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Healthpeak Properties（DOC）与P3 Health Partners Inc.（PIII）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是P3 Health Partners Inc.的1.9倍（$719.4M vs $384.8M），Healthpeak Properties净利率更高（73.2% vs -19.6%，领先92.8%），P3 Health Partners Inc.同比增速更快（3.8% vs 3.1%），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs -0.5%）
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
P3 Health Partners Inc.是一家总部位于美国的人口健康管理与价值型医疗服务企业，与基层医疗机构及医疗系统合作，为包括联邦医保优势计划参保者在内的人群提供协同优质医疗服务，致力于提升诊疗效果、降低不必要的医疗开支。
DOC vs PIII — 直观对比
营收规模更大
DOC
是对方的1.9倍
$384.8M
营收增速更快
PIII
高出0.7%
3.1%
净利率更高
DOC
高出92.8%
-19.6%
两年增速更快
DOC
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $384.8M |
| 净利润 | $114.0M | $-75.5M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | -40.0% |
| 净利率 | 73.2% | -19.6% |
| 营收同比 | 3.1% | 3.8% |
| 净利润同比 | 2406.4% | -28.8% |
| 每股收益（稀释后） | $0.16 | $-23.08 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收DOCPIII
| Q4 25 | $719.4M | $384.8M | ||
| Q3 25 | $705.9M | $345.3M | ||
| Q2 25 | $694.3M | $355.8M | ||
| Q1 25 | $702.9M | $373.2M | ||
| Q4 24 | $698.0M | $370.7M | ||
| Q3 24 | $700.4M | $362.1M | ||
| Q2 24 | $695.5M | $379.2M | ||
| Q1 24 | $606.6M | $388.5M |
净利润DOCPIII
| Q4 25 | $114.0M | $-75.5M | ||
| Q3 25 | $-117.1M | $-31.6M | ||
| Q2 25 | $31.7M | $-20.4M | ||
| Q1 25 | $42.8M | $-20.5M | ||
| Q4 24 | $4.5M | $-58.6M | ||
| Q3 24 | $85.9M | $-46.5M | ||
| Q2 24 | $146.0M | $-12.0M | ||
| Q1 24 | $6.7M | $-18.7M |
毛利率DOCPIII
| Q4 25 | — | — | ||
| Q3 25 | 58.6% | — | ||
| Q2 25 | 60.2% | — | ||
| Q1 25 | 61.1% | — | ||
| Q4 24 | 60.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 60.6% | — | ||
| Q1 24 | 59.8% | — |
营业利润率DOCPIII
| Q4 25 | 17.4% | -40.0% | ||
| Q3 25 | 9.2% | -12.8% | ||
| Q2 25 | 5.7% | -9.6% | ||
| Q1 25 | 7.7% | -10.2% | ||
| Q4 24 | -2.2% | -37.4% | ||
| Q3 24 | 14.1% | -29.5% | ||
| Q2 24 | 22.3% | -8.3% | ||
| Q1 24 | 3.7% | -11.3% |
净利率DOCPIII
| Q4 25 | 73.2% | -19.6% | ||
| Q3 25 | -16.6% | -9.1% | ||
| Q2 25 | 4.6% | -5.7% | ||
| Q1 25 | 6.1% | -5.5% | ||
| Q4 24 | 0.7% | -15.8% | ||
| Q3 24 | 12.3% | -12.8% | ||
| Q2 24 | 21.0% | -3.2% | ||
| Q1 24 | 1.1% | -4.8% |
每股收益（稀释后）DOCPIII
| Q4 25 | $0.16 | $-23.08 | ||
| Q3 25 | $-0.17 | $-9.67 | ||
| Q2 25 | $0.05 | $-6.23 | ||
| Q1 25 | $0.06 | $-6.28 | ||
| Q4 24 | $0.02 | $-23.13 | ||
| Q3 24 | $0.12 | $-15.70 | ||
| Q2 24 | $0.21 | $-7.37 | ||
| Q1 24 | $0.01 | $-7.86 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $467.5M | $25.0M |
| 总债务越低越好 | $9.8B | $228.4M |
| 股东权益账面价值 | $7.5B | $-155.2M |
| 总资产 | $20.3B | $656.6M |
