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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and Bristow Group Inc. (VTOL). 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 $377.3M, roughly 1.0× Bristow Group Inc.). Bristow Group Inc. runs the higher net margin — 4.9% vs -19.6%, a 24.5% gap on every dollar of revenue. On growth, Bristow Group Inc. posted the faster year-over-year revenue change (6.7% vs 3.8%). Over the past eight quarters, Bristow Group Inc.'s revenue compounded faster (5.8% 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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
PIII vs VTOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $377.3M |
| Net Profit | $-75.5M | $18.4M |
| Gross Margin | — | — |
| Operating Margin | -40.0% | 8.5% |
| Net Margin | -19.6% | 4.9% |
| Revenue YoY | 3.8% | 6.7% |
| Net Profit YoY | -28.8% | -42.1% |
| EPS (diluted) | $-23.08 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $345.3M | $386.3M | ||
| Q2 25 | $355.8M | $376.4M | ||
| Q1 25 | $373.2M | $350.5M | ||
| Q4 24 | $370.7M | $353.5M | ||
| Q3 24 | $362.1M | $365.1M | ||
| Q2 24 | $379.2M | $359.7M | ||
| Q1 24 | $388.5M | $337.1M |
| Q4 25 | $-75.5M | $18.4M | ||
| Q3 25 | $-31.6M | $51.5M | ||
| Q2 25 | $-20.4M | $31.7M | ||
| Q1 25 | $-20.5M | $27.4M | ||
| Q4 24 | $-58.6M | $31.8M | ||
| Q3 24 | $-46.5M | $28.2M | ||
| Q2 24 | $-12.0M | $28.2M | ||
| Q1 24 | $-18.7M | $6.6M |
| Q4 25 | -40.0% | 8.5% | ||
| Q3 25 | -12.8% | 13.1% | ||
| Q2 25 | -9.6% | 11.3% | ||
| Q1 25 | -10.2% | 9.6% | ||
| Q4 24 | -37.4% | 9.0% | ||
| Q3 24 | -29.5% | 9.1% | ||
| Q2 24 | -8.3% | 12.4% | ||
| Q1 24 | -11.3% | 6.8% |
| Q4 25 | -19.6% | 4.9% | ||
| Q3 25 | -9.1% | 13.3% | ||
| Q2 25 | -5.7% | 8.4% | ||
| Q1 25 | -5.5% | 7.8% | ||
| Q4 24 | -15.8% | 9.0% | ||
| Q3 24 | -12.8% | 7.7% | ||
| Q2 24 | -3.2% | 7.8% | ||
| Q1 24 | -4.8% | 2.0% |
| Q4 25 | $-23.08 | $0.61 | ||
| Q3 25 | $-9.67 | $1.72 | ||
| Q2 25 | $-6.23 | $1.07 | ||
| Q1 25 | $-6.28 | $0.92 | ||
| Q4 24 | $-23.13 | $1.07 | ||
| Q3 24 | $-15.70 | $0.95 | ||
| Q2 24 | $-7.37 | $0.96 | ||
| Q1 24 | $-7.86 | $0.23 |
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 | $286.2M |
| Total DebtLower is stronger | $228.4M | $671.5M |
| Stockholders' EquityBook value | $-155.2M | $1.1B |
| Total Assets | $656.6M | $2.3B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $286.2M | ||
| Q3 25 | $37.7M | $245.5M | ||
| Q2 25 | $38.6M | $251.8M | ||
| Q1 25 | $40.1M | $191.1M | ||
| Q4 24 | $38.8M | $247.5M | ||
| Q3 24 | $63.0M | $200.3M | ||
| Q2 24 | $73.1M | $178.6M | ||
| Q1 24 | $27.3M | $140.6M |
| Q4 25 | $228.4M | $671.5M | ||
| Q3 25 | $252.8M | $675.0M | ||
| Q2 25 | $182.0M | $705.2M | ||
| Q1 25 | $171.1M | $701.9M | ||
| Q4 24 | $108.9M | $689.8M | ||
| Q3 24 | $133.2M | $629.1M | ||
| Q2 24 | $133.1M | $594.2M | ||
| Q1 24 | $118.1M | $544.1M |
| Q4 25 | $-155.2M | $1.1B | ||
| Q3 25 | $-18.7M | $1.0B | ||
| Q2 25 | $44.5M | $984.4M | ||
| Q1 25 | $63.3M | $931.7M | ||
| Q4 24 | $75.9M | $891.7M | ||
| Q3 24 | $120.5M | $899.2M | ||
| Q2 24 | $166.8M | $849.1M | ||
| Q1 24 | $146.6M | $820.7M |
| Q4 25 | $656.6M | $2.3B | ||
| Q3 25 | $683.6M | $2.3B | ||
| Q2 25 | $731.6M | $2.3B | ||
| Q1 25 | $783.9M | $2.2B | ||
| Q4 24 | $783.4M | $2.1B | ||
| Q3 24 | $833.3M | $2.1B | ||
| Q2 24 | $892.8M | $2.0B | ||
| Q1 24 | $855.9M | $1.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | 4.09× | 0.72× | ||
| Q1 25 | 2.71× | 0.75× | ||
| Q4 24 | 1.43× | 0.77× | ||
| Q3 24 | 1.11× | 0.70× | ||
| Q2 24 | 0.80× | 0.70× | ||
| Q1 24 | 0.81× | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | — | $47.8M |
| FCF MarginFCF / Revenue | — | 12.7% |
| Capex IntensityCapex / Revenue | — | 7.7% |
| Cash ConversionOCF / Net Profit | — | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $76.9M | ||
| Q3 25 | $-15.4M | $23.1M | ||
| Q2 25 | $-16.6M | $99.0M | ||
| Q1 25 | $-33.5M | $-603.0K | ||
| Q4 24 | $-57.2M | $51.1M | ||
| Q3 24 | $-22.6M | $66.0M | ||
| Q2 24 | $-10.2M | $33.7M | ||
| Q1 24 | $-20.0M | $26.7M |
| Q4 25 | — | $47.8M | ||
| Q3 25 | — | $-6.2M | ||
| Q2 25 | — | $67.4M | ||
| Q1 25 | — | $-52.7M | ||
| Q4 24 | — | $-32.4M | ||
| Q3 24 | — | $9.0M | ||
| Q2 24 | — | $-16.7M | ||
| Q1 24 | — | $-37.9M |
| Q4 25 | — | 12.7% | ||
| Q3 25 | — | -1.6% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | -15.0% | ||
| Q4 24 | — | -9.2% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | -4.6% | ||
| Q1 24 | — | -11.2% |
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | 0.0% | 23.6% | ||
| Q3 24 | 0.0% | 15.6% | ||
| Q2 24 | 0.0% | 14.0% | ||
| Q1 24 | 0.0% | 19.2% |
| Q4 25 | — | 4.17× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 3.12× | ||
| Q1 25 | — | -0.02× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 4.04× |
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% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
