vs
P3 Health Partners Inc.（PIII）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是P3 Health Partners Inc.的1.9倍（$737.8M vs $384.8M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs -19.6%，领先29.7%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs 3.8%），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
PIII vs RHP — 直观对比
营收规模更大
RHP
是对方的1.9倍
$384.8M
营收增速更快
RHP
高出10.1%
3.8%
净利率更高
RHP
高出29.7%
-19.6%
两年增速更快
RHP
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $737.8M |
| 净利润 | $-75.5M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | -40.0% | 19.4% |
| 净利率 | -19.6% | 10.1% |
| 营收同比 | 3.8% | 13.9% |
| 净利润同比 | -28.8% | 3.0% |
| 每股收益（稀释后） | $-23.08 | $1.12 |
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PIIIRHP
| Q4 25 | $384.8M | $737.8M | ||
| Q3 25 | $345.3M | $592.5M | ||
| Q2 25 | $355.8M | $659.5M | ||
| Q1 25 | $373.2M | $587.3M | ||
| Q4 24 | $370.7M | $647.6M | ||
| Q3 24 | $362.1M | $550.0M | ||
| Q2 24 | $379.2M | $613.3M | ||
| Q1 24 | $388.5M | $528.3M |
净利润PIIIRHP
| Q4 25 | $-75.5M | $74.5M | ||
| Q3 25 | $-31.6M | $34.9M | ||
| Q2 25 | $-20.4M | $71.8M | ||
| Q1 25 | $-20.5M | $63.0M | ||
| Q4 24 | $-58.6M | $72.3M | ||
| Q3 24 | $-46.5M | $59.0M | ||
| Q2 24 | $-12.0M | $100.8M | ||
| Q1 24 | $-18.7M | $42.8M |
毛利率PIIIRHP
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 41.5% |
营业利润率PIIIRHP
| Q4 25 | -40.0% | 19.4% | ||
| Q3 25 | -12.8% | 15.0% | ||
| Q2 25 | -9.6% | 21.1% | ||
| Q1 25 | -10.2% | 19.8% | ||
| Q4 24 | -37.4% | 18.6% | ||
| Q3 24 | -29.5% | 19.3% | ||
| Q2 24 | -8.3% | 27.4% | ||
| Q1 24 | -11.3% | 18.2% |
净利率PIIIRHP
| Q4 25 | -19.6% | 10.1% | ||
| Q3 25 | -9.1% | 5.9% | ||
| Q2 25 | -5.7% | 10.9% | ||
| Q1 25 | -5.5% | 10.7% | ||
| Q4 24 | -15.8% | 11.2% | ||
| Q3 24 | -12.8% | 10.7% | ||
| Q2 24 | -3.2% | 16.4% | ||
| Q1 24 | -4.8% | 8.1% |
每股收益（稀释后）PIIIRHP
| Q4 25 | $-23.08 | $1.12 | ||
| Q3 25 | $-9.67 | $0.53 | ||
| Q2 25 | $-6.23 | $1.12 | ||
| Q1 25 | $-6.28 | $1.00 | ||
| Q4 24 | $-23.13 | $1.12 | ||
| Q3 24 | $-15.70 | $0.94 | ||
| Q2 24 | $-7.37 | $1.65 | ||
| Q1 24 | $-7.86 | $0.67 |
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 | $471.4M |
| 总债务越低越好 | $228.4M | — |
| 股东权益账面价值 | $-155.2M | $750.2M |
| 总资产 | $656.6M | $6.2B |
| 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PIIIRHP
| Q4 25 | $25.0M | $471.4M | ||
| Q3 25 | $37.7M | $483.3M | ||
| Q2 25 | $38.6M | $420.6M | ||
| Q1 25 | $40.1M | $413.9M | ||
| Q4 24 | $38.8M | $477.7M | ||
| Q3 24 | $63.0M | $534.9M | ||
| Q2 24 | $73.1M | $498.4M | ||
| Q1 24 | $27.3M | $465.3M |
总债务PIIIRHP
| 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PIIIRHP
| Q4 25 | $-155.2M | $750.2M | ||
| Q3 25 | $-18.7M | $758.5M | ||
| Q2 25 | $44.5M | $800.4M | ||
| Q1 25 | $63.3M | $531.5M | ||
| Q4 24 | $75.9M | $549.0M | ||
| Q3 24 | $120.5M | $551.9M | ||
| Q2 24 | $166.8M | $562.6M | ||
| Q1 24 | $146.6M | $529.9M |
总资产PIIIRHP
| Q4 25 | $656.6M | $6.2B | ||
| Q3 25 | $683.6M | $6.2B | ||
| Q2 25 | $731.6M | $6.1B | ||
| Q1 25 | $783.9M | $5.2B | ||
| Q4 24 | $783.4M | $5.2B | ||
| Q3 24 | $833.3M | $5.2B | ||
| Q2 24 | $892.8M | $5.1B | ||
| Q1 24 | $855.9M | $5.1B |
负债/权益比PIIIRHP
| 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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | — | $58.5M |
| 自由现金流率自由现金流/营收 | — | 7.9% |
| 资本支出强度资本支出/营收 | — | 14.4% |
| 现金转化率经营现金流/净利润 | — | 2.21× |
| 过去12个月自由现金流最近4个季度 | — | $232.4M |
8季度趋势，按日历期对齐
经营现金流PIIIRHP
| Q4 25 | $-25.7M | $164.7M | ||
| Q3 25 | $-15.4M | $205.2M | ||
| Q2 25 | $-16.6M | $122.5M | ||
| Q1 25 | $-33.5M | $98.2M | ||
| Q4 24 | $-57.2M | $166.6M | ||
| Q3 24 | $-22.6M | $218.1M | ||
| Q2 24 | $-10.2M | $184.3M | ||
| Q1 24 | $-20.0M | $7.5M |
自由现金流PIIIRHP
| Q4 25 | — | $58.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $53.0M | ||
| Q1 25 | — | $-14.5M | ||
| Q4 24 | — | $76.0M | ||
| Q3 24 | — | $85.7M | ||
| Q2 24 | — | $78.8M | ||
| Q1 24 | — | $-72.0M |
自由现金流率PIIIRHP
| Q4 25 | — | 7.9% | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | -2.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 12.9% | ||
| Q1 24 | — | -13.6% |
资本支出强度PIIIRHP
| Q4 25 | — | 14.4% | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | — | 19.2% | ||
| Q4 24 | 0.0% | 14.0% | ||
| Q3 24 | 0.0% | 24.1% | ||
| Q2 24 | 0.0% | 17.2% | ||
| Q1 24 | 0.0% | 15.0% |
现金转化率PIIIRHP
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 5.88× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | — | 3.70× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | — | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
