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Side-by-side financial comparison of Hilltop Holdings Inc. (HTH) 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 $300.5M, roughly 1.3× Hilltop Holdings Inc.). Hilltop Holdings Inc. runs the higher net margin — 13.0% vs -19.6%, a 32.6% gap on every dollar of revenue. Over the past eight quarters, Hilltop Holdings Inc.'s revenue compounded faster (0.6% CAGR vs -0.5%).
Hilltop Holdings Inc. is a financial holding company based in Dallas, Texas. It offers financial products and banking services through three primary subsidiaries: PlainsCapital Bank, PrimeLending, and HilltopSecurities.
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.
HTH vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $300.5M | $384.8M |
| Net Profit | $39.0M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | — | -40.0% |
| Net Margin | 13.0% | -19.6% |
| Revenue YoY | — | 3.8% |
| Net Profit YoY | -12.4% | -28.8% |
| EPS (diluted) | $0.64 | $-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 | $300.5M | — | ||
| Q4 25 | $329.9M | $384.8M | ||
| Q3 25 | $330.2M | $345.3M | ||
| Q2 25 | $303.3M | $355.8M | ||
| Q1 25 | $318.5M | $373.2M | ||
| Q4 24 | $301.1M | $370.7M | ||
| Q3 24 | $305.5M | $362.1M | ||
| Q2 24 | $297.0M | $379.2M |
| Q1 26 | $39.0M | — | ||
| Q4 25 | $41.6M | $-75.5M | ||
| Q3 25 | $45.8M | $-31.6M | ||
| Q2 25 | $36.1M | $-20.4M | ||
| Q1 25 | $42.1M | $-20.5M | ||
| Q4 24 | $35.5M | $-58.6M | ||
| Q3 24 | $29.7M | $-46.5M | ||
| Q2 24 | $20.3M | $-12.0M |
| Q1 26 | — | — | ||
| Q4 25 | 16.1% | -40.0% | ||
| Q3 25 | 18.4% | -12.8% | ||
| Q2 25 | 16.3% | -9.6% | ||
| Q1 25 | 18.1% | -10.2% | ||
| Q4 24 | 14.7% | -37.4% | ||
| Q3 24 | 13.9% | -29.5% | ||
| Q2 24 | 10.0% | -8.3% |
| Q1 26 | 13.0% | — | ||
| Q4 25 | 12.6% | -19.6% | ||
| Q3 25 | 13.9% | -9.1% | ||
| Q2 25 | 11.9% | -5.7% | ||
| Q1 25 | 13.2% | -5.5% | ||
| Q4 24 | 11.8% | -15.8% | ||
| Q3 24 | 9.7% | -12.8% | ||
| Q2 24 | 6.8% | -3.2% |
| Q1 26 | $0.64 | — | ||
| Q4 25 | $0.68 | $-23.08 | ||
| Q3 25 | $0.74 | $-9.67 | ||
| Q2 25 | $0.57 | $-6.23 | ||
| Q1 25 | $0.65 | $-6.28 | ||
| Q4 24 | $0.55 | $-23.13 | ||
| Q3 24 | $0.46 | $-15.70 | ||
| Q2 24 | $0.31 | $-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 | — | $25.0M |
| Total DebtLower is stronger | $990.8M | $228.4M |
| Stockholders' EquityBook value | $2.2B | $-155.2M |
| Total Assets | $15.7B | $656.6M |
| Debt / EquityLower = less leverage | 0.46× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | — | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | — | $38.8M | ||
| Q3 24 | — | $63.0M | ||
| Q2 24 | — | $73.1M |
| Q1 26 | $990.8M | — | ||
| 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 | $2.2B | — | ||
| Q4 25 | $2.2B | $-155.2M | ||
| Q3 25 | $2.2B | $-18.7M | ||
| Q2 25 | $2.2B | $44.5M | ||
| Q1 25 | $2.2B | $63.3M | ||
| Q4 24 | $2.2B | $75.9M | ||
| Q3 24 | $2.2B | $120.5M | ||
| Q2 24 | $2.1B | $166.8M |
| Q1 26 | $15.7B | — | ||
| Q4 25 | $15.8B | $656.6M | ||
| Q3 25 | $15.6B | $683.6M | ||
| Q2 25 | $15.4B | $731.6M | ||
| Q1 25 | $15.8B | $783.9M | ||
| Q4 24 | $16.3B | $783.4M | ||
| Q3 24 | $15.9B | $833.3M | ||
| Q2 24 | $15.6B | $892.8M |
| Q1 26 | 0.46× | — | ||
| 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 | $-38.7M | $-25.7M | ||
| Q3 25 | $273.0M | $-15.4M | ||
| Q2 25 | $-234.6M | $-16.6M | ||
| Q1 25 | $5.8M | $-33.5M | ||
| Q4 24 | $273.9M | $-57.2M | ||
| Q3 24 | $515.6M | $-22.6M | ||
| Q2 24 | $-435.3M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-55.5M | — | ||
| Q3 25 | $271.0M | — | ||
| Q2 25 | $-234.6M | — | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $266.8M | — | ||
| Q3 24 | $513.8M | — | ||
| Q2 24 | $-437.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | — | ||
| Q3 25 | 82.1% | — | ||
| Q2 25 | -77.4% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 88.6% | — | ||
| Q3 24 | 168.2% | — | ||
| Q2 24 | -147.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 5.1% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 2.4% | 0.0% | ||
| Q3 24 | 0.6% | 0.0% | ||
| Q2 24 | 0.7% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | -0.93× | — | ||
| Q3 25 | 5.96× | — | ||
| Q2 25 | -6.50× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 7.71× | — | ||
| Q3 24 | 17.36× | — | ||
| Q2 24 | -21.41× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTH
| Noninterest Income | $188.4M | 63% |
| Net Interest Income | $112.1M | 37% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
