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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and ONE Group Hospitality, Inc. (STKS). 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 $207.0M, roughly 1.9× ONE Group Hospitality, Inc.). ONE Group Hospitality, Inc. runs the higher net margin — -3.1% vs -19.6%, a 16.5% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -6.7%). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
PIII vs STKS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $207.0M |
| Net Profit | $-75.5M | $-6.4M |
| Gross Margin | — | — |
| Operating Margin | -40.0% | 2.2% |
| Net Margin | -19.6% | -3.1% |
| Revenue YoY | 3.8% | -6.7% |
| Net Profit YoY | -28.8% | -531.8% |
| EPS (diluted) | $-23.08 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $345.3M | $180.2M | ||
| Q2 25 | $355.8M | $207.4M | ||
| Q1 25 | $373.2M | $211.1M | ||
| Q4 24 | $370.7M | $221.9M | ||
| Q3 24 | $362.1M | $194.0M | ||
| Q2 24 | $379.2M | $172.5M | ||
| Q1 24 | $388.5M | $85.0M |
| Q4 25 | $-75.5M | $-6.4M | ||
| Q3 25 | $-31.6M | $-76.7M | ||
| Q2 25 | $-20.4M | $-10.1M | ||
| Q1 25 | $-20.5M | $975.0K | ||
| Q4 24 | $-58.6M | $1.5M | ||
| Q3 24 | $-46.5M | $-9.3M | ||
| Q2 24 | $-12.0M | $-7.3M | ||
| Q1 24 | $-18.7M | $-2.1M |
| Q4 25 | -40.0% | 2.2% | ||
| Q3 25 | -12.8% | -4.4% | ||
| Q2 25 | -9.6% | 0.3% | ||
| Q1 25 | -10.2% | 5.1% | ||
| Q4 24 | -37.4% | 5.5% | ||
| Q3 24 | -29.5% | -1.9% | ||
| Q2 24 | -8.3% | 0.6% | ||
| Q1 24 | -11.3% | -0.7% |
| Q4 25 | -19.6% | -3.1% | ||
| Q3 25 | -9.1% | -42.6% | ||
| Q2 25 | -5.7% | -4.9% | ||
| Q1 25 | -5.5% | 0.5% | ||
| Q4 24 | -15.8% | 0.7% | ||
| Q3 24 | -12.8% | -4.8% | ||
| Q2 24 | -3.2% | -4.3% | ||
| Q1 24 | -4.8% | -2.4% |
| Q4 25 | $-23.08 | $-0.50 | ||
| Q3 25 | $-9.67 | $-2.75 | ||
| Q2 25 | $-6.23 | $-0.59 | ||
| Q1 25 | $-6.28 | $-0.21 | ||
| Q4 24 | $-23.13 | $-0.18 | ||
| Q3 24 | $-15.70 | $-0.53 | ||
| Q2 24 | $-7.37 | $-0.38 | ||
| Q1 24 | $-7.86 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | $228.4M | $354.2M |
| Stockholders' EquityBook value | $-155.2M | $-75.8M |
| Total Assets | $656.6M | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $4.2M | ||
| Q3 25 | $37.7M | $5.5M | ||
| Q2 25 | $38.6M | $4.7M | ||
| Q1 25 | $40.1M | $21.4M | ||
| Q4 24 | $38.8M | $27.6M | ||
| Q3 24 | $63.0M | $28.2M | ||
| Q2 24 | $73.1M | $32.2M | ||
| Q1 24 | $27.3M | $15.4M |
| Q4 25 | $228.4M | $354.2M | ||
| Q3 25 | $252.8M | $355.0M | ||
| Q2 25 | $182.0M | $347.4M | ||
| Q1 25 | $171.1M | $348.3M | ||
| Q4 24 | $108.9M | $348.3M | ||
| Q3 24 | $133.2M | $349.1M | ||
| Q2 24 | $133.1M | $350.0M | ||
| Q1 24 | $118.1M | $73.5M |
| Q4 25 | $-155.2M | $-75.8M | ||
| Q3 25 | $-18.7M | $-61.5M | ||
| Q2 25 | $44.5M | $23.0M | ||
| Q1 25 | $63.3M | $40.5M | ||
| Q4 24 | $75.9M | $45.9M | ||
| Q3 24 | $120.5M | $51.4M | ||
| Q2 24 | $166.8M | $68.1M | ||
| Q1 24 | $146.6M | $68.3M |
| Q4 25 | $656.6M | $884.2M | ||
| Q3 25 | $683.6M | $879.5M | ||
| Q2 25 | $731.6M | $935.7M | ||
| Q1 25 | $783.9M | $956.0M | ||
| Q4 24 | $783.4M | $960.1M | ||
| Q3 24 | $833.3M | $953.5M | ||
| Q2 24 | $892.8M | $945.9M | ||
| Q1 24 | $855.9M | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | 15.07× | ||
| Q1 25 | 2.71× | 8.61× | ||
| Q4 24 | 1.43× | 7.59× | ||
| Q3 24 | 1.11× | 6.79× | ||
| Q2 24 | 0.80× | 5.14× | ||
| Q1 24 | 0.81× | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | — | $-329.0K |
| FCF MarginFCF / Revenue | — | -0.2% |
| Capex IntensityCapex / Revenue | — | 6.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $13.1M | ||
| Q3 25 | $-15.4M | $5.9M | ||
| Q2 25 | $-16.6M | $2.8M | ||
| Q1 25 | $-33.5M | $8.5M | ||
| Q4 24 | $-57.2M | $18.5M | ||
| Q3 24 | $-22.6M | $19.1M | ||
| Q2 24 | $-10.2M | $-3.8M | ||
| Q1 24 | $-20.0M | $10.4M |
| Q4 25 | — | $-329.0K | ||
| Q3 25 | — | $-6.1M | ||
| Q2 25 | — | $-15.0M | ||
| Q1 25 | — | $-5.8M | ||
| Q4 24 | — | $733.0K | ||
| Q3 24 | — | $287.0K | ||
| Q2 24 | — | $-23.0M | ||
| Q1 24 | — | $-5.4M |
| Q4 25 | — | -0.2% | ||
| Q3 25 | — | -3.4% | ||
| Q2 25 | — | -7.2% | ||
| Q1 25 | — | -2.7% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | -13.3% | ||
| Q1 24 | — | -6.4% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | 0.0% | 8.0% | ||
| Q3 24 | 0.0% | 9.7% | ||
| Q2 24 | 0.0% | 11.1% | ||
| Q1 24 | 0.0% | 18.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | — | 12.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
