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Side-by-side financial comparison of FEDERAL SIGNAL CORP (FSS) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
FEDERAL SIGNAL CORP is the larger business by last-quarter revenue ($597.1M vs $384.8M, roughly 1.6× P3 Health Partners Inc.). FEDERAL SIGNAL CORP runs the higher net margin — 10.2% vs -19.6%, a 29.8% gap on every dollar of revenue. On growth, FEDERAL SIGNAL CORP posted the faster year-over-year revenue change (26.5% vs 3.8%). Over the past eight quarters, FEDERAL SIGNAL CORP's revenue compounded faster (18.5% CAGR vs -0.5%).
The Federal Signal Company was an American manufacturer of railway signaling equipment in the early 20th century. It was located in Albany, New York.
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.
FSS vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $597.1M | $384.8M |
| Net Profit | $60.8M | $-75.5M |
| Gross Margin | 28.4% | — |
| Operating Margin | 14.0% | -40.0% |
| Net Margin | 10.2% | -19.6% |
| Revenue YoY | 26.5% | 3.8% |
| Net Profit YoY | 21.6% | -28.8% |
| EPS (diluted) | $0.99 | $-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 | $597.1M | $384.8M | ||
| Q3 25 | $555.0M | $345.3M | ||
| Q2 25 | $564.6M | $355.8M | ||
| Q1 25 | $463.8M | $373.2M | ||
| Q4 24 | $472.0M | $370.7M | ||
| Q3 24 | $474.2M | $362.1M | ||
| Q2 24 | $490.4M | $379.2M | ||
| Q1 24 | $424.9M | $388.5M |
| Q4 25 | $60.8M | $-75.5M | ||
| Q3 25 | $68.1M | $-31.6M | ||
| Q2 25 | $71.4M | $-20.4M | ||
| Q1 25 | $46.3M | $-20.5M | ||
| Q4 24 | $50.0M | $-58.6M | ||
| Q3 24 | $53.9M | $-46.5M | ||
| Q2 24 | $60.8M | $-12.0M | ||
| Q1 24 | $51.6M | $-18.7M |
| Q4 25 | 28.4% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 27.3% | — |
| Q4 25 | 14.0% | -40.0% | ||
| Q3 25 | 16.9% | -12.8% | ||
| Q2 25 | 17.3% | -9.6% | ||
| Q1 25 | 14.2% | -10.2% | ||
| Q4 24 | 14.9% | -37.4% | ||
| Q3 24 | 16.0% | -29.5% | ||
| Q2 24 | 16.5% | -8.3% | ||
| Q1 24 | 12.8% | -11.3% |
| Q4 25 | 10.2% | -19.6% | ||
| Q3 25 | 12.3% | -9.1% | ||
| Q2 25 | 12.6% | -5.7% | ||
| Q1 25 | 10.0% | -5.5% | ||
| Q4 24 | 10.6% | -15.8% | ||
| Q3 24 | 11.4% | -12.8% | ||
| Q2 24 | 12.4% | -3.2% | ||
| Q1 24 | 12.1% | -4.8% |
| Q4 25 | $0.99 | $-23.08 | ||
| Q3 25 | $1.11 | $-9.67 | ||
| Q2 25 | $1.16 | $-6.23 | ||
| Q1 25 | $0.75 | $-6.28 | ||
| Q4 24 | $0.80 | $-23.13 | ||
| Q3 24 | $0.87 | $-15.70 | ||
| Q2 24 | $0.99 | $-7.37 | ||
| Q1 24 | $0.84 | $-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 | $63.7M | $25.0M |
| Total DebtLower is stronger | $564.6M | $228.4M |
| Stockholders' EquityBook value | $1.4B | $-155.2M |
| Total Assets | $2.4B | $656.6M |
| Debt / EquityLower = less leverage | 0.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.7M | $25.0M | ||
| Q3 25 | $54.4M | $37.7M | ||
| Q2 25 | $64.7M | $38.6M | ||
| Q1 25 | $57.5M | $40.1M | ||
| Q4 24 | $91.1M | $38.8M | ||
| Q3 24 | $73.7M | $63.0M | ||
| Q2 24 | $48.6M | $73.1M | ||
| Q1 24 | $48.9M | $27.3M |
| Q4 25 | $564.6M | $228.4M | ||
| Q3 25 | $201.2M | $252.8M | ||
| Q2 25 | $258.3M | $182.0M | ||
| Q1 25 | $266.9M | $171.1M | ||
| Q4 24 | $204.4M | $108.9M | ||
| Q3 24 | $223.3M | $133.2M | ||
| Q2 24 | $248.8M | $133.1M | ||
| Q1 24 | $266.8M | $118.1M |
| Q4 25 | $1.4B | $-155.2M | ||
| Q3 25 | $1.3B | $-18.7M | ||
| Q2 25 | $1.3B | $44.5M | ||
| Q1 25 | $1.2B | $63.3M | ||
| Q4 24 | $1.2B | $75.9M | ||
| Q3 24 | $1.1B | $120.5M | ||
| Q2 24 | $1.1B | $166.8M | ||
| Q1 24 | $1.0B | $146.6M |
| Q4 25 | $2.4B | $656.6M | ||
| Q3 25 | $1.9B | $683.6M | ||
| Q2 25 | $1.9B | $731.6M | ||
| Q1 25 | $1.9B | $783.9M | ||
| Q4 24 | $1.8B | $783.4M | ||
| Q3 24 | $1.7B | $833.3M | ||
| Q2 24 | $1.7B | $892.8M | ||
| Q1 24 | $1.7B | $855.9M |
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.20× | 4.09× | ||
| Q1 25 | 0.22× | 2.71× | ||
| Q4 24 | 0.17× | 1.43× | ||
| Q3 24 | 0.19× | 1.11× | ||
| Q2 24 | 0.23× | 0.80× | ||
| Q1 24 | 0.26× | 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 | $97.2M | $-25.7M |
| Free Cash FlowOCF − Capex | $89.5M | — |
| FCF MarginFCF / Revenue | 15.0% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 1.60× | — |
| TTM Free Cash FlowTrailing 4 quarters | $227.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $97.2M | $-25.7M | ||
| Q3 25 | $61.1M | $-15.4M | ||
| Q2 25 | $59.7M | $-16.6M | ||
| Q1 25 | $36.7M | $-33.5M | ||
| Q4 24 | $90.6M | $-57.2M | ||
| Q3 24 | $68.8M | $-22.6M | ||
| Q2 24 | $40.6M | $-10.2M | ||
| Q1 24 | $31.3M | $-20.0M |
| Q4 25 | $89.5M | — | ||
| Q3 25 | $54.1M | — | ||
| Q2 25 | $52.4M | — | ||
| Q1 25 | $31.1M | — | ||
| Q4 24 | $82.1M | — | ||
| Q3 24 | $60.9M | — | ||
| Q2 24 | $24.8M | — | ||
| Q1 24 | $22.9M | — |
| Q4 25 | 15.0% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 6.7% | — | ||
| Q4 24 | 17.4% | — | ||
| Q3 24 | 12.8% | — | ||
| Q2 24 | 5.1% | — | ||
| Q1 24 | 5.4% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.8% | 0.0% | ||
| Q3 24 | 1.7% | 0.0% | ||
| Q2 24 | 3.2% | 0.0% | ||
| Q1 24 | 2.0% | 0.0% |
| Q4 25 | 1.60× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | 0.61× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
