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Side-by-side financial comparison of Bandwidth Inc. (BAND) 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 $208.8M, roughly 1.8× Bandwidth Inc.). Bandwidth Inc. runs the higher net margin — 1.9% vs -19.6%, a 21.5% gap on every dollar of revenue. On growth, Bandwidth Inc. posted the faster year-over-year revenue change (20.1% vs 3.8%). Over the past eight quarters, Bandwidth Inc.'s revenue compounded faster (9.7% CAGR vs -0.5%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
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.
BAND vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $384.8M |
| Net Profit | $4.0M | $-75.5M |
| Gross Margin | 37.3% | — |
| Operating Margin | 60.5% | -40.0% |
| Net Margin | 1.9% | -19.6% |
| Revenue YoY | 20.1% | 3.8% |
| Net Profit YoY | 200.0% | -28.8% |
| EPS (diluted) | $-0.08 | $-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.
| Q1 26 | $208.8M | — | ||
| Q4 25 | $207.7M | $384.8M | ||
| Q3 25 | $191.9M | $345.3M | ||
| Q2 25 | $180.0M | $355.8M | ||
| Q1 25 | $174.2M | $373.2M | ||
| Q4 24 | $210.0M | $370.7M | ||
| Q3 24 | $193.9M | $362.1M | ||
| Q2 24 | $173.6M | $379.2M |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $-75.5M | ||
| Q3 25 | $-1.2M | $-31.6M | ||
| Q2 25 | $-4.9M | $-20.4M | ||
| Q1 25 | $-3.7M | $-20.5M | ||
| Q4 24 | — | $-58.6M | ||
| Q3 24 | $413.0K | $-46.5M | ||
| Q2 24 | $4.1M | $-12.0M |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 37.3% | — |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | -40.0% | ||
| Q3 25 | -1.0% | -12.8% | ||
| Q2 25 | -2.1% | -9.6% | ||
| Q1 25 | -2.7% | -10.2% | ||
| Q4 24 | -1.3% | -37.4% | ||
| Q3 24 | -0.5% | -29.5% | ||
| Q2 24 | -3.5% | -8.3% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | -19.6% | ||
| Q3 25 | -0.6% | -9.1% | ||
| Q2 25 | -2.7% | -5.7% | ||
| Q1 25 | -2.1% | -5.5% | ||
| Q4 24 | — | -15.8% | ||
| Q3 24 | 0.2% | -12.8% | ||
| Q2 24 | 2.3% | -3.2% |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $-23.08 | ||
| Q3 25 | $-0.04 | $-9.67 | ||
| Q2 25 | $-0.16 | $-6.23 | ||
| Q1 25 | $-0.13 | $-6.28 | ||
| Q4 24 | $0.27 | $-23.13 | ||
| Q3 24 | $0.01 | $-15.70 | ||
| Q2 24 | $-0.17 | $-7.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $405.7M | $-155.2M |
| Total Assets | $984.2M | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | $25.0M | ||
| Q3 25 | $80.4M | $37.7M | ||
| Q2 25 | $68.1M | $38.6M | ||
| Q1 25 | $41.7M | $40.1M | ||
| Q4 24 | $83.8M | $38.8M | ||
| Q3 24 | $79.9M | $63.0M | ||
| Q2 24 | $76.4M | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $-155.2M | ||
| Q3 25 | $392.7M | $-18.7M | ||
| Q2 25 | $384.5M | $44.5M | ||
| Q1 25 | $345.4M | $63.3M | ||
| Q4 24 | $312.5M | $75.9M | ||
| Q3 24 | $336.6M | $120.5M | ||
| Q2 24 | $307.4M | $166.8M |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $656.6M | ||
| Q3 25 | $1.0B | $683.6M | ||
| Q2 25 | $1.0B | $731.6M | ||
| Q1 25 | $964.4M | $783.9M | ||
| Q4 24 | $989.2M | $783.4M | ||
| Q3 24 | $1.0B | $833.3M | ||
| Q2 24 | $1.0B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× |
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 | — | $-25.7M |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -0.5% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.6M | $-25.7M | ||
| Q3 25 | $22.2M | $-15.4M | ||
| Q2 25 | $31.7M | $-16.6M | ||
| Q1 25 | $-3.1M | $-33.5M | ||
| Q4 24 | $36.5M | $-57.2M | ||
| Q3 24 | $20.5M | $-22.6M | ||
| Q2 24 | $24.4M | $-10.2M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 49.55× | — | ||
| Q2 24 | 6.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAND
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% |