| 负债/权益比越低杠杆越低 | 1.31× | — |
8季度趋势，按日历期对齐
现金及短期投资DOCPIII
| Q4 25 | $467.5M | $25.0M | ||
| Q3 25 | $91.0M | $37.7M | ||
| Q2 25 | $89.4M | $38.6M | ||
| Q1 25 | $70.6M | $40.1M | ||
| Q4 24 | $119.8M | $38.8M | ||
| Q3 24 | $180.4M | $63.0M | ||
| Q2 24 | $106.9M | $73.1M | ||
| Q1 24 | $101.8M | $27.3M |
总债务DOCPIII
| Q4 25 | $9.8B | $228.4M | ||
| Q3 25 | $9.1B | $252.8M | ||
| Q2 25 | $9.0B | $182.0M | ||
| Q1 25 | $8.9B | $171.1M | ||
| Q4 24 | $8.7B | $108.9M | ||
| Q3 24 | $8.6B | $133.2M | ||
| Q2 24 | $8.6B | $133.1M | ||
| Q1 24 | $8.8B | $118.1M |
股东权益DOCPIII
| Q4 25 | $7.5B | $-155.2M | ||
| Q3 25 | $7.6B | $-18.7M | ||
| Q2 25 | $7.9B | $44.5M | ||
| Q1 25 | $8.2B | $63.3M | ||
| Q4 24 | $8.4B | $75.9M | ||
| Q3 24 | $8.6B | $120.5M | ||
| Q2 24 | $8.8B | $166.8M | ||
| Q1 24 | $8.9B | $146.6M |
总资产DOCPIII
| Q4 25 | $20.3B | $656.6M | ||
| Q3 25 | $19.6B | $683.6M | ||
| Q2 25 | $19.8B | $731.6M | ||
| Q1 25 | $19.8B | $783.9M | ||
| Q4 24 | $19.9B | $783.4M | ||
| Q3 24 | $20.0B | $833.3M | ||
| Q2 24 | $20.2B | $892.8M | ||
| Q1 24 | $20.5B | $855.9M |
负债/权益比DOCPIII
| Q4 25 | 1.31× | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.14× | 4.09× | ||
| Q1 25 | 1.08× | 2.71× | ||
| Q4 24 | 1.04× | 1.43× | ||
| Q3 24 | 1.00× | 1.11× | ||
| Q2 24 | 0.98× | 0.80× | ||
| Q1 24 | 0.99× | 0.81× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.3B | $-25.7M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | — |
| 自由现金流率自由现金流/营收 | 49.6% | — |
| 资本支出强度资本支出/营收 | 124.4% | — |
| 现金转化率经营现金流/净利润 | 10.99× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DOCPIII
| Q4 25 | $1.3B | $-25.7M | ||
| Q3 25 | $315.0M | $-15.4M | ||
| Q2 25 | $363.5M | $-16.6M | ||
| Q1 25 | $279.4M | $-33.5M | ||
| Q4 24 | $1.1B | $-57.2M | ||
| Q3 24 | $318.2M | $-22.6M | ||
| Q2 24 | $316.2M | $-10.2M | ||
| Q1 24 | $152.6M | $-20.0M |
自由现金流DOCPIII
| Q4 25 | $357.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $333.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率DOCPIII
| Q4 25 | 49.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.8% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度DOCPIII
| Q4 25 | 124.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 105.6% | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
现金转化率DOCPIII
| Q4 25 | 10.99× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.48× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | 235.43× | — | ||
| Q3 24 | 3.71× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 22.85× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
DOC
暂无分部数据
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
