InnovAge Holding Corp. (INNV) vs U.S. Physical Therapy, Inc. (USPH)

InnovAge Holding Corp. and U.S. Physical Therapy, Inc. are both Medical Care Facilities companies. InnovAge Holding Corp. and U.S. Physical Therapy, Inc. are of similar size ($1.3B and $1.2B). InnovAge Holding Corp. has negative trailing earnings, so its P/E is not meaningful; U.S. Physical Therapy, Inc. trades at 499×. InnovAge Holding Corp. grew revenue faster over the last twelve months: 15.9% against 11.3%. U.S. Physical Therapy, Inc. has the higher net margin (2.54% vs −0.26%) and the higher return on invested capital (7.48% vs 1.06%). Across the 21 metrics below, U.S. Physical Therapy, Inc. leads on 14 and InnovAge Holding Corp. on 7.

Valuation

Metric INNV USPH Medical Care Facilities median
P/E n/m 499.06 19.16
P/S 1.23 1.57 0.90
P/B 5.12 2.85 2.91
Price to free cash flow 24.10 19.95 12.62
EV/EBITDA 46.32 14.79 10.06
EV/Sales 1.15 1.81 1.35
Earnings yield (0.22%) 0.20% 2.30%
Free cash flow yield 4.15% 5.01% 4.14%

Profitability

Metric INNV USPH Medical Care Facilities median
Gross margin 23.01% 18.68% 30.78%
Operating margin 0.26% 9.42% 5.74%
Net margin (0.26%) 2.54% 2.32%
Free cash flow margin 5.47% 7.89% 5.46%
Return on equity (1.06%) 4.34% 8.76%
Return on assets (0.47%) 1.70% 2.18%
Return on invested capital 1.06% 7.48% 5.40%

Growth

Metric INNV USPH Medical Care Facilities median
Revenue growth (TTM) 15.93% 11.32% 7.12%
EPS growth (last fiscal year) 90.91% (22.83%) —
Revenue growth, 5-year CAGR 9.19% 13.05% 9.58%
Net income growth, 5-year CAGR 0.00% 2.38% 0.00%

Health

Metric INNV USPH Medical Care Facilities median
Debt to equity 0.24 0.48 0.30
Current ratio 1.05 1.27 1.22
Net debt to EBITDA (3.47) 1.07 1.32

Dividend

Metric INNV USPH Medical Care Facilities median
Dividend yield — 1.83% 0.85%
Payout ratio 0.00 0.88 0.00

Size

Metric INNV USPH Medical Care Facilities median
Market cap 1.21b 1.25b 1.34b

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