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USPHU.S. Physical Therapy, Inc.
$71.80$1.1B
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USPH logoU.S. Physical Therapy, Inc.(USPH)Earnings, Financials & Key Ratios

USPH•NYSE
$71.80
50.6× P/E·Price updated Jul 7, 2026
SectorHealthcareIndustryHealthcare FacilitiesSub-IndustryOutpatient clinics and surgery centers
AboutU.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. It operates through two segments, Physical Therapy Operations and Industrial Injury Prevention Services. The company offers industrial injury prevention services, including onsite injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments through physical therapists and specialized certified athletic trainers for Fortune 500 companies, and other clients comprising insurers and their contractors. As of December 31, 2021, it operated 591 clinics in 39 states; and managed 35 physical therapy practice facilities. The company was founded in 1990 and is based in Houston, Texas.Show more
  • Revenue$781M+16.3%
  • EBITDA$103M+25.6%
  • Net Income$15M-43.1%
  • EPS (Diluted)1.42-22.8%
  • Gross Margin20.15%+9.1%
  • EBITDA Margin13.17%+7.9%
  • Operating Margin10.3%+9.4%
  • Net Margin1.93%-51.1%
  • ROE1.97%-47.5%

USPH Price & Volume

U.S. Physical Therapy, Inc. (USPH) stock price & volume — 10-year historical chart

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Acquisition Driven Growth Masks Structural Margin Volatility

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Labor cost inflation pressure

Key Thesis Takeaways

  • U.S.
  • Physical Therapy, Inc.
  • faces a complex outlook where aggressive inorganic expansion, evidenced by $93.4 million in net acquisition spend during 2024Q4, is increasingly funded by debt rather than internal cash generation.
  • While the partnership model remains a core differentiator, the company's reliance on external financing and the accumulation of $715.9 million in goodwill as of 2026Q1 suggest heightened sensitivity to long-term clinical performance.
  • Investors should monitor the sustainability of this leverage-dependent strategy as operating margins remain inconsistent, fluctuating between 8.1% and 15.4% over the last ten quarters.

Verdict Logic

while the company maintains a forward P/E of 23.75, the significant volatility in net income and the reliance on debt to fund growth warrant a cautious approach until operating margins demonstrate sustained stability above the 15% level.

USPH Growth Metrics

U.S. Physical Therapy, Inc. (USPH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years8.95%
5 Years13.05%
3 Years12.19%
TTM4.05%

Profit CAGR

10 Years-3.84%
5 Years-13.2%
3 Years-18.93%
TTM-64.54%

EPS CAGR

10 Years-2.18%
5 Years-19.07%
3 Years-24.81%
TTM-77.06%

Return on Capital

10 Years11.36%
5 Years8.07%
3 Years6.78%
Last Year7.6%

USPH Recent Earnings

U.S. Physical Therapy, Inc. (USPH) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.46-16.4%
$0.55
Rev
$198M-1.3%
$201M
Q1 2026
Feb 25, 2026
Metric
Actual
Est
EPS
$0.67+0.0%
$0.67
Rev
$203M+1.4%
$200M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.66-1.5%
$0.67
Rev
$164M-18.0%
$200M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.81+14.1%
$0.71
Rev
$164M-13.5%
$190M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.46vs $0.55-16.4%
$198Mvs $201M-1.3%
Q1 2026Feb 25, 2026
$0.67vs $0.67+0.0%
$203Mvs $200M+1.4%
Q4 2025Nov 5, 2025
$0.66vs $0.67-1.5%
$164Mvs $200M-18.0%
Q3 2025Aug 6, 2025
$0.81vs $0.71+14.1%
$164Mvs $190M-13.5%
Based on last 12 quarters of dataView full earnings history →

Latest USPH News

Recent stock market news and headlines for U.S. Physical Therapy, Inc. (USPH)

Business Wire·6 days ago
U.S. Physical Therapy Announces the Acquisition of a Twelve-Clinic Physical Therapy Practice

HOUSTON--(BUSINESS WIRE)--U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today announced the acquisition of a twelve-clinic physical therapy practice, effective July 1, 2026. USPH acquired a 67% equity interest, with 33% retained by the current owners. The practice currently generates approximately 112,000 annual visits and $12 million in annual reve.

Peers Comparison

Key metrics vs top competitors for U.S. Physical Therapy, Inc. (USPH)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
USPH logoUSPHU.S. Physical Therapy, Inc.Current
$71.80$1.09B50.5616.33%1.93%1.97%2.51%
AFCG logoAFCGAdvanced Flower Capital Inc.
$2.97$69.88M-3.13-39.65%-60.69%-7.44%—
CCRN logoCCRNCross Country Healthcare, Inc.
$13.22$427.44M-4.51-21.56%-9.84%-27.1%—
NHC logoNHCNational HealthCare Corporation
$216.40$3.38B28.2116.38%8.11%11.63%—
ENSG logoENSGThe Ensign Group, Inc.
$170.87$9.98B29.2618.72%6.89%16.61%—
ACHC logoACHCAcadia Healthcare Company, Inc.
$31.92$2.94B-2.635.04%-32.84%-40.92%—

Compare USPH vs Peers

U.S. Physical Therapy, Inc. (USPH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AFCG

Most directly comparable listed peer for USPH.

Scale Benchmark

vs UNH

Larger-name benchmark to compare USPH against a more recognizable public peer.

Peer Set

Compare Top 5

vs AFCG, CCRN, NHC, ENSG

USPH SEC Filings & Documents

U.S. Physical Therapy, Inc. (USPH) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Apr 15, 2026·SEC

Material company update

Mar 13, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 27, 2026·SEC

FY 2025

Mar 3, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

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USPH Frequently Asked Questions

U.S. Physical Therapy, Inc. (USPH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is U.S. Physical Therapy, Inc.'s revenue?

U.S. Physical Therapy, Inc. (USPH) reported $695.3M in revenue for fiscal year 2025. This represents a 2059% increase from $32.2M in 1996.

How fast is U.S. Physical Therapy, Inc. growing?

U.S. Physical Therapy, Inc. (USPH) grew revenue by 16.3% over the past year. This is strong growth.

Is USPH profitable?

Yes, U.S. Physical Therapy, Inc. (USPH) is profitable, generating $10.5M in net income for fiscal year 2025 (1.9% net margin).

Dividend & Returns
Does USPH pay dividends?

Yes, U.S. Physical Therapy, Inc. (USPH) pays a dividend with a yield of 2.51%. This makes it attractive for income-focused investors.

What is USPH's return on equity?

U.S. Physical Therapy, Inc. (USPH) has a return on equity (ROE) of 2.0%. This is below average, suggesting room for improvement.

What is U.S. Physical Therapy, Inc.'s free cash flow?

U.S. Physical Therapy, Inc. (USPH) generated $66.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in USPH back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →