Corvel vs U S Physical Therapy
Corvel is the larger business, with $959m of revenue in fiscal 2026 against $781m for U S Physical Therapy (1.2 times as much). U S Physical Therapy grew faster (16.3% against 7.0%). Corvel kept more of each dollar of sales as profit: a net margin of 11.5% against 5.1%. Corvel carries less debt relative to equity (0.0% against 34.1%).
| Latest fiscal year | CorvelCRVL, 2026 | U S Physical TherapyUSPH, 2025 |
|---|---|---|
| Revenue | $959m | $781m |
| Revenue growth | 7.0% | 16.3% |
| Net income | $110m | $39.6m |
| Operating margin | — | 11.1% |
| Net margin | 11.5% | 5.1% |
| Return on equity | 30.8% | 8.2% |
| Free cash flow | $110m | $61.0m |
| Cash | $233m | $35.6m |
| Total debt | $0 | $162m |
| Debt to equity | 0.0% | 34.1% |
| Dividend per share | — | $1.80 |
| Dividend yield | — | — |
| Share buybacks | $56.2m | $5.6m |
| Employees | 5,239 | 7,294 |
| Market value | $4.20bn | $1.29bn |
| Price vs our value range | — | — |
| Moat score | 68 (Moderate) | 46 (Moderate) |
| Insider trades, 12 months | 0 buys, 26 sales | 5 buys, 5 sales |