vs
Forestar Group Inc.（FOR）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
P3 Health Partners Inc.的季度营收约是Forestar Group Inc.的1.4倍（$384.8M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -19.6%，领先25.3%），Forestar Group Inc.同比增速更快（9.0% vs 3.8%），过去两年P3 Health Partners Inc.的营收复合增速更高（-0.5% vs -9.6%）
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
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。
FOR vs PIII — 直观对比
营收规模更大
PIII
是对方的1.4倍
$273.0M
营收增速更快
FOR
高出5.2%
3.8%
净利率更高
FOR
高出25.3%
-19.6%
两年增速更快
PIII
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $384.8M |
| 净利润 | $15.4M | $-75.5M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | -40.0% |
| 净利率 | 5.6% | -19.6% |
| 营收同比 | 9.0% | 3.8% |
| 净利润同比 | -6.7% | -28.8% |
| 每股收益（稀释后） | $0.30 | $-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FORPIII
| Q4 25 | $273.0M | $384.8M | ||
| Q3 25 | $670.5M | $345.3M | ||
| Q2 25 | $390.5M | $355.8M | ||
| Q1 25 | $351.0M | $373.2M | ||
| Q4 24 | $250.4M | $370.7M | ||
| Q3 24 | $551.3M | $362.1M | ||
| Q2 24 | $318.4M | $379.2M | ||
| Q1 24 | $333.8M | $388.5M |
净利润FORPIII
| Q4 25 | $15.4M | $-75.5M | ||
| Q3 25 | $86.9M | $-31.6M | ||
| Q2 25 | $32.9M | $-20.4M | ||
| Q1 25 | $31.6M | $-20.5M | ||
| Q4 24 | $16.5M | $-58.6M | ||
| Q3 24 | $81.5M | $-46.5M | ||
| Q2 24 | $38.7M | $-12.0M | ||
| Q1 24 | $45.0M | $-18.7M |
毛利率FORPIII
| Q4 25 | 20.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 23.9% | — | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 24.9% | — |
营业利润率FORPIII
| Q4 25 | 7.6% | -40.0% | ||
| Q3 25 | 16.9% | -12.8% | ||
| Q2 25 | 11.2% | -9.6% | ||
| Q1 25 | 11.6% | -10.2% | ||
| Q4 24 | 8.7% | -37.4% | ||
| Q3 24 | 19.7% | -29.5% | ||
| Q2 24 | 16.2% | -8.3% | ||
| Q1 24 | 17.6% | -11.3% |
净利率FORPIII
| Q4 25 | 5.6% | -19.6% | ||
| Q3 25 | 13.0% | -9.1% | ||
| Q2 25 | 8.4% | -5.7% | ||
| Q1 25 | 9.0% | -5.5% | ||
| Q4 24 | 6.6% | -15.8% | ||
| Q3 24 | 14.8% | -12.8% | ||
| Q2 24 | 12.2% | -3.2% | ||
| Q1 24 | 13.5% | -4.8% |
每股收益（稀释后）FORPIII
| Q4 25 | $0.30 | $-23.08 | ||
| Q3 25 | $1.70 | $-9.67 | ||
| Q2 25 | $0.65 | $-6.23 | ||
| Q1 25 | $0.62 | $-6.28 | ||
| Q4 24 | $0.32 | $-23.13 | ||
| Q3 24 | $1.59 | $-15.70 | ||
| Q2 24 | $0.76 | $-7.37 | ||
| Q1 24 | $0.89 | $-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 | $211.7M | $25.0M |
| 总债务越低越好 | $793.2M | $228.4M |
| 股东权益账面价值 | $1.8B | $-155.2M |
| 总资产 | $3.2B | $656.6M |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
现金及短期投资FORPIII
| Q4 25 | $211.7M | $25.0M | ||
| Q3 25 | $379.2M | $37.7M | ||
| Q2 25 | $189.2M | $38.6M | ||
| Q1 25 | $174.3M | $40.1M | ||
| Q4 24 | $132.0M | $38.8M | ||
| Q3 24 | $481.2M | $63.0M | ||
| Q2 24 | $359.2M | $73.1M | ||
| Q1 24 | $416.2M | $27.3M |
总债务FORPIII
| Q4 25 | $793.2M | $228.4M | ||
| Q3 25 | $802.7M | $252.8M | ||
| Q2 25 | $872.8M | $182.0M | ||
| Q1 25 | $872.5M | $171.1M | ||
| Q4 24 | $806.8M | $108.9M | ||
| Q3 24 | $706.4M | $133.2M | ||
| Q2 24 | $706.1M | $133.1M | ||
| Q1 24 | $705.7M | $118.1M |
股东权益FORPIII
| Q4 25 | $1.8B | $-155.2M | ||
| Q3 25 | $1.8B | $-18.7M | ||
| Q2 25 | $1.7B | $44.5M | ||
| Q1 25 | $1.6B | $63.3M | ||
| Q4 24 | $1.6B | $75.9M | ||
| Q3 24 | $1.6B | $120.5M | ||
| Q2 24 | $1.5B | $166.8M | ||
| Q1 24 | $1.5B | $146.6M |
总资产FORPIII
| Q4 25 | $3.2B | $656.6M | ||
| Q3 25 | $3.1B | $683.6M | ||
| Q2 25 | $3.1B | $731.6M | ||
| Q1 25 | $3.0B | $783.9M | ||
| Q4 24 | $3.0B | $783.4M | ||
| Q3 24 | $2.8B | $833.3M | ||
| Q2 24 | $2.7B | $892.8M | ||
| Q1 24 | $2.6B | $855.9M |
负债/权益比FORPIII
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | 4.09× | ||
| Q1 25 | 0.53× | 2.71× | ||
| Q4 24 | 0.50× | 1.43× | ||
| Q3 24 | 0.44× | 1.11× | ||
| Q2 24 | 0.47× | 0.80× | ||
| Q1 24 | 0.48× | 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 | $-157.0M | $-25.7M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | — |
| 自由现金流率自由现金流/营收 | -57.5% | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | -10.19× | — |
| 过去12个月自由现金流最近4个季度 | $93.0M | — |
8季度趋势，按日历期对齐
经营现金流FORPIII
| Q4 25 | $-157.0M | $-25.7M | ||
| Q3 25 | $256.3M | $-15.4M | ||
| Q2 25 | $15.8M | $-16.6M | ||
| Q1 25 | $-19.8M | $-33.5M | ||
| Q4 24 | $-450.0M | $-57.2M | ||
| Q3 24 | $119.2M | $-22.6M | ||
| Q2 24 | $-61.7M | $-10.2M | ||
| Q1 24 | $-59.2M | $-20.0M |
自由现金流FORPIII
| Q4 25 | $-157.1M | — | ||
| Q3 25 | $255.6M | — | ||
| Q2 25 | $15.0M | — | ||
| Q1 25 | $-20.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $-62.3M | — | ||
| Q1 24 | $-59.8M | — |
自由现金流率FORPIII
| Q4 25 | -57.5% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | -19.6% | — | ||
| Q1 24 | -17.9% | — |
资本支出强度FORPIII
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.1% | 0.0% | ||
| Q2 24 | 0.2% | 0.0% | ||
| Q1 24 | 0.2% | 0.0% |
现金转化率FORPIII
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | — |
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
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
