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U S Physical Therapy Inc. (USPH)

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U S Physical Therapy Inc. (USPH) reported revenue of $214 million for Q2 FY2026, the quarter ended 30 June 2026, up 8.5% on the same quarter a year earlier. Net income was $10 million, down 20.1% on the year, and diluted earnings per share $0.25. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue$214 millionup 8.5%
Net income$10 milliondown 20.1%
Diluted EPS$0.25
QuarterQ2 FY2026ended 30 June 2026

U S Physical Therapy (USPH) in brief

U S Physical Therapy (USPH) reported revenue of $781 million for fiscal 2025, the year ended 31 December 2025, up 16.3% on the year before.
Read moreNet income was $40 million and diluted earnings per share $1.42. Revenue was $671 million in fiscal 2024, $605 million in fiscal 2023, $553 million in fiscal 2022 and $495 million in fiscal 2021. Net income in the same years was $31 million, $28 million, $32 million and $41 million. Over the twelve months to 30 June 2026, U S Physical Therapy reported revenue of $812 million and net income of $32 million. Revenue grew 13.0% a year, compounded, over the five years to fiscal 2025. U S Physical Therapy declared $1.80 a share in dividends over the last four quarters and had 15 million shares outstanding at the latest filed count. At 30 June 2026 it carried $220 million of debt and $25 million of cash. At the close of 9 October 2026 the market cap of U S Physical Therapy was $1.3 billion, 95.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE7.2%
ROCE11.4%
Operating margin9.4%
Net margin4.0%
FCF margin7.9%
Interest covern/a
Debt to equity0.49
Cash conversion2.58
Share count, 1 year-1.9%
Sales CAGR, 3 years12.2%
Profit CAGR, 3 years7.2%
EPS, TTMn/a

At the close of 9 October 2026

Price$84.72
Market cap$1.3 billion
Stock P/E95.87
Price to book2.82
EV / EBITDA14.85
Dividend yield2.1%
Market cap / sales1.56
52-week high$93.16
52-week low$59.00
Price, 1 year-4.7%
Price CAGR, 3 years-2.0%
Price CAGR, 5 years-4.7%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt U S Physical Therapy Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
USPHgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on USPH

