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Side-by-side financial comparison of PROCORE TECHNOLOGIES, INC. (PCOR) 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 $349.1M, roughly 1.1× PROCORE TECHNOLOGIES, INC.). PROCORE TECHNOLOGIES, INC. runs the higher net margin — -10.8% vs -19.6%, a 8.9% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs 3.8%). Over the past eight quarters, PROCORE TECHNOLOGIES, INC.'s revenue compounded faster (13.8% CAGR vs -0.5%).
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
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.
PCOR vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $349.1M | $384.8M |
| Net Profit | $-37.6M | $-75.5M |
| Gross Margin | 80.1% | — |
| Operating Margin | -12.3% | -40.0% |
| Net Margin | -10.8% | -19.6% |
| Revenue YoY | 15.6% | 3.8% |
| Net Profit YoY | 39.6% | -28.8% |
| EPS (diluted) | $-0.25 | $-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 | $349.1M | $384.8M | ||
| Q3 25 | $338.9M | $345.3M | ||
| Q2 25 | $323.9M | $355.8M | ||
| Q1 25 | $310.6M | $373.2M | ||
| Q4 24 | $302.0M | $370.7M | ||
| Q3 24 | $295.9M | $362.1M | ||
| Q2 24 | $284.3M | $379.2M | ||
| Q1 24 | $269.4M | $388.5M |
| Q4 25 | $-37.6M | $-75.5M | ||
| Q3 25 | $-9.1M | $-31.6M | ||
| Q2 25 | $-21.1M | $-20.4M | ||
| Q1 25 | $-33.0M | $-20.5M | ||
| Q4 24 | $-62.3M | $-58.6M | ||
| Q3 24 | $-26.4M | $-46.5M | ||
| Q2 24 | $-6.3M | $-12.0M | ||
| Q1 24 | $-11.0M | $-18.7M |
| Q4 25 | 80.1% | — | ||
| Q3 25 | 79.7% | — | ||
| Q2 25 | 79.1% | — | ||
| Q1 25 | 79.1% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 81.4% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -12.3% | -40.0% | ||
| Q3 25 | -4.4% | -12.8% | ||
| Q2 25 | -9.3% | -9.6% | ||
| Q1 25 | -11.7% | -10.2% | ||
| Q4 24 | -21.9% | -37.4% | ||
| Q3 24 | -12.3% | -29.5% | ||
| Q2 24 | -5.2% | -8.3% | ||
| Q1 24 | -7.0% | -11.3% |
| Q4 25 | -10.8% | -19.6% | ||
| Q3 25 | -2.7% | -9.1% | ||
| Q2 25 | -6.5% | -5.7% | ||
| Q1 25 | -10.6% | -5.5% | ||
| Q4 24 | -20.6% | -15.8% | ||
| Q3 24 | -8.9% | -12.8% | ||
| Q2 24 | -2.2% | -3.2% | ||
| Q1 24 | -4.1% | -4.8% |
| Q4 25 | $-0.25 | $-23.08 | ||
| Q3 25 | $-0.06 | $-9.67 | ||
| Q2 25 | $-0.14 | $-6.23 | ||
| Q1 25 | $-0.22 | $-6.28 | ||
| Q4 24 | $-0.42 | $-23.13 | ||
| Q3 24 | $-0.18 | $-15.70 | ||
| Q2 24 | $-0.04 | $-7.37 | ||
| Q1 24 | $-0.08 | $-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 | $768.5M | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $1.3B | $-155.2M |
| Total Assets | $2.2B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $768.5M | $25.0M | ||
| Q3 25 | $684.0M | $37.7M | ||
| Q2 25 | $620.9M | $38.6M | ||
| Q1 25 | $566.7M | $40.1M | ||
| Q4 24 | $775.4M | $38.8M | ||
| Q3 24 | $756.9M | $63.0M | ||
| Q2 24 | $735.4M | $73.1M | ||
| Q1 24 | $744.6M | $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 | $1.3B | $-155.2M | ||
| Q3 25 | $1.2B | $-18.7M | ||
| Q2 25 | $1.2B | $44.5M | ||
| Q1 25 | $1.2B | $63.3M | ||
| Q4 24 | $1.3B | $75.9M | ||
| Q3 24 | $1.3B | $120.5M | ||
| Q2 24 | $1.3B | $166.8M | ||
| Q1 24 | $1.2B | $146.6M |
| Q4 25 | $2.2B | $656.6M | ||
| Q3 25 | $2.1B | $683.6M | ||
| Q2 25 | $2.0B | $731.6M | ||
| Q1 25 | $1.9B | $783.9M | ||
| Q4 24 | $2.1B | $783.4M | ||
| Q3 24 | $2.0B | $833.3M | ||
| Q2 24 | $2.0B | $892.8M | ||
| Q1 24 | $1.9B | $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 | $114.9M | $-25.7M |
| Free Cash FlowOCF − Capex | $109.2M | — |
| FCF MarginFCF / Revenue | 31.3% | — |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $282.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.9M | $-25.7M | ||
| Q3 25 | $88.5M | $-15.4M | ||
| Q2 25 | $30.8M | $-16.6M | ||
| Q1 25 | $66.0M | $-33.5M | ||
| Q4 24 | $29.1M | $-57.2M | ||
| Q3 24 | $39.3M | $-22.6M | ||
| Q2 24 | $58.7M | $-10.2M | ||
| Q1 24 | $69.1M | $-20.0M |
| Q4 25 | $109.2M | — | ||
| Q3 25 | $83.1M | — | ||
| Q2 25 | $27.9M | — | ||
| Q1 25 | $62.0M | — | ||
| Q4 24 | $17.4M | — | ||
| Q3 24 | $35.7M | — | ||
| Q2 24 | $56.8M | — | ||
| Q1 24 | $67.1M | — |
| Q4 25 | 31.3% | — | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 20.0% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 12.1% | — | ||
| Q2 24 | 20.0% | — | ||
| Q1 24 | 24.9% | — |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 3.9% | 0.0% | ||
| Q3 24 | 1.2% | 0.0% | ||
| Q2 24 | 0.7% | 0.0% | ||
| Q1 24 | 0.8% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
