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DocGo vs U S Physical Therapy: revenue, profit, margins and growth compared

DocGo brought in $322.2M of revenue in fiscal 2025, U S Physical Therapy $781M in fiscal 2025. Revenue changed by -47.7% at DocGo and +16.3% at U S Physical Therapy on the year before, so U S Physical Therapy grew faster. DocGo kept -56.6% of its revenue as net profit, U S Physical Therapy 5.1%. Free cash flow was $29.9M at DocGo and $61M at U S Physical Therapy.

Side by side, latest fiscal year

DCGOUSPH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$322.2M$781M
Revenue growth-47.7%+16.3%
Net income-$182.4M$39.6M
Net margin-56.6%5.1%
Free cash flow$29.9M$61M
Free cash flow margin9.3%7.8%
Earnings per share (diluted)-$1.84$1.42
Cash$51M$35.6M
Debt$235.6K$162.5M
Price to earningsn/a59.8
Market valuen/a$1.3B
Dividend yieldn/a2.12%
Rank by revenue in sector#217 of 523 · Health care#163 of 523 · Health care

Over the years

Revenue
DCGO FY2020: $94.1MDCGO FY2021: $318.7MDCGO FY2022: $440.5MDCGO FY2023: $624.3MDCGO FY2024: $616.6MDCGO FY2025: $322.2MUSPH FY2018: $453.9MUSPH FY2019: $482MUSPH FY2020: $423MUSPH FY2021: $495MUSPH FY2022: $553.1MUSPH FY2023: $604.8MUSPH FY2024: $671.3MUSPH FY2025: $781MFY18FY19FY20FY21FY22FY23FY24FY25
DCGO $322.2MUSPH $781M
Net income
DCGO FY2020: -$14.8MDCGO FY2021: $23.7MDCGO FY2022: $34.6MDCGO FY2023: $6.9MDCGO FY2024: $20MDCGO FY2025: -$182.4MUSPH FY2018: $34.9MUSPH FY2019: $40MUSPH FY2020: $35.2MUSPH FY2021: $40.8MUSPH FY2022: $32.2MUSPH FY2023: $28.2MUSPH FY2024: $31.4MUSPH FY2025: $39.6MFY18FY19FY20FY21FY22FY23FY24FY25
DCGO -$182.4MUSPH $39.6M
Net margin
DCGO FY2020: -15.7%DCGO FY2021: 7.4%DCGO FY2022: 7.9%DCGO FY2023: 1.1%DCGO FY2024: 3.2%DCGO FY2025: -56.6%USPH FY2018: 7.7%USPH FY2019: 8.3%USPH FY2020: 8.3%USPH FY2021: 8.2%USPH FY2022: 5.8%USPH FY2023: 4.7%USPH FY2024: 4.7%USPH FY2025: 5.1%FY18FY19FY20FY21FY22FY23FY24FY25
DCGO -56.6%USPH 5.1%
Revenue growth
DCGO FY2021: +238.7%DCGO FY2022: +38.2%DCGO FY2023: +41.7%DCGO FY2024: -1.2%DCGO FY2025: -47.7%USPH FY2019: +6.2%USPH FY2020: -12.2%USPH FY2021: +17.0%USPH FY2022: +11.7%USPH FY2023: +9.3%USPH FY2024: +11.0%USPH FY2025: +16.3%FY19FY20FY21FY22FY23FY24FY25
DCGO -47.7%USPH +16.3%
Free cash flow
DCGO FY2020: -$15MDCGO FY2021: -$6.8MDCGO FY2022: $25.7MDCGO FY2023: -$71.8MDCGO FY2024: $66.5MDCGO FY2025: $29.9MUSPH FY2018: $65.8MUSPH FY2019: $52.3MUSPH FY2020: $92.4MUSPH FY2021: $68.2MUSPH FY2022: $50.3MUSPH FY2023: $72.7MUSPH FY2024: $65.8MUSPH FY2025: $61MFY18FY19FY20FY21FY22FY23FY24FY25
DCGO $29.9MUSPH $61M

Fiscal years as each company reports them; the two may end in different months.

Questions about DocGo and U S Physical Therapy

Which is bigger by revenue, DocGo or U S Physical Therapy?

U S Physical Therapy is bigger by revenue: $781M in fiscal 2025, against $322.2M for DocGo in fiscal 2025.

Which keeps more of its revenue as profit, DocGo or U S Physical Therapy?

DocGo had a net margin of -56.6% in fiscal 2025; U S Physical Therapy had 5.1% in fiscal 2025.

Which grew revenue faster, DocGo or U S Physical Therapy?

In their latest fiscal years revenue changed by -47.7% at DocGo and +16.3% at U S Physical Therapy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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