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P3 Health Partners Inc.（PIII）与U S PHYSICAL THERAPY INC（USPH）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U S PHYSICAL THERAPY INC的1.9倍（$384.8M vs $202.7M）。U S PHYSICAL THERAPY INC净利率更高（2.0% vs -19.6%，领先21.7%）。U S PHYSICAL THERAPY INC同比增速更快（12.3% vs 3.8%）。过去两年U S PHYSICAL THERAPY INC的营收复合增速更高（14.1% 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。
该企业是美国领先的门诊康复服务提供商，运营数百间线下物理治疗门诊，为受伤、术后、慢性疼痛及行动障碍人群提供康复护理，同时覆盖运动医学、职业治疗、儿童康复等特色服务领域。
PIII vs USPH — 直观对比
营收规模更大
PIII
是对方的1.9倍
$202.7M
营收增速更快
USPH
高出8.5%
3.8%
净利率更高
USPH
高出21.7%
-19.6%
两年增速更快
USPH
近两年复合增速
-0.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $202.7M |
| 净利润 | $-75.5M | $4.2M |
| 毛利率 | — | 19.8% |
| 营业利润率 | -40.0% | 8.3% |
| 净利率 | -19.6% | 2.0% |
| 营收同比 | 3.8% | 12.3% |
| 净利润同比 | -28.8% | -55.1% |
| 每股收益（稀释后） | $-23.08 | $-0.44 |
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PIIIUSPH
| Q4 25 | $384.8M | $202.7M | ||
| Q3 25 | $345.3M | $197.1M | ||
| Q2 25 | $355.8M | $197.3M | ||
| Q1 25 | $373.2M | $183.8M | ||
| Q4 24 | $370.7M | $180.4M | ||
| Q3 24 | $362.1M | $168.0M | ||
| Q2 24 | $379.2M | $167.2M | ||
| Q1 24 | $388.5M | $155.7M |
净利润PIIIUSPH
| Q4 25 | $-75.5M | $4.2M | ||
| Q3 25 | $-31.6M | $13.1M | ||
| Q2 25 | $-20.4M | $12.4M | ||
| Q1 25 | $-20.5M | $9.9M | ||
| Q4 24 | $-58.6M | $9.2M | ||
| Q3 24 | $-46.5M | $6.6M | ||
| Q2 24 | $-12.0M | $7.5M | ||
| Q1 24 | $-18.7M | $8.0M |
毛利率PIIIUSPH
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 16.9% | ||
| Q4 24 | — | 18.0% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 20.3% | ||
| Q1 24 | — | 18.2% |
营业利润率PIIIUSPH
| Q4 25 | -40.0% | 8.3% | ||
| Q3 25 | -12.8% | 12.8% | ||
| Q2 25 | -9.6% | 12.6% | ||
| Q1 25 | -10.2% | 10.7% | ||
| Q4 24 | -37.4% | 10.9% | ||
| Q3 24 | -29.5% | 7.6% | ||
| Q2 24 | -8.3% | 9.3% | ||
| Q1 24 | -11.3% | 9.6% |
净利率PIIIUSPH
| Q4 25 | -19.6% | 2.0% | ||
| Q3 25 | -9.1% | 6.7% | ||
| Q2 25 | -5.7% | 6.3% | ||
| Q1 25 | -5.5% | 5.4% | ||
| Q4 24 | -15.8% | 5.1% | ||
| Q3 24 | -12.8% | 3.9% | ||
| Q2 24 | -3.2% | 4.5% | ||
| Q1 24 | -4.8% | 5.2% |
每股收益（稀释后）PIIIUSPH
| Q4 25 | $-23.08 | $-0.44 | ||
| Q3 25 | $-9.67 | $0.48 | ||
| Q2 25 | $-6.23 | $0.58 | ||
| Q1 25 | $-6.28 | $0.80 | ||
| Q4 24 | $-23.13 | $0.52 | ||
| Q3 24 | $-15.70 | $0.39 | ||
| Q2 24 | $-7.37 | $0.47 | ||
| Q1 24 | $-7.86 | $0.46 |
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 | $35.6M |
| 总债务越低越好 | $228.4M | — |
