Healthcare · Medical - Care Facilities
Price
$68.78
Market Cap
$1.0B
Employees
4,034
Beta
1.16
Avg Volume
202,596
CEO
Christopher J. Reading
Business Description
U.S. Physical Therapy, Inc., through its various subsidiaries, manages a network of outpatient physical therapy facilities. These clinics deliver a range of services, including rehabilitation before and after surgery, treatment for musculoskeletal conditions, recovery from sports-related trauma, proactive health measures, assistance for workers recovering from injuries, and care for neurological conditions. The company's business is divided into two primary divisions: Physical Therapy Operations and Industrial Injury Prevention Services. Within its industrial segment, it provides specialized services like on-site injury avoidance and recovery programs, strategies for enhancing physical performance, pre-employment screening tests, assessments of an individual's work capacity, and workplace ergonomic reviews. These offerings are delivered by licensed physical therapists and expert certified athletic trainers to a diverse clientele, including Fortune 500 corporations, insurance providers, and their associated contractors. By the end of 2021, specifically December 31st, the company had established 591 operational clinics across 39 states, in addition to overseeing 35 other physical therapy sites. Established in 1990, the company maintains its headquarters in Houston, Texas.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
48.44
Stock Price: $68.78
EPS (Diluted): 1.42
EPS (Diluted): 1.42
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.49
Stock Price: $68.78
Total Equity: $476.43M
Shares: 15,175,000
Total Equity: $476.43M
Shares: 15,175,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
14.36
Market Cap: $1.05B
Total Debt: $315.17M
Cash: $35.57M
EBITDA: $109.66M
Total Debt: $315.17M
Cash: $35.57M
EBITDA: $109.66M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$1.6B
Market Cap: $1.05B
Total Debt: $315.17M
Cash: $35.57M
Total Debt: $315.17M
Cash: $35.57M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
20.1%
Gross Profit: $157.34M
Revenue: $780.99M
Revenue: $780.99M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
10.3%
Operating Income: $80.43M
Revenue: $780.99M
Revenue: $780.99M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
1.9%
Net Income: $15.06M
Revenue: $780.99M
Revenue: $780.99M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
3.2%
Net Income: $15.06M
Total Equity: $476.43M
Total Equity: $476.43M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
7.9%
Operating Income: $80.43M
Tax Rate: 25.5%
Equity: $476.43M
Total Debt: $315.17M
Cash: $35.57M
Tax Rate: 25.5%
Equity: $476.43M
Total Debt: $315.17M
Cash: $35.57M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.01
Current Assets: $139.99M
Current Liabilities: $139.04M
Current Liabilities: $139.04M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.66
Short-Term Debt: $52.00M
Long-Term Debt: $263.17M
Total Debt: $315.17M
Total Equity: $476.43M
Long-Term Debt: $263.17M
Total Debt: $315.17M
Total Equity: $476.43M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$51.47
Revenue: $780.99M
Shares: 15,175,000
Shares: 15,175,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$31.40
Total Equity: $476.43M
Shares: 15,175,000
Shares: 15,175,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$4.02
Operating CF: $75.06M
CapEx: -$14.07M
Shares: 15,175,000
CapEx: -$14.07M
Shares: 15,175,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
2.3%
Last Dividend: N/A
Stock Price: $68.78
Stock Price: $68.78
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $15.06M
Net Income: $15.06M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares USPH against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 10:23pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $495.0M | $553.1M | $604.8M | $671.3M | $781.0M |
