US Physical Therapy Inc USPH

Health CareHealthcare Providers & ServicesUnited States of America

Last close 85.83 USD on Nov 1, 2026, +12.0% year to date

Quant rating

Quant rating B Rank 169 of 565 in Health Care

Growth B 98 of 565
Valuation B 121 of 565
Quality B 165 of 565
Revisions C 306 of 565
Momentum C 275 of 565

Wall Street consensus Buy (1.71)Average target 98.40 USD +14.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.3B
Enterprise value: 1.8B
52-week range: 58.19 – 90.00
3-year range: 58.19 – 112.87
Dividend yield: 2.14%
Beta (5 years): 1.16
Shares outstanding: 14.9M
Next earnings: Nov 4, 2026

About the company

U.S. Physical Therapy, Inc. is an operator of outpatient physical therapy clinics and provider of industrial injury prevention services. It owns and/or manages 795 outpatient physical therapy clinics in 45 states. Its reportable segments include the Physical Therapy Operations segment and the Industrial Injury Prevention Services (IIP) segment. The Physical Therapy Operations segment consists of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. The IIP segment includes onsite services for clients’ employees, including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. The majority of these services are contracted with and paid for directly by employers.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	781	671	605	553	495	–
Revenue growth	16.3%	11.0%	9.3%	11.7%	17.0%	13.0%
EPS (basic, normalized)	2.63	2.21	2.56	2.70	3.17	–
EPS growth	19.0%	−13.7%	−5.2%	−14.8%	–	–
Gross margin	19.2%	19.1%	20.1%	20.3%	23.7%	20.5%
Net margin	2.8%	4.1%	3.0%	5.3%	6.3%	4.3%
ROE	8.2%	6.5%	7.1%	10.5%	14.3%	9.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	24.9
Current ratio	1.27x
Long-term debt (mil)	215
Net debt (mil)	513
Total equity (mil)	449
Net debt / equity	1.14x
Net debt / EBITDA	5.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	781	+16.3%	2.3x	95.0	+16.7%	18.9x	2.63	+19.0%	32.6x
2026	848	+8.6%	2.1x	104	+9.5%	17.2x	2.89	+9.8%	29.7x
2027	912	+7.6%	2.0x	118	+13.4%	15.2x	3.40	+17.8%	25.2x
2028	987	+8.2%	1.8x	129	+9.1%	13.9x	3.69	+8.6%	23.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	848	0.0%	+1.0%	+1.1%	2.89	−0.3%	−1.4%	+0.2%
2027	912	0.0%	+1.6%	+2.3%	3.40	−0.6%	−0.6%	+2.7%
2028	987	0.0%	+0.6%	+0.3%	3.69	0.0%	+2.6%	−4.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	156	167	168	180	184	197	197	203	198	214
Sales mean (mil)	153	162	164	175	177	190	194	200	201	211
Surprise	+1.5%	+3.0%	+2.2%	+3.2%	+3.7%	+4.1%	+1.6%	+1.1%	−1.4%	+1.3%
EPS reported	0.51	0.73	0.69	0.65	0.48	0.81	0.66	0.67	0.46	0.75
EPS mean	0.56	0.82	0.68	0.69	0.43	0.71	0.67	0.67	0.55	0.84
Surprise	−8.7%	−10.8%	+1.0%	−5.8%	+11.6%	+13.3%	−1.5%	+0.5%	−15.6%	−11.1%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
USPH US Physical Therapy Inc	1.3B	5.40x	2.8%	2.85x	29.7x	25.2x	17.2x	15.2x
EHC Encompass Health Corporation	13.4B	2.68x	9.5%	5.00x	21.8x	19.9x	12.0x	11.1x
BTSG Brightspring Health Services Inc	13.2B	2.70x	0.8%	6.45x	36.6x	28.8x	17.8x	15.2x
UHS Universal Health Services, Inc.	10.4B	2.19x	8.6%	1.37x	7.8x	7.6x	6.1x	6.0x
ENSG The Ensign Group, Inc.	10.6B	−0.31x	6.8%	4.14x	22.9x	20.9x	14.0x	12.6x
PACS PACS Group, Inc.	7.6B	0.48x	3.6%	6.82x	19.5x	17.5x	11.9x	10.9x
Mean		2.19x	5.4%	4.44x	23.1x	20.0x	13.2x	11.8x
Median		2.44x	5.2%	4.57x	22.3x	20.4x	13.0x	11.9x

