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P3 Health Partners Inc.（PIII）与Privia Health Group, Inc.（PRVA）财务数据对比。点击上方公司名可切换其他公司
Privia Health Group, Inc.的季度营收约是P3 Health Partners Inc.的1.4倍（$541.2M vs $384.8M）。Privia Health Group, Inc.净利率更高（1.7% vs -19.6%，领先21.3%）。Privia Health Group, Inc.同比增速更快（17.4% vs 3.8%）。过去两年Privia Health Group, Inc.的营收复合增速更高（14.2% 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。
Privia Health Group, Inc.是总部位于美国的医疗科技与服务企业，为独立诊所、医疗系统和医疗支付方提供价值导向型医疗解决方案，涵盖人群健康管理、患者互动平台、护理协调支持及行政流程优化工具，助力提升诊疗效果、降低医疗参与方运营成本。
PIII vs PRVA — 直观对比
营收规模更大
PRVA
是对方的1.4倍
$384.8M
营收增速更快
PRVA
高出13.6%
3.8%
净利率更高
PRVA
高出21.3%
-19.6%
两年增速更快
PRVA
近两年复合增速
-0.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $541.2M |
| 净利润 | $-75.5M | $9.2M |
| 毛利率 | — | — |
| 营业利润率 | -40.0% | 2.1% |
| 净利率 | -19.6% | 1.7% |
| 营收同比 | 3.8% | 17.4% |
| 净利润同比 | -28.8% | 108.0% |
| 每股收益（稀释后） | $-23.08 | $0.08 |
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PIIIPRVA
| Q4 25 | $384.8M | $541.2M | ||
| Q3 25 | $345.3M | $580.4M | ||
| Q2 25 | $355.8M | $521.2M | ||
| Q1 25 | $373.2M | $480.1M | ||
| Q4 24 | $370.7M | $460.9M | ||
| Q3 24 | $362.1M | $437.9M | ||
| Q2 24 | $379.2M | $422.3M | ||
| Q1 24 | $388.5M | $415.2M |
净利润PIIIPRVA
| Q4 25 | $-75.5M | $9.2M | ||
| Q3 25 | $-31.6M | $6.9M | ||
| Q2 25 | $-20.4M | $2.7M | ||
| Q1 25 | $-20.5M | $4.2M | ||
| Q4 24 | $-58.6M | $4.4M | ||
| Q3 24 | $-46.5M | $3.5M | ||
| Q2 24 | $-12.0M | $3.5M | ||
| Q1 24 | $-18.7M | $3.0M |
营业利润率PIIIPRVA
| Q4 25 | -40.0% | 2.1% | ||
| Q3 25 | -12.8% | 2.5% | ||
| Q2 25 | -9.6% | 0.6% | ||
| Q1 25 | -10.2% | 1.1% | ||
| Q4 24 | -37.4% | 1.1% | ||
| Q3 24 | -29.5% | 1.3% | ||
| Q2 24 | -8.3% | 1.2% | ||
| Q1 24 | -11.3% | 0.2% |
净利率PIIIPRVA
| Q4 25 | -19.6% | 1.7% | ||
| Q3 25 | -9.1% | 1.2% | ||
| Q2 25 | -5.7% | 0.5% | ||
| Q1 25 | -5.5% | 0.9% | ||
| Q4 24 | -15.8% | 1.0% | ||
| Q3 24 | -12.8% | 0.8% | ||
| Q2 24 | -3.2% | 0.8% | ||
| Q1 24 | -4.8% | 0.7% |
每股收益（稀释后）PIIIPRVA
| Q4 25 | $-23.08 | $0.08 | ||
| Q3 25 | $-9.67 | $0.05 | ||
| Q2 25 | $-6.23 | $0.02 | ||
| Q1 25 | $-6.28 | $0.03 | ||
| Q4 24 | $-23.13 | $0.03 | ||
| Q3 24 | $-15.70 | $0.03 | ||
| Q2 24 | $-7.37 | $0.03 | ||
| Q1 24 | $-7.86 | $0.02 |
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 | $479.7M |
| 总债务越低越好 | $228.4M | — |
| 股东权益账面价值 | $-155.2M | $737.2M |
| 总资产 | $656.6M | $1.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PIIIPRVA
| Q4 25 | $25.0M | $479.7M | ||
| Q3 25 | $37.7M | $441.4M | ||
| Q2 25 | $38.6M | $390.1M | ||
| Q1 25 | $40.1M | $469.3M | ||
| Q4 24 | $38.8M | $491.1M | ||
| Q3 24 | $63.0M | $422.0M | ||
| Q2 24 | $73.1M | $387.4M | ||
| Q1 24 | $27.3M | $351.1M |
总债务PIIIPRVA
| Q4 25 | $228.4M | — | ||
| Q3 25 | $252.8M | — | ||
| Q2 25 | $182.0M | — | ||
| Q1 25 | $171.1M | — | ||
| Q4 24 | $108.9M | — | ||
| Q3 24 | $133.2M | — | ||
| Q2 24 | $133.1M | — | ||
| Q1 24 | $118.1M | — |
股东权益PIIIPRVA
| Q4 25 | $-155.2M | $737.2M | ||
| Q3 25 | $-18.7M | $709.1M | ||
| Q2 25 | $44.5M | $682.9M | ||
| Q1 25 | $63.3M | $659.4M | ||
| Q4 24 | $75.9M | $635.2M | ||
| Q3 24 | $120.5M | $614.9M | ||
| Q2 24 | $166.8M | $595.4M | ||
| Q1 24 | $146.6M | $576.8M |
总资产PIIIPRVA
| Q4 25 | $656.6M | $1.4B | ||
| Q3 25 | $683.6M | $1.4B | ||
| Q2 25 | $731.6M | $1.3B | ||
| Q1 25 | $783.9M | $1.2B | ||
| Q4 24 | $783.4M | $1.1B | ||
| Q3 24 | $833.3M | $1.1B | ||
| Q2 24 | $892.8M | $1.1B | ||
| Q1 24 | $855.9M | $1.0B |
负债/权益比PIIIPRVA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | — | ||
| Q1 25 | 2.71× | — | ||
| Q4 24 | 1.43× | — | ||
| 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 | $127.5M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 13.93× |
| 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PIIIPRVA
| Q4 25 | $-25.7M | $127.5M | ||
| Q3 25 | $-15.4M | $52.0M | ||
| Q2 25 | $-16.6M | $8.0M | ||
| Q1 25 | $-33.5M | $-24.1M | ||
| Q4 24 | $-57.2M | $74.8M | ||
| Q3 24 | $-22.6M | $33.2M | ||
| Q2 24 | $-10.2M | $34.5M | ||
| Q1 24 | $-20.0M | $-33.1M |
资本支出强度PIIIPRVA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
现金转化率PIIIPRVA
| Q4 25 | — | 13.93× | ||
| Q3 25 | — | 7.58× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | -5.70× | ||
| Q4 24 | — | 17.00× | ||
| Q3 24 | — | 9.38× | ||
| Q2 24 | — | 9.94× | ||
| Q1 24 | — | -11.10× |
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% |
PRVA
| FFS Patient Care | $364.4M | 67% |
| Capitated Revenue | $71.4M | 13% |
| Shared Savings | $46.9M | 9% |
| FFS Administrative Services | $36.0M | 7% |
| Care Management Fee PMPM | $20.0M | 4% |
| Other Revenue | $2.5M | 0% |