| Cost of Revenue | $377.8M | $441.1M | $483.3M | $547.4M | $623.7M |
| Gross Profit | $117.2M | $112.0M | $121.5M | $123.9M | $157.3M |
| Operating Expenses | $46.5M | $55.2M | $69.4M | $60.7M | $76.9M |
| Operating Income | $70.6M | $56.8M | $52.1M | $63.2M | $80.4M |
| Net Income | $27.8M | $28.3M | $14.7M | $26.5M | $15.1M |
| EBITDA | $85.7M | $76.1M | $74.4M | $86.9M | $109.7M |
| EPS | $4.49 | $3.34 | $1.28 | $1.84 | $1.42 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 10:23pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $28.6M | $31.6M | $152.8M | $41.4M | $35.6M |
| Total Current Assets | $95.2M | $111.3M | $233.4M | $137.6M | $140.0M |
| Total Assets | $749.4M | $858.2M | $997.2M | $1.2B | $1.2B |
| Current Liabilities | $83.5M | $85.5M | $102.2M | $116.3M | $139.0M |
| Long-Term Debt | $117.6M | $175.8M | $139.0M | $142.5M | $263.2M |
| Total Liabilities | $297.0M | $373.6M | $345.0M | $408.4M | $433.8M |
| Total Equity | $295.6M | $315.8M | $476.2M | $488.9M | $476.4M |
| Retained Earnings | $224.4M | $232.9M | $223.8M | $227.3M | $227.2M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 10:23pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $76.4M | $58.5M | $82.0M | $74.9M | $75.1M |
| Capital Expenditure | -$8.2M | -$8.2M | -$9.3M | -$9.2M | -$14.1M |
| Free Cash Flow | $68.2M | $50.3M | $72.7M | $65.8M | $61.0M |
| Acquisitions (net) | -$116.1M | -$74.3M | -$36.9M | -$142.0M | -$24.9M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | -$5.6M |
| Net Change in Cash | -$4.4M | $3.0M | $121.2M | -$111.5M | -$5.8M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 5:14pm (15h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$778.7M $776.5M – $781.1M
|
$838.7M $832.2M – $845.8M
|
$895.7M $876.9M – $911.9M
|
$980.9M $965.8M – $999.0M
|
| EBITDA |
$109.6M $109.3M – $109.9M
|
$118.0M $117.1M – $119.0M
|
$126.0M $123.4M – $128.3M
|
$138.0M $135.9M – $140.6M
|
| Net Income |
$39.7M $38.7M – $40.7M
|
$43.6M $40.4M – $46.7M
|
$52.7M $48.1M – $57.3M
|
$54.7M $53.5M – $55.9M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 10:23pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +11.7% | +9.3% | +11.0% | +16.3% |
| Gross Profit Growth | -4.4% | +8.5% | +2.0% | +27.0% |
| Operating Income Growth | -19.6% | -8.3% | +21.4% | +27.2% |
| Net Income Growth | +1.6% | -48.1% | +80.3% | -43.1% |
| EBITDA Growth | -11.2% | -2.3% | +16.8% | +26.2% |
Dividend History (Last 20)
Last updated: Jun 24, 2026 10:23pm (2d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-22 | $0.46 | 2026-05-06 | 2026-05-22 | 2026-06-12 |
| 2026-03-13 | $0.46 | 2026-02-24 | 2026-03-13 | 2026-04-10 |
| 2025-11-17 | $0.45 | 2025-11-05 | 2025-11-17 | 2025-12-12 |
| 2025-08-22 | $0.45 | 2025-08-06 | 2025-08-22 | 2025-09-12 |
| 2025-05-23 | $0.45 | 2025-05-07 | 2025-05-23 | 2025-06-13 |
| 2025-03-14 | $0.45 | 2025-02-26 | 2025-03-14 | 2025-04-11 |
| 2024-11-15 | $0.44 | 2024-11-05 | 2024-11-15 | 2024-12-06 |
| 2024-08-23 | $0.44 | 2024-08-13 | 2024-08-23 | 2024-09-13 |
| 2024-05-22 | $0.44 | 2024-05-07 | 2024-05-23 | 2024-06-14 |
| 2024-03-11 | $0.44 | 2024-02-27 | 2024-03-12 | 2024-04-05 |
| 2023-11-15 | $0.43 | 2023-11-06 | 2023-11-16 | 2023-12-08 |
| 2023-08-17 | $0.43 | 2023-08-07 | 2023-08-18 | 2023-09-08 |
| 2023-05-17 | $0.43 | 2023-05-03 | 2023-05-18 | 2023-06-09 |
| 2023-03-09 | $0.43 | 2023-02-23 | 2023-03-10 | 2023-04-07 |
| 2022-11-18 | $0.41 | 2022-11-02 | 2022-11-21 | 2022-12-16 |
| 2022-08-17 | $0.41 | 2022-08-04 | 2022-08-18 | 2022-09-16 |
| 2022-05-13 | $0.41 | 2022-05-05 | 2022-05-16 | 2022-06-14 |
| 2022-03-11 | $0.41 | 2022-02-24 | 2022-03-14 | 2022-04-08 |
| 2021-11-12 | $0.38 | 2021-11-02 | 2021-11-15 | 2021-12-10 |
| 2021-08-19 | $0.38 | 2021-08-05 | 2021-08-20 | 2021-09-17 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for USPH — it's generated by the pipeline (
market-narrative step).
No community reviews yet for USPH.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30