Latest Ratios: P/E Ratio 51.7x · EV/EBITDA 14.7x · ROE 2.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.2B | $1.3B | $1.3B | $1.1B | $1.2B | $1.5B | $1.5B | $1.3B | $908M | $878M |
| Enterprise Value | $1.5B | $1.6B | $1.6B | $1.4B | $1.3B | $1.4B | $1.6B | $1.6B | $1.3B | $946M | $909M |
| P/E Ratio → | 51.68 | 54.99 | 48.21 | 72.77 | 24.26 | 21.28 | 29.40 | 25.47 | 127.94 | 41.02 | 42.80 |
| P/S Ratio | 1.43 | 1.52 | 1.99 | 2.18 | 1.90 | 2.49 | 3.65 | 3.03 | 2.86 | 2.19 | 2.46 |
| P/B Ratio | 1.45 | 1.54 | 1.76 | 2.03 | 2.17 | 2.72 | 3.76 | 3.84 | 3.70 | 2.94 | 3.40 |
| P/FCF | 18.33 | 19.43 | 20.32 | 18.18 | 20.92 | 18.07 | 16.71 | 27.91 | 19.70 | 18.36 | 20.51 |
| P/OCF | 14.89 | 15.79 | 17.83 | 16.12 | 17.97 | 16.13 | 15.43 | 23.36 | 17.76 | 16.06 | 17.19 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.02 | 2.37 | 2.36 | 2.38 | 2.88 | 3.83 | 3.26 | 2.89 | 2.29 | 2.55 |
| EV / EBITDA | 14.66 | 15.32 | 19.42 | 21.06 | 18.39 | 17.35 | 25.76 | 20.29 | 18.74 | 14.69 | 15.59 |
| EV / EBIT | 18.75 | 18.05 | 23.31 | 24.32 | 21.45 | 19.25 | 24.15 | 21.55 | 21.09 | 17.26 | 18.32 |
| EV / FCF | — | 25.83 | 24.18 | 19.64 | 26.17 | 20.92 | 17.56 | 30.10 | 19.95 | 19.15 | 21.25 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.1% | 20.1% | 18.5% | 20.1% | 20.3% | 23.7% | 22.3% | 23.3% | 22.4% | 21.9% | 23.0% |
| Operating Margin | 10.3% | 10.3% | 9.4% | 8.6% | 10.3% | 14.3% | 12.4% | 14.0% | 13.3% | 13.2% | 13.9% |
| Net Profit Margin | 1.9% | 1.9% | 3.9% | 2.4% | 5.1% | 5.6% | 7.2% | 5.8% | 2.2% | 5.4% | 5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | 3.7% | 2.6% | 6.0% | 6.5% | 7.7% | 7.7% | 3.1% | 7.9% | 8.9% |
| ROA | 1.3% | 1.3% | 2.4% | 1.6% | 3.5% | 4.1% | 5.3% | 5.6% | 2.3% | 5.8% | 6.5% |
| ROIC | 5.6% | 5.6% | 5.4% | 5.2% | 6.1% | 9.3% | 8.0% | 11.7% | 12.7% | 12.9% | 14.2% |
| ROCE | 7.6% | 7.6% | 6.5% | 6.2% | 7.9% | 12.1% | 10.5% | 15.0% | 15.5% | 15.5% | 16.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.55 | 0.39 | 0.40 | 0.61 | 0.49 | 0.27 | 0.36 | 0.11 | 0.20 | 0.20 |
| Debt / EBITDA | 4.14 | 4.14 | 3.61 | 3.82 | 4.13 | 2.71 | 1.76 | 1.78 | 0.57 | 0.94 | 0.89 |
| Net Debt / Equity | — | 0.51 | 0.33 | 0.16 | 0.54 | 0.43 | 0.19 | 0.30 | 0.05 | 0.13 | 0.12 |
| Net Debt / EBITDA | 3.79 | 3.79 | 3.10 | 1.56 | 3.69 | 2.37 | 1.24 | 1.47 | 0.24 | 0.60 | 0.54 |
| Debt / FCF | — | 6.40 | 3.86 | 1.46 | 5.24 | 2.85 | 0.85 | 2.19 | 0.25 | 0.79 | 0.74 |
| Interest Coverage | 9.23 | 9.23 | 8.51 | 6.31 | 10.62 | 78.70 | 41.09 | 35.11 | 30.49 | 2.60 | 4.32 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.01 | 1.01 | 1.18 | 2.28 | 1.30 | 1.14 | 0.94 | 1.41 | 1.89 | 1.95 | 2.68 |
| Quick Ratio | 1.01 | 1.01 | 1.18 | 2.28 | 1.30 | 1.14 | 0.94 | 1.41 | 1.89 | 1.95 | 2.68 |
| Cash Ratio | 0.26 | 0.26 | 0.36 | 1.50 | 0.37 | 0.34 | 0.35 | 0.39 | 0.56 | 0.55 | 0.81 |
| Asset Turnover | — | 0.65 | 0.58 | 0.61 | 0.64 | 0.66 | 0.71 | 0.86 | 1.02 | 0.99 | 1.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 30.03 | 46.58 | 31.30 | 45.27 | 46.02 | 43.96 | 42.45 | 41.41 | 44.40 | 42.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.3% | 2.0% | 1.8% | 2.0% | 1.5% | 0.3% | 1.0% | 0.9% | 1.1% | 1.0% |
| Payout Ratio | 181.7% | 181.7% | 100.3% | 164.4% | 75.4% | 67.5% | 13.4% | 51.7% | 115.5% | 45.2% | 41.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 1.8% | 2.1% | 1.4% | 4.1% | 4.7% | 3.4% | 3.9% | 0.8% | 2.4% | 2.3% |
| FCF Yield | 5.5% | 5.1% | 4.9% | 5.5% | 4.8% | 5.5% | 6.0% | 3.6% | 5.1% | 5.4% | 4.9% |
| Buyback Yield | 0.5% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.0% | 2.8% | 2.0% | 1.8% | 2.0% | 1.5% | 0.3% | 1.0% | 0.9% | 1.1% | 1.0% |
| Shares Outstanding | — | $15M | $15M | $14M | $13M | $13M | $13M | $13M | $13M | $13M | $13M |
Labor cost inflation pressure
According to recent market data, USPH trades at a trailing P/E of 48.44, which appears disconnected from its recent earnings instability and suggests that investors are pricing in significant future growth that may not be supported by the current, highly variable, net margin performance.