Filings26 in twelve months: 20 current reports (8-K), about 8 other events; 8 regulation FD disclosure; 4 officer or director change; 3 material agreement; 3 results of operations
Planned insider sales4 Form 144 notices in twelve months, $601,042; latest 11 March 2026
Options tapeput/call 0.21 by open interest at the 9 October 2026 close; the straddle prices a 2.2% move to 16 October 2026
13F holders7 of the followed funds hold it; largest Geode Capital Management; 10 Schedule 13D or 13G filings in twelve months
Insider trading5 sales and 5 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest1.3 million shares short, 6.91 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 3 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue150155156167168180184197197203198214
Gross profit27.930.528.433.929.132.531.141.636.940.132.841.9
Gross margin19%20%18%20%17%18%17%21%19%20%17%20%
SG&A12.013.914.114.214.415.616.217.517.418.118.319.0
Operating income15.9-0.914.319.614.714.519.624.925.316.812.521.9
Operating margin11%-1%9%12%9%8%11%13%13%8%6%10%
Pre-tax income15.80.114.814.812.318.317.322.722.915.010.619.1
Tax rate23%1320%21%21%21%32%22%22%23%39%23%22%
Net income9.30.78.07.56.69.29.912.413.14.25.09.9
Net margin6%0%5%4%4%5%5%6%7%2%3%5%
Diluted EPS$0.51-$0.38$0.46$0.47$0.39$0.52$0.80$0.58$0.48n/a-$0.12$0.25
Operating cash flow16.426.84.429.022.119.4-4.734.919.924.93.834.4
Capital expenditure2.62.21.82.32.52.52.63.34.33.95.45.4
Free cash flow13.824.62.626.719.616.9-7.331.615.621.0-1.629.0
Dividends paid6.4n/an/an/a6.6n/an/an/a6.8n/an/an/a
Shares outstanding15m15m15m15m15m15m15m15m15m15m15m15m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016FY2017FY2018FY2019 †FY2020FY2021FY2022FY2023 †FY2024 †FY2025TTM
Revenue305331357414454482423495553605671781812
Gross profit76.278.482.090.610211294.5117112122124150152
Gross margin25.0%23.7%23.0%21.9%22.4%23.3%22.3%23.7%20.3%20.1%18.5%19.2%18.7%
Selling, general and administrative30.431.132.535.941.345.042.046.546.152.058.369.372.8
Operating income45.847.349.554.760.367.452.470.656.850.563.086.776.5
Operating margin15.0%14.3%13.9%13.2%13.3%14.0%12.4%14.3%10.3%8.4%9.4%11.1%9.4%
Interest expense7.57.211.521.12.02.1n/an/an/an/an/an/an/a
Pre-tax income38.340.138.133.860.270.965.573.255.649.460.277.867.4
Income tax13.013.611.96.011.413.613.015.312.212.214.619.817.6
Effective tax rate34.0%34.0%31.1%17.9%18.9%19.2%19.9%20.9%21.9%24.6%24.3%25.5%26.1%
Net income19.120.620.622.334.940.035.240.832.228.231.439.632.2
Net margin6.3%6.2%5.8%5.4%7.7%8.3%8.3%8.2%5.8%4.7%4.7%5.1%4.0%
Diluted EPS$1.57$1.77$1.64$1.76$1.31$2.45$2.48$2.41$2.25$1.28$1.84$1.42n/a
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Physical Therapy Operations52757466785.4%
Industrial Injury Prevention Services Revenues78.396.911414.6%
Physical Therapy OperationsIndustrial Injury Prevention Services Revenues
605FY2023671FY2024781FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Net Patient Revenues51556165082.3%
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues90.211113116.5%
Management Contract Revenues8.69.89.61.2%
Net Patient RevenuesOther Revenues Including Management Contract Revenues and Industrial Injury Prevention Services RevenuesManagement Contract Revenues
613FY2023681FY2024791FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016FY2017FY2018FY2019 †FY2020FY2021FY2022FY2023 †FY2024 †FY2025TTM
Operating cash flow45.237.551.056.573.062.4100.076.458.582.074.975.183.0
Capital expenditure5.26.38.37.17.210.27.68.28.29.39.214.119.0
Free cash flow40.031.342.849.465.852.392.468.250.372.765.861.064.1
Free cash flow margin13.1%9.4%12.0%11.9%14.5%10.8%21.8%13.8%9.1%12.0%9.8%7.8%7.9%
Cash from investing-22.9-26.1-32.5-43.6-23.9-38.0-51.2-124-81.3-45.0-149-36.7-63.6
Cash from financing-20.9-9.9-14.3-11.1-47.7-24.3-39.443.425.884.3-37.0-44.1-28.7
Depreciation and amortisation6.78.08.89.79.810.110.511.614.715.718.722.421.8
Share-based compensation3.44.55.05.05.97.07.97.97.37.27.88.39.1
Buybacksn/an/an/an/an/an/an/an/an/a0.00.05.6n/a
Dividends paid5.97.48.510.111.714.64.118.821.324.126.527.4n/a
Dividend per share$0.48$0.60$0.68$0.80$0.92$1.14$0.32$1.46$1.64$1.72$1.76$1.80n/a
Diluted shares, weighted12m12m12mn/an/a13m13m13m13m14m15m15m15m
Shares outstanding at period endn/an/an/a13m13mn/an/an/an/an/an/an/a15m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016FY2017FY2018FY2019 †FY2020FY2021FY2022FY2023 †FY2024 †FY2025TTM
Funded by
Shareholders' equity146171188205216240276296316476489476449
Non-controlling interest20.91.31.11.20.91.41.51.61.31.21.10.50.5
Redeemable equity7.40.00.0103134138132155168175269293317
Debt35.649.151.860.839.851.121.5118184147154162220
Operating lease liabilitiesn/an/an/an/a0.060.362.074.277.976.7102111123
Other liabilities34.382.311149.652.5140101104112122153161139
Total liabilities and equity2453043514194436315947498589971,1671,2041,249
Owned
Fixed assets15.816.719.220.420.222.121.723.024.726.132.135.740.4
Goodwill172195227271294318346435494510667692717
Intangible assets24.930.338.149.048.852.656.386.4109110179173177
Cash and equivalents14.315.820.021.923.423.532.928.631.615341.435.624.9
Receivables32.936.238.844.744.846.241.946.351.951.959.064.269.6
Other assetsn/a9.48.311.712.516895.9131147147188203221
Total assets2453043514194436315947498589971,1671,2041,249
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded9.0%13.0%12.2%11.3%
Profit growth, compounded6.7%2.4%7.2%-15.6%
Return on equity, average11.2%8.9%6.9%8.3%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was U S Physical Therapy's revenue in fiscal 2025?

U S Physical Therapy (USPH) reported revenue of $781 million for fiscal 2025, the year ended 31 December 2025, up 16.3% on the year before.

How much did U S Physical Therapy earn in fiscal 2025?

Net income was $40 million for fiscal 2025, and diluted earnings per share $1.42.

What is U S Physical Therapy's P/E ratio?

At the close of 9 October 2026, U S Physical Therapy traded at 95.9 times its earnings over the twelve months to 30 June 2026.

What is U S Physical Therapy's market cap?

The market cap of U S Physical Therapy was $1.3 billion at the close of 9 October 2026.

