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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $384.8M, roughly 1.5× P3 Health Partners Inc.). P3 Health Partners Inc. runs the higher net margin — -19.6% vs -33.1%, a 13.5% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -6.1%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
PIII vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $566.0M |
| Net Profit | $-75.5M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | -40.0% | -32.5% |
| Net Margin | -19.6% | -33.1% |
| Revenue YoY | 3.8% | -6.1% |
| Net Profit YoY | -28.8% | -310.0% |
| EPS (diluted) | $-23.08 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $345.3M | $566.8M | ||
| Q2 25 | $355.8M | $589.1M | ||
| Q1 25 | $373.2M | $559.6M | ||
| Q4 24 | $370.7M | $602.5M | ||
| Q3 24 | $362.1M | $601.4M | ||
| Q2 24 | $379.2M | $604.6M | ||
| Q1 24 | $388.5M | $587.2M |
| Q4 25 | $-75.5M | $-187.3M | ||
| Q3 25 | $-31.6M | $43.3M | ||
| Q2 25 | $-20.4M | $47.9M | ||
| Q1 25 | $-20.5M | $43.1M | ||
| Q4 24 | $-58.6M | $89.2M | ||
| Q3 24 | $-46.5M | $-70.5M | ||
| Q2 24 | $-12.0M | $-46.9M | ||
| Q1 24 | $-18.7M | $56.2M |
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
| Q4 25 | -40.0% | -32.5% | ||
| Q3 25 | -12.8% | 21.0% | ||
| Q2 25 | -9.6% | 21.5% | ||
| Q1 25 | -10.2% | 21.3% | ||
| Q4 24 | -37.4% | 28.9% | ||
| Q3 24 | -29.5% | -5.9% | ||
| Q2 24 | -8.3% | -0.9% | ||
| Q1 24 | -11.3% | 22.1% |
| Q4 25 | -19.6% | -33.1% | ||
| Q3 25 | -9.1% | 7.6% | ||
| Q2 25 | -5.7% | 8.1% | ||
| Q1 25 | -5.5% | 7.7% | ||
| Q4 24 | -15.8% | 14.8% | ||
| Q3 24 | -12.8% | -11.7% | ||
| Q2 24 | -3.2% | -7.7% | ||
| Q1 24 | -4.8% | 9.6% |
| Q4 25 | $-23.08 | $-1.02 | ||
| Q3 25 | $-9.67 | $0.24 | ||
| Q2 25 | $-6.23 | $0.26 | ||
| Q1 25 | $-6.28 | $0.23 | ||
| Q4 24 | $-23.13 | $0.48 | ||
| Q3 24 | $-15.70 | $-0.37 | ||
| Q2 24 | $-7.37 | $-0.25 | ||
| Q1 24 | $-7.86 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | $228.4M | $3.6B |
| Stockholders' EquityBook value | $-155.2M | $856.3M |
| Total Assets | $656.6M | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $14.6M | ||
| Q3 25 | $37.7M | $14.8M | ||
| Q2 25 | $38.6M | $12.8M | ||
| Q1 25 | $40.1M | $10.7M | ||
| Q4 24 | $38.8M | $9.0M | ||
| Q3 24 | $63.0M | $11.0M | ||
| Q2 24 | $73.1M | $5.9M | ||
| Q1 24 | $27.3M | $13.1M |
| Q4 25 | $228.4M | $3.6B | ||
| Q3 25 | $252.8M | $3.6B | ||
| Q2 25 | $182.0M | $3.7B | ||
| Q1 25 | $171.1M | $3.6B | ||
| Q4 24 | $108.9M | $3.7B | ||
| Q3 24 | $133.2M | $3.6B | ||
| Q2 24 | $133.1M | $3.5B | ||
| Q1 24 | $118.1M | $3.5B |
| Q4 25 | $-155.2M | $856.3M | ||
| Q3 25 | $-18.7M | $1.1B | ||
| Q2 25 | $44.5M | $1.0B | ||
| Q1 25 | $63.3M | $1.0B | ||
| Q4 24 | $75.9M | $1.0B | ||
| Q3 24 | $120.5M | $1.1B | ||
| Q2 24 | $166.8M | $1.2B | ||
| Q1 24 | $146.6M | $1.3B |
| Q4 25 | $656.6M | $5.8B | ||
| Q3 25 | $683.6M | $6.1B | ||
| Q2 25 | $731.6M | $6.1B | ||
| Q1 25 | $783.9M | $6.0B | ||
| Q4 24 | $783.4M | $6.0B | ||
| Q3 24 | $833.3M | $6.0B | ||
| Q2 24 | $892.8M | $6.0B | ||
| Q1 24 | $855.9M | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | 4.09× | 3.55× | ||
| Q1 25 | 2.71× | 3.56× | ||
| Q4 24 | 1.43× | 3.62× | ||
| Q3 24 | 1.11× | 3.42× | ||
| Q2 24 | 0.80× | 2.88× | ||
| Q1 24 | 0.81× | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $158.9M | ||
| Q3 25 | $-15.4M | $191.2M | ||
| Q2 25 | $-16.6M | $205.3M | ||
| Q1 25 | $-33.5M | $206.6M | ||
| Q4 24 | $-57.2M | $178.9M | ||
| Q3 24 | $-22.6M | $-1.6M | ||
| Q2 24 | $-10.2M | $175.6M | ||
| Q1 24 | $-20.0M | $208.7M |
| Q4 25 | — | $149.7M | ||
| Q3 25 | — | $186.9M | ||
| Q2 25 | — | $199.0M | ||
| Q1 25 | — | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | — | $-4.9M | ||
| Q2 24 | — | $169.4M | ||
| Q1 24 | — | $202.1M |
| Q4 25 | — | 26.5% | ||
| Q3 25 | — | 33.0% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | — | -0.8% | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | — | 34.4% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.0% | 1.0% | ||
| Q1 24 | 0.0% | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
