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P3 Health Partners Inc.（PIII）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.0倍（$384.8M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -19.6%，领先44.6%），ROYAL GOLD INC同比增速更快（85.3% vs 3.8%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
PIII vs RGLD — 直观对比
营收规模更大
PIII
是对方的1.0倍
$375.3M
营收增速更快
RGLD
高出81.5%
3.8%
净利率更高
RGLD
高出44.6%
-19.6%
两年增速更快
RGLD
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $375.3M |
| 净利润 | $-75.5M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | -40.0% | 56.2% |
| 净利率 | -19.6% | 24.9% |
| 营收同比 | 3.8% | 85.3% |
| 净利润同比 | -28.8% | -12.8% |
| 每股收益（稀释后） | $-23.08 | $1.04 |
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PIIIRGLD
| Q4 25 | $384.8M | $375.3M | ||
| Q3 25 | $345.3M | $252.1M | ||
| Q2 25 | $355.8M | $209.6M | ||
| Q1 25 | $373.2M | $193.4M | ||
| Q4 24 | $370.7M | $202.6M | ||
| Q3 24 | $362.1M | $193.8M | ||
| Q2 24 | $379.2M | $174.1M | ||
| Q1 24 | $388.5M | $148.9M |
净利润PIIIRGLD
| Q4 25 | $-75.5M | $93.6M | ||
| Q3 25 | $-31.6M | $126.8M | ||
| Q2 25 | $-20.4M | $132.3M | ||
| Q1 25 | $-20.5M | $113.5M | ||
| Q4 24 | $-58.6M | $107.4M | ||
| Q3 24 | $-46.5M | $96.2M | ||
| Q2 24 | $-12.0M | $81.2M | ||
| Q1 24 | $-18.7M | $47.2M |
毛利率PIIIRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率PIIIRGLD
| Q4 25 | -40.0% | 56.2% | ||
| Q3 25 | -12.8% | 64.4% | ||
| Q2 25 | -9.6% | 67.7% | ||
| Q1 25 | -10.2% | 63.6% | ||
| Q4 24 | -37.4% | 65.9% | ||
| Q3 24 | -29.5% | 61.3% | ||
| Q2 24 | -8.3% | 58.6% | ||
| Q1 24 | -11.3% | 50.7% |
净利率PIIIRGLD
| Q4 25 | -19.6% | 24.9% | ||
| Q3 25 | -9.1% | 50.3% | ||
| Q2 25 | -5.7% | 63.1% | ||
| Q1 25 | -5.5% | 58.7% | ||
| Q4 24 | -15.8% | 53.0% | ||
| Q3 24 | -12.8% | 49.7% | ||
| Q2 24 | -3.2% | 46.6% | ||
| Q1 24 | -4.8% | 31.7% |
每股收益（稀释后）PIIIRGLD
| Q4 25 | $-23.08 | $1.04 | ||
| Q3 25 | $-9.67 | $1.92 | ||
| Q2 25 | $-6.23 | $2.01 | ||
| Q1 25 | $-6.28 | $1.72 | ||
| Q4 24 | $-23.13 | $1.63 | ||
| Q3 24 | $-15.70 | $1.46 | ||
| Q2 24 | $-7.37 | $1.23 | ||
| Q1 24 | $-7.86 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $228.4M | — |
| 股东权益账面价值 | $-155.2M | $7.2B |
| 总资产 | $656.6M | $9.5B |
| 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PIIIRGLD
| Q4 25 | $25.0M | $233.7M | ||
| Q3 25 | $37.7M | $172.8M | ||
| Q2 25 | $38.6M | $248.2M | ||
| Q1 25 | $40.1M | $240.8M | ||
| Q4 24 | $38.8M | $195.5M | ||
| Q3 24 | $63.0M | $127.9M | ||
| Q2 24 | $73.1M | $74.2M | ||
| Q1 24 | $27.3M | $137.9M |
总债务PIIIRGLD
| Q4 25 | $228.4M | — | ||
| Q3 25 | $252.8M | — | ||
| Q2 25 | $182.0M | — | ||
| Q1 25 | $171.1M | — | ||
| Q4 24 | $108.9M | — | ||
| Q3 24 | $133.2M | $0 | ||
| Q2 24 | $133.1M | $50.0M | ||
| Q1 24 | $118.1M | — |
股东权益PIIIRGLD
| Q4 25 | $-155.2M | $7.2B | ||
| Q3 25 | $-18.7M | $3.4B | ||
| Q2 25 | $44.5M | $3.3B | ||
| Q1 25 | $63.3M | $3.2B | ||
| Q4 24 | $75.9M | $3.1B | ||
| Q3 24 | $120.5M | $3.0B | ||
| Q2 24 | $166.8M | $3.0B | ||
| Q1 24 | $146.6M | $2.9B |
总资产PIIIRGLD
| Q4 25 | $656.6M | $9.5B | ||
| Q3 25 | $683.6M | $4.5B | ||
| Q2 25 | $731.6M | $3.6B | ||
| Q1 25 | $783.9M | $3.5B | ||
| Q4 24 | $783.4M | $3.4B | ||
| Q3 24 | $833.3M | $3.3B | ||
| Q2 24 | $892.8M | $3.3B | ||
| Q1 24 | $855.9M | $3.3B |
负债/权益比PIIIRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | — | ||
| Q1 25 | 2.71× | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 1.11× | 0.00× | ||
| Q2 24 | 0.80× | 0.02× | ||
| 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 | $241.7M |
| 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 | — | 2.58× |
| 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PIIIRGLD
| Q4 25 | $-25.7M | $241.7M | ||
| Q3 25 | $-15.4M | $174.0M | ||
| Q2 25 | $-16.6M | $152.8M | ||
| Q1 25 | $-33.5M | $136.4M | ||
| Q4 24 | $-57.2M | $141.1M | ||
| Q3 24 | $-22.6M | $136.7M | ||
| Q2 24 | $-10.2M | $113.5M | ||
| Q1 24 | $-20.0M | $138.3M |
资本支出强度PIIIRGLD
| 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PIIIRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
