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P3 Health Partners vs U S Physical Therapy: revenue, profit, margins and growth compared

P3 Health Partners brought in $1.5B of revenue in fiscal 2024, U S Physical Therapy $781M in fiscal 2025. Revenue changed by -2.8% at P3 Health Partners and +16.3% at U S Physical Therapy on the year before, so U S Physical Therapy grew faster. P3 Health Partners kept -10.1% of its revenue as net profit, U S Physical Therapy 5.1%.

Side by side, latest fiscal year

PIIIUSPH
Fiscal year endedFY2024 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.5B$781M
Revenue growth-2.8%+16.3%
Net income-$147.9M$39.6M
Net margin-10.1%5.1%
Free cash flown/a$61M
Free cash flow marginn/a7.8%
Earnings per share (diluted)-$45.26$1.42
Cash$25M$35.6M
Debt$273.4M$162.5M
Price to earningsn/a59.8
Market value$51.2M$1.3B
Dividend yieldn/a2.12%
Rank by revenue in sector#124 of 523 · Health care#163 of 523 · Health care

Over the years

Revenue
PIII FY2019: $145.5MPIII FY2021: $491.1MPIII FY2022: $1BPIII FY2023: $1.3BPIII FY2024: $1.5BPIII FY2024: $1.5BUSPH FY2018: $453.9MUSPH FY2019: $482MUSPH FY2020: $423MUSPH FY2021: $495MUSPH FY2022: $553.1MUSPH FY2023: $604.8MUSPH FY2024: $671.3MUSPH FY2025: $781MFY18FY19FY20FY21FY22FY23FY24FY25
PIII $1.5BUSPH $781M
Net income
PIII FY2019: -$42MPIII FY2021: -$31.4MPIII FY2022: -$270.1MPIII FY2023: -$57.8MPIII FY2024: -$135.8MPIII FY2024: -$147.9MUSPH FY2018: $34.9MUSPH FY2019: $40MUSPH FY2020: $35.2MUSPH FY2021: $40.8MUSPH FY2022: $32.2MUSPH FY2023: $28.2MUSPH FY2024: $31.4MUSPH FY2025: $39.6MFY18FY19FY20FY21FY22FY23FY24FY25
PIII -$147.9MUSPH $39.6M
Net margin
PIII FY2019: -28.8%PIII FY2021: -6.4%PIII FY2022: -25.7%PIII FY2023: -4.6%PIII FY2024: -9.1%PIII FY2024: -10.1%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
PIII -10.1%USPH 5.1%
Revenue growth
PIII FY2021: +237.5%PIII FY2023: +20.7%PIII FY2024: +18.5%PIII FY2024: -2.8%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
PIII -2.8%USPH +16.3%
Free cash flow
PIII FY2019: -$29.7MPIII FY2021: -$27.5MPIII FY2022: -$128.3MPIII FY2023: -$77.9MPIII FY2024: -$110.1MUSPH FY2018: $65.8MUSPH FY2019: $52.3MUSPH FY2020: $92.4MUSPH FY2021: $68.2MUSPH FY2022: $50.3MUSPH FY2023: $72.7MUSPH FY2024: $65.8MUSPH FY2025: $61MFY18FY19FY20FY21FY22FY23FY24FY25
PIII -$110.1MUSPH $61M

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

Questions about P3 Health Partners and U S Physical Therapy

Which is bigger by revenue, P3 Health Partners or U S Physical Therapy?

P3 Health Partners is bigger by revenue: $1.5B in fiscal 2024, against $781M for U S Physical Therapy in fiscal 2025.

Which keeps more of its revenue as profit, P3 Health Partners or U S Physical Therapy?

P3 Health Partners had a net margin of -10.1% in fiscal 2024; U S Physical Therapy had 5.1% in fiscal 2025.

Which grew revenue faster, P3 Health Partners or U S Physical Therapy?

In their latest fiscal years revenue changed by -2.8% at P3 Health Partners 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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