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Side-by-side financial comparison of WARRIOR MET COAL, INC. (HCC) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
WARRIOR MET COAL, INC. is the larger business by last-quarter revenue ($458.6M vs $384.8M, roughly 1.2× P3 Health Partners Inc.). WARRIOR MET COAL, INC. runs the higher net margin — 15.8% vs -19.6%, a 35.4% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (52.1% vs 3.8%). Over the past eight quarters, WARRIOR MET COAL, INC.'s revenue compounded faster (7.5% CAGR vs -0.5%).
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
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.
HCC vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $458.6M | $384.8M |
| Net Profit | $72.3M | $-75.5M |
| Gross Margin | 36.7% | — |
| Operating Margin | 17.3% | -40.0% |
| Net Margin | 15.8% | -19.6% |
| Revenue YoY | 52.1% | 3.8% |
| Net Profit YoY | — | -28.8% |
| EPS (diluted) | $1.37 | $-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 | $458.6M | — | ||
| Q4 25 | $384.0M | $384.8M | ||
| Q3 25 | $328.6M | $345.3M | ||
| Q2 25 | $297.5M | $355.8M | ||
| Q1 25 | $299.9M | $373.2M | ||
| Q4 24 | $297.5M | $370.7M | ||
| Q3 24 | $327.7M | $362.1M | ||
| Q2 24 | $396.5M | $379.2M |
| Q1 26 | $72.3M | — | ||
| Q4 25 | $23.0M | $-75.5M | ||
| Q3 25 | $36.6M | $-31.6M | ||
| Q2 25 | $5.6M | $-20.4M | ||
| Q1 25 | $-8.2M | $-20.5M | ||
| Q4 24 | $1.1M | $-58.6M | ||
| Q3 24 | $41.8M | $-46.5M | ||
| Q2 24 | $70.7M | $-12.0M |
| Q1 26 | 36.7% | — | ||
| Q4 25 | 29.5% | — | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 23.9% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | 34.1% | — |
| Q1 26 | 17.3% | — | ||
| Q4 25 | 9.0% | -40.0% | ||
| Q3 25 | 6.3% | -12.8% | ||
| Q2 25 | 2.6% | -9.6% | ||
| Q1 25 | -5.8% | -10.2% | ||
| Q4 24 | -1.4% | -37.4% | ||
| Q3 24 | 11.9% | -29.5% | ||
| Q2 24 | 17.9% | -8.3% |
| Q1 26 | 15.8% | — | ||
| Q4 25 | 6.0% | -19.6% | ||
| Q3 25 | 11.1% | -9.1% | ||
| Q2 25 | 1.9% | -5.7% | ||
| Q1 25 | -2.7% | -5.5% | ||
| Q4 24 | 0.4% | -15.8% | ||
| Q3 24 | 12.7% | -12.8% | ||
| Q2 24 | 17.8% | -3.2% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $0.43 | $-23.08 | ||
| Q3 25 | $0.70 | $-9.67 | ||
| Q2 25 | $0.11 | $-6.23 | ||
| Q1 25 | $-0.16 | $-6.28 | ||
| Q4 24 | $0.02 | $-23.13 | ||
| Q3 24 | $0.80 | $-15.70 | ||
| Q2 24 | $1.35 | $-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 | $233.2M | $25.0M |
| Total DebtLower is stronger | $154.4M | $228.4M |
| Stockholders' EquityBook value | — | $-155.2M |
| Total Assets | $2.8B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $233.2M | — | ||
| Q4 25 | $300.0M | $25.0M | ||
| Q3 25 | $336.3M | $37.7M | ||
| Q2 25 | $383.3M | $38.6M | ||
| Q1 25 | $454.9M | $40.1M | ||
| Q4 24 | $491.5M | $38.8M | ||
| Q3 24 | $583.2M | $63.0M | ||
| Q2 24 | $709.0M | $73.1M |
| Q1 26 | $154.4M | — | ||
| Q4 25 | $154.3M | $228.4M | ||
| Q3 25 | $154.1M | $252.8M | ||
| Q2 25 | $153.9M | $182.0M | ||
| Q1 25 | $153.8M | $171.1M | ||
| Q4 24 | $153.6M | $108.9M | ||
| Q3 24 | $153.5M | $133.2M | ||
| Q2 24 | $153.3M | $133.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $-155.2M | ||
| Q3 25 | $2.1B | $-18.7M | ||
| Q2 25 | $2.1B | $44.5M | ||
| Q1 25 | $2.1B | $63.3M | ||
| Q4 24 | $2.1B | $75.9M | ||
| Q3 24 | $2.1B | $120.5M | ||
| Q2 24 | $2.0B | $166.8M |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $656.6M | ||
| Q3 25 | $2.7B | $683.6M | ||
| Q2 25 | $2.6B | $731.6M | ||
| Q1 25 | $2.6B | $783.9M | ||
| Q4 24 | $2.6B | $783.4M | ||
| Q3 24 | $2.6B | $833.3M | ||
| Q2 24 | $2.6B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.07× | 4.09× | ||
| Q1 25 | 0.07× | 2.71× | ||
| Q4 24 | 0.07× | 1.43× | ||
| Q3 24 | 0.07× | 1.11× | ||
| Q2 24 | 0.07× | 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 | — | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.1M | $-25.7M | ||
| Q3 25 | $104.7M | $-15.4M | ||
| Q2 25 | $37.5M | $-16.6M | ||
| Q1 25 | $10.9M | $-33.5M | ||
| Q4 24 | $54.2M | $-57.2M | ||
| Q3 24 | $62.2M | $-22.6M | ||
| Q2 24 | $147.0M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.31× | — | ||
| Q3 25 | 2.86× | — | ||
| Q2 25 | 6.70× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.68× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 2.08× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCC
| Sales | $448.5M | 98% |
| Other revenues | $10.1M | 2% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