Technical analysis

1M−0.3%
3M+9.3%
1Y−2.1%
3Y+8.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, US Physical Therapy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	781	671	605	553	495	423
Cost of revenue	631	543	483	441	378	325
Gross profit	150	128	122	112	117	98.4
Selling, general & administrative expenses	69.3	58.3	52.0	46.1	46.5	42.0
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.4	6.8	17.0	9.1	−1.9	−9.6
Other operating expenses	−6.2	0.2	0	0	0	0
Operating income	86.6	63.0	52.5	56.8	72.6	65.9
Net interest income (expense)	−7.4	−2.7	−4.2	−3.7	−0.6	−0.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.3	−0.1	1.0	2.5	1.2	0
Net income before taxes	77.8	60.2	49.4	55.6	73.2	65.5
Provision for taxes	19.8	14.6	12.2	12.2	15.3	13.0
Minority interest	−18.4	−14.2	−9.0	−11.2	−17.1	−17.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	39.6	31.4	28.2	32.2	40.8	35.2
Extraordinary items	–	–	–	–	–	–
Net income	39.6	31.4	28.2	32.2	40.8	35.2
EBIT, normalized	89.7	70.6	69.6	65.9	70.7	56.3
EBITDA, normalized	112	89.3	85.3	80.7	82.3	66.9
Basic EPS, normalized	2.63	2.21	2.56	2.70	3.17	–

Balance sheet in millions of USD, fiscal years

Balance sheet, US Physical Therapy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	35.6	41.4	153	31.6	28.6	32.9
Receivables	89.2	86.6	71.8	69.3	63.0	51.6
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	15.2	9.7	8.7	10.4	3.6	3.1
Total current assets	140	138	233	111	95.2	87.6
Property, plant & equipment	180	166	130	128	119	103
Goodwill	692	667	510	494	435	346
Intangibles	173	179	110	109	86.4	56.3
Long-term investments	12.3	12.2	12.3	12.1	12.2	–
Note receivable	–	–	–	–	–	–
Other long-term assets	6.6	5.2	2.8	4.1	1.6	1.5
Total assets	1,204	1,167	997	858	749	594
Liabilities
Accounts payable	6.1	5.9	3.9	6.5	6.5	1.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	97.8	91.8	77.3	71.1	73.5	81.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	9.9	11.0	7.7	7.9	0.8	4.9
Other current liabilities	25.3	7.6	13.3	0	2.7	5.7
Total current liabilities	139	116	102	85.5	83.5	93.5
Long-term debt	153	143	139	176	118	16.6
Minority interest	294	270	176	169	157	134
Other liabilities	142	150	104	112	95.9	74.3
Total liabilities	728	679	521	542	454	318
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	286	290	281	110	103	95.6
Retained earnings (accumulated deficit)	227	227	224	233	224	212
Treasury stock	−37.2	−31.6	−31.6	−31.6	−31.6	−31.6
Other equity	0.7	2.8	2.8	4.0	0	0
Total equity	476	489	476	316	296	276
Total liabilities & shareholders' equity	1,204	1,167	997	858	749	594

Cash flow statement in millions of USD, fiscal years

Cash flow statement, US Physical Therapy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	58.0	45.6	37.2	43.4	57.9	52.5
Depreciation, depletion & amortization	22.4	18.7	15.7	14.7	11.6	10.5
Deferred taxes	11.4	5.4	4.5	4.3	5.7	−0.3
Non-cash items	10.4	17.7	29.5	17.5	12.9	13.6
Changes in working capital	−27.2	−12.4	−4.9	−21.4	−11.7	23.6
Cash from operations	75.1	74.9	82.0	58.5	76.4	100.0
Investing activities
Capital expenditures	−14.1	−9.2	−9.3	−8.2	−8.2	−7.6
Other investing cash flows	−22.6	−140	−35.7	−73.0	−116	−43.6
Cash from investing	−36.7	−149	−45.0	−81.3	−124	−51.2
Financing activities
Financing cash flow items	−19.3	−14.7	−16.1	−17.1	−31.0	−4.3
Cash dividends paid	−27.4	−26.5	−24.1	−21.3	−18.8	−4.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2.5	4.3	124	64.2	93.1	−31.0
Cash from financing	−44.1	−37.0	84.3	25.8	43.4	−39.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−5.8	−111	121	3.0	−4.4	9.4
Free cash flow	61.0	65.8	72.7	50.3	68.2	92.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.