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Side-by-side financial comparison of loanDepot, Inc. (LDI) 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 $310.3M, roughly 1.2× loanDepot, Inc.). loanDepot, Inc. runs the higher net margin — -7.2% vs -19.6%, a 12.4% gap on every dollar of revenue. On growth, loanDepot, Inc. posted the faster year-over-year revenue change (20.5% vs 3.8%). Over the past eight quarters, loanDepot, Inc.'s revenue compounded faster (18.0% CAGR vs -0.5%).
LoanDepot, sometimes stylized as loanDepot, is an Irvine, California-based nonbank holding company which sells mortgage and non-mortgage lending products.
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.
LDI vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $310.3M | $384.8M |
| Net Profit | $-22.5M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | -10.3% | -40.0% |
| Net Margin | -7.2% | -19.6% |
| Revenue YoY | 20.5% | 3.8% |
| Net Profit YoY | 32.4% | -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 | $310.3M | $384.8M | ||
| Q3 25 | $323.3M | $345.3M | ||
| Q2 25 | $282.5M | $355.8M | ||
| Q1 25 | $273.6M | $373.2M | ||
| Q4 24 | $257.5M | $370.7M | ||
| Q3 24 | $314.6M | $362.1M | ||
| Q2 24 | $265.4M | $379.2M | ||
| Q1 24 | $222.8M | $388.5M |
| Q4 25 | $-22.5M | $-75.5M | ||
| Q3 25 | $-4.9M | $-31.6M | ||
| Q2 25 | $-13.4M | $-20.4M | ||
| Q1 25 | $-21.9M | $-20.5M | ||
| Q4 24 | $-33.2M | $-58.6M | ||
| Q3 24 | $1.4M | $-46.5M | ||
| Q2 24 | $-32.2M | $-12.0M | ||
| Q1 24 | $-34.3M | $-18.7M |
| Q4 25 | -10.3% | -40.0% | ||
| Q3 25 | -3.2% | -12.8% | ||
| Q2 25 | -11.4% | -9.6% | ||
| Q1 25 | -16.8% | -10.2% | ||
| Q4 24 | -32.7% | -37.4% | ||
| Q3 24 | 1.1% | -29.5% | ||
| Q2 24 | -29.1% | -8.3% | ||
| Q1 24 | -38.2% | -11.3% |
| Q4 25 | -7.2% | -19.6% | ||
| Q3 25 | -1.5% | -9.1% | ||
| Q2 25 | -4.7% | -5.7% | ||
| Q1 25 | -8.0% | -5.5% | ||
| Q4 24 | -12.9% | -15.8% | ||
| Q3 24 | 0.4% | -12.8% | ||
| Q2 24 | -12.1% | -3.2% | ||
| Q1 24 | -15.4% | -4.8% |
| Q4 25 | — | $-23.08 | ||
| Q3 25 | — | $-9.67 | ||
| Q2 25 | — | $-6.23 | ||
| Q1 25 | — | $-6.28 | ||
| Q4 24 | — | $-23.13 | ||
| Q3 24 | $0.01 | $-15.70 | ||
| Q2 24 | $-0.18 | $-7.37 | ||
| Q1 24 | $-0.19 | $-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 | $337.2M | $25.0M |
| Total DebtLower is stronger | $2.1B | $228.4M |
| Stockholders' EquityBook value | $386.0M | $-155.2M |
| Total Assets | $6.9B | $656.6M |
| Debt / EquityLower = less leverage | 5.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $337.2M | $25.0M | ||
| Q3 25 | $459.2M | $37.7M | ||
| Q2 25 | $408.6M | $38.6M | ||
| Q1 25 | $371.5M | $40.1M | ||
| Q4 24 | $421.6M | $38.8M | ||
| Q3 24 | $483.0M | $63.0M | ||
| Q2 24 | $533.2M | $73.1M | ||
| Q1 24 | $603.7M | $27.3M |
| Q4 25 | $2.1B | $228.4M | ||
| Q3 25 | $2.1B | $252.8M | ||
| Q2 25 | $2.1B | $182.0M | ||
| Q1 25 | $2.0B | $171.1M | ||
| Q4 24 | $2.0B | $108.9M | ||
| Q3 24 | $2.0B | $133.2M | ||
| Q2 24 | $2.0B | $133.1M | ||
| Q1 24 | $2.3B | $118.1M |
| Q4 25 | $386.0M | $-155.2M | ||
| Q3 25 | $433.3M | $-18.7M | ||
| Q2 25 | $439.1M | $44.5M | ||
| Q1 25 | $469.3M | $63.3M | ||
| Q4 24 | $506.6M | $75.9M | ||
| Q3 24 | $592.0M | $120.5M | ||
| Q2 24 | $578.9M | $166.8M | ||
| Q1 24 | $637.3M | $146.6M |
| Q4 25 | $6.9B | $656.6M | ||
| Q3 25 | $6.2B | $683.6M | ||
| Q2 25 | $6.2B | $731.6M | ||
| Q1 25 | $6.4B | $783.9M | ||
| Q4 24 | $6.3B | $783.4M | ||
| Q3 24 | $6.4B | $833.3M | ||
| Q2 24 | $5.9B | $892.8M | ||
| Q1 24 | $6.2B | $855.9M |
| Q4 25 | 5.44× | — | ||
| Q3 25 | 4.83× | — | ||
| Q2 25 | 4.70× | 4.09× | ||
| Q1 25 | 4.30× | 2.71× | ||
| Q4 24 | 4.00× | 1.43× | ||
| Q3 24 | 3.31× | 1.11× | ||
| Q2 24 | 3.41× | 0.80× | ||
| Q1 24 | 3.63× | 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 | $-638.7M | $-25.7M |
| Free Cash FlowOCF − Capex | $-648.0M | — |
| FCF MarginFCF / Revenue | -208.9% | — |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-734.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-638.7M | $-25.7M | ||
| Q3 25 | $43.4M | $-15.4M | ||
| Q2 25 | $67.6M | $-16.6M | ||
| Q1 25 | $-179.9M | $-33.5M | ||
| Q4 24 | $47.7M | $-57.2M | ||
| Q3 24 | $-349.2M | $-22.6M | ||
| Q2 24 | $-278.3M | $-10.2M | ||
| Q1 24 | $-278.5M | $-20.0M |
| Q4 25 | $-648.0M | — | ||
| Q3 25 | $38.7M | — | ||
| Q2 25 | $61.4M | — | ||
| Q1 25 | $-186.7M | — | ||
| Q4 24 | $40.8M | — | ||
| Q3 24 | $-356.4M | — | ||
| Q2 24 | $-285.7M | — | ||
| Q1 24 | $-283.3M | — |
| Q4 25 | -208.9% | — | ||
| Q3 25 | 12.0% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | -68.2% | — | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | -113.3% | — | ||
| Q2 24 | -107.7% | — | ||
| Q1 24 | -127.2% | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 2.7% | 0.0% | ||
| Q3 24 | 2.3% | 0.0% | ||
| Q2 24 | 2.8% | 0.0% | ||
| Q1 24 | 2.1% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -255.05× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LDI
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% |
