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DocGo vs P3 Health Partners: revenue, profit, margins and growth compared

DocGo brought in $322.2M of revenue in fiscal 2025, P3 Health Partners $1.5B in fiscal 2024. Revenue changed by -47.7% at DocGo and -2.8% at P3 Health Partners on the year before, so P3 Health Partners grew faster. DocGo kept -56.6% of its revenue as net profit, P3 Health Partners -10.1%.

Side by side, latest fiscal year

DCGOPIII
Fiscal year endedFY2025 (December 31, 2025)FY2024 (December 31, 2025)
Revenue$322.2M$1.5B
Revenue growth-47.7%-2.8%
Net income-$182.4M-$147.9M
Net margin-56.6%-10.1%
Free cash flow$29.9Mn/a
Free cash flow margin9.3%n/a
Earnings per share (diluted)-$1.84-$45.26
Cash$51M$25M
Debt$235.6K$273.4M
Price to earningsn/an/a
Market value$34.1M$51.2M
Dividend yieldn/an/a
Rank by revenue in sector#217 of 523 · Health care#124 of 523 · Health care

Over the years

Revenue
DCGO FY2020: $94.1MDCGO FY2021: $318.7MDCGO FY2022: $440.5MDCGO FY2023: $624.3MDCGO FY2024: $616.6MDCGO FY2025: $322.2MPIII FY2019: $145.5MPIII FY2021: $491.1MPIII FY2022: $1BPIII FY2023: $1.3BPIII FY2024: $1.5BPIII FY2024: $1.5BFY19FY20FY21FY22FY23FY24FY25
DCGO $322.2MPIII $1.5B
Net income
DCGO FY2020: -$14.8MDCGO FY2021: $23.7MDCGO FY2022: $34.6MDCGO FY2023: $6.9MDCGO FY2024: $20MDCGO FY2025: -$182.4MPIII FY2019: -$42MPIII FY2021: -$31.4MPIII FY2022: -$270.1MPIII FY2023: -$57.8MPIII FY2024: -$135.8MPIII FY2024: -$147.9MFY19FY20FY21FY22FY23FY24FY25
DCGO -$182.4MPIII -$147.9M
Net margin
DCGO FY2020: -15.7%DCGO FY2021: 7.4%DCGO FY2022: 7.9%DCGO FY2023: 1.1%DCGO FY2024: 3.2%DCGO FY2025: -56.6%PIII FY2019: -28.8%PIII FY2021: -6.4%PIII FY2022: -25.7%PIII FY2023: -4.6%PIII FY2024: -9.1%PIII FY2024: -10.1%FY19FY20FY21FY22FY23FY24FY25
DCGO -56.6%PIII -10.1%
Revenue growth
DCGO FY2021: +238.7%DCGO FY2022: +38.2%DCGO FY2023: +41.7%DCGO FY2024: -1.2%DCGO FY2025: -47.7%PIII FY2021: +237.5%PIII FY2023: +20.7%PIII FY2024: +18.5%PIII FY2024: -2.8%FY21FY22FY23FY24FY25
DCGO -47.7%PIII -2.8%
Free cash flow
DCGO FY2020: -$15MDCGO FY2021: -$6.8MDCGO FY2022: $25.7MDCGO FY2023: -$71.8MDCGO FY2024: $66.5MDCGO FY2025: $29.9MPIII FY2019: -$29.7MPIII FY2021: -$27.5MPIII FY2022: -$128.3MPIII FY2023: -$77.9MPIII FY2024: -$110.1MFY19FY20FY21FY22FY23FY24FY25
DCGO $29.9MPIII -$110.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about DocGo and P3 Health Partners

Which is bigger by revenue, DocGo or P3 Health Partners?

P3 Health Partners is bigger by revenue: $1.5B in fiscal 2024, against $322.2M for DocGo in fiscal 2025.

Which keeps more of its revenue as profit, DocGo or P3 Health Partners?

DocGo had a net margin of -56.6% in fiscal 2025; P3 Health Partners had -10.1% in fiscal 2024.

Which grew revenue faster, DocGo or P3 Health Partners?

In their latest fiscal years revenue changed by -47.7% at DocGo and -2.8% at P3 Health Partners.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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