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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and SPS COMMERCE INC (SPSC). 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 $192.7M, roughly 2.0× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -19.6%, a 33.0% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 3.8%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
PIII vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $192.7M |
| Net Profit | $-75.5M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -40.0% | 18.0% |
| Net Margin | -19.6% | 13.4% |
| Revenue YoY | 3.8% | 12.7% |
| Net Profit YoY | -28.8% | 47.2% |
| EPS (diluted) | $-23.08 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $345.3M | $189.9M | ||
| Q2 25 | $355.8M | $187.4M | ||
| Q1 25 | $373.2M | $181.5M | ||
| Q4 24 | $370.7M | $170.9M | ||
| Q3 24 | $362.1M | $163.7M | ||
| Q2 24 | $379.2M | $153.6M | ||
| Q1 24 | $388.5M | $149.6M |
| Q4 25 | $-75.5M | $25.8M | ||
| Q3 25 | $-31.6M | $25.6M | ||
| Q2 25 | $-20.4M | $19.7M | ||
| Q1 25 | $-20.5M | $22.2M | ||
| Q4 24 | $-58.6M | $17.6M | ||
| Q3 24 | $-46.5M | $23.5M | ||
| Q2 24 | $-12.0M | $18.0M | ||
| Q1 24 | $-18.7M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | -40.0% | 18.0% | ||
| Q3 25 | -12.8% | 16.4% | ||
| Q2 25 | -9.6% | 14.1% | ||
| Q1 25 | -10.2% | 14.3% | ||
| Q4 24 | -37.4% | 14.5% | ||
| Q3 24 | -29.5% | 15.6% | ||
| Q2 24 | -8.3% | 15.1% | ||
| Q1 24 | -11.3% | 10.3% |
| Q4 25 | -19.6% | 13.4% | ||
| Q3 25 | -9.1% | 13.5% | ||
| Q2 25 | -5.7% | 10.5% | ||
| Q1 25 | -5.5% | 12.2% | ||
| Q4 24 | -15.8% | 10.3% | ||
| Q3 24 | -12.8% | 14.3% | ||
| Q2 24 | -3.2% | 11.7% | ||
| Q1 24 | -4.8% | 12.0% |
| Q4 25 | $-23.08 | $0.69 | ||
| Q3 25 | $-9.67 | $0.67 | ||
| Q2 25 | $-6.23 | $0.52 | ||
| Q1 25 | $-6.28 | $0.58 | ||
| Q4 24 | $-23.13 | $0.46 | ||
| Q3 24 | $-15.70 | $0.62 | ||
| Q2 24 | $-7.37 | $0.48 | ||
| Q1 24 | $-7.86 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $973.9M |
| Total Assets | $656.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $151.4M | ||
| Q3 25 | $37.7M | $133.7M | ||
| Q2 25 | $38.6M | $107.6M | ||
| Q1 25 | $40.1M | $94.9M | ||
| Q4 24 | $38.8M | $241.0M | ||
| Q3 24 | $63.0M | $205.8M | ||
| Q2 24 | $73.1M | $271.8M | ||
| Q1 24 | $27.3M | $290.8M |
| 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 | $973.9M | ||
| Q3 25 | $-18.7M | $958.9M | ||
| Q2 25 | $44.5M | $949.8M | ||
| Q1 25 | $63.3M | $920.9M | ||
| Q4 24 | $75.9M | $854.7M | ||
| Q3 24 | $120.5M | $829.4M | ||
| Q2 24 | $166.8M | $703.4M | ||
| Q1 24 | $146.6M | $683.0M |
| Q4 25 | $656.6M | $1.2B | ||
| Q3 25 | $683.6M | $1.2B | ||
| Q2 25 | $731.6M | $1.1B | ||
| Q1 25 | $783.9M | $1.1B | ||
| Q4 24 | $783.4M | $1.0B | ||
| Q3 24 | $833.3M | $1.0B | ||
| Q2 24 | $892.8M | $854.5M | ||
| Q1 24 | $855.9M | $839.8M |
| 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 | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $45.9M | ||
| Q3 25 | $-15.4M | $60.6M | ||
| Q2 25 | $-16.6M | $32.3M | ||
| Q1 25 | $-33.5M | $40.0M | ||
| Q4 24 | $-57.2M | $40.6M | ||
| Q3 24 | $-22.6M | $53.3M | ||
| Q2 24 | $-10.2M | $29.4M | ||
| Q1 24 | $-20.0M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | 0.0% | 3.6% | ||
| Q3 24 | 0.0% | 3.2% | ||
| Q2 24 | 0.0% | 3.3% | ||
| Q1 24 | 0.0% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
