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Side-by-side financial comparison of FIGS, Inc. (FIGS) 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 $201.9M, roughly 1.9× FIGS, Inc.). FIGS, Inc. runs the higher net margin — 9.2% vs -19.6%, a 28.8% gap on every dollar of revenue. On growth, FIGS, Inc. posted the faster year-over-year revenue change (33.0% vs 3.8%). Over the past eight quarters, FIGS, Inc.'s revenue compounded faster (30.1% CAGR vs -0.5%).
Figs is an American clothing company based in Santa Monica, California. The company sells scrubs and other products for healthcare professionals. It was founded in 2013 by Heather Hasson and Trina Spear, who are co-CEOs.
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.
FIGS vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $201.9M | $384.8M |
| Net Profit | $18.5M | $-75.5M |
| Gross Margin | 62.9% | — |
| Operating Margin | 9.3% | -40.0% |
| Net Margin | 9.2% | -19.6% |
| Revenue YoY | 33.0% | 3.8% |
| Net Profit YoY | 881.8% | -28.8% |
| EPS (diluted) | $0.10 | $-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 | $201.9M | $384.8M | ||
| Q3 25 | $151.7M | $345.3M | ||
| Q2 25 | $152.6M | $355.8M | ||
| Q1 25 | $124.9M | $373.2M | ||
| Q4 24 | $151.8M | $370.7M | ||
| Q3 24 | $140.2M | $362.1M | ||
| Q2 24 | $144.2M | $379.2M | ||
| Q1 24 | $119.3M | $388.5M |
| Q4 25 | $18.5M | $-75.5M | ||
| Q3 25 | $8.7M | $-31.6M | ||
| Q2 25 | $7.1M | $-20.4M | ||
| Q1 25 | $-102.0K | $-20.5M | ||
| Q4 24 | $1.9M | $-58.6M | ||
| Q3 24 | $-1.7M | $-46.5M | ||
| Q2 24 | $1.1M | $-12.0M | ||
| Q1 24 | $1.4M | $-18.7M |
| Q4 25 | 62.9% | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | 67.0% | — | ||
| Q1 25 | 67.6% | — | ||
| Q4 24 | 67.3% | — | ||
| Q3 24 | 67.1% | — | ||
| Q2 24 | 67.4% | — | ||
| Q1 24 | 68.9% | — |
| Q4 25 | 9.3% | -40.0% | ||
| Q3 25 | 6.4% | -12.8% | ||
| Q2 25 | 6.5% | -9.6% | ||
| Q1 25 | -0.2% | -10.2% | ||
| Q4 24 | 5.9% | -37.4% | ||
| Q3 24 | -6.2% | -29.5% | ||
| Q2 24 | 1.1% | -8.3% | ||
| Q1 24 | 0.4% | -11.3% |
| Q4 25 | 9.2% | -19.6% | ||
| Q3 25 | 5.8% | -9.1% | ||
| Q2 25 | 4.7% | -5.7% | ||
| Q1 25 | -0.1% | -5.5% | ||
| Q4 24 | 1.2% | -15.8% | ||
| Q3 24 | -1.2% | -12.8% | ||
| Q2 24 | 0.8% | -3.2% | ||
| Q1 24 | 1.2% | -4.8% |
| Q4 25 | $0.10 | $-23.08 | ||
| Q3 25 | $0.05 | $-9.67 | ||
| Q2 25 | $0.04 | $-6.23 | ||
| Q1 25 | $0.00 | $-6.28 | ||
| Q4 24 | $0.01 | $-23.13 | ||
| Q3 24 | $-0.01 | $-15.70 | ||
| Q2 24 | $0.01 | $-7.37 | ||
| Q1 24 | $0.01 | $-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 | $82.0M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $437.5M | $-155.2M |
| Total Assets | $580.0M | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.0M | $25.0M | ||
| Q3 25 | $46.5M | $37.7M | ||
| Q2 25 | $50.8M | $38.6M | ||
| Q1 25 | $90.0M | $40.1M | ||
| Q4 24 | $85.6M | $38.8M | ||
| Q3 24 | $124.1M | $63.0M | ||
| Q2 24 | $131.8M | $73.1M | ||
| Q1 24 | $155.3M | $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 | $437.5M | $-155.2M | ||
| Q3 25 | $413.3M | $-18.7M | ||
| Q2 25 | $396.5M | $44.5M | ||
| Q1 25 | $381.5M | $63.3M | ||
| Q4 24 | $377.1M | $75.9M | ||
| Q3 24 | $403.5M | $120.5M | ||
| Q2 24 | $401.7M | $166.8M | ||
| Q1 24 | $389.9M | $146.6M |
| Q4 25 | $580.0M | $656.6M | ||
| Q3 25 | $544.7M | $683.6M | ||
| Q2 25 | $517.1M | $731.6M | ||
| Q1 25 | $522.3M | $783.9M | ||
| Q4 24 | $509.8M | $783.4M | ||
| Q3 24 | $542.5M | $833.3M | ||
| Q2 24 | $526.0M | $892.8M | ||
| Q1 24 | $510.9M | $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 | $60.9M | $-25.7M |
| Free Cash FlowOCF − Capex | $58.1M | — |
| FCF MarginFCF / Revenue | 28.8% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | 3.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $53.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.9M | $-25.7M | ||
| Q3 25 | $3.4M | $-15.4M | ||
| Q2 25 | $-12.4M | $-16.6M | ||
| Q1 25 | $9.2M | $-33.5M | ||
| Q4 24 | $30.4M | $-57.2M | ||
| Q3 24 | $22.6M | $-22.6M | ||
| Q2 24 | $16.5M | $-10.2M | ||
| Q1 24 | $11.6M | $-20.0M |
| Q4 25 | $58.1M | — | ||
| Q3 25 | $531.0K | — | ||
| Q2 25 | $-13.5M | — | ||
| Q1 25 | $7.9M | — | ||
| Q4 24 | $27.1M | — | ||
| Q3 24 | $18.4M | — | ||
| Q2 24 | $7.5M | — | ||
| Q1 24 | $11.1M | — |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | -8.9% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 13.1% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 9.3% | — |
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 2.2% | 0.0% | ||
| Q3 24 | 3.0% | 0.0% | ||
| Q2 24 | 6.2% | 0.0% | ||
| Q1 24 | 0.4% | 0.0% |
| Q4 25 | 3.29× | — | ||
| Q3 25 | 0.39× | — | ||
| Q2 25 | -1.75× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 16.14× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 15.04× | — | ||
| Q1 24 | 8.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIGS
| Scrubwear | $154.9M | 77% |
| Non Scrubwear Lifestyle | $47.0M | 23% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
