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

Pennant brought in $947.7M of revenue in fiscal 2025, U S Physical Therapy $781M in fiscal 2025. Revenue changed by +36.3% at Pennant and +16.3% at U S Physical Therapy on the year before, so Pennant grew faster. Pennant kept 3.1% of its revenue as net profit, U S Physical Therapy 5.1%. Free cash flow was $36.3M at Pennant and $61M at U S Physical Therapy.

Side by side, latest fiscal year

PNTGUSPH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$947.7M$781M
Revenue growth+36.3%+16.3%
Net income$29.6M$39.6M
Net margin3.1%5.1%
Free cash flow$36.3M$61M
Free cash flow margin3.8%7.8%
Earnings per share (diluted)$0.84$1.42
Cash$17M$35.6M
Debt$168.8M$162.5M
Price to earnings48.559.8
Market value$1.4B$1.3B
Dividend yieldn/a2.12%
Rank by revenue in sector#148 of 523 · Health care#163 of 523 · Health care

Over the years

Revenue
PNTG FY2019: $286.1MPNTG FY2019: $338.5MPNTG FY2020: $391MPNTG FY2021: $439.7MPNTG FY2022: $473.2MPNTG FY2023: $544.9MPNTG FY2024: $695.2MPNTG FY2025: $947.7MUSPH FY2018: $453.9MUSPH FY2019: $482MUSPH FY2020: $423MUSPH FY2021: $495MUSPH FY2022: $553.1MUSPH FY2023: $604.8MUSPH FY2024: $671.3MUSPH FY2025: $781MFY18FY19FY20FY21FY22FY23FY24FY25
PNTG $947.7MUSPH $781M
Net income
PNTG FY2019: $15.7MPNTG FY2019: $2.5MPNTG FY2020: $15.7MPNTG FY2021: $2.7MPNTG FY2022: $6.6MPNTG FY2023: $13.4MPNTG FY2024: $22.6MPNTG FY2025: $29.6MUSPH FY2018: $34.9MUSPH FY2019: $40MUSPH FY2020: $35.2MUSPH FY2021: $40.8MUSPH FY2022: $32.2MUSPH FY2023: $28.2MUSPH FY2024: $31.4MUSPH FY2025: $39.6MFY18FY19FY20FY21FY22FY23FY24FY25
PNTG $29.6MUSPH $39.6M
Net margin
PNTG FY2019: 5.5%PNTG FY2019: 0.8%PNTG FY2020: 4.0%PNTG FY2021: 0.6%PNTG FY2022: 1.4%PNTG FY2023: 2.5%PNTG FY2024: 3.2%PNTG FY2025: 3.1%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
PNTG 3.1%USPH 5.1%
Revenue growth
PNTG FY2019: +18.3%PNTG FY2020: +15.5%PNTG FY2021: +12.5%PNTG FY2022: +7.6%PNTG FY2023: +15.1%PNTG FY2024: +27.6%PNTG FY2025: +36.3%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
PNTG +36.3%USPH +16.3%
Free cash flow
PNTG FY2019: $19.7MPNTG FY2019: $2.8MPNTG FY2020: $43MPNTG FY2021: -$24.5MPNTG FY2022: -$5.1MPNTG FY2023: $25MPNTG FY2024: $30.3MPNTG FY2025: $36.3MUSPH FY2018: $65.8MUSPH FY2019: $52.3MUSPH FY2020: $92.4MUSPH FY2021: $68.2MUSPH FY2022: $50.3MUSPH FY2023: $72.7MUSPH FY2024: $65.8MUSPH FY2025: $61MFY18FY19FY20FY21FY22FY23FY24FY25
PNTG $36.3MUSPH $61M

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

Questions about Pennant and U S Physical Therapy

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

Pennant is bigger by revenue: $947.7M in fiscal 2025, against $781M for U S Physical Therapy in fiscal 2025.

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

Pennant had a net margin of 3.1% in fiscal 2025; U S Physical Therapy had 5.1% in fiscal 2025.

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

In their latest fiscal years revenue changed by +36.3% at Pennant 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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