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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and WORKIVA INC (WK). 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 $247.3M, roughly 1.6× WORKIVA INC). WORKIVA INC runs the higher net margin — 7.7% vs -19.6%, a 27.3% gap on every dollar of revenue. On growth, WORKIVA INC posted the faster year-over-year revenue change (19.9% vs 3.8%). Over the past eight quarters, WORKIVA INC's revenue compounded faster (18.0% 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.
Workiva, Inc. is a global software-as-a-service (SaaS) company. It provides a cloud-based connected and reporting compliance platform that enables the use of connected data and automation of reporting across finance, accounting, risk, and compliance.
PIII vs WK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $247.3M |
| Net Profit | $-75.5M | $19.0M |
| Gross Margin | — | 80.4% |
| Operating Margin | -40.0% | 25.8% |
| Net Margin | -19.6% | 7.7% |
| Revenue YoY | 3.8% | 19.9% |
| Net Profit YoY | -28.8% | — |
| EPS (diluted) | $-23.08 | $0.33 |
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 | — | $247.3M | ||
| Q4 25 | $384.8M | $238.9M | ||
| Q3 25 | $345.3M | $224.2M | ||
| Q2 25 | $355.8M | $215.2M | ||
| Q1 25 | $373.2M | $206.3M | ||
| Q4 24 | $370.7M | $199.9M | ||
| Q3 24 | $362.1M | $185.6M | ||
| Q2 24 | $379.2M | $177.5M |
| Q1 26 | — | $19.0M | ||
| Q4 25 | $-75.5M | $11.8M | ||
| Q3 25 | $-31.6M | $2.8M | ||
| Q2 25 | $-20.4M | $-19.4M | ||
| Q1 25 | $-20.5M | $-21.4M | ||
| Q4 24 | $-58.6M | $-8.8M | ||
| Q3 24 | $-46.5M | $-17.0M | ||
| Q2 24 | $-12.0M | $-17.5M |
| Q1 26 | — | 80.4% | ||
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.6% | ||
| Q4 24 | — | 77.1% | ||
| Q3 24 | — | 76.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | — | 25.8% | ||
| Q4 25 | -40.0% | 3.3% | ||
| Q3 25 | -12.8% | -1.5% | ||
| Q2 25 | -9.6% | -10.3% | ||
| Q1 25 | -10.2% | -12.0% | ||
| Q4 24 | -37.4% | -6.7% | ||
| Q3 24 | -29.5% | -11.7% | ||
| Q2 24 | -8.3% | -13.0% |
| Q1 26 | — | 7.7% | ||
| Q4 25 | -19.6% | 4.9% | ||
| Q3 25 | -9.1% | 1.2% | ||
| Q2 25 | -5.7% | -9.0% | ||
| Q1 25 | -5.5% | -10.4% | ||
| Q4 24 | -15.8% | -4.4% | ||
| Q3 24 | -12.8% | -9.2% | ||
| Q2 24 | -3.2% | -9.9% |
| Q1 26 | — | $0.33 | ||
| Q4 25 | $-23.08 | $0.21 | ||
| Q3 25 | $-9.67 | $0.05 | ||
| Q2 25 | $-6.23 | $-0.35 | ||
| Q1 25 | $-6.28 | $-0.38 | ||
| Q4 24 | $-23.13 | $-0.15 | ||
| Q3 24 | $-15.70 | $-0.31 | ||
| Q2 24 | $-7.37 | $-0.32 |
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 | $334.3M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | — |
| Total Assets | $656.6M | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $334.3M | ||
| Q4 25 | $25.0M | $338.8M | ||
| Q3 25 | $37.7M | $315.9M | ||
| Q2 25 | $38.6M | $284.3M | ||
| Q1 25 | $40.1M | $242.0M | ||
| Q4 24 | $38.8M | $301.8M | ||
| Q3 24 | $63.0M | $248.2M | ||
| Q2 24 | $73.1M | $267.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $-155.2M | $-5.4M | ||
| Q3 25 | $-18.7M | $-36.9M | ||
| Q2 25 | $44.5M | $-66.5M | ||
| Q1 25 | $63.3M | $-75.7M | ||
| Q4 24 | $75.9M | $-41.7M | ||
| Q3 24 | $120.5M | $-50.8M | ||
| Q2 24 | $166.8M | $-77.7M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $656.6M | $1.5B | ||
| Q3 25 | $683.6M | $1.4B | ||
| Q2 25 | $731.6M | $1.3B | ||
| Q1 25 | $783.9M | $1.3B | ||
| Q4 24 | $783.4M | $1.4B | ||
| Q3 24 | $833.3M | $1.3B | ||
| Q2 24 | $892.8M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | — | ||
| Q1 25 | 2.71× | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.80× | — |
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 | — | $25.7M |
| FCF MarginFCF / Revenue | — | 10.4% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $171.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-25.7M | $51.0M | ||
| Q3 25 | $-15.4M | $46.2M | ||
| Q2 25 | $-16.6M | $50.3M | ||
| Q1 25 | $-33.5M | $-7.4M | ||
| Q4 24 | $-57.2M | $44.0M | ||
| Q3 24 | $-22.6M | $18.9M | ||
| Q2 24 | $-10.2M | $-14.0K |
| Q1 26 | — | $25.7M | ||
| Q4 25 | — | $50.7M | ||
| Q3 25 | — | $46.1M | ||
| Q2 25 | — | $49.3M | ||
| Q1 25 | — | $-8.1M | ||
| Q4 24 | — | $43.2M | ||
| Q3 24 | — | $18.7M | ||
| Q2 24 | — | $-122.0K |
| Q1 26 | — | 10.4% | ||
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 20.5% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | -0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.0% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.31× | ||
| Q3 25 | — | 16.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
WK
| Subscription and support | $225.4M | 91% |
| Other | $22.0M | 9% |
