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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) 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 $208.7M, roughly 1.8× FORUM ENERGY TECHNOLOGIES, INC.). FORUM ENERGY TECHNOLOGIES, INC. runs the higher net margin — 2.2% vs -19.6%, a 21.8% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 3.2%). Over the past eight quarters, FORUM ENERGY TECHNOLOGIES, INC.'s revenue compounded faster (0.8% CAGR vs -0.5%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries 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.
FET vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $384.8M |
| Net Profit | $4.5M | $-75.5M |
| Gross Margin | 29.2% | — |
| Operating Margin | 5.3% | -40.0% |
| Net Margin | 2.2% | -19.6% |
| Revenue YoY | 3.2% | 3.8% |
| Net Profit YoY | 300.4% | -28.8% |
| EPS (diluted) | $0.39 | $-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 | $208.7M | — | ||
| Q4 25 | $202.2M | $384.8M | ||
| Q3 25 | $196.2M | $345.3M | ||
| Q2 25 | $199.8M | $355.8M | ||
| Q1 25 | $193.3M | $373.2M | ||
| Q4 24 | $201.0M | $370.7M | ||
| Q3 24 | $207.8M | $362.1M | ||
| Q2 24 | $205.2M | $379.2M |
| Q1 26 | $4.5M | — | ||
| Q4 25 | $2.1M | $-75.5M | ||
| Q3 25 | $-20.6M | $-31.6M | ||
| Q2 25 | $7.7M | $-20.4M | ||
| Q1 25 | $1.1M | $-20.5M | ||
| Q4 24 | $-103.5M | $-58.6M | ||
| Q3 24 | $-14.8M | $-46.5M | ||
| Q2 24 | $-6.7M | $-12.0M |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 29.7% | — | ||
| Q1 25 | 30.2% | — | ||
| Q4 24 | 31.1% | — | ||
| Q3 24 | 31.6% | — | ||
| Q2 24 | 30.7% | — |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | -40.0% | ||
| Q3 25 | -3.1% | -12.8% | ||
| Q2 25 | 7.4% | -9.6% | ||
| Q1 25 | 4.6% | -10.2% | ||
| Q4 24 | -53.1% | -37.4% | ||
| Q3 24 | 4.3% | -29.5% | ||
| Q2 24 | 3.9% | -8.3% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.0% | -19.6% | ||
| Q3 25 | -10.5% | -9.1% | ||
| Q2 25 | 3.9% | -5.7% | ||
| Q1 25 | 0.6% | -5.5% | ||
| Q4 24 | -51.5% | -15.8% | ||
| Q3 24 | -7.1% | -12.8% | ||
| Q2 24 | -3.3% | -3.2% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.25 | $-23.08 | ||
| Q3 25 | $-1.76 | $-9.67 | ||
| Q2 25 | $0.61 | $-6.23 | ||
| Q1 25 | $0.09 | $-6.28 | ||
| Q4 24 | $-8.41 | $-23.13 | ||
| Q3 24 | $-1.20 | $-15.70 | ||
| Q2 24 | $-0.54 | $-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 | $37.5M | $25.0M |
| Total DebtLower is stronger | $153.7M | $228.4M |
| Stockholders' EquityBook value | $280.7M | $-155.2M |
| Total Assets | $763.1M | $656.6M |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | — | ||
| Q4 25 | $34.7M | $25.0M | ||
| Q3 25 | $31.7M | $37.7M | ||
| Q2 25 | $39.0M | $38.6M | ||
| Q1 25 | $31.1M | $40.1M | ||
| Q4 24 | $44.7M | $38.8M | ||
| Q3 24 | $33.3M | $63.0M | ||
| Q2 24 | $31.8M | $73.1M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | $228.4M | ||
| Q3 25 | $140.0M | $252.8M | ||
| Q2 25 | $159.3M | $182.0M | ||
| Q1 25 | $171.4M | $171.1M | ||
| Q4 24 | $188.4M | $108.9M | ||
| Q3 24 | $231.5M | $133.2M | ||
| Q2 24 | $252.9M | $133.1M |
| Q1 26 | $280.7M | — | ||
| Q4 25 | $291.1M | $-155.2M | ||
| Q3 25 | $297.3M | $-18.7M | ||
| Q2 25 | $334.2M | $44.5M | ||
| Q1 25 | $320.0M | $63.3M | ||
| Q4 24 | $319.9M | $75.9M | ||
| Q3 24 | $443.5M | $120.5M | ||
| Q2 24 | $442.0M | $166.8M |
| Q1 26 | $763.1M | — | ||
| Q4 25 | $752.5M | $656.6M | ||
| Q3 25 | $770.1M | $683.6M | ||
| Q2 25 | $810.1M | $731.6M | ||
| Q1 25 | $790.1M | $783.9M | ||
| Q4 24 | $816.0M | $783.4M | ||
| Q3 24 | $973.7M | $833.3M | ||
| Q2 24 | $976.8M | $892.8M |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | 4.09× | ||
| Q1 25 | 0.54× | 2.71× | ||
| Q4 24 | 0.59× | 1.43× | ||
| Q3 24 | 0.52× | 1.11× | ||
| Q2 24 | 0.57× | 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 | $1.6M | $-25.7M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 0.7% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 0.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $22.4M | $-25.7M | ||
| Q3 25 | $22.9M | $-15.4M | ||
| Q2 25 | $15.8M | $-16.6M | ||
| Q1 25 | $9.3M | $-33.5M | ||
| Q4 24 | $38.5M | $-57.2M | ||
| Q3 24 | $25.6M | $-22.6M | ||
| Q2 24 | $23.1M | $-10.2M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | — | ||
| Q3 25 | $21.5M | — | ||
| Q2 25 | $14.8M | — | ||
| Q1 25 | $7.2M | — | ||
| Q4 24 | $36.1M | — | ||
| Q3 24 | $24.3M | — | ||
| Q2 24 | $21.6M | — |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | — | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 7.4% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 10.5% | — |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 1.2% | 0.0% | ||
| Q3 24 | 0.6% | 0.0% | ||
| Q2 24 | 0.7% | 0.0% |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.05× | — | ||
| Q1 25 | 8.31× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
