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P3 Health Partners Inc.（PIII）与Pennant Group, Inc.（PNTG）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Pennant Group, Inc.的1.3倍（$384.8M vs $289.3M）。Pennant Group, Inc.净利率更高（3.0% vs -19.6%，领先22.6%）。Pennant Group, Inc.同比增速更快（53.2% vs 3.8%）。过去两年Pennant Group, Inc.的营收复合增速更高（35.8% vs -0.5%）
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。
Pennant Group, Inc.是一家总部位于美国的医疗服务企业，主营家庭健康护理、临终关怀、长者居住服务及专业护理服务，业务覆盖美国数十个州，核心服务对象为老年及有特殊医疗需求的弱势人群。
PIII vs PNTG — 直观对比
营收规模更大
PIII
是对方的1.3倍
$289.3M
营收增速更快
PNTG
高出49.4%
3.8%
净利率更高
PNTG
高出22.6%
-19.6%
两年增速更快
PNTG
近两年复合增速
-0.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $289.3M |
| 净利润 | $-75.5M | $8.6M |
| 毛利率 | — | — |
| 营业利润率 | -40.0% | 6.0% |
| 净利率 | -19.6% | 3.0% |
| 营收同比 | 3.8% | 53.2% |
| 净利润同比 | -28.8% | 50.0% |
| 每股收益（稀释后） | $-23.08 | $0.25 |
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PIIIPNTG
| Q4 25 | $384.8M | $289.3M | ||
| Q3 25 | $345.3M | $229.0M | ||
| Q2 25 | $355.8M | $219.5M | ||
| Q1 25 | $373.2M | $209.8M | ||
| Q4 24 | $370.7M | $188.9M | ||
| Q3 24 | $362.1M | $180.7M | ||
| Q2 24 | $379.2M | $168.7M | ||
| Q1 24 | $388.5M | $156.9M |
净利润PIIIPNTG
| Q4 25 | $-75.5M | $8.6M | ||
| Q3 25 | $-31.6M | $6.1M | ||
| Q2 25 | $-20.4M | $7.1M | ||
| Q1 25 | $-20.5M | $7.8M | ||
| Q4 24 | $-58.6M | $5.8M | ||
| Q3 24 | $-46.5M | $6.2M | ||
| Q2 24 | $-12.0M | $5.7M | ||
| Q1 24 | $-18.7M | $4.9M |
营业利润率PIIIPNTG
| Q4 25 | -40.0% | 6.0% | ||
| Q3 25 | -12.8% | 4.5% | ||
| Q2 25 | -9.6% | 5.3% | ||
| Q1 25 | -10.2% | 6.0% | ||
| Q4 24 | -37.4% | 4.9% | ||
| Q3 24 | -29.5% | 6.0% | ||
| Q2 24 | -8.3% | 5.7% | ||
| Q1 24 | -11.3% | 5.4% |
净利率PIIIPNTG
| Q4 25 | -19.6% | 3.0% | ||
| Q3 25 | -9.1% | 2.7% | ||
| Q2 25 | -5.7% | 3.2% | ||
| Q1 25 | -5.5% | 3.7% | ||
| Q4 24 | -15.8% | 3.0% | ||
| Q3 24 | -12.8% | 3.4% | ||
| Q2 24 | -3.2% | 3.4% | ||
| Q1 24 | -4.8% | 3.1% |
每股收益（稀释后）PIIIPNTG
| Q4 25 | $-23.08 | $0.25 | ||
| Q3 25 | $-9.67 | $0.17 | ||
| Q2 25 | $-6.23 | $0.20 | ||
| Q1 25 | $-6.28 | $0.22 | ||
| Q4 24 | $-23.13 | $0.16 | ||
| Q3 24 | $-15.70 | $0.20 | ||
| Q2 24 | $-7.37 | $0.18 | ||
| Q1 24 | $-7.86 | $0.16 |
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 | $25.0M | — |
| 总债务越低越好 | $228.4M | $168.8M |
| 股东权益账面价值 | $-155.2M | $374.3M |
| 总资产 | $656.6M | $968.2M |
| 负债/权益比越低杠杆越低 | — | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资PIIIPNTG
| Q4 25 | $25.0M | — | ||
| Q3 25 | $37.7M | — | ||
| Q2 25 | $38.6M | — | ||
| Q1 25 | $40.1M | — | ||
| Q4 24 | $38.8M | — | ||
| Q3 24 | $63.0M | — | ||
| Q2 24 | $73.1M | — | ||
| Q1 24 | $27.3M | — |
