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Side-by-side financial comparison of P3 Health Partners Inc. (PIII) and ZILLOW GROUP, INC. (ZG). Click either name above to swap in a different company.
ZILLOW GROUP, INC. is the larger business by last-quarter revenue ($654.0M vs $384.8M, roughly 1.7× P3 Health Partners Inc.). ZILLOW GROUP, INC. runs the higher net margin — 0.5% vs -19.6%, a 20.1% gap on every dollar of revenue. On growth, ZILLOW GROUP, INC. posted the faster year-over-year revenue change (18.1% vs 3.8%). Over the past eight quarters, ZILLOW GROUP, INC.'s revenue compounded faster (11.2% 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.
Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006 by co-executive chairmen Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.
PIII vs ZG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $384.8M | $654.0M |
| Net Profit | $-75.5M | $3.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | -40.0% | -1.7% |
| Net Margin | -19.6% | 0.5% |
| Revenue YoY | 3.8% | 18.1% |
| Net Profit YoY | -28.8% | 105.8% |
| EPS (diluted) | $-23.08 | $0.01 |
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 | $654.0M | ||
| Q3 25 | $345.3M | $676.0M | ||
| Q2 25 | $355.8M | $655.0M | ||
| Q1 25 | $373.2M | $598.0M | ||
| Q4 24 | $370.7M | $554.0M | ||
| Q3 24 | $362.1M | $581.0M | ||
| Q2 24 | $379.2M | $572.0M | ||
| Q1 24 | $388.5M | $529.0M |
| Q4 25 | $-75.5M | $3.0M | ||
| Q3 25 | $-31.6M | $10.0M | ||
| Q2 25 | $-20.4M | $2.0M | ||
| Q1 25 | $-20.5M | $8.0M | ||
| Q4 24 | $-58.6M | $-52.0M | ||
| Q3 24 | $-46.5M | $-20.0M | ||
| Q2 24 | $-12.0M | $-17.0M | ||
| Q1 24 | $-18.7M | $-23.0M |
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 75.9% | ||
| Q2 24 | — | 77.3% | ||
| Q1 24 | — | 76.7% |
| Q4 25 | -40.0% | -1.7% | ||
| Q3 25 | -12.8% | -0.4% | ||
| Q2 25 | -9.6% | -1.7% | ||
| Q1 25 | -10.2% | -1.5% | ||
| Q4 24 | -37.4% | -12.5% | ||
| Q3 24 | -29.5% | -7.7% | ||
| Q2 24 | -8.3% | -6.6% | ||
| Q1 24 | -11.3% | -8.5% |
| Q4 25 | -19.6% | 0.5% | ||
| Q3 25 | -9.1% | 1.5% | ||
| Q2 25 | -5.7% | 0.3% | ||
| Q1 25 | -5.5% | 1.3% | ||
| Q4 24 | -15.8% | -9.4% | ||
| Q3 24 | -12.8% | -3.4% | ||
| Q2 24 | -3.2% | -3.0% | ||
| Q1 24 | -4.8% | -4.3% |
| Q4 25 | $-23.08 | $0.01 | ||
| Q3 25 | $-9.67 | $0.04 | ||
| Q2 25 | $-6.23 | $0.01 | ||
| Q1 25 | $-6.28 | $0.03 | ||
| Q4 24 | $-23.13 | $-0.23 | ||
| Q3 24 | $-15.70 | $-0.08 | ||
| Q2 24 | $-7.37 | $-0.07 | ||
| Q1 24 | $-7.86 | $-0.10 |
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 | $768.0M |
| Total DebtLower is stronger | $228.4M | — |
| Stockholders' EquityBook value | $-155.2M | $4.9B |
| Total Assets | $656.6M | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $25.0M | $768.0M | ||
| Q3 25 | $37.7M | $874.0M | ||
| Q2 25 | $38.6M | $587.0M | ||
| Q1 25 | $40.1M | $914.0M | ||
| Q4 24 | $38.8M | $1.1B | ||
| Q3 24 | $63.0M | $1.1B | ||
| Q2 24 | $73.1M | $1.2B | ||
| Q1 24 | $27.3M | $1.4B |
| 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 | $4.9B | ||
| Q3 25 | $-18.7M | $5.0B | ||
| Q2 25 | $44.5M | $4.7B | ||
| Q1 25 | $63.3M | $4.8B | ||
| Q4 24 | $75.9M | $4.8B | ||
| Q3 24 | $120.5M | $4.7B | ||
| Q2 24 | $166.8M | $4.5B | ||
| Q1 24 | $146.6M | $4.7B |
| Q4 25 | $656.6M | $5.7B | ||
| Q3 25 | $683.6M | $5.7B | ||
| Q2 25 | $731.6M | $5.4B | ||
| Q1 25 | $783.9M | $5.7B | ||
| Q4 24 | $783.4M | $5.8B | ||
| Q3 24 | $833.3M | $6.2B | ||
| Q2 24 | $892.8M | $6.6B | ||
| Q1 24 | $855.9M | $6.8B |
| 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 | $72.0M |
| Free Cash FlowOCF − Capex | — | $44.0M |
| FCF MarginFCF / Revenue | — | 6.7% |
| Capex IntensityCapex / Revenue | — | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-25.7M | $72.0M | ||
| Q3 25 | $-15.4M | $105.0M | ||
| Q2 25 | $-16.6M | $87.0M | ||
| Q1 25 | $-33.5M | $104.0M | ||
| Q4 24 | $-57.2M | $122.0M | ||
| Q3 24 | $-22.6M | $171.0M | ||
| Q2 24 | $-10.2M | $55.0M | ||
| Q1 24 | $-20.0M | $80.0M |
| Q4 25 | — | $44.0M | ||
| Q3 25 | — | $73.0M | ||
| Q2 25 | — | $50.0M | ||
| Q1 25 | — | $68.0M | ||
| Q4 24 | — | $88.0M | ||
| Q3 24 | — | $138.0M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | — | $41.0M |
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 23.8% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 7.8% |
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | 0.0% | 6.1% | ||
| Q3 24 | 0.0% | 5.7% | ||
| Q2 24 | 0.0% | 6.5% | ||
| Q1 24 | 0.0% | 7.4% |
| Q4 25 | — | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | — | 43.50× | ||
| Q1 25 | — | 13.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
