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Side-by-side financial comparison of HCI Group, Inc. (HCI) 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 $242.9M, roughly 1.6× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 35.0% vs -19.6%, a 54.6% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (12.2% vs 3.8%). Over the past eight quarters, HCI Group, Inc.'s revenue compounded faster (8.5% CAGR vs -0.5%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
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.
HCI vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $242.9M | $384.8M |
| Net Profit | $85.0M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | — | -40.0% |
| Net Margin | 35.0% | -19.6% |
| Revenue YoY | 12.2% | 3.8% |
| Net Profit YoY | 14.6% | -28.8% |
| EPS (diluted) | $5.45 | $-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 | $242.9M | — | ||
| Q4 25 | $246.2M | $384.8M | ||
| Q3 25 | $216.3M | $345.3M | ||
| Q2 25 | $221.9M | $355.8M | ||
| Q1 25 | $216.4M | $373.2M | ||
| Q4 24 | $161.9M | $370.7M | ||
| Q3 24 | $175.3M | $362.1M | ||
| Q2 24 | $206.2M | $379.2M |
| Q1 26 | $85.0M | — | ||
| Q4 25 | $97.7M | $-75.5M | ||
| Q3 25 | $65.5M | $-31.6M | ||
| Q2 25 | $66.2M | $-20.4M | ||
| Q1 25 | $69.7M | $-20.5M | ||
| Q4 24 | $2.6M | $-58.6M | ||
| Q3 24 | $5.7M | $-46.5M | ||
| Q2 24 | $54.1M | $-12.0M |
| Q1 26 | — | — | ||
| Q4 25 | 58.5% | -40.0% | ||
| Q3 25 | 41.9% | -12.8% | ||
| Q2 25 | 42.5% | -9.6% | ||
| Q1 25 | 46.4% | -10.2% | ||
| Q4 24 | 3.6% | -37.4% | ||
| Q3 24 | 8.0% | -29.5% | ||
| Q2 24 | 36.9% | -8.3% |
| Q1 26 | 35.0% | — | ||
| Q4 25 | 39.7% | -19.6% | ||
| Q3 25 | 30.3% | -9.1% | ||
| Q2 25 | 29.8% | -5.7% | ||
| Q1 25 | 32.2% | -5.5% | ||
| Q4 24 | 1.6% | -15.8% | ||
| Q3 24 | 3.2% | -12.8% | ||
| Q2 24 | 26.2% | -3.2% |
| Q1 26 | $5.45 | — | ||
| Q4 25 | $7.29 | $-23.08 | ||
| Q3 25 | $4.90 | $-9.67 | ||
| Q2 25 | $5.18 | $-6.23 | ||
| Q1 25 | $5.35 | $-6.28 | ||
| Q4 24 | $0.32 | $-23.13 | ||
| Q3 24 | $0.52 | $-15.70 | ||
| Q2 24 | $4.24 | $-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 | $1.0B | $25.0M |
| Total DebtLower is stronger | $31.7M | $228.4M |
| Stockholders' EquityBook value | $1.1B | $-155.2M |
| Total Assets | $2.6B | $656.6M |
| Debt / EquityLower = less leverage | 0.03× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $25.0M | ||
| Q3 25 | $987.9M | $37.7M | ||
| Q2 25 | $947.2M | $38.6M | ||
| Q1 25 | $754.5M | $40.1M | ||
| Q4 24 | $532.5M | $38.8M | ||
| Q3 24 | $518.8M | $63.0M | ||
| Q2 24 | $445.8M | $73.1M |
| Q1 26 | $31.7M | — | ||
| 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 26 | $1.1B | — | ||
| Q4 25 | $1.0B | $-155.2M | ||
| Q3 25 | $821.8M | $-18.7M | ||
| Q2 25 | $758.6M | $44.5M | ||
| Q1 25 | $522.7M | $63.3M | ||
| Q4 24 | $453.3M | $75.9M | ||
| Q3 24 | $455.3M | $120.5M | ||
| Q2 24 | $447.3M | $166.8M |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $656.6M | ||
| Q3 25 | $2.3B | $683.6M | ||
| Q2 25 | $2.4B | $731.6M | ||
| Q1 25 | $2.3B | $783.9M | ||
| Q4 24 | $2.2B | $783.4M | ||
| Q3 24 | $2.0B | $833.3M | ||
| Q2 24 | $1.9B | $892.8M |
| Q1 26 | 0.03× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 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 | $444.4M | $-25.7M | ||
| Q3 25 | $26.7M | $-15.4M | ||
| Q2 25 | $145.0M | $-16.6M | ||
| Q1 25 | $162.0M | $-33.5M | ||
| Q4 24 | $331.8M | $-57.2M | ||
| Q3 24 | $104.1M | $-22.6M | ||
| Q2 24 | $-29.0M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | $440.8M | — | ||
| Q3 25 | $25.9M | — | ||
| Q2 25 | $144.5M | — | ||
| Q1 25 | $160.3M | — | ||
| Q4 24 | $327.8M | — | ||
| Q3 24 | $103.2M | — | ||
| Q2 24 | $-30.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | 179.0% | — | ||
| Q3 25 | 12.0% | — | ||
| Q2 25 | 65.1% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 202.5% | — | ||
| Q3 24 | 58.9% | — | ||
| Q2 24 | -14.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 2.5% | 0.0% | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 0.5% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.55× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | — | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCI
Segment breakdown not available.
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