The forward P/E of 23.75 implies a more tempered expectation, yet this still requires a level of margin expansion that the company has struggled to demonstrate over the last ten quarters. Given the sensitivity of the bottom line to non-controlling interests and labor costs, the current valuation appears to carry a substantial premium that may be vulnerable to downward revisions if organic growth fails to accelerate.
Based on reported financial statements, USPH's ROIC has remained consistently low, hovering between -0.1% and 1.8% over the past ten quarters, indicating that the company's aggressive acquisition strategy is currently failing to generate returns that exceed the cost of capital required to fund such expansion.
The persistent gap between invested capital and returns suggests that the integration of new clinics is not yet yielding the expected synergies or operational efficiencies. Investors should monitor whether this trend is a temporary byproduct of recent integration costs or a structural issue where the partnership model's equity dilution limits the return available to the parent company.
As reported in quarterly filings, USPH's asset turnover has remained stagnant at approximately 0.13 to 0.17, reflecting a business model that is heavily reliant on fixed-asset intensive clinic footprints rather than scalable, high-velocity operational processes that would typically drive superior working capital efficiency.
The variability in DSO, which has fluctuated between 35 and 52 days, suggests that the company faces ongoing challenges in managing its revenue cycle and collections from diverse insurance payers. This inconsistency in cash conversion efficiency complicates the company's ability to self-fund its growth, forcing a continued reliance on external debt.
According to recent balance sheet data, the current ratio has declined from 2.28 in 2023Q4 to 1.19 in 2026Q1, signaling that the company's ability to cover short-term obligations is tightening as cash reserves are depleted to fund ongoing acquisition activity and operational overhead.
The reduction in liquidity is particularly concerning given the company's high fixed-cost structure and sensitivity to reimbursement delays. Should the current trend of cash depletion continue, the company may find itself with limited flexibility to navigate unexpected regulatory shocks or further spikes in labor costs without seeking additional, potentially dilutive, financing.
As noted in recent financial disclosures, the most commonly misapplied metric for USPH is consolidated net income, which obscures the true economic reality of the business by failing to account for the significant portion of earnings attributable to minority partners in the company's decentralized clinic model.
Analysts should prioritize 'Net Income Attributable to USPH' to avoid overestimating the cash available to the parent company for dividends or debt service. Relying on consolidated figures leads to an inflated view of profitability that ignores the structural reality that a substantial share of clinic-level profits is contractually owed to local clinician-partners.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying USPH stock.
U.S. Physical Therapy, Inc.'s current P/E ratio is 51.7x. The historical average is 36.8x. This places it at the 77th percentile of its historical range.
U.S. Physical Therapy, Inc.'s current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
U.S. Physical Therapy, Inc.'s return on equity (ROE) is 2.0%. The historical average is 13.2%.
Based on historical data, U.S. Physical Therapy, Inc. is trading at a P/E of 51.7x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
U.S. Physical Therapy, Inc.'s current dividend yield is 2.46% with a payout ratio of 181.7%.
U.S. Physical Therapy, Inc. has 20.1% gross margin and 10.3% operating margin. Operating margin between 10-20% is typical for established companies.
U.S. Physical Therapy, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.