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InnovAge Holding vs U S Physical Therapy: INNV and USPH compared
InnovAge Holding is the larger company: $265M of revenue in its latest quarter (Q1 FY27) against $223M for U S Physical Therapy (Q3 2026). U S Physical Therapy is growing faster (+13% against +12% a year earlier). U S Physical Therapy is more profitable, with an operating margin of 11.3% against 7.6%.
Where the money goes: INNV and USPH
InnovAge Holding (INNV) · Q1 FY27
InnovAge Holding, Q1 FY27: revenue $265M (+12% year over year), operating margin 7.6%, net earnings $19.6M, operating cash flow $28.7M. The chart follows the revenue to costs, profit and cash.
U S Physical Therapy (USPH) · Q3 2026
U S Physical Therapy, Q3 2026: revenue $223M (+13% year over year), operating margin 11.3%, net earnings $11.0M, operating cash flow $25.7M. The chart follows the revenue to costs, profit and cash.
| InnovAge Holding (INNV) | U S Physical Therapy (USPH) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $265M | $223M |
| Revenue growth, Y/Y | +12% | +13% |
| Gross margin | 24.0% | 19.3% |
| Operating margin | 7.6% | 11.3% |
| Net earnings | $19.6M | $11.0M |
| Net margin | 7.4% | 5.0% |
| Operating cash flow | $28.7M | $25.7M |
| Free cash flow | $25.8M | $20.7M |
| Market value | — | $1.3B |
| P/E | — | 40.4× |
| Analysts’ mean target | — | $97.83 |
Where the revenue comes from
U S Physical Therapy
- Net Patient Revenue: $161M (72%)
- Other Revenue: $36.4M (16%)
- Hospital Affiliation Revenue: $25.0M (11%)
Questions
Which is bigger, InnovAge Holding or U S Physical Therapy?
InnovAge Holding is the larger company: $265M of revenue in its latest quarter (Q1 FY27) against $223M for U S Physical Therapy (Q3 2026).
Is InnovAge Holding or U S Physical Therapy growing faster?
U S Physical Therapy is growing faster (+13% against +12% a year earlier).
Which is more profitable, InnovAge Holding or U S Physical Therapy?
U S Physical Therapy is more profitable, with an operating margin of 11.3% against 7.6%.
More: InnovAge Holding earnings · how InnovAge Holding makes money · U S Physical Therapy earnings · how U S Physical Therapy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.