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Side-by-side financial comparison of Cloudflare, Inc. (NET) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $384.8M, roughly 1.6× P3 Health Partners Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -19.6%, a 17.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 3.8%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -0.5%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
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.
NET vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $384.8M |
| Net Profit | $-12.1M | $-75.5M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | -40.0% |
| Net Margin | -2.0% | -19.6% |
| Revenue YoY | 33.6% | 3.8% |
| Net Profit YoY | 6.0% | -28.8% |
| EPS (diluted) | $-0.03 | $-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 | $614.5M | $384.8M | ||
| Q3 25 | $562.0M | $345.3M | ||
| Q2 25 | $512.3M | $355.8M | ||
| Q1 25 | $479.1M | $373.2M | ||
| Q4 24 | $459.9M | $370.7M | ||
| Q3 24 | $430.1M | $362.1M | ||
| Q2 24 | $401.0M | $379.2M | ||
| Q1 24 | $378.6M | $388.5M |
| Q4 25 | $-12.1M | $-75.5M | ||
| Q3 25 | $-1.3M | $-31.6M | ||
| Q2 25 | $-50.4M | $-20.4M | ||
| Q1 25 | $-38.5M | $-20.5M | ||
| Q4 24 | $-12.8M | $-58.6M | ||
| Q3 24 | $-15.3M | $-46.5M | ||
| Q2 24 | $-15.1M | $-12.0M | ||
| Q1 24 | $-35.5M | $-18.7M |
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
| Q4 25 | -8.0% | -40.0% | ||
| Q3 25 | -6.7% | -12.8% | ||
| Q2 25 | -13.1% | -9.6% | ||
| Q1 25 | -11.1% | -10.2% | ||
| Q4 24 | -7.5% | -37.4% | ||
| Q3 24 | -7.2% | -29.5% | ||
| Q2 24 | -8.7% | -8.3% | ||
| Q1 24 | -14.4% | -11.3% |
| Q4 25 | -2.0% | -19.6% | ||
| Q3 25 | -0.2% | -9.1% | ||
| Q2 25 | -9.8% | -5.7% | ||
| Q1 25 | -8.0% | -5.5% | ||
| Q4 24 | -2.8% | -15.8% | ||
| Q3 24 | -3.6% | -12.8% | ||
| Q2 24 | -3.8% | -3.2% | ||
| Q1 24 | -9.4% | -4.8% |
| Q4 25 | $-0.03 | $-23.08 | ||
| Q3 25 | $0.00 | $-9.67 | ||
| Q2 25 | $-0.15 | $-6.23 | ||
| Q1 25 | $-0.11 | $-6.28 | ||
| Q4 24 | $-0.05 | $-23.13 | ||
| Q3 24 | $-0.04 | $-15.70 | ||
| Q2 24 | $-0.04 | $-7.37 | ||
| Q1 24 | $-0.10 | $-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 | $943.5M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $1.5B | $-155.2M |
| Total Assets | $6.0B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $25.0M | ||
| Q3 25 | $1.1B | $37.7M | ||
| Q2 25 | $1.5B | $38.6M | ||
| Q1 25 | $204.5M | $40.1M | ||
| Q4 24 | $147.7M | $38.8M | ||
| Q3 24 | $182.9M | $63.0M | ||
| Q2 24 | $157.0M | $73.1M | ||
| Q1 24 | $254.4M | $27.3M |
| 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 24 | — | $118.1M |
| Q4 25 | $1.5B | $-155.2M | ||
| Q3 25 | $1.3B | $-18.7M | ||
| Q2 25 | $1.2B | $44.5M | ||
| Q1 25 | $1.4B | $63.3M | ||
| Q4 24 | $1.0B | $75.9M | ||
| Q3 24 | $973.1M | $120.5M | ||
| Q2 24 | $881.5M | $166.8M | ||
| Q1 24 | $797.2M | $146.6M |
| Q4 25 | $6.0B | $656.6M | ||
| Q3 25 | $5.8B | $683.6M | ||
| Q2 25 | $5.6B | $731.6M | ||
| Q1 25 | $3.7B | $783.9M | ||
| Q4 24 | $3.3B | $783.4M | ||
| Q3 24 | $3.1B | $833.3M | ||
| Q2 24 | $2.9B | $892.8M | ||
| Q1 24 | $2.8B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| 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 | $190.4M | $-25.7M |
| Free Cash FlowOCF − Capex | $105.2M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $-25.7M | ||
| Q3 25 | $167.1M | $-15.4M | ||
| Q2 25 | $99.8M | $-16.6M | ||
| Q1 25 | $145.8M | $-33.5M | ||
| Q4 24 | $127.3M | $-57.2M | ||
| Q3 24 | $104.7M | $-22.6M | ||
| Q2 24 | $74.8M | $-10.2M | ||
| Q1 24 | $73.6M | $-20.0M |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | 0.0% | ||
| Q3 24 | 11.7% | 0.0% | ||
| Q2 24 | 7.4% | 0.0% | ||
| Q1 24 | 8.5% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
