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Side-by-side financial comparison of Gogo Inc. (GOGO) 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 $230.6M, roughly 1.7× Gogo Inc.). Gogo Inc. runs the higher net margin — -4.3% vs -19.6%, a 15.3% gap on every dollar of revenue. On growth, Gogo Inc. posted the faster year-over-year revenue change (67.3% vs 3.8%). Over the past eight quarters, Gogo Inc.'s revenue compounded faster (48.7% CAGR vs -0.5%).
Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the de...
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.
GOGO vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $230.6M | $384.8M |
| Net Profit | $-10.0M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 6.2% | -40.0% |
| Net Margin | -4.3% | -19.6% |
| Revenue YoY | 67.3% | 3.8% |
| Net Profit YoY | 64.6% | -28.8% |
| EPS (diluted) | $-0.08 | $-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 | $230.6M | $384.8M | ||
| Q3 25 | $223.6M | $345.3M | ||
| Q2 25 | $226.0M | $355.8M | ||
| Q1 25 | $230.3M | $373.2M | ||
| Q4 24 | $137.8M | $370.7M | ||
| Q3 24 | $100.5M | $362.1M | ||
| Q2 24 | $102.1M | $379.2M | ||
| Q1 24 | $104.3M | $388.5M |
| Q4 25 | $-10.0M | $-75.5M | ||
| Q3 25 | $-1.9M | $-31.6M | ||
| Q2 25 | $12.8M | $-20.4M | ||
| Q1 25 | $12.0M | $-20.5M | ||
| Q4 24 | $-28.2M | $-58.6M | ||
| Q3 24 | $10.6M | $-46.5M | ||
| Q2 24 | $839.0K | $-12.0M | ||
| Q1 24 | $30.5M | $-18.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 87.8% | — | ||
| Q1 25 | 87.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 6.2% | -40.0% | ||
| Q3 25 | 12.9% | -12.8% | ||
| Q2 25 | 15.9% | -9.6% | ||
| Q1 25 | 15.3% | -10.2% | ||
| Q4 24 | -17.5% | -37.4% | ||
| Q3 24 | 19.0% | -29.5% | ||
| Q2 24 | 21.2% | -8.3% | ||
| Q1 24 | 33.2% | -11.3% |
| Q4 25 | -4.3% | -19.6% | ||
| Q3 25 | -0.9% | -9.1% | ||
| Q2 25 | 5.7% | -5.7% | ||
| Q1 25 | 5.2% | -5.5% | ||
| Q4 24 | -20.5% | -15.8% | ||
| Q3 24 | 10.6% | -12.8% | ||
| Q2 24 | 0.8% | -3.2% | ||
| Q1 24 | 29.2% | -4.8% |
| Q4 25 | $-0.08 | $-23.08 | ||
| Q3 25 | $-0.01 | $-9.67 | ||
| Q2 25 | $0.09 | $-6.23 | ||
| Q1 25 | $0.09 | $-6.28 | ||
| Q4 24 | $-0.22 | $-23.13 | ||
| Q3 24 | $0.08 | $-15.70 | ||
| Q2 24 | $0.01 | $-7.37 | ||
| Q1 24 | $0.23 | $-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 | $125.2M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $101.1M | $-155.2M |
| Total Assets | $1.3B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | $25.0M | ||
| Q3 25 | $133.6M | $37.7M | ||
| Q2 25 | $102.1M | $38.6M | ||
| Q1 25 | $70.3M | $40.1M | ||
| Q4 24 | $41.8M | $38.8M | ||
| Q3 24 | $176.7M | $63.0M | ||
| Q2 24 | $161.6M | $73.1M | ||
| Q1 24 | $152.8M | $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 | $101.1M | $-155.2M | ||
| Q3 25 | $107.0M | $-18.7M | ||
| Q2 25 | $102.8M | $44.5M | ||
| Q1 25 | $82.9M | $63.3M | ||
| Q4 24 | $69.3M | $75.9M | ||
| Q3 24 | $52.7M | $120.5M | ||
| Q2 24 | $52.0M | $166.8M | ||
| Q1 24 | $62.4M | $146.6M |
| Q4 25 | $1.3B | $656.6M | ||
| Q3 25 | $1.3B | $683.6M | ||
| Q2 25 | $1.3B | $731.6M | ||
| Q1 25 | $1.2B | $783.9M | ||
| Q4 24 | $1.2B | $783.4M | ||
| Q3 24 | $810.7M | $833.3M | ||
| Q2 24 | $802.7M | $892.8M | ||
| Q1 24 | $809.0M | $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 | $8.5M | $-25.7M |
| Free Cash FlowOCF − Capex | $-25.4M | — |
| FCF MarginFCF / Revenue | -11.0% | — |
| Capex IntensityCapex / Revenue | 14.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $65.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.5M | $-25.7M | ||
| Q3 25 | $46.8M | $-15.4M | ||
| Q2 25 | $36.7M | $-16.6M | ||
| Q1 25 | $32.5M | $-33.5M | ||
| Q4 24 | $-38.3M | $-57.2M | ||
| Q3 24 | $25.1M | $-22.6M | ||
| Q2 24 | $24.9M | $-10.2M | ||
| Q1 24 | $29.7M | $-20.0M |
| Q4 25 | $-25.4M | — | ||
| Q3 25 | $27.3M | — | ||
| Q2 25 | $33.5M | — | ||
| Q1 25 | $29.7M | — | ||
| Q4 24 | $-42.6M | — | ||
| Q3 24 | $20.7M | — | ||
| Q2 24 | $21.6M | — | ||
| Q1 24 | $28.2M | — |
| Q4 25 | -11.0% | — | ||
| Q3 25 | 12.2% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 12.9% | — | ||
| Q4 24 | -30.9% | — | ||
| Q3 24 | 20.6% | — | ||
| Q2 24 | 21.1% | — | ||
| Q1 24 | 27.0% | — |
| Q4 25 | 14.7% | — | ||
| Q3 25 | 8.7% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 3.1% | 0.0% | ||
| Q3 24 | 4.4% | 0.0% | ||
| Q2 24 | 3.3% | 0.0% | ||
| Q1 24 | 1.4% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.87× | — | ||
| Q1 25 | 2.70× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 29.74× | — | ||
| Q1 24 | 0.97× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GOGO
| Services | $191.9M | 83% |
| Products | $38.7M | 17% |
| Fcc Reimbursement Program | $2.0M | 1% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
