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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and ADVANCED DRAINAGE SYSTEMS, INC. (WMS). Click either name above to swap in a different company.
ADVANCED DRAINAGE SYSTEMS, INC. is the larger business by last-quarter revenue ($693.4M vs $384.8M, roughly 1.8× P3 Health Partners Inc.). ADVANCED DRAINAGE SYSTEMS, INC. runs the higher net margin — 13.5% vs -19.6%, a 33.1% 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, ADVANCED DRAINAGE SYSTEMS, INC.'s revenue compounded faster (3.0% 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.
Advanced Drainage Systems, Inc. (ADS) is an American company that designs, manufactures and markets polypropylene and polyethylene pipes, plastic leach field chambers and systems, septic tanks and accessories, storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water filters and water separators. It is the largest maker of high-density polyethylene pipe in the United States. It is headquartered in Hilliard, Ohio. In 2020, 93% of the company's s...
PIII vs WMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $693.4M |
| Net Profit | $-75.5M | $93.6M |
| Gross Margin | — | 37.4% |
| Operating Margin | -40.0% | 19.7% |
| Net Margin | -19.6% | 13.5% |
| Revenue YoY | 3.8% | 0.4% |
| Net Profit YoY | -28.8% | 15.3% |
| EPS (diluted) | $-23.08 | $1.19 |
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 | $693.4M | ||
| Q3 25 | $345.3M | $850.4M | ||
| Q2 25 | $355.8M | $829.9M | ||
| Q1 25 | $373.2M | $615.8M | ||
| Q4 24 | $370.7M | $690.5M | ||
| Q3 24 | $362.1M | $782.6M | ||
| Q2 24 | $379.2M | $815.3M | ||
| Q1 24 | $388.5M | $653.8M |
| Q4 25 | $-75.5M | $93.6M | ||
| Q3 25 | $-31.6M | $156.0M | ||
| Q2 25 | $-20.4M | $143.9M | ||
| Q1 25 | $-20.5M | $77.2M | ||
| Q4 24 | $-58.6M | $81.2M | ||
| Q3 24 | $-46.5M | $130.4M | ||
| Q2 24 | $-12.0M | $161.4M | ||
| Q1 24 | $-18.7M | $94.8M |
| Q4 25 | — | 37.4% | ||
| Q3 25 | — | 40.0% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | — | 36.7% | ||
| Q4 24 | — | 35.0% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.5% |
| Q4 25 | -40.0% | 19.7% | ||
| Q3 25 | -12.8% | 26.3% | ||
| Q2 25 | -9.6% | 24.8% | ||
| Q1 25 | -10.2% | 19.0% | ||
| Q4 24 | -37.4% | 18.4% | ||
| Q3 24 | -29.5% | 23.9% | ||
| Q2 24 | -8.3% | 27.7% | ||
| Q1 24 | -11.3% | 20.7% |
| Q4 25 | -19.6% | 13.5% | ||
| Q3 25 | -9.1% | 18.3% | ||
| Q2 25 | -5.7% | 17.3% | ||
| Q1 25 | -5.5% | 12.5% | ||
| Q4 24 | -15.8% | 11.8% | ||
| Q3 24 | -12.8% | 16.7% | ||
| Q2 24 | -3.2% | 19.8% | ||
| Q1 24 | -4.8% | 14.5% |
| Q4 25 | $-23.08 | $1.19 | ||
| Q3 25 | $-9.67 | $1.99 | ||
| Q2 25 | $-6.23 | $1.84 | ||
| Q1 25 | $-6.28 | $0.99 | ||
| Q4 24 | $-23.13 | $1.04 | ||
| Q3 24 | $-15.70 | $1.67 | ||
| Q2 24 | $-7.37 | $2.06 | ||
| Q1 24 | $-7.86 | $1.22 |
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 | $1.0B |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $1.9B |
| Total Assets | $656.6M | $4.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $1.0B | ||
| Q3 25 | $37.7M | $812.9M | ||
| Q2 25 | $38.6M | $638.3M | ||
| Q1 25 | $40.1M | $463.3M | ||
| Q4 24 | $38.8M | $488.9M | ||
| Q3 24 | $63.0M | $613.0M | ||
| Q2 24 | $73.1M | $541.6M | ||
| Q1 24 | $27.3M | $490.2M |
| Q4 25 | $228.4M | — | ||
| Q3 25 | $252.8M | — | ||
| Q2 25 | $182.0M | — | ||
| Q1 25 | $171.1M | $1.3B | ||
| Q4 24 | $108.9M | — | ||
| Q3 24 | $133.2M | — | ||
| Q2 24 | $133.1M | — | ||
| Q1 24 | $118.1M | $1.3B |
| Q4 25 | $-155.2M | $1.9B | ||
| Q3 25 | $-18.7M | $1.8B | ||
| Q2 25 | $44.5M | $1.7B | ||
| Q1 25 | $63.3M | $1.5B | ||
| Q4 24 | $75.9M | $1.5B | ||
| Q3 24 | $120.5M | $1.4B | ||
| Q2 24 | $166.8M | $1.3B | ||
| Q1 24 | $146.6M | $1.2B |
| Q4 25 | $656.6M | $4.1B | ||
| Q3 25 | $683.6M | $4.1B | ||
| Q2 25 | $731.6M | $3.9B | ||
| Q1 25 | $783.9M | $3.7B | ||
| Q4 24 | $783.4M | $3.6B | ||
| Q3 24 | $833.3M | $3.5B | ||
| Q2 24 | $892.8M | $3.4B | ||
| Q1 24 | $855.9M | $3.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | — | ||
| Q1 25 | 2.71× | 0.83× | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.80× | — | ||
| Q1 24 | 0.81× | 1.11× |
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 | $269.3M |
| Free Cash FlowOCF − Capex | — | $183.6M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | — | 12.4% |
| Cash ConversionOCF / Net Profit | — | 2.88× |
| TTM Free Cash FlowTrailing 4 quarters | — | $577.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $269.3M | ||
| Q3 25 | $-15.4M | $234.9M | ||
| Q2 25 | $-16.6M | $275.0M | ||
| Q1 25 | $-33.5M | $41.2M | ||
| Q4 24 | $-57.2M | $189.9M | ||
| Q3 24 | $-22.6M | $166.9M | ||
| Q2 24 | $-10.2M | $183.4M | ||
| Q1 24 | $-20.0M | $17.7M |
| Q4 25 | — | $183.6M | ||
| Q3 25 | — | $176.4M | ||
| Q2 25 | — | $222.4M | ||
| Q1 25 | — | $-5.3M | ||
| Q4 24 | — | $135.7M | ||
| Q3 24 | — | $112.4M | ||
| Q2 24 | — | $125.7M | ||
| Q1 24 | — | $-29.8M |
| Q4 25 | — | 26.5% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 26.8% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | 19.7% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | -4.6% |
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | 0.0% | 7.9% | ||
| Q3 24 | 0.0% | 7.0% | ||
| Q2 24 | 0.0% | 7.1% | ||
| Q1 24 | 0.0% | 7.3% |
| Q4 25 | — | 2.88× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.91× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 0.19× |
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% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