| 股东权益账面价值 | $-155.2M | $476.4M |
| 总资产 | $656.6M | $1.2B |
| 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PIIIUSPH
| Q4 25 | $25.0M | $35.6M | ||
| Q3 25 | $37.7M | $31.1M | ||
| Q2 25 | $38.6M | $34.1M | ||
| Q1 25 | $40.1M | $39.2M | ||
| Q4 24 | $38.8M | $41.4M | ||
| Q3 24 | $63.0M | $117.0M | ||
| Q2 24 | $73.1M | $112.9M | ||
| Q1 24 | $27.3M | $132.3M |
总债务PIIIUSPH
| 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PIIIUSPH
| Q4 25 | $-155.2M | $476.4M | ||
| Q3 25 | $-18.7M | $503.6M | ||
| Q2 25 | $44.5M | $500.8M | ||
| Q1 25 | $63.3M | $497.3M | ||
| Q4 24 | $75.9M | $488.9M | ||
| Q3 24 | $120.5M | $482.8M | ||
| Q2 24 | $166.8M | $484.6M | ||
| Q1 24 | $146.6M | $479.8M |
总资产PIIIUSPH
| Q4 25 | $656.6M | $1.2B | ||
| Q3 25 | $683.6M | $1.2B | ||
| Q2 25 | $731.6M | $1.2B | ||
| Q1 25 | $783.9M | $1.2B | ||
| Q4 24 | $783.4M | $1.2B | ||
| Q3 24 | $833.3M | $1.0B | ||
| Q2 24 | $892.8M | $1.0B | ||
| Q1 24 | $855.9M | $1.0B |
负债/权益比PIIIUSPH
| 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 | $24.9M |
| 自由现金流经营现金流 - 资本支出 | — | $21.0M |
| 自由现金流率自由现金流/营收 | — | 10.4% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 现金转化率经营现金流/净利润 | — | 6.00× |
| 过去12个月自由现金流最近4个季度 | — | $61.0M |
8季度趋势，按日历期对齐
经营现金流PIIIUSPH
| Q4 25 | $-25.7M | $24.9M | ||
| Q3 25 | $-15.4M | $19.9M | ||
| Q2 25 | $-16.6M | $34.9M | ||
| Q1 25 | $-33.5M | $-4.7M | ||
| Q4 24 | $-57.2M | $19.4M | ||
| Q3 24 | $-22.6M | $22.1M | ||
| Q2 24 | $-10.2M | $29.0M | ||
| Q1 24 | $-20.0M | $4.4M |
自由现金流PIIIUSPH
| Q4 25 | — | $21.0M | ||
| Q3 25 | — | $15.6M | ||
| Q2 25 | — | $31.6M | ||
| Q1 25 | — | $-7.3M | ||
| Q4 24 | — | $16.9M | ||
| Q3 24 | — | $19.6M | ||
| Q2 24 | — | $26.7M | ||
| Q1 24 | — | $2.6M |
自由现金流率PIIIUSPH
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | 16.0% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 1.7% |
资本支出强度PIIIUSPH
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | 0.0% | 1.4% | ||
| Q3 24 | 0.0% | 1.5% | ||
| Q2 24 | 0.0% | 1.4% | ||
| Q1 24 | 0.0% | 1.2% |
现金转化率PIIIUSPH
| Q4 25 | — | 6.00× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.81× | ||
| Q1 25 | — | -0.47× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | — | 3.34× | ||
| Q2 24 | — | 3.86× | ||
| Q1 24 | — | 0.55× |
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% |
USPH
| Net Patient Revenues | $169.7M | 84% |
| Industrial Injury Prevention Services Revenues | $28.9M | 14% |
| Management Contract Revenues | $2.3M | 1% |
