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P3 Health Partners Inc.（PIII）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
P3 Health Partners Inc.的季度营收约是世纪互联的1.1倍（$384.8M vs $362.7M），世纪互联净利率更高（-10.7% vs -19.6%，领先9.0%），过去两年世纪互联的营收复合增速更高（17.4% 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。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
PIII vs VNET — 直观对比
营收规模更大
PIII
是对方的1.1倍
$362.7M
净利率更高
VNET
高出9.0%
-19.6%
两年增速更快
VNET
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $384.8M | $362.7M |
| 净利润 | $-75.5M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -40.0% | 0.5% |
| 净利率 | -19.6% | -10.7% |
| 营收同比 | 3.8% | — |
| 净利润同比 | -28.8% | — |
| 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PIIIVNET
| Q4 25 | $384.8M | — | ||
| Q3 25 | $345.3M | $362.7M | ||
| Q2 25 | $355.8M | — | ||
| Q1 25 | $373.2M | $309.5M | ||
| Q4 24 | $370.7M | — | ||
| Q3 24 | $362.1M | $302.2M | ||
| Q2 24 | $379.2M | $274.4M | ||
| Q1 24 | $388.5M | $262.9M |
净利润PIIIVNET
| Q4 25 | $-75.5M | — | ||
| Q3 25 | $-31.6M | $-38.7M | ||
| Q2 25 | $-20.4M | — | ||
| Q1 25 | $-20.5M | $-2.4M | ||
| Q4 24 | $-58.6M | — | ||
| Q3 24 | $-46.5M | $-2.1M | ||
| Q2 24 | $-12.0M | $-1.1M | ||
| Q1 24 | $-18.7M | $-22.0M |
毛利率PIIIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率PIIIVNET
| Q4 25 | -40.0% | — | ||
| Q3 25 | -12.8% | 0.5% | ||
| Q2 25 | -9.6% | — | ||
| Q1 25 | -10.2% | 0.1% | ||
| Q4 24 | -37.4% | — | ||
| Q3 24 | -29.5% | 24.5% | ||
| Q2 24 | -8.3% | 0.2% | ||
| Q1 24 | -11.3% | 0.2% |
净利率PIIIVNET
| Q4 25 | -19.6% | — | ||
| Q3 25 | -9.1% | -10.7% | ||
| Q2 25 | -5.7% | — | ||
| Q1 25 | -5.5% | -0.8% | ||
| Q4 24 | -15.8% | — | ||
| Q3 24 | -12.8% | -0.7% | ||
| Q2 24 | -3.2% | -0.4% | ||
| Q1 24 | -4.8% | -8.4% |
每股收益（稀释后）PIIIVNET
| Q4 25 | $-23.08 | — | ||
| Q3 25 | $-9.67 | — | ||
| Q2 25 | $-6.23 | — | ||
| Q1 25 | $-6.28 | — | ||
| Q4 24 | $-23.13 | — | ||
| Q3 24 | $-15.70 | — | ||
| Q2 24 | $-7.37 | — | ||
| Q1 24 | $-7.86 | — |
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 | $492.1M |
| 总债务越低越好 | $228.4M | — |
| 股东权益账面价值 | $-155.2M | $890.8M |
| 总资产 | $656.6M | $6.1B |
| 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PIIIVNET
| Q4 25 | $25.0M | — | ||
| Q3 25 | $37.7M | $492.1M | ||
| Q2 25 | $38.6M | — | ||
| Q1 25 | $40.1M | $544.3M | ||
| Q4 24 | $38.8M | — | ||
| Q3 24 | $63.0M | $219.5M | ||
| Q2 24 | $73.1M | $247.2M | ||
| Q1 24 | $27.3M | $246.9M |
总债务PIIIVNET
| Q4 25 | $228.4M | — | ||
| Q3 25 | $252.8M | — | ||
| Q2 25 | $182.0M | — | ||
| Q1 25 | $171.1M | — | ||
| Q4 24 | $108.9M | — | ||
| Q3 24 | $133.2M | $1.2B | ||
| Q2 24 | $133.1M | — | ||
| Q1 24 | $118.1M | — |
股东权益PIIIVNET
| Q4 25 | $-155.2M | — | ||
| Q3 25 | $-18.7M | $890.8M | ||
| Q2 25 | $44.5M | — | ||
| Q1 25 | $63.3M | $927.8M | ||
| Q4 24 | $75.9M | — | ||
| Q3 24 | $120.5M | $902.9M | ||
| Q2 24 | $166.8M | $900.6M | ||
| Q1 24 | $146.6M | $895.1M |
总资产PIIIVNET
| Q4 25 | $656.6M | — | ||
| Q3 25 | $683.6M | $6.1B | ||
| Q2 25 | $731.6M | — | ||
| Q1 25 | $783.9M | $5.4B | ||
| Q4 24 | $783.4M | — | ||
| Q3 24 | $833.3M | $4.3B | ||
| Q2 24 | $892.8M | $4.0B | ||
| Q1 24 | $855.9M | $3.9B |
负债/权益比PIIIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.09× | — | ||
| Q1 25 | 2.71× | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 1.11× | 1.28× | ||
| 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 | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | — | 84.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PIIIVNET
| Q4 25 | $-25.7M | — | ||
| Q3 25 | $-15.4M | $113.8M | ||
| Q2 25 | $-16.6M | — | ||
| Q1 25 | $-33.5M | $27.0M | ||
| Q4 24 | $-57.2M | — | ||
| Q3 24 | $-22.6M | $108.3M | ||
| Q2 24 | $-10.2M | $55.8M | ||
| Q1 24 | $-20.0M | $37.1M |
自由现金流PIIIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M |
自由现金流率PIIIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% |
资本支出强度PIIIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | 67.3% | ||
| Q2 24 | 0.0% | 50.1% | ||
| Q1 24 | 0.0% | 53.0% |
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% |
VNET
暂无分部数据
