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P3 Health Partners Inc.（PIII）与PROGRESS SOFTWARE CORP（PRGS）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PROGRESS SOFTWARE CORP的1.5倍（$384.8M vs $252.7M），PROGRESS SOFTWARE CORP净利率更高（10.2% vs -19.6%，领先29.8%），PROGRESS SOFTWARE CORP同比增速更快（17.5% vs 3.8%），过去两年PROGRESS SOFTWARE CORP的营收复合增速更高（17.0% 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。
Progress Software是全球领先的企业级软件服务商，主营应用开发平台、数据连接工具、数字体验解决方案等产品，服务覆盖金融、医疗、制造、零售等多行业的全球企业客户，助力客户搭建高性能可扩展的业务应用，提升运营效率。
PIII vs PRGS — 直观对比
营收规模更大
PIII
是对方的1.5倍
$252.7M
营收增速更快
PRGS
高出13.7%
3.8%
净利率更高
PRGS
高出29.8%
-19.6%
两年增速更快
PRGS
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $252.7M |
| 净利润 | $-75.5M | $25.7M |
| 毛利率 | — | 81.6% |
| 营业利润率 | -40.0% | 15.2% |
| 净利率 | -19.6% | 10.2% |
| 营收同比 | 3.8% | 17.5% |
| 净利润同比 | -28.8% | 2144.6% |
| 每股收益（稀释后） | $-23.08 | $0.59 |
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PIIIPRGS
| Q4 25 | $384.8M | $252.7M | ||
| Q3 25 | $345.3M | $249.8M | ||
| Q2 25 | $355.8M | $237.4M | ||
| Q1 25 | $373.2M | $238.0M | ||
| Q4 24 | $370.7M | $215.0M | ||
| Q3 24 | $362.1M | $178.7M | ||
| Q2 24 | $379.2M | $175.1M | ||
| Q1 24 | $388.5M | $184.7M |
净利润PIIIPRGS
| Q4 25 | $-75.5M | $25.7M | ||
| Q3 25 | $-31.6M | $19.4M | ||
| Q2 25 | $-20.4M | $17.0M | ||
| Q1 25 | $-20.5M | $10.9M | ||
| Q4 24 | $-58.6M | $1.1M | ||
| Q3 24 | $-46.5M | $28.5M | ||
| Q2 24 | $-12.0M | $16.2M | ||
| Q1 24 | $-18.7M | $22.6M |
毛利率PIIIPRGS
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 81.0% | ||
| Q2 25 | — | 80.1% | ||
| Q1 25 | — | 80.6% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 83.7% | ||
| Q2 24 | — | 81.7% | ||
| Q1 24 | — | 82.2% |
营业利润率PIIIPRGS
| Q4 25 | -40.0% | 15.2% | ||
| Q3 25 | -12.8% | 17.6% | ||
| Q2 25 | -9.6% | 16.3% | ||
| Q1 25 | -10.2% | 13.6% | ||
| Q4 24 | -37.4% | 10.0% | ||
| Q3 24 | -29.5% | 22.6% | ||
| Q2 24 | -8.3% | 15.5% | ||
| Q1 24 | -11.3% | 19.0% |
净利率PIIIPRGS
| Q4 25 | -19.6% | 10.2% | ||
| Q3 25 | -9.1% | 7.8% | ||
| Q2 25 | -5.7% | 7.2% | ||
| Q1 25 | -5.5% | 4.6% | ||
| Q4 24 | -15.8% | 0.5% | ||
| Q3 24 | -12.8% | 15.9% | ||
| Q2 24 | -3.2% | 9.2% | ||
| Q1 24 | -4.8% | 12.3% |
每股收益（稀释后）PIIIPRGS
| Q4 25 | $-23.08 | $0.59 | ||
| Q3 25 | $-9.67 | $0.44 | ||
| Q2 25 | $-6.23 | $0.39 | ||
| Q1 25 | $-6.28 | $0.24 | ||
| Q4 24 | $-23.13 | $0.01 | ||
| Q3 24 | $-15.70 | $0.65 | ||
| Q2 24 | $-7.37 | $0.37 | ||
| Q1 24 | $-7.86 | $0.51 |
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 | $94.8M |
| 总债务越低越好 | $228.4M | $1.4B |
| 股东权益账面价值 | $-155.2M | $478.3M |
| 总资产 | $656.6M | $2.5B |
| 负债/权益比越低杠杆越低 | — | 2.93× |
8季度趋势，按日历期对齐
现金及短期投资PIIIPRGS
