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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and Palomar Holdings, Inc. (PLMR). 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 $253.4M, roughly 1.5× Palomar Holdings, Inc.). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 3.8%). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% 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.
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
PIII vs PLMR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $253.4M |
| Net Profit | $-75.5M | — |
| Gross Margin | — | — |
| Operating Margin | -40.0% | 28.7% |
| Net Margin | -19.6% | — |
| Revenue YoY | 3.8% | 62.7% |
| Net Profit YoY | -28.8% | — |
| EPS (diluted) | $-23.08 | $2.05 |
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 | $253.4M | ||
| Q3 25 | $345.3M | $244.7M | ||
| Q2 25 | $355.8M | $203.3M | ||
| Q1 25 | $373.2M | $174.6M | ||
| Q4 24 | $370.7M | $155.8M | ||
| Q3 24 | $362.1M | $148.5M | ||
| Q2 24 | $379.2M | $131.1M | ||
| Q1 24 | $388.5M | $118.5M |
| Q4 25 | $-75.5M | — | ||
| Q3 25 | $-31.6M | $51.5M | ||
| Q2 25 | $-20.4M | $46.5M | ||
| Q1 25 | $-20.5M | $42.9M | ||
| Q4 24 | $-58.6M | — | ||
| Q3 24 | $-46.5M | $30.5M | ||
| Q2 24 | $-12.0M | $25.7M | ||
| Q1 24 | $-18.7M | $26.4M |
| Q4 25 | -40.0% | 28.7% | ||
| Q3 25 | -12.8% | 27.4% | ||
| Q2 25 | -9.6% | 29.5% | ||
| Q1 25 | -10.2% | 30.8% | ||
| Q4 24 | -37.4% | 28.9% | ||
| Q3 24 | -29.5% | 25.9% | ||
| Q2 24 | -8.3% | 25.5% | ||
| Q1 24 | -11.3% | 29.0% |
| Q4 25 | -19.6% | — | ||
| Q3 25 | -9.1% | 21.0% | ||
| Q2 25 | -5.7% | 22.9% | ||
| Q1 25 | -5.5% | 24.6% | ||
| Q4 24 | -15.8% | — | ||
| Q3 24 | -12.8% | 20.5% | ||
| Q2 24 | -3.2% | 19.6% | ||
| Q1 24 | -4.8% | 22.3% |
| Q4 25 | $-23.08 | $2.05 | ||
| Q3 25 | $-9.67 | $1.87 | ||
| Q2 25 | $-6.23 | $1.68 | ||
| Q1 25 | $-6.28 | $1.57 | ||
| Q4 24 | $-23.13 | $1.29 | ||
| Q3 24 | $-15.70 | $1.15 | ||
| Q2 24 | $-7.37 | $1.00 | ||
| Q1 24 | $-7.86 | $1.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.0M | $106.9M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $942.7M |
| Total Assets | $656.6M | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $106.9M | ||
| Q3 25 | $37.7M | $111.7M | ||
| Q2 25 | $38.6M | $81.3M | ||
| Q1 25 | $40.1M | $119.3M | ||
| Q4 24 | $38.8M | $80.4M | ||
| Q3 24 | $63.0M | $86.5M | ||
| Q2 24 | $73.1M | $47.8M | ||
| Q1 24 | $27.3M | $61.4M |
| 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 | $942.7M | ||
| Q3 25 | $-18.7M | $878.1M | ||
| Q2 25 | $44.5M | $847.2M | ||
| Q1 25 | $63.3M | $790.4M | ||
| Q4 24 | $75.9M | $729.0M | ||
| Q3 24 | $120.5M | $703.3M | ||
| Q2 24 | $166.8M | $532.6M | ||
| Q1 24 | $146.6M | $501.7M |
| Q4 25 | $656.6M | $3.1B | ||
| Q3 25 | $683.6M | $2.9B | ||
| Q2 25 | $731.6M | $2.8B | ||
| Q1 25 | $783.9M | $2.4B | ||
| Q4 24 | $783.4M | $2.3B | ||
| Q3 24 | $833.3M | $2.3B | ||
| Q2 24 | $892.8M | $2.0B | ||
| Q1 24 | $855.9M | $1.9B |
| 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 | $-25.7M | $409.1M |
| Free Cash FlowOCF − Capex | — | $409.0M |
| FCF MarginFCF / Revenue | — | 161.4% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $700.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $409.1M | ||
| Q3 25 | $-15.4M | $83.6M | ||
| Q2 25 | $-16.6M | $120.9M | ||
| Q1 25 | $-33.5M | $87.2M | ||
| Q4 24 | $-57.2M | $261.2M | ||
| Q3 24 | $-22.6M | $100.3M | ||
| Q2 24 | $-10.2M | $55.1M | ||
| Q1 24 | $-20.0M | $33.1M |
| Q4 25 | — | $409.0M | ||
| Q3 25 | — | $83.6M | ||
| Q2 25 | — | $120.8M | ||
| Q1 25 | — | $87.1M | ||
| Q4 24 | — | $260.9M | ||
| Q3 24 | — | $100.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 161.4% | ||
| Q3 25 | — | 34.2% | ||
| Q2 25 | — | 59.4% | ||
| Q1 25 | — | 49.9% | ||
| Q4 24 | — | 167.5% | ||
| Q3 24 | — | 67.4% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | 0.0% | 0.2% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | 2.60× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 2.14× | ||
| Q1 24 | — | 1.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
PLMR
Segment breakdown not available.
