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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). 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 $199.5M, roughly 1.9× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs -19.6%, a 23.2% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -4.1%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
PIII vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $199.5M |
| Net Profit | $-75.5M | $7.1M |
| Gross Margin | — | — |
| Operating Margin | -40.0% | 7.7% |
| Net Margin | -19.6% | 3.6% |
| Revenue YoY | 3.8% | -4.1% |
| Net Profit YoY | -28.8% | -78.1% |
| EPS (diluted) | $-23.08 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $384.8M | $208.0M | ||
| Q3 25 | $345.3M | $216.4M | ||
| Q2 25 | $355.8M | $210.5M | ||
| Q1 25 | $373.2M | $217.9M | ||
| Q4 24 | $370.7M | $233.5M | ||
| Q3 24 | $362.1M | $227.0M | ||
| Q2 24 | $379.2M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-75.5M | $33.9M | ||
| Q3 25 | $-31.6M | $31.3M | ||
| Q2 25 | $-20.4M | $42.7M | ||
| Q1 25 | $-20.5M | $28.1M | ||
| Q4 24 | $-58.6M | $39.5M | ||
| Q3 24 | $-46.5M | $49.1M | ||
| Q2 24 | $-12.0M | $26.0M |
| Q1 26 | — | 7.7% | ||
| Q4 25 | -40.0% | 19.1% | ||
| Q3 25 | -12.8% | 21.7% | ||
| Q2 25 | -9.6% | 21.5% | ||
| Q1 25 | -10.2% | 16.8% | ||
| Q4 24 | -37.4% | 21.7% | ||
| Q3 24 | -29.5% | 24.3% | ||
| Q2 24 | -8.3% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | -19.6% | 16.3% | ||
| Q3 25 | -9.1% | 14.5% | ||
| Q2 25 | -5.7% | 20.3% | ||
| Q1 25 | -5.5% | 12.9% | ||
| Q4 24 | -15.8% | 16.9% | ||
| Q3 24 | -12.8% | 21.6% | ||
| Q2 24 | -3.2% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-23.08 | $5.15 | ||
| Q3 25 | $-9.67 | $4.65 | ||
| Q2 25 | $-6.23 | $6.12 | ||
| Q1 25 | $-6.28 | $4.05 | ||
| Q4 24 | $-23.13 | $4.65 | ||
| Q3 24 | $-15.70 | $5.71 | ||
| Q2 24 | $-7.37 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $93.6B |
| Total Assets | $656.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $25.0M | — | ||
| Q3 25 | $37.7M | — | ||
| Q2 25 | $38.6M | — | ||
| Q1 25 | $40.1M | — | ||
| Q4 24 | $38.8M | — | ||
| Q3 24 | $63.0M | — | ||
| Q2 24 | $73.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $228.4M | $390.0M | ||
| Q3 25 | $252.8M | $390.6M | ||
| Q2 25 | $182.0M | $231.3M | ||
| Q1 25 | $171.1M | $231.7M | ||
| Q4 24 | $108.9M | $232.1M | ||
| Q3 24 | $133.2M | $237.5M | ||
| Q2 24 | $133.1M | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $-155.2M | $934.0M | ||
| Q3 25 | $-18.7M | $918.7M | ||
| Q2 25 | $44.5M | $896.4M | ||
| Q1 25 | $63.3M | $893.7M | ||
| Q4 24 | $75.9M | $897.5M | ||
| Q3 24 | $120.5M | $889.0M | ||
| Q2 24 | $166.8M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $656.6M | $4.3B | ||
| Q3 25 | $683.6M | $3.9B | ||
| Q2 25 | $731.6M | $3.7B | ||
| Q1 25 | $783.9M | $3.7B | ||
| Q4 24 | $783.4M | $4.0B | ||
| Q3 24 | $833.3M | $3.6B | ||
| Q2 24 | $892.8M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | 4.09× | 0.26× | ||
| Q1 25 | 2.71× | 0.26× | ||
| Q4 24 | 1.43× | 0.26× | ||
| Q3 24 | 1.11× | 0.27× | ||
| Q2 24 | 0.80× | 0.29× |
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 | $-67.2M | ||
| Q3 25 | $-15.4M | $108.3M | ||
| Q2 25 | $-16.6M | $75.8M | ||
| Q1 25 | $-33.5M | $-3.8M | ||
| Q4 24 | $-57.2M | $1.8M | ||
| Q3 24 | $-22.6M | $69.1M | ||
| Q2 24 | $-10.2M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-74.1M | ||
| Q3 25 | — | $106.9M | ||
| Q2 25 | — | $74.2M | ||
| Q1 25 | — | $-6.8M | ||
| Q4 24 | — | $-3.8M | ||
| Q3 24 | — | $68.7M | ||
| Q2 24 | — | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | -35.6% | ||
| Q3 25 | — | 49.4% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | — | -3.1% | ||
| Q4 24 | — | -1.6% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | 0.0% | 2.4% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
