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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $384.8M, roughly 1.6× P3 Health Partners Inc.). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs -19.6%, a 33.0% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 3.8%). Over the past eight quarters, WATTS WATER TECHNOLOGIES INC's revenue compounded faster (4.6% 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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
PIII vs WTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $625.1M |
| Net Profit | $-75.5M | $83.7M |
| Gross Margin | — | 49.5% |
| Operating Margin | -40.0% | 18.2% |
| Net Margin | -19.6% | 13.4% |
| Revenue YoY | 3.8% | 15.7% |
| Net Profit YoY | -28.8% | 24.0% |
| EPS (diluted) | $-23.08 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $345.3M | $611.7M | ||
| Q2 25 | $355.8M | $643.7M | ||
| Q1 25 | $373.2M | $558.0M | ||
| Q4 24 | $370.7M | $540.4M | ||
| Q3 24 | $362.1M | $543.6M | ||
| Q2 24 | $379.2M | $597.3M | ||
| Q1 24 | $388.5M | $570.9M |
| Q4 25 | $-75.5M | $83.7M | ||
| Q3 25 | $-31.6M | $82.2M | ||
| Q2 25 | $-20.4M | $100.9M | ||
| Q1 25 | $-20.5M | $74.0M | ||
| Q4 24 | $-58.6M | $67.5M | ||
| Q3 24 | $-46.5M | $69.1M | ||
| Q2 24 | $-12.0M | $82.0M | ||
| Q1 24 | $-18.7M | $72.6M |
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% | ||
| Q1 24 | — | 46.9% |
| Q4 25 | -40.0% | 18.2% | ||
| Q3 25 | -12.8% | 18.2% | ||
| Q2 25 | -9.6% | 21.0% | ||
| Q1 25 | -10.2% | 15.7% | ||
| Q4 24 | -37.4% | 16.5% | ||
| Q3 24 | -29.5% | 17.1% | ||
| Q2 24 | -8.3% | 18.7% | ||
| Q1 24 | -11.3% | 16.9% |
| Q4 25 | -19.6% | 13.4% | ||
| Q3 25 | -9.1% | 13.4% | ||
| Q2 25 | -5.7% | 15.7% | ||
| Q1 25 | -5.5% | 13.3% | ||
| Q4 24 | -15.8% | 12.5% | ||
| Q3 24 | -12.8% | 12.7% | ||
| Q2 24 | -3.2% | 13.7% | ||
| Q1 24 | -4.8% | 12.7% |
| Q4 25 | $-23.08 | $2.50 | ||
| Q3 25 | $-9.67 | $2.45 | ||
| Q2 25 | $-6.23 | $3.01 | ||
| Q1 25 | $-6.28 | $2.21 | ||
| Q4 24 | $-23.13 | $2.02 | ||
| Q3 24 | $-15.70 | $2.06 | ||
| Q2 24 | $-7.37 | $2.44 | ||
| Q1 24 | $-7.86 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $2.0B |
| Total Assets | $656.6M | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $405.5M | ||
| Q3 25 | $37.7M | $457.7M | ||
| Q2 25 | $38.6M | $369.3M | ||
| Q1 25 | $40.1M | $336.8M | ||
| Q4 24 | $38.8M | $386.9M | ||
| Q3 24 | $63.0M | $303.9M | ||
| Q2 24 | $73.1M | $279.4M | ||
| Q1 24 | $27.3M | $237.1M |
| 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 | $2.0B | ||
| Q3 25 | $-18.7M | $2.0B | ||
| Q2 25 | $44.5M | $1.9B | ||
| Q1 25 | $63.3M | $1.8B | ||
| Q4 24 | $75.9M | $1.7B | ||
| Q3 24 | $120.5M | $1.7B | ||
| Q2 24 | $166.8M | $1.6B | ||
| Q1 24 | $146.6M | $1.6B |
| Q4 25 | $656.6M | $2.9B | ||
| Q3 25 | $683.6M | $2.7B | ||
| Q2 25 | $731.6M | $2.6B | ||
| Q1 25 | $783.9M | $2.5B | ||
| Q4 24 | $783.4M | $2.4B | ||
| Q3 24 | $833.3M | $2.4B | ||
| Q2 24 | $892.8M | $2.4B | ||
| Q1 24 | $855.9M | $2.3B |
| 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 | $154.7M |
| Free Cash FlowOCF − Capex | — | $140.3M |
| FCF MarginFCF / Revenue | — | 22.4% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $154.7M | ||
| Q3 25 | $-15.4M | $122.4M | ||
| Q2 25 | $-16.6M | $69.7M | ||
| Q1 25 | $-33.5M | $55.2M | ||
| Q4 24 | $-57.2M | $139.5M | ||
| Q3 24 | $-22.6M | $90.7M | ||
| Q2 24 | $-10.2M | $85.3M | ||
| Q1 24 | $-20.0M | $45.6M |
| Q4 25 | — | $140.3M | ||
| Q3 25 | — | $110.9M | ||
| Q2 25 | — | $59.5M | ||
| Q1 25 | — | $45.6M | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | — | $78.5M | ||
| Q1 24 | — | $35.5M |
| Q4 25 | — | 22.4% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | 15.5% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 0.0% | 2.2% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.0% | 1.1% | ||
| Q1 24 | 0.0% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.63× |
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% |
WTS
Segment breakdown not available.
