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Side-by-side financial comparison of Krispy Kreme, Inc. (DNUT) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Krispy Kreme, Inc. is the larger business by last-quarter revenue ($392.4M vs $384.8M, roughly 1.0× P3 Health Partners Inc.). Krispy Kreme, Inc. runs the higher net margin — -7.1% vs -19.6%, a 12.5% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -2.9%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -5.9%).
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
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.
DNUT vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.4M | $384.8M |
| Net Profit | $-27.8M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | -1.9% | -40.0% |
| Net Margin | -7.1% | -19.6% |
| Revenue YoY | -2.9% | 3.8% |
| Net Profit YoY | -23.8% | -28.8% |
| EPS (diluted) | $-0.18 | $-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 | $392.4M | $384.8M | ||
| Q3 25 | $375.3M | $345.3M | ||
| Q2 25 | $379.8M | $355.8M | ||
| Q1 25 | $375.2M | $373.2M | ||
| Q4 24 | $404.0M | $370.7M | ||
| Q3 24 | $379.9M | $362.1M | ||
| Q2 24 | $438.8M | $379.2M | ||
| Q1 24 | $442.7M | $388.5M |
| Q4 25 | $-27.8M | $-75.5M | ||
| Q3 25 | $-19.4M | $-31.6M | ||
| Q2 25 | $-435.3M | $-20.4M | ||
| Q1 25 | $-33.3M | $-20.5M | ||
| Q4 24 | $-22.4M | $-58.6M | ||
| Q3 24 | $39.6M | $-46.5M | ||
| Q2 24 | $-5.5M | $-12.0M | ||
| Q1 24 | $-8.5M | $-18.7M |
| Q4 25 | -1.9% | -40.0% | ||
| Q3 25 | -1.9% | -12.8% | ||
| Q2 25 | -114.4% | -9.6% | ||
| Q1 25 | -5.4% | -10.2% | ||
| Q4 24 | -2.8% | -37.4% | ||
| Q3 24 | -4.2% | -29.5% | ||
| Q2 24 | 1.6% | -8.3% | ||
| Q1 24 | 2.7% | -11.3% |
| Q4 25 | -7.1% | -19.6% | ||
| Q3 25 | -5.2% | -9.1% | ||
| Q2 25 | -114.6% | -5.7% | ||
| Q1 25 | -8.9% | -5.5% | ||
| Q4 24 | -5.6% | -15.8% | ||
| Q3 24 | 10.4% | -12.8% | ||
| Q2 24 | -1.3% | -3.2% | ||
| Q1 24 | -1.9% | -4.8% |
| Q4 25 | $-0.18 | $-23.08 | ||
| Q3 25 | $-0.11 | $-9.67 | ||
| Q2 25 | $-2.55 | $-6.23 | ||
| Q1 25 | $-0.20 | $-6.28 | ||
| Q4 24 | $-0.13 | $-23.13 | ||
| Q3 24 | $0.23 | $-15.70 | ||
| Q2 24 | $-0.03 | $-7.37 | ||
| Q1 24 | $-0.05 | $-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 | $42.4M | $25.0M |
| Total DebtLower is stronger | $911.9M | $228.4M |
| Stockholders' EquityBook value | $650.1M | $-155.2M |
| Total Assets | $2.6B | $656.6M |
| Debt / EquityLower = less leverage | 1.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.4M | $25.0M | ||
| Q3 25 | $30.7M | $37.7M | ||
| Q2 25 | $21.3M | $38.6M | ||
| Q1 25 | $18.7M | $40.1M | ||
| Q4 24 | $29.0M | $38.8M | ||
| Q3 24 | $25.4M | $63.0M | ||
| Q2 24 | $28.6M | $73.1M | ||
| Q1 24 | $33.1M | $27.3M |
| Q4 25 | $911.9M | $228.4M | ||
| Q3 25 | $906.2M | $252.8M | ||
| Q2 25 | $889.4M | $182.0M | ||
| Q1 25 | $935.0M | $171.1M | ||
| Q4 24 | $844.5M | $108.9M | ||
| Q3 24 | $804.6M | $133.2M | ||
| Q2 24 | $895.0M | $133.1M | ||
| Q1 24 | $881.8M | $118.1M |
| Q4 25 | $650.1M | $-155.2M | ||
| Q3 25 | $670.3M | $-18.7M | ||
| Q2 25 | $693.6M | $44.5M | ||
| Q1 25 | $1.1B | $63.3M | ||
| Q4 24 | $1.1B | $75.9M | ||
| Q3 24 | $1.2B | $120.5M | ||
| Q2 24 | $1.1B | $166.8M | ||
| Q1 24 | $1.2B | $146.6M |
| Q4 25 | $2.6B | $656.6M | ||
| Q3 25 | $2.6B | $683.6M | ||
| Q2 25 | $2.6B | $731.6M | ||
| Q1 25 | $3.1B | $783.9M | ||
| Q4 24 | $3.1B | $783.4M | ||
| Q3 24 | $3.1B | $833.3M | ||
| Q2 24 | $3.2B | $892.8M | ||
| Q1 24 | $3.2B | $855.9M |
| Q4 25 | 1.40× | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 1.28× | 4.09× | ||
| Q1 25 | 0.85× | 2.71× | ||
| Q4 24 | 0.74× | 1.43× | ||
| Q3 24 | 0.68× | 1.11× | ||
| Q2 24 | 0.79× | 0.80× | ||
| Q1 24 | 0.76× | 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 | $45.0M | $-25.7M |
| Free Cash FlowOCF − Capex | $27.9M | — |
| FCF MarginFCF / Revenue | 7.1% | — |
| Capex IntensityCapex / Revenue | 4.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-64.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.0M | $-25.7M | ||
| Q3 25 | $42.3M | $-15.4M | ||
| Q2 25 | $-32.5M | $-16.6M | ||
| Q1 25 | $-20.8M | $-33.5M | ||
| Q4 24 | $27.0M | $-57.2M | ||
| Q3 24 | $3.3M | $-22.6M | ||
| Q2 24 | $33.2M | $-10.2M | ||
| Q1 24 | $-17.7M | $-20.0M |
| Q4 25 | $27.9M | — | ||
| Q3 25 | $15.5M | — | ||
| Q2 25 | $-60.8M | — | ||
| Q1 25 | $-46.7M | — | ||
| Q4 24 | $-6.9M | — | ||
| Q3 24 | $-22.9M | — | ||
| Q2 24 | $1.6M | — | ||
| Q1 24 | $-46.8M | — |
| Q4 25 | 7.1% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | -16.0% | — | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -1.7% | — | ||
| Q3 24 | -6.0% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | -10.6% | — |
| Q4 25 | 4.4% | — | ||
| Q3 25 | 7.1% | — | ||
| Q2 25 | 7.4% | — | ||
| Q1 25 | 6.9% | — | ||
| Q4 24 | 8.4% | 0.0% | ||
| Q3 24 | 6.9% | 0.0% | ||
| Q2 24 | 7.2% | 0.0% | ||
| Q1 24 | 6.6% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.08× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DNUT
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% |
