Innovage Holding vs U S Physical Therapy
Innovage Holding is the larger business, with $990m of revenue in fiscal 2026 against $781m for U S Physical Therapy (1.3 times as much). U S Physical Therapy grew faster (16.3% against 15.9%). U S Physical Therapy kept more of each dollar of sales as profit: a net margin of 5.1% against -0.3%. Innovage Holding carries less debt relative to equity (20.7% against 34.1%).
| Latest fiscal year | Innovage HoldingINNV, 2026 | U S Physical TherapyUSPH, 2025 |
|---|---|---|
| Revenue | $990m | $781m |
| Revenue growth | 15.9% | 16.3% |
| Net income | −$2.5m | $39.6m |
| Operating margin | 0.3% | 11.1% |
| Net margin | -0.3% | 5.1% |
| Return on equity | -1.1% | 8.2% |
| Free cash flow | $50.4m | $61.0m |
| Cash | $97.9m | $35.6m |
| Total debt | $48.8m | $162m |
| Debt to equity | 20.7% | 34.1% |
| Dividend per share | — | $1.80 |
| Dividend yield | — | — |
| Share buybacks | — | $5.6m |
| Employees | 2,500 | 7,294 |
| Market value | $1.21bn | $1.29bn |
| Price vs our value range | Above our value range | — |
| Moat score | 28 (Weak) | 46 (Moderate) |
| Insider trades, 12 months | 0 buys, 9 sales | 5 buys, 5 sales |