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Side-by-side financial comparison of Duolingo, Inc. (DUOL) 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 $295.5M, roughly 1.3× Duolingo, Inc.). Duolingo, Inc. runs the higher net margin — 11.9% vs -19.6%, a 31.5% gap on every dollar of revenue. On growth, Duolingo, Inc. posted the faster year-over-year revenue change (27.0% vs 3.8%). Over the past eight quarters, Duolingo, Inc.'s revenue compounded faster (28.7% CAGR vs -0.5%).
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
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.
DUOL vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $295.5M | $384.8M |
| Net Profit | $35.1M | $-75.5M |
| Gross Margin | 55.5% | — |
| Operating Margin | 8.0% | -40.0% |
| Net Margin | 11.9% | -19.6% |
| Revenue YoY | 27.0% | 3.8% |
| Net Profit YoY | 24.0% | -28.8% |
| EPS (diluted) | $0.72 | $-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 | $295.5M | — | ||
| Q4 25 | $282.9M | $384.8M | ||
| Q3 25 | $271.7M | $345.3M | ||
| Q2 25 | $252.3M | $355.8M | ||
| Q1 25 | $230.7M | $373.2M | ||
| Q4 24 | $209.6M | $370.7M | ||
| Q3 24 | $192.6M | $362.1M | ||
| Q2 24 | $178.3M | $379.2M |
| Q1 26 | $35.1M | — | ||
| Q4 25 | $42.0M | $-75.5M | ||
| Q3 25 | $292.2M | $-31.6M | ||
| Q2 25 | $44.8M | $-20.4M | ||
| Q1 25 | $35.1M | $-20.5M | ||
| Q4 24 | $13.9M | $-58.6M | ||
| Q3 24 | $23.4M | $-46.5M | ||
| Q2 24 | $24.4M | $-12.0M |
| Q1 26 | 55.5% | — | ||
| Q4 25 | 72.8% | — | ||
| Q3 25 | 72.5% | — | ||
| Q2 25 | 72.4% | — | ||
| Q1 25 | 71.1% | — | ||
| Q4 24 | 71.9% | — | ||
| Q3 24 | 72.9% | — | ||
| Q2 24 | 73.4% | — |
| Q1 26 | 8.0% | — | ||
| Q4 25 | 15.4% | -40.0% | ||
| Q3 25 | 12.9% | -12.8% | ||
| Q2 25 | 13.2% | -9.6% | ||
| Q1 25 | 10.2% | -10.2% | ||
| Q4 24 | 6.6% | -37.4% | ||
| Q3 24 | 7.0% | -29.5% | ||
| Q2 24 | 10.5% | -8.3% |
| Q1 26 | 11.9% | — | ||
| Q4 25 | 14.8% | -19.6% | ||
| Q3 25 | 107.5% | -9.1% | ||
| Q2 25 | 17.8% | -5.7% | ||
| Q1 25 | 15.2% | -5.5% | ||
| Q4 24 | 6.6% | -15.8% | ||
| Q3 24 | 12.1% | -12.8% | ||
| Q2 24 | 13.7% | -3.2% |
| Q1 26 | $0.72 | — | ||
| Q4 25 | $0.99 | $-23.08 | ||
| Q3 25 | $5.95 | $-9.67 | ||
| Q2 25 | $0.91 | $-6.23 | ||
| Q1 25 | $0.72 | $-6.28 | ||
| Q4 24 | $0.31 | $-23.13 | ||
| Q3 24 | $0.49 | $-15.70 | ||
| Q2 24 | $0.51 | $-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 | $1.1B | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $1.3B | $-155.2M |
| Total Assets | $2.0B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.0B | $25.0M | ||
| Q3 25 | $1.0B | $37.7M | ||
| Q2 25 | $976.2M | $38.6M | ||
| Q1 25 | $884.0M | $40.1M | ||
| Q4 24 | $785.8M | $38.8M | ||
| Q3 24 | $854.4M | $63.0M | ||
| Q2 24 | $888.2M | $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 | $1.3B | — | ||
| Q4 25 | $1.3B | $-155.2M | ||
| Q3 25 | $1.3B | $-18.7M | ||
| Q2 25 | $977.0M | $44.5M | ||
| Q1 25 | $893.8M | $63.3M | ||
| Q4 24 | $824.5M | $75.9M | ||
| Q3 24 | $822.5M | $120.5M | ||
| Q2 24 | $766.9M | $166.8M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $656.6M | ||
| Q3 25 | $1.9B | $683.6M | ||
| Q2 25 | $1.5B | $731.6M | ||
| Q1 25 | $1.4B | $783.9M | ||
| Q4 24 | $1.3B | $783.4M | ||
| Q3 24 | $1.2B | $833.3M | ||
| Q2 24 | $1.1B | $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 | $105.6M | $-25.7M |
| Free Cash FlowOCF − Capex | $103.0M | — |
| FCF MarginFCF / Revenue | 34.9% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | $368.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $105.6M | — | ||
| Q4 25 | $107.3M | $-25.7M | ||
| Q3 25 | $84.2M | $-15.4M | ||
| Q2 25 | $90.7M | $-16.6M | ||
| Q1 25 | $105.6M | $-33.5M | ||
| Q4 24 | $83.3M | $-57.2M | ||
| Q3 24 | $56.3M | $-22.6M | ||
| Q2 24 | $62.4M | $-10.2M |
| Q1 26 | $103.0M | — | ||
| Q4 25 | $96.6M | — | ||
| Q3 25 | $79.4M | — | ||
| Q2 25 | $89.5M | — | ||
| Q1 25 | $104.3M | — | ||
| Q4 24 | $81.4M | — | ||
| Q3 24 | $53.1M | — | ||
| Q2 24 | $56.8M | — |
| Q1 26 | 34.9% | — | ||
| Q4 25 | 34.1% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 35.5% | — | ||
| Q1 25 | 45.2% | — | ||
| Q4 24 | 38.8% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 31.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.9% | 0.0% | ||
| Q3 24 | 1.7% | 0.0% | ||
| Q2 24 | 3.1% | 0.0% |
| Q1 26 | 3.01× | — | ||
| Q4 25 | 2.56× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 3.01× | — | ||
| Q4 24 | 5.99× | — | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 2.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DUOL
| Bookings | $283.5M | 96% |
| Other | $12.0M | 4% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
