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Side-by-side financial comparison of Paylocity Holding Corp (PCTY) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $384.8M, roughly 1.0× P3 Health Partners Inc.). Paylocity Holding Corp runs the higher net margin — 13.0% vs -19.6%, a 32.6% gap on every dollar of revenue. On growth, Paylocity Holding Corp posted the faster year-over-year revenue change (11.3% vs 3.8%). Over the past eight quarters, Paylocity Holding Corp's revenue compounded faster (2.7% CAGR vs -0.5%).
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
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.
PCTY vs PIII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $387.0M | $384.8M |
| Net Profit | $50.2M | $-75.5M |
| Gross Margin | 72.9% | — |
| Operating Margin | 18.2% | -40.0% |
| Net Margin | 13.0% | -19.6% |
| Revenue YoY | 11.3% | 3.8% |
| Net Profit YoY | 34.0% | -28.8% |
| EPS (diluted) | $0.92 | $-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 | $387.0M | $384.8M | ||
| Q3 25 | $378.9M | $345.3M | ||
| Q2 25 | $369.9M | $355.8M | ||
| Q1 25 | $421.1M | $373.2M | ||
| Q4 24 | $347.7M | $370.7M | ||
| Q3 24 | $333.1M | $362.1M | ||
| Q2 24 | $324.7M | $379.2M | ||
| Q1 24 | $366.8M | $388.5M |
| Q4 25 | $50.2M | $-75.5M | ||
| Q3 25 | $48.0M | $-31.6M | ||
| Q2 25 | $48.6M | $-20.4M | ||
| Q1 25 | $91.5M | $-20.5M | ||
| Q4 24 | $37.5M | $-58.6M | ||
| Q3 24 | $49.6M | $-46.5M | ||
| Q2 24 | $48.8M | $-12.0M | ||
| Q1 24 | $85.3M | $-18.7M |
| Q4 25 | 72.9% | — | ||
| Q3 25 | 73.9% | — | ||
| Q2 25 | 73.5% | — | ||
| Q1 25 | 77.1% | — | ||
| Q4 24 | 72.6% | — | ||
| Q3 24 | 74.4% | — | ||
| Q2 24 | 74.0% | — | ||
| Q1 24 | 77.8% | — |
| Q4 25 | 18.2% | -40.0% | ||
| Q3 25 | 19.6% | -12.8% | ||
| Q2 25 | 17.9% | -9.6% | ||
| Q1 25 | 30.2% | -10.2% | ||
| Q4 24 | 13.4% | -37.4% | ||
| Q3 24 | 19.3% | -29.5% | ||
| Q2 24 | 19.4% | -8.3% | ||
| Q1 24 | 29.0% | -11.3% |
| Q4 25 | 13.0% | -19.6% | ||
| Q3 25 | 12.7% | -9.1% | ||
| Q2 25 | 13.1% | -5.7% | ||
| Q1 25 | 21.7% | -5.5% | ||
| Q4 24 | 10.8% | -15.8% | ||
| Q3 24 | 14.9% | -12.8% | ||
| Q2 24 | 15.0% | -3.2% | ||
| Q1 24 | 23.3% | -4.8% |
| Q4 25 | $0.92 | $-23.08 | ||
| Q3 25 | $0.86 | $-9.67 | ||
| Q2 25 | $0.87 | $-6.23 | ||
| Q1 25 | $1.61 | $-6.28 | ||
| Q4 24 | $0.66 | $-23.13 | ||
| Q3 24 | $0.88 | $-15.70 | ||
| Q2 24 | $0.85 | $-7.37 | ||
| Q1 24 | $1.50 | $-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 | $162.5M | $25.0M |
| Total DebtLower is stronger | $81.3M | $228.4M |
| Stockholders' EquityBook value | $1.1B | $-155.2M |
| Total Assets | $7.0B | $656.6M |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $162.5M | $25.0M | ||
| Q3 25 | $165.2M | $37.7M | ||
| Q2 25 | $398.1M | $38.6M | ||
| Q1 25 | $477.8M | $40.1M | ||
| Q4 24 | $482.4M | $38.8M | ||
| Q3 24 | $778.5M | $63.0M | ||
| Q2 24 | $401.8M | $73.1M | ||
| Q1 24 | $492.7M | $27.3M |
| Q4 25 | $81.3M | $228.4M | ||
| Q3 25 | $81.3M | $252.8M | ||
| Q2 25 | $162.5M | $182.0M | ||
| Q1 25 | $243.8M | $171.1M | ||
| Q4 24 | $325.0M | $108.9M | ||
| Q3 24 | $325.0M | $133.2M | ||
| Q2 24 | $0 | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $1.1B | $-155.2M | ||
| Q3 25 | $1.1B | $-18.7M | ||
| Q2 25 | $1.2B | $44.5M | ||
| Q1 25 | $1.2B | $63.3M | ||
| Q4 24 | $1.2B | $75.9M | ||
| Q3 24 | $1.1B | $120.5M | ||
| Q2 24 | $1.0B | $166.8M | ||
| Q1 24 | $1.1B | $146.6M |
| Q4 25 | $7.0B | $656.6M | ||
| Q3 25 | $4.2B | $683.6M | ||
| Q2 25 | $4.4B | $731.6M | ||
| Q1 25 | $5.2B | $783.9M | ||
| Q4 24 | $5.3B | $783.4M | ||
| Q3 24 | $4.0B | $833.3M | ||
| Q2 24 | $4.2B | $892.8M | ||
| Q1 24 | $5.0B | $855.9M |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.13× | 4.09× | ||
| Q1 25 | 0.20× | 2.71× | ||
| Q4 24 | 0.28× | 1.43× | ||
| Q3 24 | 0.29× | 1.11× | ||
| Q2 24 | 0.00× | 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 | $117.0M | $-25.7M |
| Free Cash FlowOCF − Capex | $113.6M | — |
| FCF MarginFCF / Revenue | 29.4% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | 2.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | $461.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $117.0M | $-25.7M | ||
| Q3 25 | $86.5M | $-15.4M | ||
| Q2 25 | $86.6M | $-16.6M | ||
| Q1 25 | $186.0M | $-33.5M | ||
| Q4 24 | $54.2M | $-57.2M | ||
| Q3 24 | $91.5M | $-22.6M | ||
| Q2 24 | $79.9M | $-10.2M | ||
| Q1 24 | $167.5M | $-20.0M |
| Q4 25 | $113.6M | — | ||
| Q3 25 | $82.7M | — | ||
| Q2 25 | $81.1M | — | ||
| Q1 25 | $183.7M | — | ||
| Q4 24 | $51.2M | — | ||
| Q3 24 | $89.1M | — | ||
| Q2 24 | $73.6M | — | ||
| Q1 24 | $162.0M | — |
| Q4 25 | 29.4% | — | ||
| Q3 25 | 21.8% | — | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 43.6% | — | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 26.8% | — | ||
| Q2 24 | 22.7% | — | ||
| Q1 24 | 44.2% | — |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.9% | 0.0% | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | 1.9% | 0.0% | ||
| Q1 24 | 1.5% | 0.0% |
| Q4 25 | 2.33× | — | ||
| Q3 25 | 1.80× | — | ||
| Q2 25 | 1.78× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.84× | — | ||
| Q2 24 | 1.64× | — | ||
| Q1 24 | 1.96× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
