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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and Walker & Dunlop, Inc. (WD). 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 $340.0M, roughly 1.1× Walker & Dunlop, Inc.). Walker & Dunlop, Inc. runs the higher net margin — -12.9% vs -19.6%, a 6.7% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
PIII vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $340.0M |
| Net Profit | $-75.5M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | -40.0% | -17.2% |
| Net Margin | -19.6% | -12.9% |
| Revenue YoY | 3.8% | -0.4% |
| Net Profit YoY | -28.8% | -131.0% |
| EPS (diluted) | $-23.08 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $345.3M | $337.7M | ||
| Q2 25 | $355.8M | $319.2M | ||
| Q1 25 | $373.2M | $237.4M | ||
| Q4 24 | $370.7M | $341.5M | ||
| Q3 24 | $362.1M | $292.3M | ||
| Q2 24 | $379.2M | $270.7M | ||
| Q1 24 | $388.5M | $228.1M |
| Q4 25 | $-75.5M | $-13.9M | ||
| Q3 25 | $-31.6M | $33.5M | ||
| Q2 25 | $-20.4M | $34.0M | ||
| Q1 25 | $-20.5M | $2.8M | ||
| Q4 24 | $-58.6M | $44.8M | ||
| Q3 24 | $-46.5M | $28.8M | ||
| Q2 24 | $-12.0M | $22.7M | ||
| Q1 24 | $-18.7M | $11.9M |
| Q4 25 | -40.0% | -17.2% | ||
| Q3 25 | -12.8% | 13.6% | ||
| Q2 25 | -9.6% | 14.5% | ||
| Q1 25 | -10.2% | 2.2% | ||
| Q4 24 | -37.4% | 15.3% | ||
| Q3 24 | -29.5% | 12.8% | ||
| Q2 24 | -8.3% | 10.4% | ||
| Q1 24 | -11.3% | 6.0% |
| Q4 25 | -19.6% | -12.9% | ||
| Q3 25 | -9.1% | 9.9% | ||
| Q2 25 | -5.7% | 10.6% | ||
| Q1 25 | -5.5% | 1.2% | ||
| Q4 24 | -15.8% | 13.1% | ||
| Q3 24 | -12.8% | 9.9% | ||
| Q2 24 | -3.2% | 8.4% | ||
| Q1 24 | -4.8% | 5.2% |
| Q4 25 | $-23.08 | $-0.41 | ||
| Q3 25 | $-9.67 | $0.98 | ||
| Q2 25 | $-6.23 | $0.99 | ||
| Q1 25 | $-6.28 | $0.08 | ||
| Q4 24 | $-23.13 | $1.32 | ||
| Q3 24 | $-15.70 | $0.85 | ||
| Q2 24 | $-7.37 | $0.67 | ||
| Q1 24 | $-7.86 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $1.7B |
| Total Assets | $656.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $299.3M | ||
| Q3 25 | $37.7M | $274.8M | ||
| Q2 25 | $38.6M | $233.7M | ||
| Q1 25 | $40.1M | $181.0M | ||
| Q4 24 | $38.8M | $279.3M | ||
| Q3 24 | $63.0M | $179.8M | ||
| Q2 24 | $73.1M | $208.1M | ||
| Q1 24 | $27.3M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $-18.7M | $1.8B | ||
| Q2 25 | $44.5M | $1.8B | ||
| Q1 25 | $63.3M | $1.7B | ||
| Q4 24 | $75.9M | $1.7B | ||
| Q3 24 | $120.5M | $1.7B | ||
| Q2 24 | $166.8M | $1.7B | ||
| Q1 24 | $146.6M | $1.7B |
| Q4 25 | $656.6M | $5.1B | ||
| Q3 25 | $683.6M | $5.8B | ||
| Q2 25 | $731.6M | $4.7B | ||
| Q1 25 | $783.9M | $4.5B | ||
| Q4 24 | $783.4M | $4.4B | ||
| Q3 24 | $833.3M | $4.6B | ||
| Q2 24 | $892.8M | $4.2B | ||
| Q1 24 | $855.9M | $3.8B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $-664.3M | ||
| Q3 25 | $-15.4M | $-948.1M | ||
| Q2 25 | $-16.6M | $-238.5M | ||
| Q1 25 | $-33.5M | $-281.1M | ||
| Q4 24 | $-57.2M | $129.4M | ||
| Q3 24 | $-22.6M | $-202.0M | ||
| Q2 24 | $-10.2M | $-237.8M | ||
| Q1 24 | $-20.0M | $38.4M |
| Q4 25 | — | $-680.1M | ||
| Q3 25 | — | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | — | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | — | $-204.0M | ||
| Q2 24 | — | $-241.7M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | — | -200.0% | ||
| Q3 25 | — | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | — | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | -69.8% | ||
| Q2 24 | — | -89.3% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | 0.0% | 3.8% | ||
| Q3 24 | 0.0% | 0.7% | ||
| Q2 24 | 0.0% | 1.4% | ||
| Q1 24 | 0.0% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
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% |
WD
Segment breakdown not available.
