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Side-by-side financial comparison of ONESPAWORLD HOLDINGS Ltd (OSW) 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 $242.1M, roughly 1.6× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -19.6%, a 24.6% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs 3.8%). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
OSW vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $242.1M | $384.8M |
| Net Profit | $12.1M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 6.8% | -40.0% |
| Net Margin | 5.0% | -19.6% |
| Revenue YoY | 11.5% | 3.8% |
| Net Profit YoY | -16.2% | -28.8% |
| EPS (diluted) | $0.12 | $-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 | $242.1M | $384.8M | ||
| Q3 25 | $258.5M | $345.3M | ||
| Q2 25 | $240.7M | $355.8M | ||
| Q1 25 | $219.6M | $373.2M | ||
| Q4 24 | $217.2M | $370.7M | ||
| Q3 24 | $241.7M | $362.1M | ||
| Q2 24 | $224.9M | $379.2M | ||
| Q1 24 | $211.2M | $388.5M |
| Q4 25 | $12.1M | $-75.5M | ||
| Q3 25 | $24.3M | $-31.6M | ||
| Q2 25 | $19.9M | $-20.4M | ||
| Q1 25 | $15.3M | $-20.5M | ||
| Q4 24 | $14.4M | $-58.6M | ||
| Q3 24 | $21.6M | $-46.5M | ||
| Q2 24 | $15.8M | $-12.0M | ||
| Q1 24 | $21.2M | $-18.7M |
| Q4 25 | 6.8% | -40.0% | ||
| Q3 25 | 10.2% | -12.8% | ||
| Q2 25 | 9.2% | -9.6% | ||
| Q1 25 | 7.7% | -10.2% | ||
| Q4 24 | 7.9% | -37.4% | ||
| Q3 24 | 10.3% | -29.5% | ||
| Q2 24 | 8.4% | -8.3% | ||
| Q1 24 | 8.0% | -11.3% |
| Q4 25 | 5.0% | -19.6% | ||
| Q3 25 | 9.4% | -9.1% | ||
| Q2 25 | 8.3% | -5.7% | ||
| Q1 25 | 7.0% | -5.5% | ||
| Q4 24 | 6.6% | -15.8% | ||
| Q3 24 | 8.9% | -12.8% | ||
| Q2 24 | 7.0% | -3.2% | ||
| Q1 24 | 10.0% | -4.8% |
| Q4 25 | $0.12 | $-23.08 | ||
| Q3 25 | $0.23 | $-9.67 | ||
| Q2 25 | $0.19 | $-6.23 | ||
| Q1 25 | $0.15 | $-6.28 | ||
| Q4 24 | $0.13 | $-23.13 | ||
| Q3 24 | $0.20 | $-15.70 | ||
| Q2 24 | $0.15 | $-7.37 | ||
| Q1 24 | $0.21 | $-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 | $16.3M | $25.0M |
| Total DebtLower is stronger | $84.0M | $228.4M |
| Stockholders' EquityBook value | $542.6M | $-155.2M |
| Total Assets | $707.1M | $656.6M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.3M | $25.0M | ||
| Q3 25 | $29.6M | $37.7M | ||
| Q2 25 | $35.0M | $38.6M | ||
| Q1 25 | $22.6M | $40.1M | ||
| Q4 24 | $57.4M | $38.8M | ||
| Q3 24 | $48.8M | $63.0M | ||
| Q2 24 | $62.5M | $73.1M | ||
| Q1 24 | $65.4M | $27.3M |
| Q4 25 | $84.0M | $228.4M | ||
| Q3 25 | $85.2M | $252.8M | ||
| Q2 25 | $96.2M | $182.0M | ||
| Q1 25 | $97.4M | $171.1M | ||
| Q4 24 | $98.6M | $108.9M | ||
| Q3 24 | $98.7M | $133.2M | ||
| Q2 24 | $123.8M | $133.1M | ||
| Q1 24 | $138.6M | $118.1M |
| Q4 25 | $542.6M | $-155.2M | ||
| Q3 25 | $552.8M | $-18.7M | ||
| Q2 25 | $548.3M | $44.5M | ||
| Q1 25 | $530.6M | $63.3M | ||
| Q4 24 | $554.5M | $75.9M | ||
| Q3 24 | $540.1M | $120.5M | ||
| Q2 24 | $532.7M | $166.8M | ||
| Q1 24 | $515.5M | $146.6M |
| Q4 25 | $707.1M | $656.6M | ||
| Q3 25 | $732.6M | $683.6M | ||
| Q2 25 | $731.8M | $731.6M | ||
| Q1 25 | $708.7M | $783.9M | ||
| Q4 24 | $746.4M | $783.4M | ||
| Q3 24 | $734.0M | $833.3M | ||
| Q2 24 | $756.8M | $892.8M | ||
| Q1 24 | $763.6M | $855.9M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.18× | 4.09× | ||
| Q1 25 | 0.18× | 2.71× | ||
| Q4 24 | 0.18× | 1.43× | ||
| Q3 24 | 0.18× | 1.11× | ||
| Q2 24 | 0.23× | 0.80× | ||
| Q1 24 | 0.27× | 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 | $20.0M | $-25.7M |
| Free Cash FlowOCF − Capex | $14.9M | — |
| FCF MarginFCF / Revenue | 6.2% | — |
| Capex IntensityCapex / Revenue | 2.1% | — |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $68.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.0M | $-25.7M | ||
| Q3 25 | $33.2M | $-15.4M | ||
| Q2 25 | $20.3M | $-16.6M | ||
| Q1 25 | $10.1M | $-33.5M | ||
| Q4 24 | $16.6M | $-57.2M | ||
| Q3 24 | $28.6M | $-22.6M | ||
| Q2 24 | $18.7M | $-10.2M | ||
| Q1 24 | $15.0M | $-20.0M |
| Q4 25 | $14.9M | — | ||
| Q3 25 | $27.6M | — | ||
| Q2 25 | $17.6M | — | ||
| Q1 25 | $8.4M | — | ||
| Q4 24 | $13.2M | — | ||
| Q3 24 | $27.5M | — | ||
| Q2 24 | $17.6M | — | ||
| Q1 24 | $13.7M | — |
| Q4 25 | 6.2% | — | ||
| Q3 25 | 10.7% | — | ||
| Q2 25 | 7.3% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 6.5% | — |
| Q4 25 | 2.1% | — | ||
| Q3 25 | 2.2% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 1.5% | 0.0% | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 0.5% | 0.0% | ||
| Q1 24 | 0.6% | 0.0% |
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 1.02× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.19× | — | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