Does U S Physical Therapy pay a dividend?

Yes. U S Physical Therapy declared $1.80 a share in dividends over the four quarters to 30 June 2026.

Peers: Healthcare

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
LifeStance Health Group, Inc. LFST$4.7 billion95.623.4%4.9%20.4%0.19n/a
Veracyte, Inc. VCYT$3.6 billion32.088.2%18.8%17.3%0.00n/a
National Healthcare Corp. NHC$3.6 billion25.5212.5%9.3%6.9%0.001.1%
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Privia Health Group, Inc. PRVA$2.6 billion99.293.6%1.9%24.1%0.00n/a
Pediatrix Medical Group, Inc. MD$2.2 billion12.7519.8%11.0%0.5%0.45n/a
Progyny, Inc. PGNY$2.2 billion30.3717.3%8.6%5.5%0.00n/a
Addus HomeCare Corp. ADUS$2.1 billion20.059.2%10.0%15.9%0.05n/a
Fortrea Holdings Inc. FTRE$2.0 billionn/a-16.3%-0.4%-2.1%1.98n/a
Healthcare Services Group Inc. HCSG$1.4 billion11.9723.7%n/a5.2%0.004.2%
U S Physical Therapy Inc. USPH$1.3 billion95.877.2%9.4%11.3%0.492.1%
AdaptHealth Corp. AHCO$829 millionn/a-16.6%-4.5%-0.4%1.37n/a
All 26 in Healthcare
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$98.3 billion15.10n/a12.7%7.3%n/a0.7%
Quest Diagnostics Inc. DGX$25.5 billion24.5414.1%14.1%9.9%0.751.4%
Labcorp Holdings Inc. LH$25.3 billion25.8311.6%10.4%6.4%0.680.9%
Tenet Healthcare Corp. THC$21.2 billion10.1748.1%20.8%5.4%2.81n/a
BrightSpring Health Services, Inc. BTSG$12.6 billionn/an/an/an/a1.07n/a
Encompass Health Corp. EHC$12.2 billion20.0723.9%18.0%9.5%1.000.6%
Davita Inc. DVA$11.5 billion14.67n/a15.2%6.4%n/an/a
Universal Health Services Inc. UHS$10.6 billion7.2320.3%11.4%10.0%0.650.5%
Ensign Group, Inc. ENSG$10.0 billion26.9215.5%8.5%18.9%0.060.1%
Hims & Hers Health, Inc. HIMS$7.2 billionn/a-43.8%-6.0%28.0%4.21n/a
Chemed Corp. CHE$6.5 billion25.0833.1%13.5%3.3%0.170.4%
Sotera Health Co. SHC$5.2 billion31.6824.6%n/a8.1%3.21n/a
LifeStance Health Group, Inc. LFST$4.7 billion95.623.4%4.9%20.4%0.19n/a
Concentra Group Holdings Parent, Inc. CON$4.7 billion23.9841.7%16.4%14.0%3.270.7%
Option Care Health, Inc. OPCH$4.7 billion23.3716.6%5.9%5.9%0.92n/a
Veracyte, Inc. VCYT$3.6 billion32.088.2%18.8%17.3%0.00n/a
National Healthcare Corp. NHC$3.6 billion25.5212.5%9.3%6.9%0.001.1%
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Privia Health Group, Inc. PRVA$2.6 billion99.293.6%1.9%24.1%0.00n/a
Pediatrix Medical Group, Inc. MD$2.2 billion12.7519.8%11.0%0.5%0.45n/a
Progyny, Inc. PGNY$2.2 billion30.3717.3%8.6%5.5%0.00n/a
Addus HomeCare Corp. ADUS$2.1 billion20.059.2%10.0%15.9%0.05n/a
Fortrea Holdings Inc. FTRE$2.0 billionn/a-16.3%-0.4%-2.1%1.98n/a
Healthcare Services Group Inc. HCSG$1.4 billion11.9723.7%n/a5.2%0.004.2%
U S Physical Therapy Inc. USPH$1.3 billion95.877.2%9.4%11.3%0.492.1%
AdaptHealth Corp. AHCO$829 millionn/a-16.6%-4.5%-0.4%1.37n/a
2 companies share its SEC industry code (Services-Health Services); the rest are the names nearest in size in its wider industry, Healthcare, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20267 August 2026EDGAR
10-Q31 March 20268 May 2026EDGAR
10-K31 December 202527 February 2026EDGAR
10-Q30 September 20257 November 2025EDGAR
10-Q30 June 20258 August 2025EDGAR
10-Q31 March 20259 May 2025EDGAR
10-K31 December 20243 March 2025EDGAR
10-Q30 September 20248 November 2024EDGAR
10-Q30 June 202414 August 2024EDGAR
10-Q31 March 20248 May 2024EDGAR

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