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Side-by-side financial comparison of DocGo Inc. (DCGO) 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 $74.9M, roughly 5.1× DocGo Inc.). P3 Health Partners Inc. runs the higher net margin — -19.6% vs -190.0%, a 170.3% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -38.0%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -37.5%).
DocGo Inc. is a U.S.-headquartered mobile healthcare and on-demand medical service provider. It offers a range of solutions including in-home urgent care, diagnostic testing, telehealth consultations, and corporate wellness programs, serving individual patients, health systems, enterprise clients, and public sector organizations across North America.
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.
DCGO vs PIII — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $74.9M | $384.8M |
| Net Profit | $-142.3M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | -139.6% | -40.0% |
| Net Margin | -190.0% | -19.6% |
| Revenue YoY | -38.0% | 3.8% |
| Net Profit YoY | -1761.4% | -28.8% |
| EPS (diluted) | $-1.36 | $-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 | $74.9M | $384.8M | ||
| Q3 25 | $70.8M | $345.3M | ||
| Q2 25 | $80.4M | $355.8M | ||
| Q1 25 | $96.0M | $373.2M | ||
| Q4 24 | $120.8M | $370.7M | ||
| Q3 24 | $138.7M | $362.1M | ||
| Q2 24 | $164.9M | $379.2M | ||
| Q1 24 | $192.1M | $388.5M |
| Q4 25 | $-142.3M | $-75.5M | ||
| Q3 25 | $-27.8M | $-31.6M | ||
| Q2 25 | $-11.2M | $-20.4M | ||
| Q1 25 | $-9.4M | $-20.5M | ||
| Q4 24 | $-7.6M | $-58.6M | ||
| Q3 24 | $5.5M | $-46.5M | ||
| Q2 24 | $6.5M | $-12.0M | ||
| Q1 24 | $11.2M | $-18.7M |
| Q4 25 | -139.6% | -40.0% | ||
| Q3 25 | -59.3% | -12.8% | ||
| Q2 25 | -21.7% | -9.6% | ||
| Q1 25 | -14.6% | -10.2% | ||
| Q4 24 | -6.2% | -37.4% | ||
| Q3 24 | 7.3% | -29.5% | ||
| Q2 24 | 6.2% | -8.3% | ||
| Q1 24 | 8.3% | -11.3% |
| Q4 25 | -190.0% | -19.6% | ||
| Q3 25 | -39.2% | -9.1% | ||
| Q2 25 | -13.9% | -5.7% | ||
| Q1 25 | -9.8% | -5.5% | ||
| Q4 24 | -6.3% | -15.8% | ||
| Q3 24 | 4.0% | -12.8% | ||
| Q2 24 | 4.0% | -3.2% | ||
| Q1 24 | 5.8% | -4.8% |
| Q4 25 | $-1.36 | $-23.08 | ||
| Q3 25 | $-0.28 | $-9.67 | ||
| Q2 25 | $-0.11 | $-6.23 | ||
| Q1 25 | $-0.09 | $-6.28 | ||
| Q4 24 | $-0.03 | $-23.13 | ||
| Q3 24 | $0.05 | $-15.70 | ||
| Q2 24 | $0.06 | $-7.37 | ||
| Q1 24 | $0.10 | $-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 | $51.0M | $25.0M |
| Total DebtLower is stronger | $235.6K | $228.4M |
| Stockholders' EquityBook value | $144.0M | $-155.2M |
| Total Assets | $217.1M | $656.6M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $51.0M | $25.0M | ||
| Q3 25 | $73.4M | $37.7M | ||
| Q2 25 | $104.2M | $38.6M | ||
| Q1 25 | $79.0M | $40.1M | ||
| Q4 24 | $89.2M | $38.8M | ||
| Q3 24 | $89.5M | $63.0M | ||
| Q2 24 | $66.1M | $73.1M | ||
| Q1 24 | $41.2M | $27.3M |
| Q4 25 | $235.6K | $228.4M | ||
| Q3 25 | $249.9K | $252.8M | ||
| Q2 25 | $12.6K | $182.0M | ||
| Q1 25 | $15.1K | $171.1M | ||
| Q4 24 | $17.7K | $108.9M | ||
| Q3 24 | $47.7K | $133.2M | ||
| Q2 24 | $52.8K | $133.1M | ||
| Q1 24 | $60.1K | $118.1M |
| Q4 25 | $144.0M | $-155.2M | ||
| Q3 25 | $270.5M | $-18.7M | ||
| Q2 25 | $297.3M | $44.5M | ||
| Q1 25 | $309.3M | $63.3M | ||
| Q4 24 | $320.9M | $75.9M | ||
| Q3 24 | $325.2M | $120.5M | ||
| Q2 24 | $315.2M | $166.8M | ||
| Q1 24 | $311.3M | $146.6M |
| Q4 25 | $217.1M | $656.6M | ||
| Q3 25 | $353.8M | $683.6M | ||
| Q2 25 | $408.3M | $731.6M | ||
| Q1 25 | $430.8M | $783.9M | ||
| Q4 24 | $455.6M | $783.4M | ||
| Q3 24 | $493.9M | $833.3M | ||
| Q2 24 | $488.2M | $892.8M | ||
| Q1 24 | $490.7M | $855.9M |
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | 4.09× | ||
| Q1 25 | 0.00× | 2.71× | ||
| Q4 24 | 0.00× | 1.43× | ||
| Q3 24 | 0.00× | 1.11× | ||
| Q2 24 | 0.00× | 0.80× | ||
| Q1 24 | 0.00× | 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 | $-10.5M | $-25.7M |
| Free Cash FlowOCF − Capex | $-12.0M | — |
| FCF MarginFCF / Revenue | -16.0% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $29.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.5M | $-25.7M | ||
| Q3 25 | $1.7M | $-15.4M | ||
| Q2 25 | $33.6M | $-16.6M | ||
| Q1 25 | $9.7M | $-33.5M | ||
| Q4 24 | $12.7M | $-57.2M | ||
| Q3 24 | $31.1M | $-22.6M | ||
| Q2 24 | $36.9M | $-10.2M | ||
| Q1 24 | $-10.6M | $-20.0M |
| Q4 25 | $-12.0M | — | ||
| Q3 25 | $782.6K | — | ||
| Q2 25 | $32.9M | — | ||
| Q1 25 | $8.2M | — | ||
| Q4 24 | $12.0M | — | ||
| Q3 24 | $30.2M | — | ||
| Q2 24 | $35.9M | — | ||
| Q1 24 | $-11.6M | — |
| Q4 25 | -16.0% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 8.5% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | -6.0% | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 0.6% | 0.0% | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | 0.6% | 0.0% | ||
| Q1 24 | 0.5% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.67× | — | ||
| Q2 24 | 5.65× | — | ||
| Q1 24 | -0.95× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DCGO
| Transportation Services Segment | $50.2M | 67% |
| Mobile Health Services Segment | $24.8M | 33% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
