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P3 Health Partners vs InnovAge Holding: PIII and INNV compared
P3 Health Partners is the larger company: $386M of revenue in its latest quarter (Q2 2026) against $265M for InnovAge Holding (Q1 FY27). InnovAge Holding is growing faster (+12% against +9% a year earlier). P3 Health Partners is more profitable, with an operating margin of 10.7% against 7.6%.
Where the money goes: PIII and INNV
P3 Health Partners (PIII) · Q2 2026
P3 Health Partners, Q2 2026: revenue $386M (+9% year over year), operating margin 10.7%, net earnings $7.4M, operating cash flow −$61.9M. The chart follows the revenue to costs, profit and cash.
InnovAge Holding (INNV) · Q1 FY27
InnovAge Holding, Q1 FY27: revenue $265M (+12% year over year), operating margin 7.6%, net earnings $19.6M, operating cash flow $28.7M. The chart follows the revenue to costs, profit and cash.
| P3 Health Partners (PIII) | InnovAge Holding (INNV) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q1 FY27 |
| Revenue | $386M | $265M |
| Revenue growth, Y/Y | +9% | +12% |
| Gross margin | — | 24.0% |
| Operating margin | 10.7% | 7.6% |
| Net earnings | $7.4M | $19.6M |
| Net margin | 1.9% | 7.4% |
| Operating cash flow | −$61.9M | $28.7M |
| Free cash flow | — | $25.8M |
| Market value | $815M | — |
| Analysts’ mean target | $18.00 | — |
Where the revenue comes from
P3 Health Partners
- Capitated revenue: $366M (95%)
- Other patient service revenue: $20.0M (5%)
Questions
Which is bigger, P3 Health Partners or InnovAge Holding?
P3 Health Partners is the larger company: $386M of revenue in its latest quarter (Q2 2026) against $265M for InnovAge Holding (Q1 FY27).
Is P3 Health Partners or InnovAge Holding growing faster?
InnovAge Holding is growing faster (+12% against +9% a year earlier).
Which is more profitable, P3 Health Partners or InnovAge Holding?
P3 Health Partners is more profitable, with an operating margin of 10.7% against 7.6%.
More: P3 Health Partners earnings · how P3 Health Partners makes money · InnovAge Holding earnings · how InnovAge Holding makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.