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Side-by-side financial comparison of COMMERCE BANCSHARES INC (CBSH) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
COMMERCE BANCSHARES INC is the larger business by last-quarter revenue ($475.7M vs $384.8M, roughly 1.2× P3 Health Partners Inc.). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs -19.6%, a 49.4% gap on every dollar of revenue. On growth, COMMERCE BANCSHARES INC posted the faster year-over-year revenue change (11.1% vs 3.8%). Over the past eight quarters, COMMERCE BANCSHARES INC's revenue compounded faster (7.1% CAGR vs -0.5%).
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
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.
CBSH vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $475.7M | $384.8M |
| Net Profit | $141.6M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | — | -40.0% |
| Net Margin | 29.8% | -19.6% |
| Revenue YoY | 11.1% | 3.8% |
| Net Profit YoY | 10.5% | -28.8% |
| EPS (diluted) | $0.96 | $-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 | $475.7M | — | ||
| Q4 25 | $449.4M | $384.8M | ||
| Q3 25 | $441.0M | $345.3M | ||
| Q2 25 | $445.8M | $355.8M | ||
| Q1 25 | $428.1M | $373.2M | ||
| Q4 24 | $422.1M | $370.7M | ||
| Q3 24 | $421.4M | $362.1M | ||
| Q2 24 | $414.5M | $379.2M |
| Q1 26 | $141.6M | — | ||
| Q4 25 | $140.7M | $-75.5M | ||
| Q3 25 | $141.5M | $-31.6M | ||
| Q2 25 | $152.5M | $-20.4M | ||
| Q1 25 | $131.6M | $-20.5M | ||
| Q4 24 | $136.1M | $-58.6M | ||
| Q3 24 | $138.0M | $-46.5M | ||
| Q2 24 | $139.6M | $-12.0M |
| Q1 26 | — | — | ||
| Q4 25 | 40.8% | -40.0% | ||
| Q3 25 | 41.9% | -12.8% | ||
| Q2 25 | 44.0% | -9.6% | ||
| Q1 25 | 39.2% | -10.2% | ||
| Q4 24 | 41.2% | -37.4% | ||
| Q3 24 | 42.4% | -29.5% | ||
| Q2 24 | 43.4% | -8.3% |
| Q1 26 | 29.8% | — | ||
| Q4 25 | 31.3% | -19.6% | ||
| Q3 25 | 32.1% | -9.1% | ||
| Q2 25 | 34.2% | -5.7% | ||
| Q1 25 | 30.7% | -5.5% | ||
| Q4 24 | 32.2% | -15.8% | ||
| Q3 24 | 32.8% | -12.8% | ||
| Q2 24 | 33.7% | -3.2% |
| Q1 26 | $0.96 | — | ||
| Q4 25 | $0.86 | $-23.08 | ||
| Q3 25 | $1.06 | $-9.67 | ||
| Q2 25 | $1.14 | $-6.23 | ||
| Q1 25 | $0.98 | $-6.28 | ||
| Q4 24 | $0.83 | $-23.13 | ||
| Q3 24 | $1.01 | $-15.70 | ||
| Q2 24 | $1.03 | $-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 | — | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $4.3B | $-155.2M |
| Total Assets | $35.7B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | — | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $38.8M | ||
| Q3 24 | — | $63.0M | ||
| Q2 24 | — | $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 | $4.3B | — | ||
| Q4 25 | $3.8B | $-155.2M | ||
| Q3 25 | $3.8B | $-18.7M | ||
| Q2 25 | $3.6B | $44.5M | ||
| Q1 25 | $3.5B | $63.3M | ||
| Q4 24 | $3.3B | $75.9M | ||
| Q3 24 | $3.4B | $120.5M | ||
| Q2 24 | $3.1B | $166.8M |
| Q1 26 | $35.7B | — | ||
| Q4 25 | $32.9B | $656.6M | ||
| Q3 25 | $32.3B | $683.6M | ||
| Q2 25 | $32.3B | $731.6M | ||
| Q1 25 | $32.4B | $783.9M | ||
| Q4 24 | $32.0B | $783.4M | ||
| Q3 24 | $31.5B | $833.3M | ||
| Q2 24 | $30.6B | $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 | — | — |
| FCF MarginFCF / Revenue | — | — |
| 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 | $645.1M | $-25.7M | ||
| Q3 25 | $129.0M | $-15.4M | ||
| Q2 25 | $111.2M | $-16.6M | ||
| Q1 25 | $138.6M | $-33.5M | ||
| Q4 24 | $577.9M | $-57.2M | ||
| Q3 24 | $431.7M | $-22.6M | ||
| Q2 24 | $147.4M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | $592.4M | — | ||
| Q3 25 | $113.3M | — | ||
| Q2 25 | $100.5M | — | ||
| Q1 25 | $126.0M | — | ||
| Q4 24 | $531.7M | — | ||
| Q3 24 | $419.1M | — | ||
| Q2 24 | $138.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | — | ||
| Q3 25 | 25.7% | — | ||
| Q2 25 | 22.5% | — | ||
| Q1 25 | 29.4% | — | ||
| Q4 24 | 126.0% | — | ||
| Q3 24 | 99.5% | — | ||
| Q2 24 | 33.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.7% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 10.9% | 0.0% | ||
| Q3 24 | 3.0% | 0.0% | ||
| Q2 24 | 2.1% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.59× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 4.25× | — | ||
| Q3 24 | 3.13× | — | ||
| Q2 24 | 1.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBSH
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% |
