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Side-by-side financial comparison of IHS Holding Ltd (IHS) 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 $254.0M, roughly 1.5× IHS Holding Ltd). On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 0.1%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $384.8M |
| Net Profit | — | $-75.5M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | -40.0% |
| Net Margin | — | -19.6% |
| Revenue YoY | 0.1% | 3.8% |
| Net Profit YoY | — | -28.8% |
| EPS (diluted) | — | $-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 | $254.0M | $384.8M | ||
| Q3 25 | $455.1M | $345.3M | ||
| Q2 25 | $433.3M | $355.8M | ||
| Q1 25 | $439.6M | $373.2M | ||
| Q4 24 | $253.8M | $370.7M | ||
| Q3 24 | $420.3M | $362.1M | ||
| Q2 24 | $435.4M | $379.2M | ||
| Q1 24 | $417.7M | $388.5M |
| Q4 25 | — | $-75.5M | ||
| Q3 25 | $147.4M | $-31.6M | ||
| Q2 25 | $32.3M | $-20.4M | ||
| Q1 25 | $30.7M | $-20.5M | ||
| Q4 24 | — | $-58.6M | ||
| Q3 24 | $-205.7M | $-46.5M | ||
| Q2 24 | $-124.3M | $-12.0M | ||
| Q1 24 | $-1.6B | $-18.7M |
| Q4 25 | 83.6% | — | ||
| Q3 25 | 47.5% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 52.5% | — | ||
| Q1 24 | 39.1% | — |
| Q4 25 | — | -40.0% | ||
| Q3 25 | 35.1% | -12.8% | ||
| Q2 25 | 33.8% | -9.6% | ||
| Q1 25 | 37.1% | -10.2% | ||
| Q4 24 | — | -37.4% | ||
| Q3 24 | 29.9% | -29.5% | ||
| Q2 24 | 34.0% | -8.3% | ||
| Q1 24 | -1.7% | -11.3% |
| Q4 25 | — | -19.6% | ||
| Q3 25 | 32.4% | -9.1% | ||
| Q2 25 | 7.5% | -5.7% | ||
| Q1 25 | 7.0% | -5.5% | ||
| Q4 24 | — | -15.8% | ||
| Q3 24 | -48.9% | -12.8% | ||
| Q2 24 | -28.5% | -3.2% | ||
| Q1 24 | -372.8% | -4.8% |
| Q4 25 | — | $-23.08 | ||
| Q3 25 | $0.44 | $-9.67 | ||
| Q2 25 | $0.10 | $-6.23 | ||
| Q1 25 | $0.10 | $-6.28 | ||
| Q4 24 | — | $-23.13 | ||
| Q3 24 | $-0.61 | $-15.70 | ||
| Q2 24 | $-0.36 | $-7.37 | ||
| Q1 24 | $-4.67 | $-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 | $825.7M | $25.0M |
| Total DebtLower is stronger | $3.1B | $228.4M |
| Stockholders' EquityBook value | $-89.8M | $-155.2M |
| Total Assets | $4.5B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $25.0M | ||
| Q3 25 | $647.6M | $37.7M | ||
| Q2 25 | $531.8M | $38.6M | ||
| Q1 25 | $629.0M | $40.1M | ||
| Q4 24 | $578.0M | $38.8M | ||
| Q3 24 | $397.5M | $63.0M | ||
| Q2 24 | $445.7M | $73.1M | ||
| Q1 24 | $333.2M | $27.3M |
| Q4 25 | $3.1B | $228.4M | ||
| Q3 25 | $3.3B | $252.8M | ||
| Q2 25 | $3.2B | $182.0M | ||
| Q1 25 | $3.4B | $171.1M | ||
| Q4 24 | $3.3B | $108.9M | ||
| Q3 24 | $3.5B | $133.2M | ||
| Q2 24 | $3.6B | $133.1M | ||
| Q1 24 | $3.5B | $118.1M |
| Q4 25 | $-89.8M | $-155.2M | ||
| Q3 25 | $38.1M | $-18.7M | ||
| Q2 25 | $-98.4M | $44.5M | ||
| Q1 25 | $-184.4M | $63.3M | ||
| Q4 24 | $-314.4M | $75.9M | ||
| Q3 24 | $-284.7M | $120.5M | ||
| Q2 24 | $-308.3M | $166.8M | ||
| Q1 24 | $-163.2M | $146.6M |
| Q4 25 | $4.5B | $656.6M | ||
| Q3 25 | $4.7B | $683.6M | ||
| Q2 25 | $4.5B | $731.6M | ||
| Q1 25 | $4.4B | $783.9M | ||
| Q4 24 | $4.2B | $783.4M | ||
| Q3 24 | $4.6B | $833.3M | ||
| Q2 24 | $4.5B | $892.8M | ||
| Q1 24 | $4.6B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | $-25.7M |
| Free Cash FlowOCF − Capex | $178.6M | — |
| FCF MarginFCF / Revenue | 70.3% | — |
| Capex IntensityCapex / Revenue | 26.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $-25.7M | ||
| Q3 25 | $251.3M | $-15.4M | ||
| Q2 25 | $237.7M | $-16.6M | ||
| Q1 25 | $200.3M | $-33.5M | ||
| Q4 24 | $344.4M | $-57.2M | ||
| Q3 24 | $174.5M | $-22.6M | ||
| Q2 24 | $134.7M | $-10.2M | ||
| Q1 24 | $75.8M | $-20.0M |
| Q4 25 | $178.6M | — | ||
| Q3 25 | $189.2M | — | ||
| Q2 25 | $197.7M | — | ||
| Q1 25 | $153.2M | — | ||
| Q4 24 | $282.9M | — | ||
| Q3 24 | $122.3M | — | ||
| Q2 24 | $74.2M | — | ||
| Q1 24 | $14.8M | — |
| Q4 25 | 70.3% | — | ||
| Q3 25 | 41.6% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 34.8% | — | ||
| Q4 24 | 111.5% | — | ||
| Q3 24 | 29.1% | — | ||
| Q2 24 | 17.0% | — | ||
| Q1 24 | 3.5% | — |
| Q4 25 | 26.9% | — | ||
| Q3 25 | 13.6% | — | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.7% | — | ||
| Q4 24 | 24.2% | 0.0% | ||
| Q3 24 | 12.4% | 0.0% | ||
| Q2 24 | 13.9% | 0.0% | ||
| Q1 24 | 14.6% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
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% |
