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Side-by-side financial comparison of ECARX Holdings Inc. (ECX) 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 $323.3M, roughly 1.2× ECARX Holdings Inc.). P3 Health Partners Inc. runs the higher net margin — -19.6% vs -21.4%, a 1.7% gap on every dollar of revenue. On growth, ECARX Holdings Inc. posted the faster year-over-year revenue change (6.5% vs 3.8%).
ECARX Holdings Inc. is a global mobility technology provider specializing in integrated smart vehicle solutions, including in-vehicle infotainment systems, advanced driver assistance technologies, and connected car cloud services. It primarily partners with automotive manufacturers across the world, with a strong operational presence in the Chinese and European markets.
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.
ECX vs PIII — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $323.3M | $384.8M |
| Net Profit | $-69.1M | $-75.5M |
| Gross Margin | 15.5% | — |
| Operating Margin | -20.2% | -40.0% |
| Net Margin | -21.4% | -19.6% |
| Revenue YoY | 6.5% | 3.8% |
| Net Profit YoY | 12.8% | -28.8% |
| EPS (diluted) | $-0.20 | $-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 | — | $384.8M | ||
| Q3 25 | — | $345.3M | ||
| Q2 25 | $323.3M | $355.8M | ||
| Q1 25 | — | $373.2M | ||
| Q4 24 | — | $370.7M | ||
| Q3 24 | — | $362.1M | ||
| Q2 24 | $303.5M | $379.2M | ||
| Q1 24 | — | $388.5M |
| Q4 25 | — | $-75.5M | ||
| Q3 25 | — | $-31.6M | ||
| Q2 25 | $-69.1M | $-20.4M | ||
| Q1 25 | — | $-20.5M | ||
| Q4 24 | — | $-58.6M | ||
| Q3 24 | — | $-46.5M | ||
| Q2 24 | $-79.2M | $-12.0M | ||
| Q1 24 | — | $-18.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 22.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -40.0% | ||
| Q3 25 | — | -12.8% | ||
| Q2 25 | -20.2% | -9.6% | ||
| Q1 25 | — | -10.2% | ||
| Q4 24 | — | -37.4% | ||
| Q3 24 | — | -29.5% | ||
| Q2 24 | -22.2% | -8.3% | ||
| Q1 24 | — | -11.3% |
| Q4 25 | — | -19.6% | ||
| Q3 25 | — | -9.1% | ||
| Q2 25 | -21.4% | -5.7% | ||
| Q1 25 | — | -5.5% | ||
| Q4 24 | — | -15.8% | ||
| Q3 24 | — | -12.8% | ||
| Q2 24 | -26.1% | -3.2% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | — | $-23.08 | ||
| Q3 25 | — | $-9.67 | ||
| Q2 25 | $-0.20 | $-6.23 | ||
| Q1 25 | — | $-6.28 | ||
| Q4 24 | — | $-23.13 | ||
| Q3 24 | — | $-15.70 | ||
| Q2 24 | $-0.23 | $-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 | $86.2M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $-293.7M | $-155.2M |
| Total Assets | $494.9M | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | $86.2M | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $38.8M | ||
| Q3 24 | — | $63.0M | ||
| Q2 24 | $108.4M | $73.1M | ||
| Q1 24 | — | $27.3M |
| 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 24 | — | $118.1M |
| Q4 25 | — | $-155.2M | ||
| Q3 25 | — | $-18.7M | ||
| Q2 25 | $-293.7M | $44.5M | ||
| Q1 25 | — | $63.3M | ||
| Q4 24 | — | $75.9M | ||
| Q3 24 | — | $120.5M | ||
| Q2 24 | $-198.5M | $166.8M | ||
| Q1 24 | — | $146.6M |
| Q4 25 | — | $656.6M | ||
| Q3 25 | — | $683.6M | ||
| Q2 25 | $494.9M | $731.6M | ||
| Q1 25 | — | $783.9M | ||
| Q4 24 | — | $783.4M | ||
| Q3 24 | — | $833.3M | ||
| Q2 24 | $555.0M | $892.8M | ||
| Q1 24 | — | $855.9M |
| Q4 25 | — | — | ||
| 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 | $-82.0M | $-25.7M |
| Free Cash FlowOCF − Capex | $-86.5M | — |
| FCF MarginFCF / Revenue | -26.7% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-25.7M | ||
| Q3 25 | — | $-15.4M | ||
| Q2 25 | $-82.0M | $-16.6M | ||
| Q1 25 | — | $-33.5M | ||
| Q4 24 | — | $-57.2M | ||
| Q3 24 | — | $-22.6M | ||
| Q2 24 | $-57.1M | $-10.2M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-86.5M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-64.9M | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -26.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -21.4% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | 2.6% | 0.0% | ||
| Q1 24 | — | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ECX
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% |
