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Side-by-side financial comparison of H2O AMERICA (HTO) 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 $199.4M, roughly 1.9× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -19.6%, a 27.8% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -0.5%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
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.
HTO vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $384.8M |
| Net Profit | $16.2M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | -40.0% |
| Net Margin | 8.1% | -19.6% |
| Revenue YoY | 1.5% | 3.8% |
| Net Profit YoY | -29.2% | -28.8% |
| EPS (diluted) | $0.45 | $-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.
| Q4 25 | $199.4M | $384.8M | ||
| Q3 25 | $243.5M | $345.3M | ||
| Q2 25 | $197.8M | $355.8M | ||
| Q1 25 | $164.9M | $373.2M | ||
| Q4 24 | $196.5M | $370.7M | ||
| Q3 24 | $216.7M | $362.1M | ||
| Q2 24 | $173.1M | $379.2M | ||
| Q1 24 | $150.0M | $388.5M |
| Q4 25 | $16.2M | $-75.5M | ||
| Q3 25 | $45.1M | $-31.6M | ||
| Q2 25 | $24.7M | $-20.4M | ||
| Q1 25 | $16.6M | $-20.5M | ||
| Q4 24 | $22.9M | $-58.6M | ||
| Q3 24 | $38.7M | $-46.5M | ||
| Q2 24 | $20.7M | $-12.0M | ||
| Q1 24 | $11.7M | $-18.7M |
| Q4 25 | 16.6% | -40.0% | ||
| Q3 25 | 26.5% | -12.8% | ||
| Q2 25 | 22.2% | -9.6% | ||
| Q1 25 | 21.8% | -10.2% | ||
| Q4 24 | 22.2% | -37.4% | ||
| Q3 24 | 26.9% | -29.5% | ||
| Q2 24 | 23.4% | -8.3% | ||
| Q1 24 | 18.6% | -11.3% |
| Q4 25 | 8.1% | -19.6% | ||
| Q3 25 | 18.5% | -9.1% | ||
| Q2 25 | 12.5% | -5.7% | ||
| Q1 25 | 10.0% | -5.5% | ||
| Q4 24 | 11.7% | -15.8% | ||
| Q3 24 | 17.8% | -12.8% | ||
| Q2 24 | 12.0% | -3.2% | ||
| Q1 24 | 7.8% | -4.8% |
| Q4 25 | $0.45 | $-23.08 | ||
| Q3 25 | $1.27 | $-9.67 | ||
| Q2 25 | $0.71 | $-6.23 | ||
| Q1 25 | $0.49 | $-6.28 | ||
| Q4 24 | $0.70 | $-23.13 | ||
| Q3 24 | $1.17 | $-15.70 | ||
| Q2 24 | $0.64 | $-7.37 | ||
| Q1 24 | $0.36 | $-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 | $20.7M | $25.0M |
| Total DebtLower is stronger | $1.9B | $228.4M |
| Stockholders' EquityBook value | $1.5B | $-155.2M |
| Total Assets | $5.1B | $656.6M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $25.0M | ||
| Q3 25 | $11.3M | $37.7M | ||
| Q2 25 | $19.8M | $38.6M | ||
| Q1 25 | $23.7M | $40.1M | ||
| Q4 24 | $11.1M | $38.8M | ||
| Q3 24 | $4.0M | $63.0M | ||
| Q2 24 | $22.8M | $73.1M | ||
| Q1 24 | $4.5M | $27.3M |
| Q4 25 | $1.9B | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | $1.7B | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $1.5B | $-155.2M | ||
| Q3 25 | $1.5B | $-18.7M | ||
| Q2 25 | $1.5B | $44.5M | ||
| Q1 25 | $1.4B | $63.3M | ||
| Q4 24 | $1.4B | $75.9M | ||
| Q3 24 | $1.3B | $120.5M | ||
| Q2 24 | $1.3B | $166.8M | ||
| Q1 24 | $1.2B | $146.6M |
| Q4 25 | $5.1B | $656.6M | ||
| Q3 25 | $5.0B | $683.6M | ||
| Q2 25 | $4.8B | $731.6M | ||
| Q1 25 | $4.7B | $783.9M | ||
| Q4 24 | $4.7B | $783.4M | ||
| Q3 24 | $4.6B | $833.3M | ||
| Q2 24 | $4.4B | $892.8M | ||
| Q1 24 | $4.4B | $855.9M |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | 1.26× | 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 | $63.5M | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $-25.7M | ||
| Q3 25 | $77.3M | $-15.4M | ||
| Q2 25 | $60.8M | $-16.6M | ||
| Q1 25 | $43.2M | $-33.5M | ||
| Q4 24 | $41.5M | $-57.2M | ||
| Q3 24 | $53.5M | $-22.6M | ||
| Q2 24 | $49.3M | $-10.2M | ||
| Q1 24 | $51.2M | $-20.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