总债务PIIIPNTG
| Q4 25 | $228.4M | $168.8M | ||
| Q3 25 | $252.8M | $26.0M | ||
| Q2 25 | $182.0M | $37.0M | ||
| Q1 25 | $171.1M | $52.5M | ||
| Q4 24 | $108.9M | $0 | ||
| Q3 24 | $133.2M | $108.9M | ||
| Q2 24 | $133.1M | $82.2M | ||
| Q1 24 | $118.1M | $83.3M |
股东权益PIIIPNTG
| Q4 25 | $-155.2M | $374.3M | ||
| Q3 25 | $-18.7M | $343.0M | ||
| Q2 25 | $44.5M | $333.6M | ||
| Q1 25 | $63.3M | $323.0M | ||
| Q4 24 | $75.9M | $312.0M | ||
| Q3 24 | $120.5M | $187.3M | ||
| Q2 24 | $166.8M | $173.0M | ||
| Q1 24 | $146.6M | $164.2M |
总资产PIIIPNTG
| Q4 25 | $656.6M | $968.2M | ||
| Q3 25 | $683.6M | $753.6M | ||
| Q2 25 | $731.6M | $751.4M | ||
| Q1 25 | $783.9M | $743.6M | ||
| Q4 24 | $783.4M | $679.5M | ||
| Q3 24 | $833.3M | $646.8M | ||
| Q2 24 | $892.8M | $602.5M | ||
| Q1 24 | $855.9M | $578.2M |
负债/权益比PIIIPNTG
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.08× | ||
| Q2 25 | 4.09× | 0.11× | ||
| Q1 25 | 2.71× | 0.16× | ||
| Q4 24 | 1.43× | 0.00× | ||
| Q3 24 | 1.11× | 0.58× | ||
| Q2 24 | 0.80× | 0.48× | ||
| Q1 24 | 0.81× | 0.51× |
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 | $-25.7M | $21.0M |
| 自由现金流经营现金流 - 资本支出 | — | $17.4M |
| 自由现金流率自由现金流/营收 | — | 6.0% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | — | 2.43× |
| 过去12个月自由现金流最近4个季度 | — | $36.3M |
8季度趋势，按日历期对齐
经营现金流PIIIPNTG
| Q4 25 | $-25.7M | $21.0M | ||
| Q3 25 | $-15.4M | $13.9M | ||
| Q2 25 | $-16.6M | $34.6M | ||
| Q1 25 | $-33.5M | $-21.2M | ||
| Q4 24 | $-57.2M | $20.6M | ||
| Q3 24 | $-22.6M | $7.7M | ||
| Q2 24 | $-10.2M | $10.5M | ||
| Q1 24 | $-20.0M | $545.0K |
自由现金流PIIIPNTG
| Q4 25 | — | $17.4M | ||
| Q3 25 | — | $10.5M | ||
| Q2 25 | — | $31.6M | ||
| Q1 25 | — | $-23.2M | ||
| Q4 24 | — | $17.2M | ||
| Q3 24 | — | $6.8M | ||
| Q2 24 | — | $8.9M | ||
| Q1 24 | — | $-2.6M |
自由现金流率PIIIPNTG
| Q4 25 | — | 6.0% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 5.3% | ||
| Q1 24 | — | -1.7% |
资本支出强度PIIIPNTG
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 0.0% | 1.8% | ||
| Q3 24 | 0.0% | 0.5% | ||
| Q2 24 | 0.0% | 1.0% | ||
| Q1 24 | 0.0% | 2.0% |
现金转化率PIIIPNTG
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | 2.29× | ||
| Q2 25 | — | 4.89× | ||
| Q1 25 | — | -2.73× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 1.24× | ||
| Q2 24 | — | 1.84× | ||
| Q1 24 | — | 0.11× |
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
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
PNTG
| Home Health Subsegment | $136.2M | 47% |
| Hospice Subsegment | $97.1M | 34% |
| Private And Other | $36.4M | 13% |
| Medicare And Medicaid | $19.6M | 7% |
| Affiliated Entity | $2.2M | 1% |
