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Side-by-side financial comparison of Eastern Bankshares, Inc. (EBC) 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 $295.9M, roughly 1.3× Eastern Bankshares, Inc.). Eastern Bankshares, Inc. runs the higher net margin — 22.1% vs -19.6%, a 41.7% gap on every dollar of revenue. On growth, Eastern Bankshares, Inc. posted the faster year-over-year revenue change (710.6% vs 3.8%). Over the past eight quarters, Eastern Bankshares, Inc.'s revenue compounded faster (38.6% CAGR vs -0.5%).
Eastern Bank is a bank based in Boston, Massachusetts. Before de-mutualizing in 2020, it was the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts.
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.
EBC vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $295.9M | $384.8M |
| Net Profit | $65.3M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | — | -40.0% |
| Net Margin | 22.1% | -19.6% |
| Revenue YoY | 710.6% | 3.8% |
| Net Profit YoY | -34.4% | -28.8% |
| EPS (diluted) | $0.29 | $-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 | $295.9M | — | ||
| Q4 25 | $37.5M | $384.8M | ||
| Q3 25 | $241.5M | $345.3M | ||
| Q2 25 | $244.9M | $355.8M | ||
| Q1 25 | $31.1M | $373.2M | ||
| Q4 24 | $216.5M | $370.7M | ||
| Q3 24 | $203.4M | $362.1M | ||
| Q2 24 | $154.0M | $379.2M |
| Q1 26 | $65.3M | — | ||
| Q4 25 | $99.5M | $-75.5M | ||
| Q3 25 | $106.1M | $-31.6M | ||
| Q2 25 | $100.2M | $-20.4M | ||
| Q1 25 | $-217.7M | $-20.5M | ||
| Q4 24 | $60.8M | $-58.6M | ||
| Q3 24 | $-6.2M | $-46.5M | ||
| Q2 24 | $26.3M | $-12.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -40.0% | ||
| Q3 25 | 38.9% | -12.8% | ||
| Q2 25 | 41.0% | -9.6% | ||
| Q1 25 | -590.9% | -10.2% | ||
| Q4 24 | 33.3% | -37.4% | ||
| Q3 24 | -1.6% | -29.5% | ||
| Q2 24 | 24.7% | -8.3% |
| Q1 26 | 22.1% | — | ||
| Q4 25 | 265.6% | -19.6% | ||
| Q3 25 | 44.0% | -9.1% | ||
| Q2 25 | 40.9% | -5.7% | ||
| Q1 25 | -699.2% | -5.5% | ||
| Q4 24 | 28.1% | -15.8% | ||
| Q3 24 | -3.0% | -12.8% | ||
| Q2 24 | 17.1% | -3.2% |
| Q1 26 | $0.29 | — | ||
| Q4 25 | $0.48 | $-23.08 | ||
| Q3 25 | $0.53 | $-9.67 | ||
| Q2 25 | $0.50 | $-6.23 | ||
| Q1 25 | $-1.08 | $-6.28 | ||
| Q4 24 | $0.29 | $-23.13 | ||
| Q3 24 | $-0.03 | $-15.70 | ||
| Q2 24 | $0.16 | $-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 | $551.7M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $4.3B | $-155.2M |
| Total Assets | $30.6B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $551.7M | — | ||
| Q4 25 | $507.6M | $25.0M | ||
| Q3 25 | $703.4M | $37.7M | ||
| Q2 25 | $948.3M | $38.6M | ||
| Q1 25 | $609.0M | $40.1M | ||
| Q4 24 | $1.9B | $38.8M | ||
| Q3 24 | $1.7B | $63.0M | ||
| Q2 24 | $1.4B | $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 | $4.3B | — | ||
| Q4 25 | $4.3B | $-155.2M | ||
| Q3 25 | $3.8B | $-18.7M | ||
| Q2 25 | $3.7B | $44.5M | ||
| Q1 25 | $3.6B | $63.3M | ||
| Q4 24 | $3.6B | $75.9M | ||
| Q3 24 | $3.7B | $120.5M | ||
| Q2 24 | $3.0B | $166.8M |
| Q1 26 | $30.6B | — | ||
| Q4 25 | $30.6B | $656.6M | ||
| Q3 25 | $25.5B | $683.6M | ||
| Q2 25 | $25.5B | $731.6M | ||
| Q1 25 | $25.0B | $783.9M | ||
| Q4 24 | $25.6B | $783.4M | ||
| Q3 24 | $25.5B | $833.3M | ||
| Q2 24 | $21.0B | $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 | $432.4M | $-25.7M | ||
| Q3 25 | $157.1M | $-15.4M | ||
| Q2 25 | $123.9M | $-16.6M | ||
| Q1 25 | $47.3M | $-33.5M | ||
| Q4 24 | $283.8M | $-57.2M | ||
| Q3 24 | $108.3M | $-22.6M | ||
| Q2 24 | $54.3M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.35× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.67× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EBC
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% |
