-20.0M |
| Q4 25 | $-55.9M | — | ||
| Q3 25 | $-146.5M | — | ||
| Q2 25 | $-8.8M | — | ||
| Q1 25 | $-29.6M | — | ||
| Q4 24 | $-8.7M | — | ||
| Q3 24 | $22.9M | — | ||
| Q2 24 | $-20.8M | — | ||
| Q1 24 | $48.8M | — |
| Q4 25 | -11.8% | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -3.2% | — | ||
| Q1 25 | -17.7% | — | ||
| Q4 24 | -4.6% | — | ||
| Q3 24 | 12.1% | — | ||
| Q2 24 | -10.5% | — | ||
| Q1 24 | 26.1% | — |
| Q4 25 | 2.3% | — | ||
| Q3 25 | 5.0% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 2.7% | 0.0% | ||
| Q3 24 | 2.9% | 0.0% | ||
| Q2 24 | 4.6% | 0.0% | ||
| Q1 24 | 2.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.02× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.48× | — | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | -1.93× | — | ||
| Q1 24 | 3.79× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