| Q4 25 | $25.0M | $94.8M | ||
| Q3 25 | $37.7M | $99.0M | ||
| Q2 25 | $38.6M | $102.0M | ||
| Q1 25 | $40.1M | $124.2M | ||
| Q4 24 | $38.8M | $118.1M | ||
| Q3 24 | $63.0M | $232.7M | ||
| Q2 24 | $73.1M | $190.4M | ||
| Q1 24 | $27.3M | $133.2M |
总债务PIIIPRGS
| Q4 25 | $228.4M | $1.4B | ||
| Q3 25 | $252.8M | $1.4B | ||
| Q2 25 | $182.0M | $1.5B | ||
| Q1 25 | $171.1M | $1.5B | ||
| Q4 24 | $108.9M | $1.5B | ||
| Q3 24 | $133.2M | — | ||
| Q2 24 | $133.1M | — | ||
| Q1 24 | $118.1M | — |
股东权益PIIIPRGS
| Q4 25 | $-155.2M | $478.3M | ||
| Q3 25 | $-18.7M | $477.7M | ||
| Q2 25 | $44.5M | $452.7M | ||
| Q1 25 | $63.3M | $431.8M | ||
| Q4 24 | $75.9M | $438.8M | ||
| Q3 24 | $120.5M | $425.6M | ||
| Q2 24 | $166.8M | $401.7M | ||
| Q1 24 | $146.6M | $461.7M |
总资产PIIIPRGS
| Q4 25 | $656.6M | $2.5B | ||
| Q3 25 | $683.6M | $2.4B | ||
| Q2 25 | $731.6M | $2.4B | ||
| Q1 25 | $783.9M | $2.5B | ||
| Q4 24 | $783.4M | $2.5B | ||
| Q3 24 | $833.3M | $1.6B | ||
| Q2 24 | $892.8M | $1.6B | ||
| Q1 24 | $855.9M | $1.5B |
负债/权益比PIIIPRGS
| Q4 25 | — | 2.93× | ||
| Q3 25 | — | 2.97× | ||
| Q2 25 | 4.09× | 3.22× | ||
| Q1 25 | 2.71× | 3.50× | ||
| Q4 24 | 1.43× | 3.48× | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.80× | — | ||
| Q1 24 | 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 | $-25.7M | $62.8M |
| 自由现金流经营现金流 - 资本支出 | — | $59.9M |
| 自由现金流率自由现金流/营收 | — | 23.7% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.44× |
| 过去12个月自由现金流最近4个季度 | — | $229.5M |
8季度趋势，按日历期对齐
经营现金流PIIIPRGS
| Q4 25 | $-25.7M | $62.8M | ||
| Q3 25 | $-15.4M | $73.4M | ||
| Q2 25 | $-16.6M | $30.0M | ||
| Q1 25 | $-33.5M | $68.9M | ||
| Q4 24 | $-57.2M | $19.7M | ||
| Q3 24 | $-22.6M | $57.7M | ||
| Q2 24 | $-10.2M | $63.7M | ||
| Q1 24 | $-20.0M | $70.5M |
自由现金流PIIIPRGS
| Q4 25 | — | $59.9M | ||
| Q3 25 | — | $72.4M | ||
| Q2 25 | — | $29.5M | ||
| Q1 25 | — | $67.7M | ||
| Q4 24 | — | $16.8M | ||
| Q3 24 | — | $56.6M | ||
| Q2 24 | — | $62.7M | ||
| Q1 24 | — | $70.2M |
自由现金流率PIIIPRGS
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 31.7% | ||
| Q2 24 | — | 35.8% | ||
| Q1 24 | — | 38.0% |
资本支出强度PIIIPRGS
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | 0.0% | 1.3% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.0% | 0.5% | ||
| Q1 24 | 0.0% | 0.2% |
现金转化率PIIIPRGS
| Q4 25 | — | 2.44× | ||
| Q3 25 | — | 3.78× | ||
| Q2 25 | — | 1.76× | ||
| Q1 25 | — | 6.30× | ||
| Q4 24 | — | 17.13× | ||
| Q3 24 | — | 2.03× | ||
| Q2 24 | — | 3.93× | ||
| Q1 24 | — | 3.11× |
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% |
PRGS
| Maintenanceand Services | $187.5M | 74% |
| Share File Acquisition | $67.5M | 27% |
