vs
Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $384.8M, roughly 1.6× P3 Health Partners Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs -19.6%, a 23.8% gap on every dollar of revenue. On growth, Barnes & Noble Education, Inc. posted the faster year-over-year revenue change (6.9% vs 3.8%). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs -0.5%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
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.
BNED vs PIII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $384.8M |
| Net Profit | $25.0M | $-75.5M |
| Gross Margin | 21.7% | — |
| Operating Margin | 6.8% | -40.0% |
| Net Margin | 4.2% | -19.6% |
| Revenue YoY | 6.9% | 3.8% |
| Net Profit YoY | -49.7% | -28.8% |
| EPS (diluted) | $0.72 | $-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 | $598.2M | $384.8M | ||
| Q3 25 | $274.2M | $345.3M | ||
| Q2 25 | $233.0M | $355.8M | ||
| Q1 25 | $419.7M | $373.2M | ||
| Q4 24 | $559.7M | $370.7M | ||
| Q3 24 | $250.9M | $362.1M | ||
| Q2 24 | $192.7M | $379.2M | ||
| Q1 24 | $415.4M | $388.5M |
| Q4 25 | $25.0M | $-75.5M | ||
| Q3 25 | $-18.3M | $-31.6M | ||
| Q2 25 | $-23.0M | $-20.4M | ||
| Q1 25 | $17.9M | $-20.5M | ||
| Q4 24 | $43.2M | $-58.6M | ||
| Q3 24 | $-103.9M | $-46.5M | ||
| Q2 24 | $-41.9M | $-12.0M | ||
| Q1 24 | $-9.3M | $-18.7M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 20.2% | — | ||
| Q2 25 | 30.3% | — | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 17.9% | — | ||
| Q2 24 | 28.7% | — | ||
| Q1 24 | 24.2% | — |
| Q4 25 | 6.8% | -40.0% | ||
| Q3 25 | -8.4% | -12.8% | ||
| Q2 25 | -4.9% | -9.6% | ||
| Q1 25 | 4.5% | -10.2% | ||
| Q4 24 | 8.4% | -37.4% | ||
| Q3 24 | -15.4% | -29.5% | ||
| Q2 24 | -16.3% | -8.3% | ||
| Q1 24 | 0.4% | -11.3% |
| Q4 25 | 4.2% | -19.6% | ||
| Q3 25 | -6.7% | -9.1% | ||
| Q2 25 | -9.9% | -5.7% | ||
| Q1 25 | 4.3% | -5.5% | ||
| Q4 24 | 7.7% | -15.8% | ||
| Q3 24 | -41.4% | -12.8% | ||
| Q2 24 | -21.7% | -3.2% | ||
| Q1 24 | -2.2% | -4.8% |
| Q4 25 | $0.72 | $-23.08 | ||
| Q3 25 | $-0.54 | $-9.67 | ||
| Q2 25 | $2.97 | $-6.23 | ||
| Q1 25 | $0.59 | $-6.28 | ||
| Q4 24 | $1.63 | $-23.13 | ||
| Q3 24 | $-7.69 | $-15.70 | ||
| Q2 24 | $-15.68 | $-7.37 | ||
| Q1 24 | $-3.49 | $-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 | $11.7M | $25.0M |
| Total DebtLower is stronger | $122.5M | $228.4M |
| Stockholders' EquityBook value | $283.2M | $-155.2M |
| Total Assets | $1.1B | $656.6M |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $25.0M | ||
| Q3 25 | $7.3M | $37.7M | ||
| Q2 25 | $9.1M | $38.6M | ||
| Q1 25 | $9.2M | $40.1M | ||
| Q4 24 | $11.6M | $38.8M | ||
| Q3 24 | $8.2M | $63.0M | ||
| Q2 24 | $10.5M | $73.1M | ||
| Q1 24 | $8.1M | $27.3M |
| Q4 25 | $122.5M | $228.4M | ||
| Q3 25 | $170.0M | $252.8M | ||
| Q2 25 | $103.1M | $182.0M | ||
| Q1 25 | $141.2M | $171.1M | ||
| Q4 24 | $177.6M | $108.9M | ||
| Q3 24 | $221.9M | $133.2M | ||
| Q2 24 | $196.3M | $133.1M | ||
| Q1 24 | $30.2M | $118.1M |
| Q4 25 | $283.2M | $-155.2M | ||
| Q3 25 | $256.5M | $-18.7M | ||
| Q2 25 | $272.2M | $44.5M | ||
| Q1 25 | $292.9M | $63.3M | ||
| Q4 24 | $211.4M | $75.9M | ||
| Q3 24 | $149.8M | $120.5M | ||
| Q2 24 | $80.4M | $166.8M | ||
| Q1 24 | $121.5M | $146.6M |
| Q4 25 | $1.1B | $656.6M | ||
| Q3 25 | $950.8M | $683.6M | ||
| Q2 25 | $790.3M | $731.6M | ||
| Q1 25 | $1.1B | $783.9M | ||
| Q4 24 | $1.0B | $783.4M | ||
| Q3 24 | $973.2M | $833.3M | ||
| Q2 24 | $909.9M | $892.8M | ||
| Q1 24 | $1.2B | $855.9M |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | 4.09× | ||
| Q1 25 | 0.48× | 2.71× | ||
| Q4 24 | 0.84× | 1.43× | ||
| Q3 24 | 1.48× | 1.11× | ||
| Q2 24 | 2.44× | 0.80× | ||
| Q1 24 | 0.25× | 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 | $66.2M | $-25.7M |
| Free Cash FlowOCF − Capex | $61.9M | — |
| FCF MarginFCF / Revenue | 10.4% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | 2.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $-25.7M | ||
| Q3 25 | $-67.6M | $-15.4M | ||
| Q2 25 | $52.6M | $-16.6M | ||
| Q1 25 | $-41.9M | $-33.5M | ||
| Q4 24 | $47.4M | $-57.2M | ||
| Q3 24 | $-143.5M | $-22.6M | ||
| Q2 24 | $81.7M | $-10.2M | ||
| Q1 24 | $-35.8M | $-20.0M |
| Q4 25 | $61.9M | — | ||
| Q3 25 | $-71.3M | — | ||
| Q2 25 | $49.5M | — | ||
| Q1 25 | $-44.7M | — | ||
| Q4 24 | $44.4M | — | ||
| Q3 24 | $-147.5M | — | ||
| Q2 24 | $79.1M | — | ||
| Q1 24 | $-39.0M | — |
| Q4 25 | 10.4% | — | ||
| Q3 25 | -26.0% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | -10.7% | — | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | -58.8% | — | ||
| Q2 24 | 41.1% | — | ||
| Q1 24 | -9.4% | — |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.5% | 0.0% | ||
| Q3 24 | 1.6% | 0.0% | ||
| Q2 24 | 1.4% | 0.0% | ||
| Q1 24 | 0.8% | 0.0% |
| Q4 25 | 2.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
