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Side-by-side financial comparison of BELDEN INC. (BDC) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($696.4M vs $384.8M, roughly 1.8× P3 Health Partners Inc.). BELDEN INC. runs the higher net margin — 7.3% vs -19.6%, a 27.0% gap on every dollar of revenue. On growth, BELDEN INC. posted the faster year-over-year revenue change (11.4% vs 3.8%). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (7.3% CAGR vs -0.5%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
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.
BDC vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $384.8M |
| Net Profit | $51.0M | $-75.5M |
| Gross Margin | 37.1% | — |
| Operating Margin | 11.2% | -40.0% |
| Net Margin | 7.3% | -19.6% |
| Revenue YoY | 11.4% | 3.8% |
| Net Profit YoY | -1.8% | -28.8% |
| EPS (diluted) | $1.30 | $-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 | $696.4M | — | ||
| Q4 25 | $720.1M | $384.8M | ||
| Q3 25 | $698.2M | $345.3M | ||
| Q2 25 | $672.0M | $355.8M | ||
| Q1 25 | $624.9M | $373.2M | ||
| Q4 24 | $666.0M | $370.7M | ||
| Q3 24 | $654.9M | $362.1M | ||
| Q2 24 | $604.3M | $379.2M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | $-75.5M | ||
| Q3 25 | $56.7M | $-31.6M | ||
| Q2 25 | $61.0M | $-20.4M | ||
| Q1 25 | $51.9M | $-20.5M | ||
| Q4 24 | $58.4M | $-58.6M | ||
| Q3 24 | $53.7M | $-46.5M | ||
| Q2 24 | $49.0M | $-12.0M |
| Q1 26 | 37.1% | — | ||
| Q4 25 | 36.6% | — | ||
| Q3 25 | 37.7% | — | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 37.3% | — | ||
| Q2 24 | 37.5% | — |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.2% | -40.0% | ||
| Q3 25 | 10.9% | -12.8% | ||
| Q2 25 | 11.8% | -9.6% | ||
| Q1 25 | 11.6% | -10.2% | ||
| Q4 24 | 10.4% | -37.4% | ||
| Q3 24 | 11.5% | -29.5% | ||
| Q2 24 | 11.4% | -8.3% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | -19.6% | ||
| Q3 25 | 8.1% | -9.1% | ||
| Q2 25 | 9.1% | -5.7% | ||
| Q1 25 | 8.3% | -5.5% | ||
| Q4 24 | 8.8% | -15.8% | ||
| Q3 24 | 8.2% | -12.8% | ||
| Q2 24 | 8.1% | -3.2% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | $-23.08 | ||
| Q3 25 | $1.41 | $-9.67 | ||
| Q2 25 | $1.53 | $-6.23 | ||
| Q1 25 | $1.27 | $-6.28 | ||
| Q4 24 | $1.41 | $-23.13 | ||
| Q3 24 | $1.30 | $-15.70 | ||
| Q2 24 | $1.19 | $-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 | $272.2M | $25.0M |
| Total DebtLower is stronger | $1.3B | $228.4M |
| Stockholders' EquityBook value | $1.3B | $-155.2M |
| Total Assets | — | $656.6M |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | $25.0M | ||
| Q3 25 | $314.3M | $37.7M | ||
| Q2 25 | $301.5M | $38.6M | ||
| Q1 25 | $259.0M | $40.1M | ||
| Q4 24 | $370.3M | $38.8M | ||
| Q3 24 | $323.0M | $63.0M | ||
| Q2 24 | $564.8M | $73.1M |
| Q1 26 | $1.3B | — | ||
| 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 | $1.3B | — | ||
| Q4 25 | $1.3B | $-155.2M | ||
| Q3 25 | $1.2B | $-18.7M | ||
| Q2 25 | $1.2B | $44.5M | ||
| Q1 25 | $1.2B | $63.3M | ||
| Q4 24 | $1.3B | $75.9M | ||
| Q3 24 | $1.2B | $120.5M | ||
| Q2 24 | $1.2B | $166.8M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $656.6M | ||
| Q3 25 | $3.4B | $683.6M | ||
| Q2 25 | $3.4B | $731.6M | ||
| Q1 25 | $3.3B | $783.9M | ||
| Q4 24 | $3.3B | $783.4M | ||
| Q3 24 | $3.3B | $833.3M | ||
| Q2 24 | $3.5B | $892.8M |
| Q1 26 | 0.98× | — | ||
| 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 | $-63.1M | — |
| FCF MarginFCF / Revenue | -9.1% | — |
| Capex IntensityCapex / Revenue | 6.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $-25.7M | ||
| Q3 25 | $105.0M | $-15.4M | ||
| Q2 25 | $82.0M | $-16.6M | ||
| Q1 25 | $7.4M | $-33.5M | ||
| Q4 24 | $174.7M | $-57.2M | ||
| Q3 24 | $91.7M | $-22.6M | ||
| Q2 24 | $83.0M | $-10.2M |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | — | ||
| Q3 25 | $65.3M | — | ||
| Q2 25 | $56.9M | — | ||
| Q1 25 | $-24.8M | — | ||
| Q4 24 | $116.4M | — | ||
| Q3 24 | $67.2M | — | ||
| Q2 24 | $61.0M | — |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | -4.0% | — | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 10.1% | — |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 5.2% | — | ||
| Q4 24 | 8.8% | 0.0% | ||
| Q3 24 | 3.7% | 0.0% | ||
| Q2 24 | 3.6% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
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% |
