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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and T1 Energy Inc. (TE). 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 $210.5M, roughly 1.8× T1 Energy Inc.). P3 Health Partners Inc. runs the higher net margin — -19.6% vs -62.0%, a 42.4% gap on every dollar of revenue.
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.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
PIII vs TE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $210.5M |
| Net Profit | $-75.5M | $-130.6M |
| Gross Margin | — | 10.0% |
| Operating Margin | -40.0% | -45.0% |
| Net Margin | -19.6% | -62.0% |
| Revenue YoY | 3.8% | — |
| Net Profit YoY | -28.8% | -375.2% |
| EPS (diluted) | $-23.08 | $-0.87 |
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 | — | ||
| Q3 25 | $345.3M | $210.5M | ||
| Q2 25 | $355.8M | $132.8M | ||
| Q1 25 | $373.2M | $53.5M | ||
| Q4 24 | $370.7M | — | ||
| Q3 24 | $362.1M | $0 | ||
| Q2 24 | $379.2M | $0 | ||
| Q1 24 | $388.5M | $0 |
| Q4 25 | $-75.5M | — | ||
| Q3 25 | $-31.6M | $-130.6M | ||
| Q2 25 | $-20.4M | $-31.9M | ||
| Q1 25 | $-20.5M | $-16.2M | ||
| Q4 24 | $-58.6M | — | ||
| Q3 24 | $-46.5M | $-27.5M | ||
| Q2 24 | $-12.0M | $-27.0M | ||
| Q1 24 | $-18.7M | $-28.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -40.0% | — | ||
| Q3 25 | -12.8% | -45.0% | ||
| Q2 25 | -9.6% | -22.0% | ||
| Q1 25 | -10.2% | -44.2% | ||
| Q4 24 | -37.4% | — | ||
| Q3 24 | -29.5% | — | ||
| Q2 24 | -8.3% | — | ||
| Q1 24 | -11.3% | — |
| Q4 25 | -19.6% | — | ||
| Q3 25 | -9.1% | -62.0% | ||
| Q2 25 | -5.7% | -24.0% | ||
| Q1 25 | -5.5% | -30.4% | ||
| Q4 24 | -15.8% | — | ||
| Q3 24 | -12.8% | — | ||
| Q2 24 | -3.2% | — | ||
| Q1 24 | -4.8% | — |
| Q4 25 | $-23.08 | — | ||
| Q3 25 | $-9.67 | $-0.87 | ||
| Q2 25 | $-6.23 | $-0.21 | ||
| Q1 25 | $-6.28 | $-0.11 | ||
| Q4 24 | $-23.13 | — | ||
| Q3 24 | $-15.70 | $-0.20 | ||
| Q2 24 | $-7.37 | $-0.19 | ||
| Q1 24 | $-7.86 | $-0.20 |
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 | $34.1M |
| Total DebtLower is stronger | $228.4M | $547.3M |
| Stockholders' EquityBook value | $-155.2M | $96.9M |
| Total Assets | $656.6M | $1.4B |
| Debt / EquityLower = less leverage | — | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | — | ||
| Q3 25 | $37.7M | $34.1M | ||
| Q2 25 | $38.6M | $8.5M | ||
| Q1 25 | $40.1M | $48.9M | ||
| Q4 24 | $38.8M | — | ||
| Q3 24 | $63.0M | $181.9M | ||
| Q2 24 | $73.1M | $219.6M | ||
| Q1 24 | $27.3M | $249.9M |
| Q4 25 | $228.4M | — | ||
| Q3 25 | $252.8M | $547.3M | ||
| Q2 25 | $182.0M | $591.2M | ||
| Q1 25 | $171.1M | $603.2M | ||
| Q4 24 | $108.9M | — | ||
| Q3 24 | $133.2M | — | ||
| Q2 24 | $133.1M | — | ||
| Q1 24 | $118.1M | $602.3M |
| Q4 25 | $-155.2M | — | ||
| Q3 25 | $-18.7M | $96.9M | ||
| Q2 25 | $44.5M | $183.9M | ||
| Q1 25 | $63.3M | $201.9M | ||
| Q4 24 | $75.9M | — | ||
| Q3 24 | $120.5M | $538.7M | ||
| Q2 24 | $166.8M | $561.6M | ||
| Q1 24 | $146.6M | $582.3M |
| Q4 25 | $656.6M | — | ||
| Q3 25 | $683.6M | $1.4B | ||
| Q2 25 | $731.6M | $1.4B | ||
| Q1 25 | $783.9M | $1.4B | ||
| Q4 24 | $783.4M | — | ||
| Q3 24 | $833.3M | $615.0M | ||
| Q2 24 | $892.8M | $644.4M | ||
| Q1 24 | $855.9M | $670.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.65× | ||
| Q2 25 | 4.09× | 3.21× | ||
| Q1 25 | 2.71× | 2.99× | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.80× | — | ||
| Q1 24 | 0.81× | 1.03× |
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 | $63.9M |
| Free Cash FlowOCF − Capex | — | $55.0M |
| FCF MarginFCF / Revenue | — | 26.1% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | — | ||
| Q3 25 | $-15.4M | $63.9M | ||
| Q2 25 | $-16.6M | $33.4M | ||
| Q1 25 | $-33.5M | $-44.8M | ||
| Q4 24 | $-57.2M | — | ||
| Q3 24 | $-22.6M | $-28.4M | ||
| Q2 24 | $-10.2M | $-28.0M | ||
| Q1 24 | $-20.0M | $-16.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $10.6M | ||
| Q1 25 | — | $-74.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-34.0M | ||
| Q2 24 | — | $-35.6M | ||
| Q1 24 | — | $-37.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 26.1% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | -138.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.2% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | — | 54.5% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
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% |
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
