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

LifeStance Health brought in $1.4B of revenue in fiscal 2025, U S Physical Therapy $781M in fiscal 2025. Revenue changed by +13.9% at LifeStance Health and +16.3% at U S Physical Therapy on the year before, so U S Physical Therapy grew faster. LifeStance Health kept 0.7% of its revenue as net profit, U S Physical Therapy 5.1%. Free cash flow was $110M at LifeStance Health and $61M at U S Physical Therapy.

Side by side, latest fiscal year

LFSTUSPH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.4B$781M
Revenue growth+13.9%+16.3%
Net income$9.7M$39.6M
Net margin0.7%5.1%
Free cash flow$110M$61M
Free cash flow margin7.7%7.8%
Earnings per share (diluted)n/a$1.42
Cash$248.6M$35.6M
Debt$282.8M$162.5M
Price to earningsn/a59.8
Market value$4.5B$1.3B
Dividend yieldn/a2.12%
Rank by revenue in sector#126 of 523 · Health care#163 of 523 · Health care

Over the years

Revenue
LFST FY2019: $212.5MLFST FY2021: $667.5MLFST FY2022: $859.5MLFST FY2023: $1.1BLFST FY2024: $1.3BLFST FY2025: $1.4BUSPH FY2018: $453.9MUSPH FY2019: $482MUSPH FY2020: $423MUSPH FY2021: $495MUSPH FY2022: $553.1MUSPH FY2023: $604.8MUSPH FY2024: $671.3MUSPH FY2025: $781MFY18FY19FY20FY21FY22FY23FY24FY25
LFST $1.4BUSPH $781M
Net income
LFST FY2019: $5.7MLFST FY2021: -$307.2MLFST FY2022: -$215.6MLFST FY2023: -$186.3MLFST FY2024: -$57.4MLFST FY2025: $9.7MUSPH FY2018: $34.9MUSPH FY2019: $40MUSPH FY2020: $35.2MUSPH FY2021: $40.8MUSPH FY2022: $32.2MUSPH FY2023: $28.2MUSPH FY2024: $31.4MUSPH FY2025: $39.6MFY18FY19FY20FY21FY22FY23FY24FY25
LFST $9.7MUSPH $39.6M
Net margin
LFST FY2019: 2.7%LFST FY2021: -46.0%LFST FY2022: -25.1%LFST FY2023: -17.6%LFST FY2024: -4.6%LFST FY2025: 0.7%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
LFST 0.7%USPH 5.1%
Revenue growth
LFST FY2022: +28.8%LFST FY2023: +22.8%LFST FY2024: +18.5%LFST FY2025: +13.9%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
LFST +13.9%USPH +16.3%
Free cash flow
LFST FY2019: $2.7MLFST FY2021: -$85.1MLFST FY2022: -$26.5MLFST FY2023: -$57.4MLFST FY2024: $85.7MLFST FY2025: $110MUSPH FY2018: $65.8MUSPH FY2019: $52.3MUSPH FY2020: $92.4MUSPH FY2021: $68.2MUSPH FY2022: $50.3MUSPH FY2023: $72.7MUSPH FY2024: $65.8MUSPH FY2025: $61MFY18FY19FY20FY21FY22FY23FY24FY25
LFST $110MUSPH $61M

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

Questions about LifeStance Health and U S Physical Therapy

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

LifeStance Health is bigger by revenue: $1.4B in fiscal 2025, against $781M for U S Physical Therapy in fiscal 2025.

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

LifeStance Health had a net margin of 0.7% in fiscal 2025; U S Physical Therapy had 5.1% in fiscal 2025.

Which grew revenue faster, LifeStance Health or U S Physical Therapy?

In their latest fiscal years revenue changed by +13.9% at LifeStance Health 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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