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Side-by-side financial comparison of ONTO INNOVATION INC. (ONTO) 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 $218.2M, roughly 1.8× ONTO INNOVATION INC.). ONTO INNOVATION INC. runs the higher net margin — 12.9% vs -19.6%, a 32.6% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -13.5%). Over the past eight quarters, ONTO INNOVATION INC.'s revenue compounded faster (2.6% CAGR vs -0.5%).
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
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.
ONTO vs PIII — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $218.2M | $384.8M |
| Net Profit | $28.2M | $-75.5M |
| Gross Margin | 50.7% | — |
| Operating Margin | 10.9% | -40.0% |
| Net Margin | 12.9% | -19.6% |
| Revenue YoY | -13.5% | 3.8% |
| Net Profit YoY | -46.8% | -28.8% |
| EPS (diluted) | $0.57 | $-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 | — | $384.8M | ||
| Q3 25 | $218.2M | $345.3M | ||
| Q2 25 | $253.6M | $355.8M | ||
| Q1 25 | $266.6M | $373.2M | ||
| Q4 24 | $263.9M | $370.7M | ||
| Q3 24 | $252.2M | $362.1M | ||
| Q2 24 | $242.3M | $379.2M | ||
| Q1 24 | $228.8M | $388.5M |
| Q4 25 | — | $-75.5M | ||
| Q3 25 | $28.2M | $-31.6M | ||
| Q2 25 | $33.9M | $-20.4M | ||
| Q1 25 | $64.1M | $-20.5M | ||
| Q4 24 | $48.8M | $-58.6M | ||
| Q3 24 | $53.1M | $-46.5M | ||
| Q2 24 | $52.9M | $-12.0M | ||
| Q1 24 | $46.9M | $-18.7M |
| Q4 25 | — | — | ||
| Q3 25 | 50.7% | — | ||
| Q2 25 | 48.2% | — | ||
| Q1 25 | 53.7% | — | ||
| Q4 24 | 50.2% | — | ||
| Q3 24 | 54.1% | — | ||
| Q2 24 | 52.9% | — | ||
| Q1 24 | 51.7% | — |
| Q4 25 | — | -40.0% | ||
| Q3 25 | 10.9% | -12.8% | ||
| Q2 25 | 12.7% | -9.6% | ||
| Q1 25 | 23.7% | -10.2% | ||
| Q4 24 | 16.1% | -37.4% | ||
| Q3 24 | 21.0% | -29.5% | ||
| Q2 24 | 20.2% | -8.3% | ||
| Q1 24 | 18.7% | -11.3% |
| Q4 25 | — | -19.6% | ||
| Q3 25 | 12.9% | -9.1% | ||
| Q2 25 | 13.4% | -5.7% | ||
| Q1 25 | 24.0% | -5.5% | ||
| Q4 24 | 18.5% | -15.8% | ||
| Q3 24 | 21.0% | -12.8% | ||
| Q2 24 | 21.9% | -3.2% | ||
| Q1 24 | 20.5% | -4.8% |
| Q4 25 | — | $-23.08 | ||
| Q3 25 | $0.57 | $-9.67 | ||
| Q2 25 | $0.69 | $-6.23 | ||
| Q1 25 | $1.30 | $-6.28 | ||
| Q4 24 | $0.98 | $-23.13 | ||
| Q3 24 | $1.07 | $-15.70 | ||
| Q2 24 | $1.07 | $-7.37 | ||
| Q1 24 | $0.94 | $-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 | $603.1M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $2.0B | $-155.2M |
| Total Assets | $2.2B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $25.0M | ||
| Q3 25 | $603.1M | $37.7M | ||
| Q2 25 | $217.5M | $38.6M | ||
| Q1 25 | $203.7M | $40.1M | ||
| Q4 24 | $212.9M | $38.8M | ||
| Q3 24 | $188.7M | $63.0M | ||
| Q2 24 | $172.6M | $73.1M | ||
| Q1 24 | $190.9M | $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 | — | $-155.2M | ||
| Q3 25 | $2.0B | $-18.7M | ||
| Q2 25 | $2.0B | $44.5M | ||
| Q1 25 | $1.9B | $63.3M | ||
| Q4 24 | $1.9B | $75.9M | ||
| Q3 24 | $1.9B | $120.5M | ||
| Q2 24 | $1.8B | $166.8M | ||
| Q1 24 | $1.8B | $146.6M |
| Q4 25 | — | $656.6M | ||
| Q3 25 | $2.2B | $683.6M | ||
| Q2 25 | $2.1B | $731.6M | ||
| Q1 25 | $2.1B | $783.9M | ||
| Q4 24 | $2.1B | $783.4M | ||
| Q3 24 | $2.1B | $833.3M | ||
| Q2 24 | $2.0B | $892.8M | ||
| Q1 24 | $2.0B | $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 | $83.4M | $-25.7M |
| Free Cash FlowOCF − Capex | $82.0M | — |
| FCF MarginFCF / Revenue | 37.6% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 2.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $261.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-25.7M | ||
| Q3 25 | $83.4M | $-15.4M | ||
| Q2 25 | $57.9M | $-16.6M | ||
| Q1 25 | $92.0M | $-33.5M | ||
| Q4 24 | $56.0M | $-57.2M | ||
| Q3 24 | $67.2M | $-22.6M | ||
| Q2 24 | $65.3M | $-10.2M | ||
| Q1 24 | $57.1M | $-20.0M |
| Q4 25 | — | — | ||
| Q3 25 | $82.0M | — | ||
| Q2 25 | $44.2M | — | ||
| Q1 25 | $83.7M | — | ||
| Q4 24 | $51.4M | — | ||
| Q3 24 | $59.2M | — | ||
| Q2 24 | $53.0M | — | ||
| Q1 24 | $50.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 17.4% | — | ||
| Q1 25 | 31.4% | — | ||
| Q4 24 | 19.5% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 21.9% | — | ||
| Q1 24 | 21.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 1.8% | 0.0% | ||
| Q3 24 | 3.2% | 0.0% | ||
| Q2 24 | 5.1% | 0.0% | ||
| Q1 24 | 3.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 1.71× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.23× | — | ||
| Q1 24 | 1.22× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
