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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($475.9M vs $384.8M, roughly 1.2× P3 Health Partners Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 10.5% vs -19.6%, a 30.1% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (44.8% vs 3.8%). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (30.4% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
PIII vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $475.9M |
| Net Profit | $-75.5M | $49.7M |
| Gross Margin | — | — |
| Operating Margin | -40.0% | 14.9% |
| Net Margin | -19.6% | 10.5% |
| Revenue YoY | 3.8% | 44.8% |
| Net Profit YoY | -28.8% | — |
| EPS (diluted) | $-23.08 | $1.09 |
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.
| Q1 26 | — | $475.9M | ||
| Q4 25 | $384.8M | $385.6M | ||
| Q3 25 | $345.3M | $382.5M | ||
| Q2 25 | $355.8M | $319.9M | ||
| Q1 25 | $373.2M | $328.5M | ||
| Q4 24 | $370.7M | $304.4M | ||
| Q3 24 | $362.1M | $300.9M | ||
| Q2 24 | $379.2M | $279.9M |
| Q1 26 | — | $49.7M | ||
| Q4 25 | $-75.5M | $43.2M | ||
| Q3 25 | $-31.6M | $45.9M | ||
| Q2 25 | $-20.4M | $38.8M | ||
| Q1 25 | $-20.5M | $42.1M | ||
| Q4 24 | $-58.6M | $14.4M | ||
| Q3 24 | $-46.5M | $36.7M | ||
| Q2 24 | $-12.0M | $31.0M |
| Q1 26 | — | 14.9% | ||
| Q4 25 | -40.0% | 14.2% | ||
| Q3 25 | -12.8% | 15.8% | ||
| Q2 25 | -9.6% | 15.6% | ||
| Q1 25 | -10.2% | 15.7% | ||
| Q4 24 | -37.4% | 6.1% | ||
| Q3 24 | -29.5% | 15.6% | ||
| Q2 24 | -8.3% | 14.4% |
| Q1 26 | — | 10.5% | ||
| Q4 25 | -19.6% | 11.2% | ||
| Q3 25 | -9.1% | 12.0% | ||
| Q2 25 | -5.7% | 12.1% | ||
| Q1 25 | -5.5% | 12.8% | ||
| Q4 24 | -15.8% | 4.7% | ||
| Q3 24 | -12.8% | 12.2% | ||
| Q2 24 | -3.2% | 11.1% |
| Q1 26 | — | $1.09 | ||
| Q4 25 | $-23.08 | $1.03 | ||
| Q3 25 | $-9.67 | $1.10 | ||
| Q2 25 | $-6.23 | $0.93 | ||
| Q1 25 | $-6.28 | $1.01 | ||
| Q4 24 | $-23.13 | $0.33 | ||
| Q3 24 | $-15.70 | $0.89 | ||
| Q2 24 | $-7.37 | $0.75 |
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 | $4.1M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $1.2B |
| Total Assets | $656.6M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.1M | ||
| Q4 25 | $25.0M | $168.5M | ||
| Q3 25 | $37.7M | $160.1M | ||
| Q2 25 | $38.6M | $136.6M | ||
| Q1 25 | $40.1M | $112.9M | ||
| Q4 24 | $38.8M | $121.6M | ||
| Q3 24 | $63.0M | $105.6M | ||
| Q2 24 | $73.1M | $73.0M |
| Q1 26 | — | — | ||
| 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 26 | — | $1.2B | ||
| Q4 25 | $-155.2M | $1.0B | ||
| Q3 25 | $-18.7M | $961.4M | ||
| Q2 25 | $44.5M | $899.9M | ||
| Q1 25 | $63.3M | $850.7M | ||
| Q4 24 | $75.9M | $794.0M | ||
| Q3 24 | $120.5M | $797.5M | ||
| Q2 24 | $166.8M | $723.6M |
| Q1 26 | — | $6.5B | ||
| Q4 25 | $656.6M | $4.8B | ||
| Q3 25 | $683.6M | $4.6B | ||
| Q2 25 | $731.6M | $4.3B | ||
| Q1 25 | $783.9M | $4.0B | ||
| Q4 24 | $783.4M | $3.7B | ||
| Q3 24 | $833.3M | $3.6B | ||
| Q2 24 | $892.8M | $3.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | — | ||
| Q1 25 | 2.71× | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.80× | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-25.7M | $408.1M | ||
| Q3 25 | $-15.4M | $171.4M | ||
| Q2 25 | $-16.6M | $88.2M | ||
| Q1 25 | $-33.5M | $96.8M | ||
| Q4 24 | $-57.2M | $305.1M | ||
| Q3 24 | $-22.6M | $168.0M | ||
| Q2 24 | $-10.2M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $402.6M | ||
| Q3 25 | — | $168.9M | ||
| Q2 25 | — | $87.1M | ||
| Q1 25 | — | $96.6M | ||
| Q4 24 | — | $300.9M | ||
| Q3 24 | — | $167.6M | ||
| Q2 24 | — | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 104.4% | ||
| Q3 25 | — | 44.2% | ||
| Q2 25 | — | 27.2% | ||
| Q1 25 | — | 29.4% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 55.7% | ||
| Q2 24 | — | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 0.0% | 1.4% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.44× | ||
| Q3 25 | — | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | — | 0.68× |
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% |
SKWD
Segment breakdown not available.
