vs
Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and PRA GROUP INC (PRAA). 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 $333.4M, roughly 1.2× PRA GROUP INC). PRA GROUP INC runs the higher net margin — 17.0% vs -19.6%, a 36.6% gap on every dollar of revenue. On growth, PRA GROUP INC posted the faster year-over-year revenue change (13.7% vs 3.8%). Over the past eight quarters, PRA GROUP INC's revenue compounded faster (14.2% 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.
PRA Group, Inc. is a publicly traded debt buyer and debt collection company based in Norfolk, Virginia. The company buys delinquent consumer debt from credit card issuers and other financial institutions at a discount and pursues collection of the full debt owed. Founded in 1996, PRA Group employs more than 3200 people in 18 countries.
PIII vs PRAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $333.4M |
| Net Profit | $-75.5M | $56.5M |
| Gross Margin | — | — |
| Operating Margin | -40.0% | 37.7% |
| Net Margin | -19.6% | 17.0% |
| Revenue YoY | 3.8% | 13.7% |
| Net Profit YoY | -28.8% | 206.3% |
| EPS (diluted) | $-23.08 | $1.47 |
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 | $333.4M | ||
| Q3 25 | $345.3M | $311.1M | ||
| Q2 25 | $355.8M | $287.7M | ||
| Q1 25 | $373.2M | $269.6M | ||
| Q4 24 | $370.7M | $293.2M | ||
| Q3 24 | $362.1M | $281.5M | ||
| Q2 24 | $379.2M | $284.2M | ||
| Q1 24 | $388.5M | $255.6M |
| Q4 25 | $-75.5M | $56.5M | ||
| Q3 25 | $-31.6M | $-407.7M | ||
| Q2 25 | $-20.4M | $42.4M | ||
| Q1 25 | $-20.5M | $3.7M | ||
| Q4 24 | $-58.6M | $18.5M | ||
| Q3 24 | $-46.5M | $27.2M | ||
| Q2 24 | $-12.0M | $21.5M | ||
| Q1 24 | $-18.7M | $3.5M |
| Q4 25 | -40.0% | 37.7% | ||
| Q3 25 | -12.8% | -101.4% | ||
| Q2 25 | -9.6% | 29.6% | ||
| Q1 25 | -10.2% | 27.7% | ||
| Q4 24 | -37.4% | 32.1% | ||
| Q3 24 | -29.5% | 32.0% | ||
| Q2 24 | -8.3% | 31.4% | ||
| Q1 24 | -11.3% | 26.0% |
| Q4 25 | -19.6% | 17.0% | ||
| Q3 25 | -9.1% | -131.0% | ||
| Q2 25 | -5.7% | 14.7% | ||
| Q1 25 | -5.5% | 1.4% | ||
| Q4 24 | -15.8% | 6.3% | ||
| Q3 24 | -12.8% | 9.6% | ||
| Q2 24 | -3.2% | 7.6% | ||
| Q1 24 | -4.8% | 1.4% |
| Q4 25 | $-23.08 | $1.47 | ||
| Q3 25 | $-9.67 | $-10.43 | ||
| Q2 25 | $-6.23 | $1.08 | ||
| Q1 25 | $-6.28 | $0.09 | ||
| Q4 24 | $-23.13 | $0.47 | ||
| Q3 24 | $-15.70 | $0.69 | ||
| Q2 24 | $-7.37 | $0.54 | ||
| Q1 24 | $-7.86 | $0.09 |
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 | $104.4M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $979.9M |
| Total Assets | $656.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $104.4M | ||
| Q3 25 | $37.7M | $107.5M | ||
| Q2 25 | $38.6M | $131.6M | ||
| Q1 25 | $40.1M | $128.7M | ||
| Q4 24 | $38.8M | $105.9M | ||
| Q3 24 | $63.0M | $141.1M | ||
| Q2 24 | $73.1M | $118.9M | ||
| Q1 24 | $27.3M | $108.1M |
| 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 | $979.9M | ||
| Q3 25 | $-18.7M | $928.5M | ||
| Q2 25 | $44.5M | $1.3B | ||
| Q1 25 | $63.3M | $1.2B | ||
| Q4 24 | $75.9M | $1.1B | ||
| Q3 24 | $120.5M | $1.2B | ||
| Q2 24 | $166.8M | $1.1B | ||
| Q1 24 | $146.6M | $1.1B |
| Q4 25 | $656.6M | $5.1B | ||
| Q3 25 | $683.6M | $5.0B | ||
| Q2 25 | $731.6M | $5.4B | ||
| Q1 25 | $783.9M | $5.1B | ||
| Q4 24 | $783.4M | $4.9B | ||
| Q3 24 | $833.3M | $4.9B | ||
| Q2 24 | $892.8M | $4.7B | ||
| Q1 24 | $855.9M | $4.5B |
| 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 | $-85.5M |
| Free Cash FlowOCF − Capex | — | $-90.4M |
| FCF MarginFCF / Revenue | — | -27.1% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | -1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-169.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $-85.5M | ||
| Q3 25 | $-15.4M | $-10.1M | ||
| Q2 25 | $-16.6M | $-12.9M | ||
| Q1 25 | $-33.5M | $-52.6M | ||
| Q4 24 | $-57.2M | $-94.6M | ||
| Q3 24 | $-22.6M | $-35.0M | ||
| Q2 24 | $-10.2M | $-29.5M | ||
| Q1 24 | $-20.0M | $-73.0M |
| Q4 25 | — | $-90.4M | ||
| Q3 25 | — | $-11.3M | ||
| Q2 25 | — | $-14.2M | ||
| Q1 25 | — | $-53.5M | ||
| Q4 24 | — | $-98.6M | ||
| Q3 24 | — | $-36.1M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | — | $-73.5M |
| Q4 25 | — | -27.1% | ||
| Q3 25 | — | -3.6% | ||
| Q2 25 | — | -4.9% | ||
| Q1 25 | — | -19.8% | ||
| Q4 24 | — | -33.6% | ||
| Q3 24 | — | -12.8% | ||
| Q2 24 | — | -10.8% | ||
| Q1 24 | — | -28.8% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | 0.0% | 1.4% | ||
| Q3 24 | 0.0% | 0.4% | ||
| Q2 24 | 0.0% | 0.5% | ||
| Q1 24 | 0.0% | 0.2% |
| Q4 25 | — | -1.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.30× | ||
| Q1 25 | — | -14.37× | ||
| Q4 24 | — | -5.13× | ||
| Q3 24 | — | -1.29× | ||
| Q2 24 | — | -1.37× | ||
| Q1 24 | — | -21.01× |
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% |
PRAA
| GB | $170.1M | 51% |
| Other | $163.3M | 49% |
