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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and XPLR Infrastructure, LP (XIFR). 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 $249.0M, roughly 1.5× XPLR Infrastructure, LP). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs -19.6%, a 30.9% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -15.3%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% CAGR vs -1.6%).
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.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
PIII vs XIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $249.0M |
| Net Profit | $-75.5M | $28.0M |
| Gross Margin | — | — |
| Operating Margin | -40.0% | -19.3% |
| Net Margin | -19.6% | 11.2% |
| Revenue YoY | 3.8% | -15.3% |
| Net Profit YoY | -28.8% | 124.3% |
| EPS (diluted) | $-23.08 | — |
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 | $249.0M | ||
| Q3 25 | $345.3M | $315.0M | ||
| Q2 25 | $355.8M | $342.0M | ||
| Q1 25 | $373.2M | $282.0M | ||
| Q4 24 | $370.7M | $294.0M | ||
| Q3 24 | $362.1M | $319.0M | ||
| Q2 24 | $379.2M | $360.0M | ||
| Q1 24 | $388.5M | $257.0M |
| Q4 25 | $-75.5M | $28.0M | ||
| Q3 25 | $-31.6M | $-37.0M | ||
| Q2 25 | $-20.4M | $79.0M | ||
| Q1 25 | $-20.5M | $-98.0M | ||
| Q4 24 | $-58.6M | $-115.0M | ||
| Q3 24 | $-46.5M | $-40.0M | ||
| Q2 24 | $-12.0M | $62.0M | ||
| Q1 24 | $-18.7M | $70.0M |
| Q4 25 | -40.0% | -19.3% | ||
| Q3 25 | -12.8% | 1.6% | ||
| Q2 25 | -9.6% | 26.3% | ||
| Q1 25 | -10.2% | -82.6% | ||
| Q4 24 | -37.4% | -188.1% | ||
| Q3 24 | -29.5% | 15.4% | ||
| Q2 24 | -8.3% | 18.3% | ||
| Q1 24 | -11.3% | -8.2% |
| Q4 25 | -19.6% | 11.2% | ||
| Q3 25 | -9.1% | -11.7% | ||
| Q2 25 | -5.7% | 23.1% | ||
| Q1 25 | -5.5% | -34.8% | ||
| Q4 24 | -15.8% | -39.1% | ||
| Q3 24 | -12.8% | -12.5% | ||
| Q2 24 | -3.2% | 17.2% | ||
| Q1 24 | -4.8% | 27.2% |
| Q4 25 | $-23.08 | — | ||
| Q3 25 | $-9.67 | $-0.40 | ||
| Q2 25 | $-6.23 | $0.84 | ||
| Q1 25 | $-6.28 | $-1.05 | ||
| Q4 24 | $-23.13 | — | ||
| Q3 24 | $-15.70 | $-0.43 | ||
| Q2 24 | $-7.37 | $0.66 | ||
| Q1 24 | $-7.86 | $0.75 |
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 | $960.0M |
| Total DebtLower is stronger | $228.4M | $6.2B |
| Stockholders' EquityBook value | $-155.2M | $10.9B |
| Total Assets | $656.6M | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $960.0M | ||
| Q3 25 | $37.7M | $711.0M | ||
| Q2 25 | $38.6M | $880.0M | ||
| Q1 25 | $40.1M | $1.5B | ||
| Q4 24 | $38.8M | $283.0M | ||
| Q3 24 | $63.0M | $290.0M | ||
| Q2 24 | $73.1M | $281.0M | ||
| Q1 24 | $27.3M | $245.0M |
| Q4 25 | $228.4M | $6.2B | ||
| Q3 25 | $252.8M | — | ||
| Q2 25 | $182.0M | — | ||
| Q1 25 | $171.1M | — | ||
| Q4 24 | $108.9M | $5.3B | ||
| Q3 24 | $133.2M | — | ||
| Q2 24 | $133.1M | — | ||
| Q1 24 | $118.1M | — |
| Q4 25 | $-155.2M | $10.9B | ||
| Q3 25 | $-18.7M | $11.0B | ||
| Q2 25 | $44.5M | $11.3B | ||
| Q1 25 | $63.3M | $12.6B | ||
| Q4 24 | $75.9M | $12.9B | ||
| Q3 24 | $120.5M | $13.6B | ||
| Q2 24 | $166.8M | $13.9B | ||
| Q1 24 | $146.6M | $14.0B |
| Q4 25 | $656.6M | $19.6B | ||
| Q3 25 | $683.6M | $19.1B | ||
| Q2 25 | $731.6M | $20.5B | ||
| Q1 25 | $783.9M | $21.4B | ||
| Q4 24 | $783.4M | $20.3B | ||
| Q3 24 | $833.3M | $20.9B | ||
| Q2 24 | $892.8M | $21.7B | ||
| Q1 24 | $855.9M | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | — | ||
| Q1 25 | 2.71× | — | ||
| Q4 24 | 1.43× | 0.41× | ||
| 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 | $186.0M |
| Free Cash FlowOCF − Capex | — | $-88.0M |
| FCF MarginFCF / Revenue | — | -35.3% |
| Capex IntensityCapex / Revenue | — | 110.0% |
| Cash ConversionOCF / Net Profit | — | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $186.0M | ||
| Q3 25 | $-15.4M | $231.0M | ||
| Q2 25 | $-16.6M | $232.0M | ||
| Q1 25 | $-33.5M | $90.0M | ||
| Q4 24 | $-57.2M | $283.0M | ||
| Q3 24 | $-22.6M | $208.0M | ||
| Q2 24 | $-10.2M | $231.0M | ||
| Q1 24 | $-20.0M | $78.0M |
| Q4 25 | — | $-88.0M | ||
| Q3 25 | — | $-283.0M | ||
| Q2 25 | — | $151.0M | ||
| Q1 25 | — | $1.0M | ||
| Q4 24 | — | $231.0M | ||
| Q3 24 | — | $152.0M | ||
| Q2 24 | — | $162.0M | ||
| Q1 24 | — | $14.0M |
| Q4 25 | — | -35.3% | ||
| Q3 25 | — | -89.8% | ||
| Q2 25 | — | 44.2% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 78.6% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 45.0% | ||
| Q1 24 | — | 5.4% |
| Q4 25 | — | 110.0% | ||
| Q3 25 | — | 163.2% | ||
| Q2 25 | — | 23.7% | ||
| Q1 25 | — | 31.6% | ||
| Q4 24 | 0.0% | 17.7% | ||
| Q3 24 | 0.0% | 17.6% | ||
| Q2 24 | 0.0% | 19.2% | ||
| Q1 24 | 0.0% | 24.9% |
| Q4 25 | — | 6.64× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 1.11× |
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% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
