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P3 Health Partners Inc.（PIII）与Talkspace, Inc.（TALK）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Talkspace, Inc.的6.1倍（$384.8M vs $63.0M）。Talkspace, Inc.净利率更高（7.6% vs -19.6%，领先27.2%）。Talkspace, Inc.同比增速更快（29.3% vs 3.8%）。过去两年Talkspace, Inc.的营收复合增速更高（17.8% 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。
Talkspace, Inc.是一家提供线上与移动端心理咨询服务的美国企业，由奥伦·弗兰克与罗尼·弗兰克创立于2012年，总部位于纽约。公司依托网页与移动端平台，帮助用户对接具备执业资质的心理咨询师与精神科医师，支持文字、音频、视频消息沟通，部分场景还可提供实时视频咨询服务。
PIII vs TALK — 直观对比
营收规模更大
PIII
是对方的6.1倍
$63.0M
营收增速更快
TALK
高出25.5%
3.8%
净利率更高
TALK
高出27.2%
-19.6%
两年增速更快
TALK
近两年复合增速
-0.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $63.0M |
| 净利润 | $-75.5M | $4.8M |
| 毛利率 | — | — |
| 营业利润率 | -40.0% | 6.1% |
| 净利率 | -19.6% | 7.6% |
| 营收同比 | 3.8% | 29.3% |
| 净利润同比 | -28.8% | 292.5% |
| 每股收益（稀释后） | $-23.08 | — |
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PIIITALK
| Q4 25 | $384.8M | $63.0M | ||
| Q3 25 | $345.3M | $59.4M | ||
| Q2 25 | $355.8M | $54.3M | ||
| Q1 25 | $373.2M | $52.2M | ||
| Q4 24 | $370.7M | $48.7M | ||
| Q3 24 | $362.1M | $47.4M | ||
| Q2 24 | $379.2M | $46.1M | ||
| Q1 24 | $388.5M | $45.4M |
净利润PIIITALK
| Q4 25 | $-75.5M | $4.8M | ||
| Q3 25 | $-31.6M | $3.3M | ||
| Q2 25 | $-20.4M | $-541.0K | ||
| Q1 25 | $-20.5M | $318.0K | ||
| Q4 24 | $-58.6M | $1.2M | ||
| Q3 24 | $-46.5M | $1.9M | ||
| Q2 24 | $-12.0M | $-474.0K | ||
| Q1 24 | $-18.7M | $-1.5M |
毛利率PIIITALK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 44.6% | ||
| Q4 24 | — | 44.2% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 45.5% | ||
| Q1 24 | — | 47.8% |
营业利润率PIIITALK
| Q4 25 | -40.0% | 6.1% | ||
| Q3 25 | -12.8% | 3.7% | ||
| Q2 25 | -9.6% | -3.3% | ||
| Q1 25 | -10.2% | -2.1% | ||
| Q4 24 | -37.4% | 1.2% | ||
| Q3 24 | -29.5% | 0.2% | ||
| Q2 24 | -8.3% | -7.6% | ||
| Q1 24 | -11.3% | -3.7% |
净利率PIIITALK
| Q4 25 | -19.6% | 7.6% | ||
| Q3 25 | -9.1% | 5.5% | ||
| Q2 25 | -5.7% | -1.0% | ||
| Q1 25 | -5.5% | 0.6% | ||
| Q4 24 | -15.8% | 2.5% | ||
| Q3 24 | -12.8% | 4.0% | ||
| Q2 24 | -3.2% | -1.0% | ||
| Q1 24 | -4.8% | -3.2% |
每股收益（稀释后）PIIITALK
| Q4 25 | $-23.08 | — | ||
| Q3 25 | $-9.67 | $0.02 | ||
| Q2 25 | $-6.23 | — | ||
| Q1 25 | $-6.28 | $0.00 | ||
| Q4 24 | $-23.13 | $0.01 | ||
| Q3 24 | $-15.70 | $0.01 | ||
| Q2 24 | $-7.37 | $0.00 | ||
| Q1 24 | $-7.86 | $-0.01 |
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 | $37.4M |
| 总债务越低越好 | $228.4M | — |
| 股东权益账面价值 | $-155.2M | $117.0M |
| 总资产 | $656.6M | $134.9M |
| 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PIIITALK
| Q4 25 | $25.0M | $37.4M | ||
| Q3 25 | $37.7M | $39.5M | ||
| Q2 25 | $38.6M | $54.3M | ||
| Q1 25 | $40.1M | $60.1M | ||
| Q4 24 | $38.8M | $76.7M | ||
| Q3 24 | $63.0M | $119.0M | ||
| Q2 24 | $73.1M | $114.9M | ||
| Q1 24 | $27.3M | $120.3M |
总债务PIIITALK
| 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PIIITALK
| Q4 25 | $-155.2M | $117.0M | ||
| Q3 25 | $-18.7M | $109.1M | ||
| Q2 25 | $44.5M | $112.9M | ||
| Q1 25 | $63.3M | $113.4M | ||
| Q4 24 | $75.9M | $117.4M | ||
| Q3 24 | $120.5M | $117.6M | ||
| Q2 24 | $166.8M | $114.0M | ||
| Q1 24 | $146.6M | $119.6M |
总资产PIIITALK
| Q4 25 | $656.6M | $134.9M | ||
| Q3 25 | $683.6M | $129.1M | ||
| Q2 25 | $731.6M | $132.8M | ||
| Q1 25 | $783.9M | $134.2M | ||
| Q4 24 | $783.4M | $138.7M | ||
| Q3 24 | $833.3M | $138.2M | ||
| Q2 24 | $892.8M | $133.8M | ||
| Q1 24 | $855.9M | $138.3M |
负债/权益比PIIITALK
| 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 | $5.4M |
| 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 | — | 1.13× |
| 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PIIITALK
| Q4 25 | $-25.7M | $5.4M | ||
| Q3 25 | $-15.4M | $4.7M | ||
| Q2 25 | $-16.6M | $-351.0K | ||
| Q1 25 | $-33.5M | $-1.2M | ||
| Q4 24 | $-57.2M | $3.7M | ||
| Q3 24 | $-22.6M | $6.2M | ||
| Q2 24 | $-10.2M | $4.8M | ||
| Q1 24 | $-20.0M | $-3.4M |
自由现金流PIIITALK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $4.5M | ||
| Q1 24 | — | $-3.8M |
自由现金流率PIIITALK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | -8.3% |
资本支出强度PIIITALK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | 0.7% | ||
| Q1 24 | 0.0% | 0.8% |
现金转化率PIIITALK
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -3.90× | ||
| Q4 24 | — | 3.02× | ||
| Q3 24 | — | 3.31× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
TALK
| Payor Revenue | $47.7M | 76% |
| Dte Revenue | $11.6M | 18% |
| Consumer | $3.7M | 6% |
