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Side-by-side financial comparison of CLOVER HEALTH INVESTMENTS, CORP. (CLOV) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
CLOVER HEALTH INVESTMENTS, CORP. is the larger business by last-quarter revenue ($749.2M vs $384.8M, roughly 1.9× P3 Health Partners Inc.). CLOVER HEALTH INVESTMENTS, CORP. runs the higher net margin — 3.6% vs -19.6%, a 23.3% gap on every dollar of revenue. On growth, CLOVER HEALTH INVESTMENTS, CORP. posted the faster year-over-year revenue change (62.0% vs 3.8%). Over the past eight quarters, CLOVER HEALTH INVESTMENTS, CORP.'s revenue compounded faster (45.0% CAGR vs -0.5%).
Clover Health Investments, Corp. is an American health care company founded in 2014. The company provides Medicare Advantage (MA) insurance plans and operates as a direct contracting entity with the U.S. government. The company manages care for Medicare beneficiaries in 11 states and started trading publicly on January 8, 2021.
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.
CLOV vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $749.2M | $384.8M |
| Net Profit | $27.3M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 3.6% | -40.0% |
| Net Margin | 3.6% | -19.6% |
| Revenue YoY | 62.0% | 3.8% |
| Net Profit YoY | — | -28.8% |
| EPS (diluted) | $0.05 | $-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 | $749.2M | — | ||
| Q4 25 | $487.7M | $384.8M | ||
| Q3 25 | $496.6M | $345.3M | ||
| Q2 25 | $477.6M | $355.8M | ||
| Q1 25 | $462.3M | $373.2M | ||
| Q4 24 | $337.0M | $370.7M | ||
| Q3 24 | $331.0M | $362.1M | ||
| Q2 24 | $356.3M | $379.2M |
| Q1 26 | $27.3M | — | ||
| Q4 25 | $-49.3M | $-75.5M | ||
| Q3 25 | $-24.4M | $-31.6M | ||
| Q2 25 | $-10.6M | $-20.4M | ||
| Q1 25 | $-1.3M | $-20.5M | ||
| Q4 24 | $-22.1M | $-58.6M | ||
| Q3 24 | $-9.2M | $-46.5M | ||
| Q2 24 | $7.4M | $-12.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 24.5% | — | ||
| Q2 24 | 30.3% | — |
| Q1 26 | 3.6% | — | ||
| Q4 25 | -10.1% | -40.0% | ||
| Q3 25 | -4.9% | -12.8% | ||
| Q2 25 | -2.2% | -9.6% | ||
| Q1 25 | -0.3% | -10.2% | ||
| Q4 24 | -6.4% | -37.4% | ||
| Q3 24 | -2.7% | -29.5% | ||
| Q2 24 | 2.0% | -8.3% |
| Q1 26 | 3.6% | — | ||
| Q4 25 | -10.1% | -19.6% | ||
| Q3 25 | -4.9% | -9.1% | ||
| Q2 25 | -2.2% | -5.7% | ||
| Q1 25 | -0.3% | -5.5% | ||
| Q4 24 | -6.6% | -15.8% | ||
| Q3 24 | -2.8% | -12.8% | ||
| Q2 24 | 2.1% | -3.2% |
| Q1 26 | $0.05 | — | ||
| Q4 25 | — | $-23.08 | ||
| Q3 25 | — | $-9.67 | ||
| Q2 25 | — | $-6.23 | ||
| Q1 25 | — | $-6.28 | ||
| Q4 24 | — | $-23.13 | ||
| Q3 24 | — | $-15.70 | ||
| Q2 24 | — | $-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 | $177.6M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $339.4M | $-155.2M |
| Total Assets | $697.7M | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $177.6M | — | ||
| Q4 25 | $78.3M | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | — | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | $194.5M | $38.8M | ||
| Q3 24 | $288.0M | $63.0M | ||
| Q2 24 | $254.8M | $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 | $339.4M | — | ||
| Q4 25 | $308.7M | $-155.2M | ||
| Q3 25 | $340.9M | $-18.7M | ||
| Q2 25 | $344.2M | $44.5M | ||
| Q1 25 | $336.1M | $63.3M | ||
| Q4 24 | $341.1M | $75.9M | ||
| Q3 24 | $342.2M | $120.5M | ||
| Q2 24 | $324.9M | $166.8M |
| Q1 26 | $697.7M | — | ||
| Q4 25 | $541.0M | $656.6M | ||
| Q3 25 | $559.7M | $683.6M | ||
| Q2 25 | $575.0M | $731.6M | ||
| Q1 25 | $583.7M | $783.9M | ||
| Q4 24 | $580.7M | $783.4M | ||
| Q3 24 | $653.0M | $833.3M | ||
| Q2 24 | $674.2M | $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 | $-66.9M | $-25.7M | ||
| Q3 25 | $12.1M | $-15.4M | ||
| Q2 25 | $5.4M | $-16.6M | ||
| Q1 25 | $-16.3M | $-33.5M | ||
| Q4 24 | $34.8M | $-57.2M | ||
| Q3 24 | $50.0M | $-22.6M | ||
| Q2 24 | $44.8M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-69.0M | — | ||
| Q3 25 | $11.4M | — | ||
| Q2 25 | $4.8M | — | ||
| Q1 25 | $-16.5M | — | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $49.6M | — | ||
| Q2 24 | $44.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | -14.1% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | -3.6% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 15.0% | — | ||
| Q2 24 | 12.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.5% | 0.0% | ||
| Q3 24 | 0.1% | 0.0% | ||
| Q2 24 | 0.1% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLOV
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% |
