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Side-by-side financial comparison of Metallus Inc. (MTUS) 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 $308.3M, roughly 1.2× Metallus Inc.). Metallus Inc. runs the higher net margin — 1.8% vs -19.6%, a 21.4% gap on every dollar of revenue. On growth, Metallus Inc. posted the faster year-over-year revenue change (9.9% vs 3.8%). Over the past eight quarters, Metallus Inc.'s revenue compounded faster (2.3% CAGR vs -0.5%).
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.
MTUS vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $308.3M | $384.8M |
| Net Profit | $5.4M | $-75.5M |
| Gross Margin | 8.1% | — |
| Operating Margin | — | -40.0% |
| Net Margin | 1.8% | -19.6% |
| Revenue YoY | 9.9% | 3.8% |
| Net Profit YoY | 315.4% | -28.8% |
| EPS (diluted) | $0.13 | $-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 | $308.3M | — | ||
| Q4 25 | $267.3M | $384.8M | ||
| Q3 25 | $305.9M | $345.3M | ||
| Q2 25 | $304.6M | $355.8M | ||
| Q1 25 | $280.5M | $373.2M | ||
| Q4 24 | $240.5M | $370.7M | ||
| Q3 24 | $227.2M | $362.1M | ||
| Q2 24 | $294.7M | $379.2M |
| Q1 26 | $5.4M | — | ||
| Q4 25 | $-14.3M | $-75.5M | ||
| Q3 25 | $8.1M | $-31.6M | ||
| Q2 25 | $3.7M | $-20.4M | ||
| Q1 25 | $1.3M | $-20.5M | ||
| Q4 24 | $-21.4M | $-58.6M | ||
| Q3 24 | $-5.9M | $-46.5M | ||
| Q2 24 | $4.6M | $-12.0M |
| Q1 26 | 8.1% | — | ||
| Q4 25 | 2.2% | — | ||
| Q3 25 | 11.4% | — | ||
| Q2 25 | 10.6% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 5.3% | — | ||
| Q2 24 | 8.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | -7.7% | -40.0% | ||
| Q3 25 | 3.6% | -12.8% | ||
| Q2 25 | 2.8% | -9.6% | ||
| Q1 25 | 1.0% | -10.2% | ||
| Q4 24 | -10.1% | -37.4% | ||
| Q3 24 | -3.1% | -29.5% | ||
| Q2 24 | 2.1% | -8.3% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | -5.3% | -19.6% | ||
| Q3 25 | 2.6% | -9.1% | ||
| Q2 25 | 1.2% | -5.7% | ||
| Q1 25 | 0.5% | -5.5% | ||
| Q4 24 | -8.9% | -15.8% | ||
| Q3 24 | -2.6% | -12.8% | ||
| Q2 24 | 1.6% | -3.2% |
| Q1 26 | $0.13 | — | ||
| Q4 25 | $-0.34 | $-23.08 | ||
| Q3 25 | $0.19 | $-9.67 | ||
| Q2 25 | $0.09 | $-6.23 | ||
| Q1 25 | $0.03 | $-6.28 | ||
| Q4 24 | $-0.46 | $-23.13 | ||
| Q3 24 | $-0.13 | $-15.70 | ||
| Q2 24 | $0.10 | $-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 | $104.0M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $683.0M | $-155.2M |
| Total Assets | $1.1B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $104.0M | — | ||
| Q4 25 | $156.7M | $25.0M | ||
| Q3 25 | $191.5M | $37.7M | ||
| Q2 25 | $190.8M | $38.6M | ||
| Q1 25 | $180.3M | $40.1M | ||
| Q4 24 | $240.7M | $38.8M | ||
| Q3 24 | $254.6M | $63.0M | ||
| Q2 24 | $272.8M | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $228.4M | ||
| Q3 25 | $0 | $252.8M | ||
| Q2 25 | $0 | $182.0M | ||
| Q1 25 | $5.4M | $171.1M | ||
| Q4 24 | $5.4M | $108.9M | ||
| Q3 24 | $13.2M | $133.2M | ||
| Q2 24 | $13.2M | $133.1M |
| Q1 26 | $683.0M | — | ||
| Q4 25 | $686.0M | $-155.2M | ||
| Q3 25 | $697.7M | $-18.7M | ||
| Q2 25 | $690.0M | $44.5M | ||
| Q1 25 | $686.1M | $63.3M | ||
| Q4 24 | $690.5M | $75.9M | ||
| Q3 24 | $712.7M | $120.5M | ||
| Q2 24 | $736.3M | $166.8M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $656.6M | ||
| Q3 25 | $1.2B | $683.6M | ||
| Q2 25 | $1.1B | $731.6M | ||
| Q1 25 | $1.1B | $783.9M | ||
| Q4 24 | $1.1B | $783.4M | ||
| Q3 24 | $1.1B | $833.3M | ||
| Q2 24 | $1.1B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | 4.09× | ||
| Q1 25 | 0.01× | 2.71× | ||
| Q4 24 | 0.01× | 1.43× | ||
| Q3 24 | 0.02× | 1.11× | ||
| Q2 24 | 0.02× | 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 | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-1.9M | $-25.7M | ||
| Q3 25 | $22.0M | $-15.4M | ||
| Q2 25 | $34.8M | $-16.6M | ||
| Q1 25 | $-38.9M | $-33.5M | ||
| Q4 24 | $13.9M | $-57.2M | ||
| Q3 24 | $-15.3M | $-22.6M | ||
| Q2 24 | $8.3M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-37.2M | — | ||
| Q3 25 | $-6.4M | — | ||
| Q2 25 | $17.0M | — | ||
| Q1 25 | $-66.4M | — | ||
| Q4 24 | $-1.3M | — | ||
| Q3 24 | $-32.9M | — | ||
| Q2 24 | $-5.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | -13.9% | — | ||
| Q3 25 | -2.1% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | -23.7% | — | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | -14.5% | — | ||
| Q2 24 | -2.0% | — |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 13.2% | — | ||
| Q3 25 | 9.3% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 9.8% | — | ||
| Q4 24 | 6.3% | 0.0% | ||
| Q3 24 | 7.7% | 0.0% | ||
| Q2 24 | 4.8% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 9.41× | — | ||
| Q1 25 | -29.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.80× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MTUS
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% |
