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Side-by-side financial comparison of Essex Property Trust (ESS) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $384.8M, roughly 1.2× P3 Health Partners Inc.). Essex Property Trust runs the higher net margin — 17.9% vs -19.6%, a 37.5% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs 3.8%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% CAGR vs -0.5%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
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.
ESS vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $384.8M |
| Net Profit | $85.7M | $-75.5M |
| Gross Margin | 70.0% | — |
| Operating Margin | 31.7% | -40.0% |
| Net Margin | 17.9% | -19.6% |
| Revenue YoY | 5.5% | 3.8% |
| Net Profit YoY | -71.6% | -28.8% |
| EPS (diluted) | $1.24 | $-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 | $479.6M | $384.8M | ||
| Q3 25 | $473.3M | $345.3M | ||
| Q2 25 | $469.8M | $355.8M | ||
| Q1 25 | $464.6M | $373.2M | ||
| Q4 24 | $454.5M | $370.7M | ||
| Q3 24 | $450.7M | $362.1M | ||
| Q2 24 | $442.4M | $379.2M | ||
| Q1 24 | $426.9M | $388.5M |
| Q4 25 | $85.7M | $-75.5M | ||
| Q3 25 | $172.7M | $-31.6M | ||
| Q2 25 | $231.5M | $-20.4M | ||
| Q1 25 | $212.8M | $-20.5M | ||
| Q4 24 | $301.7M | $-58.6M | ||
| Q3 24 | $125.5M | $-46.5M | ||
| Q2 24 | $99.0M | $-12.0M | ||
| Q1 24 | $285.1M | $-18.7M |
| Q4 25 | 70.0% | — | ||
| Q3 25 | 69.2% | — | ||
| Q2 25 | 70.7% | — | ||
| Q1 25 | 69.6% | — | ||
| Q4 24 | 70.0% | — | ||
| Q3 24 | 69.5% | — | ||
| Q2 24 | 70.8% | — | ||
| Q1 24 | 69.7% | — |
| Q4 25 | 31.7% | -40.0% | ||
| Q3 25 | 44.5% | -12.8% | ||
| Q2 25 | 59.5% | -9.6% | ||
| Q1 25 | 55.3% | -10.2% | ||
| Q4 24 | 67.0% | -37.4% | ||
| Q3 24 | 28.6% | -29.5% | ||
| Q2 24 | 31.1% | -8.3% | ||
| Q1 24 | 31.0% | -11.3% |
| Q4 25 | 17.9% | -19.6% | ||
| Q3 25 | 36.5% | -9.1% | ||
| Q2 25 | 49.3% | -5.7% | ||
| Q1 25 | 45.8% | -5.5% | ||
| Q4 24 | 66.4% | -15.8% | ||
| Q3 24 | 27.8% | -12.8% | ||
| Q2 24 | 22.4% | -3.2% | ||
| Q1 24 | 66.8% | -4.8% |
| Q4 25 | $1.24 | $-23.08 | ||
| Q3 25 | $2.56 | $-9.67 | ||
| Q2 25 | $3.44 | $-6.23 | ||
| Q1 25 | $3.16 | $-6.28 | ||
| Q4 24 | $4.00 | $-23.13 | ||
| Q3 24 | $1.84 | $-15.70 | ||
| Q2 24 | $1.45 | $-7.37 | ||
| Q1 24 | $4.25 | $-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 | $76.2M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $5.5B | $-155.2M |
| Total Assets | $13.2B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $25.0M | ||
| Q3 25 | $66.0M | $37.7M | ||
| Q2 25 | $58.7M | $38.6M | ||
| Q1 25 | $98.7M | $40.1M | ||
| Q4 24 | $66.8M | $38.8M | ||
| Q3 24 | $71.3M | $63.0M | ||
| Q2 24 | $55.2M | $73.1M | ||
| Q1 24 | $499.0M | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | $6.4B | $252.8M | ||
| Q2 25 | $6.4B | $182.0M | ||
| Q1 25 | $6.8B | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | $6.4B | $133.2M | ||
| Q2 24 | $6.2B | $133.1M | ||
| Q1 24 | $6.6B | $118.1M |
| Q4 25 | $5.5B | $-155.2M | ||
| Q3 25 | $5.6B | $-18.7M | ||
| Q2 25 | $5.6B | $44.5M | ||
| Q1 25 | $5.6B | $63.3M | ||
| Q4 24 | $5.5B | $75.9M | ||
| Q3 24 | $5.4B | $120.5M | ||
| Q2 24 | $5.5B | $166.8M | ||
| Q1 24 | $5.5B | $146.6M |
| Q4 25 | $13.2B | $656.6M | ||
| Q3 25 | $13.2B | $683.6M | ||
| Q2 25 | $13.2B | $731.6M | ||
| Q1 25 | $13.2B | $783.9M | ||
| Q4 24 | $12.9B | $783.4M | ||
| Q3 24 | $12.6B | $833.3M | ||
| Q2 24 | $12.5B | $892.8M | ||
| Q1 24 | $12.9B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | 1.15× | — | ||
| Q2 25 | 1.14× | 4.09× | ||
| Q1 25 | 1.22× | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | 1.18× | 1.11× | ||
| Q2 24 | 1.13× | 0.80× | ||
| Q1 24 | 1.19× | 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 | $1.1B | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 12.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $-25.7M | ||
| Q3 25 | $342.6M | $-15.4M | ||
| Q2 25 | $216.1M | $-16.6M | ||
| Q1 25 | $281.5M | $-33.5M | ||
| Q4 24 | $1.1B | $-57.2M | ||
| Q3 24 | $316.2M | $-22.6M | ||
| Q2 24 | $218.9M | $-10.2M | ||
| Q1 24 | $314.9M | $-20.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 12.53× | — | ||
| Q3 25 | 1.98× | — | ||
| Q2 25 | 0.93× | — | ||
| Q1 25 | 1.32× | — | ||
| Q4 24 | 3.54× | — | ||
| Q3 24 | 2.52× | — | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESS
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% |
