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P3 Health Partners vs U S Physical Therapy: PIII and USPH compared
P3 Health Partners is the larger company: $386M of revenue in its latest quarter (Q2 2026) against $223M for U S Physical Therapy (Q3 2026). U S Physical Therapy is growing faster (+13% against +9% a year earlier). U S Physical Therapy is more profitable, with an operating margin of 11.3% against 10.7%.
Where the money goes: PIII and USPH
P3 Health Partners (PIII) · Q2 2026
P3 Health Partners, Q2 2026: revenue $386M (+9% year over year), operating margin 10.7%, net earnings $7.4M, operating cash flow −$61.9M. 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.
| P3 Health Partners (PIII) | U S Physical Therapy (USPH) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $386M | $223M |
| Revenue growth, Y/Y | +9% | +13% |
| Gross margin | — | 19.3% |
| Operating margin | 10.7% | 11.3% |
| Net earnings | $7.4M | $11.0M |
| Net margin | 1.9% | 5.0% |
| Operating cash flow | −$61.9M | $25.7M |
| Free cash flow | — | $20.7M |
| Market value | $815M | $1.3B |
| P/E | — | 40.4× |
| Analysts’ mean target | $18.00 | $97.83 |
Where the revenue comes from
P3 Health Partners
- Capitated revenue: $366M (95%)
- Other patient service revenue: $20.0M (5%)
U S Physical Therapy
- Net Patient Revenue: $161M (72%)
- Other Revenue: $36.4M (16%)
- Hospital Affiliation Revenue: $25.0M (11%)
Questions
Which is bigger, P3 Health Partners or U S Physical Therapy?
P3 Health Partners is the larger company: $386M of revenue in its latest quarter (Q2 2026) against $223M for U S Physical Therapy (Q3 2026).
Is P3 Health Partners or U S Physical Therapy growing faster?
U S Physical Therapy is growing faster (+13% against +9% a year earlier).
Which is more profitable, P3 Health Partners or U S Physical Therapy?
U S Physical Therapy is more profitable, with an operating margin of 11.3% against 10.7%.
More: P3 Health Partners earnings · how P3 Health Partners 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 Aug 10, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.