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Side-by-side financial comparison of AvalonBay Communities (AVB) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
AvalonBay Communities is the larger business by last-quarter revenue ($767.9M vs $384.8M, roughly 2.0× P3 Health Partners Inc.). AvalonBay Communities runs the higher net margin — 9040.6% vs -19.6%, a 9060.2% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 3.7%). Over the past eight quarters, AvalonBay Communities's revenue compounded faster (3.8% CAGR vs -0.5%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
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.
AVB vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $384.8M |
| Net Profit | $166.0M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 64.2% | -40.0% |
| Net Margin | 9040.6% | -19.6% |
| Revenue YoY | 3.7% | 3.8% |
| Net Profit YoY | -41.2% | -28.8% |
| EPS (diluted) | $1.18 | $-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 | $767.9M | $384.8M | ||
| Q3 25 | $766.8M | $345.3M | ||
| Q2 25 | $760.2M | $355.8M | ||
| Q1 25 | $745.9M | $373.2M | ||
| Q4 24 | $740.5M | $370.7M | ||
| Q3 24 | $734.3M | $362.1M | ||
| Q2 24 | $726.0M | $379.2M | ||
| Q1 24 | $712.9M | $388.5M |
| Q4 25 | $166.0M | $-75.5M | ||
| Q3 25 | $381.3M | $-31.6M | ||
| Q2 25 | $268.7M | $-20.4M | ||
| Q1 25 | $236.6M | $-20.5M | ||
| Q4 24 | $282.1M | $-58.6M | ||
| Q3 24 | $372.5M | $-46.5M | ||
| Q2 24 | $253.9M | $-12.0M | ||
| Q1 24 | $173.4M | $-18.7M |
| Q4 25 | 64.2% | -40.0% | ||
| Q3 25 | 65.7% | -12.8% | ||
| Q2 25 | 67.6% | -9.6% | ||
| Q1 25 | 68.5% | -10.2% | ||
| Q4 24 | 63.1% | -37.4% | ||
| Q3 24 | 65.4% | -29.5% | ||
| Q2 24 | 66.6% | -8.3% | ||
| Q1 24 | 67.2% | -11.3% |
| Q4 25 | 9040.6% | -19.6% | ||
| Q3 25 | 49.7% | -9.1% | ||
| Q2 25 | 35.3% | -5.7% | ||
| Q1 25 | 31.7% | -5.5% | ||
| Q4 24 | 38.1% | -15.8% | ||
| Q3 24 | 50.7% | -12.8% | ||
| Q2 24 | 35.0% | -3.2% | ||
| Q1 24 | 24.3% | -4.8% |
| Q4 25 | $1.18 | $-23.08 | ||
| Q3 25 | $2.68 | $-9.67 | ||
| Q2 25 | $1.88 | $-6.23 | ||
| Q1 25 | $1.66 | $-6.28 | ||
| Q4 24 | $1.99 | $-23.13 | ||
| Q3 24 | $2.61 | $-15.70 | ||
| Q2 24 | $1.78 | $-7.37 | ||
| Q1 24 | $1.22 | $-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 | $187.2M | $25.0M |
| Total DebtLower is stronger | $9.3B | $228.4M |
| Stockholders' EquityBook value | $11.6B | $-155.2M |
| Total Assets | $22.2B | $656.6M |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $25.0M | ||
| Q3 25 | $123.3M | $37.7M | ||
| Q2 25 | $102.8M | $38.6M | ||
| Q1 25 | $53.3M | $40.1M | ||
| Q4 24 | $108.6M | $38.8M | ||
| Q3 24 | $552.4M | $63.0M | ||
| Q2 24 | $545.8M | $73.1M | ||
| Q1 24 | $287.9M | $27.3M |
| Q4 25 | $9.3B | $228.4M | ||
| Q3 25 | $8.7B | $252.8M | ||
| Q2 25 | $8.7B | $182.0M | ||
| Q1 25 | $8.3B | $171.1M | ||
| Q4 24 | $8.1B | $108.9M | ||
| Q3 24 | $8.4B | $133.2M | ||
| Q2 24 | $8.4B | $133.1M | ||
| Q1 24 | $8.0B | $118.1M |
| Q4 25 | $11.6B | $-155.2M | ||
| Q3 25 | $11.9B | $-18.7M | ||
| Q2 25 | $11.9B | $44.5M | ||
| Q1 25 | $11.9B | $63.3M | ||
| Q4 24 | $11.9B | $75.9M | ||
| Q3 24 | $11.9B | $120.5M | ||
| Q2 24 | $11.7B | $166.8M | ||
| Q1 24 | $11.7B | $146.6M |
| Q4 25 | $22.2B | $656.6M | ||
| Q3 25 | $21.9B | $683.6M | ||
| Q2 25 | $21.8B | $731.6M | ||
| Q1 25 | $21.2B | $783.9M | ||
| Q4 24 | $21.0B | $783.4M | ||
| Q3 24 | $21.3B | $833.3M | ||
| Q2 24 | $21.0B | $892.8M | ||
| Q1 24 | $20.6B | $855.9M |
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | 4.09× | ||
| Q1 25 | 0.70× | 2.71× | ||
| Q4 24 | 0.68× | 1.43× | ||
| Q3 24 | 0.70× | 1.11× | ||
| Q2 24 | 0.71× | 0.80× | ||
| Q1 24 | 0.68× | 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 | $1.7B | $-25.7M |
| Free Cash FlowOCF − Capex | $1.4B | — |
| FCF MarginFCF / Revenue | 183.5% | — |
| Capex IntensityCapex / Revenue | 34.1% | — |
| Cash ConversionOCF / Net Profit | 10.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $-25.7M | ||
| Q3 25 | $477.0M | $-15.4M | ||
| Q2 25 | $377.8M | $-16.6M | ||
| Q1 25 | $415.9M | $-33.5M | ||
| Q4 24 | $1.6B | $-57.2M | ||
| Q3 24 | $486.2M | $-22.6M | ||
| Q2 24 | $380.0M | $-10.2M | ||
| Q1 24 | $412.9M | $-20.0M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $402.2M | — | ||
| Q2 25 | $317.1M | — | ||
| Q1 25 | $367.5M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $434.2M | — | ||
| Q2 24 | $333.0M | — | ||
| Q1 24 | $375.4M | — |
| Q4 25 | 183.5% | — | ||
| Q3 25 | 52.5% | — | ||
| Q2 25 | 41.7% | — | ||
| Q1 25 | 49.3% | — | ||
| Q4 24 | 191.0% | — | ||
| Q3 24 | 59.1% | — | ||
| Q2 24 | 45.9% | — | ||
| Q1 24 | 52.7% | — |
| Q4 25 | 34.1% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | 6.5% | — | ||
| Q4 24 | 26.1% | 0.0% | ||
| Q3 24 | 7.1% | 0.0% | ||
| Q2 24 | 6.5% | 0.0% | ||
| Q1 24 | 5.3% | 0.0% |
| Q4 25 | 10.07× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.76× | — | ||
| Q4 24 | 5.70× | — | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.50× | — | ||
| Q1 24 | 2.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
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% |
