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Side-by-side financial comparison of Diversified Energy Co (DEC) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Diversified Energy Co is the larger business by last-quarter revenue ($666.5M vs $384.8M, roughly 1.7× P3 Health Partners Inc.). Diversified Energy Co runs the higher net margin — 29.3% vs -19.6%, a 49.0% gap on every dollar of revenue.
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.
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.
DEC vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $666.5M | $384.8M |
| Net Profit | $195.5M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 37.6% | -40.0% |
| Net Margin | 29.3% | -19.6% |
| Revenue YoY | — | 3.8% |
| Net Profit YoY | — | -28.8% |
| EPS (diluted) | — | $-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 | $666.5M | $384.8M | ||
| Q3 25 | $499.8M | $345.3M | ||
| Q2 25 | $600.3M | $355.8M | ||
| Q1 25 | — | $373.2M | ||
| Q4 24 | — | $370.7M | ||
| Q3 24 | — | $362.1M | ||
| Q2 24 | — | $379.2M | ||
| Q1 24 | — | $388.5M |
| Q4 25 | $195.5M | $-75.5M | ||
| Q3 25 | $171.1M | $-31.6M | ||
| Q2 25 | $297.7M | $-20.4M | ||
| Q1 25 | — | $-20.5M | ||
| Q4 24 | — | $-58.6M | ||
| Q3 24 | — | $-46.5M | ||
| Q2 24 | — | $-12.0M | ||
| Q1 24 | — | $-18.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 44.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 37.6% | -40.0% | ||
| Q3 25 | 36.2% | -12.8% | ||
| Q2 25 | 48.5% | -9.6% | ||
| Q1 25 | — | -10.2% | ||
| Q4 24 | — | -37.4% | ||
| Q3 24 | — | -29.5% | ||
| Q2 24 | — | -8.3% | ||
| Q1 24 | — | -11.3% |
| Q4 25 | 29.3% | -19.6% | ||
| Q3 25 | 34.2% | -9.1% | ||
| Q2 25 | 49.6% | -5.7% | ||
| Q1 25 | — | -5.5% | ||
| Q4 24 | — | -15.8% | ||
| Q3 24 | — | -12.8% | ||
| Q2 24 | — | -3.2% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | — | $-23.08 | ||
| Q3 25 | $2.14 | $-9.67 | ||
| Q2 25 | $3.67 | $-6.23 | ||
| Q1 25 | — | $-6.28 | ||
| Q4 24 | — | $-23.13 | ||
| Q3 24 | — | $-15.70 | ||
| Q2 24 | — | $-7.37 | ||
| Q1 24 | — | $-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 | $29.7M | $25.0M |
| Total DebtLower is stronger | $2.7B | $228.4M |
| Stockholders' EquityBook value | $984.1M | $-155.2M |
| Total Assets | $6.2B | $656.6M |
| Debt / EquityLower = less leverage | 2.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.7M | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | $23.7M | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $38.8M | ||
| Q3 24 | — | $63.0M | ||
| Q2 24 | — | $73.1M | ||
| Q1 24 | — | $27.3M |
| Q4 25 | $2.7B | $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 24 | — | $118.1M |
| Q4 25 | $984.1M | $-155.2M | ||
| Q3 25 | — | $-18.7M | ||
| Q2 25 | $727.7M | $44.5M | ||
| Q1 25 | — | $63.3M | ||
| Q4 24 | — | $75.9M | ||
| Q3 24 | — | $120.5M | ||
| Q2 24 | — | $166.8M | ||
| Q1 24 | — | $146.6M |
| Q4 25 | $6.2B | $656.6M | ||
| Q3 25 | — | $683.6M | ||
| Q2 25 | $5.7B | $731.6M | ||
| Q1 25 | — | $783.9M | ||
| Q4 24 | — | $783.4M | ||
| Q3 24 | — | $833.3M | ||
| Q2 24 | — | $892.8M | ||
| Q1 24 | — | $855.9M |
| Q4 25 | 2.76× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 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 | $464.6M | $-25.7M |
| Free Cash FlowOCF − Capex | $280.0M | — |
| FCF MarginFCF / Revenue | 42.0% | — |
| Capex IntensityCapex / Revenue | 27.7% | — |
| Cash ConversionOCF / Net Profit | 2.38× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $464.6M | $-25.7M | ||
| Q3 25 | — | $-15.4M | ||
| Q2 25 | $264.1M | $-16.6M | ||
| Q1 25 | — | $-33.5M | ||
| Q4 24 | — | $-57.2M | ||
| Q3 24 | — | $-22.6M | ||
| Q2 24 | — | $-10.2M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | $280.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 42.0% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 27.7% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 2.38× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.89× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DEC
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% |
