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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and SM Energy Co (SM). Click either name above to swap in a different company.
SM Energy Co is the larger business by last-quarter revenue ($704.9M vs $384.8M, roughly 1.8× P3 Health Partners Inc.). On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -17.3%). Over the past eight quarters, SM Energy Co's revenue compounded faster (12.2% 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.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
PIII vs SM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $704.9M |
| Net Profit | $-75.5M | — |
| Gross Margin | — | — |
| Operating Margin | -40.0% | 25.9% |
| Net Margin | -19.6% | — |
| Revenue YoY | 3.8% | -17.3% |
| Net Profit YoY | -28.8% | — |
| EPS (diluted) | $-23.08 | $0.94 |
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 | $704.9M | ||
| Q3 25 | $345.3M | $811.6M | ||
| Q2 25 | $355.8M | $792.9M | ||
| Q1 25 | $373.2M | $844.5M | ||
| Q4 24 | $370.7M | $852.0M | ||
| Q3 24 | $362.1M | $643.6M | ||
| Q2 24 | $379.2M | $634.6M | ||
| Q1 24 | $388.5M | $559.9M |
| Q4 25 | $-75.5M | — | ||
| Q3 25 | $-31.6M | $155.1M | ||
| Q2 25 | $-20.4M | $201.7M | ||
| Q1 25 | $-20.5M | $182.3M | ||
| Q4 24 | $-58.6M | — | ||
| Q3 24 | $-46.5M | $240.5M | ||
| Q2 24 | $-12.0M | $210.3M | ||
| Q1 24 | $-18.7M | $131.2M |
| Q4 25 | -40.0% | 25.9% | ||
| Q3 25 | -12.8% | 30.4% | ||
| Q2 25 | -9.6% | 37.2% | ||
| Q1 25 | -10.2% | 32.7% | ||
| Q4 24 | -37.4% | 33.7% | ||
| Q3 24 | -29.5% | 51.4% | ||
| Q2 24 | -8.3% | 44.0% | ||
| Q1 24 | -11.3% | 31.9% |
| Q4 25 | -19.6% | — | ||
| Q3 25 | -9.1% | 19.1% | ||
| Q2 25 | -5.7% | 25.4% | ||
| Q1 25 | -5.5% | 21.6% | ||
| Q4 24 | -15.8% | — | ||
| Q3 24 | -12.8% | 37.4% | ||
| Q2 24 | -3.2% | 33.1% | ||
| Q1 24 | -4.8% | 23.4% |
| Q4 25 | $-23.08 | $0.94 | ||
| Q3 25 | $-9.67 | $1.35 | ||
| Q2 25 | $-6.23 | $1.76 | ||
| Q1 25 | $-6.28 | $1.59 | ||
| Q4 24 | $-23.13 | $1.63 | ||
| Q3 24 | $-15.70 | $2.09 | ||
| Q2 24 | $-7.37 | $1.82 | ||
| Q1 24 | $-7.86 | $1.13 |
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 | $368.0M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $4.8B |
| Total Assets | $656.6M | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $368.0M | ||
| Q3 25 | $37.7M | $162.3M | ||
| Q2 25 | $38.6M | $101.9M | ||
| Q1 25 | $40.1M | $54.0K | ||
| Q4 24 | $38.8M | — | ||
| Q3 24 | $63.0M | $1.7B | ||
| Q2 24 | $73.1M | $487.9M | ||
| Q1 24 | $27.3M | $506.3M |
| 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 | $-155.2M | $4.8B | ||
| Q3 25 | $-18.7M | $4.7B | ||
| Q2 25 | $44.5M | $4.6B | ||
| Q1 25 | $63.3M | $4.4B | ||
| Q4 24 | $75.9M | $4.2B | ||
| Q3 24 | $120.5M | $4.1B | ||
| Q2 24 | $166.8M | $3.8B | ||
| Q1 24 | $146.6M | $3.7B |
| Q4 25 | $656.6M | $9.3B | ||
| Q3 25 | $683.6M | $9.1B | ||
| Q2 25 | $731.6M | $9.0B | ||
| Q1 25 | $783.9M | $8.8B | ||
| Q4 24 | $783.4M | $8.6B | ||
| Q3 24 | $833.3M | $8.0B | ||
| Q2 24 | $892.8M | $6.7B | ||
| Q1 24 | $855.9M | $6.4B |
| 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 | $451.9M |
| 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.
| Q4 25 | $-25.7M | $451.9M | ||
| Q3 25 | $-15.4M | $505.0M | ||
| Q2 25 | $-16.6M | $571.1M | ||
| Q1 25 | $-33.5M | $483.0M | ||
| Q4 24 | $-57.2M | $578.4M | ||
| Q3 24 | $-22.6M | $452.3M | ||
| Q2 24 | $-10.2M | $476.4M | ||
| Q1 24 | $-20.0M | $276.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | — | 2.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | — | 2.10× |
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% |
SM
Segment breakdown not available.
