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U S Physical Therapy Inc (USPH) stock

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NYSE: USPH NYSE Health Care Services Next results ~November 4, 2026

C+ Fundamentals grade

U S Physical Therapy Inc is a US-listed company in the health care services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

U S Physical Therapy Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter U S Physical Therapy files

Where U S Physical Therapy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $812m, up 11.3% on a year earlier, slower than the 13.7% growth a quarter earlier. Free-cash-flow margin held at 7.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. At that price, our model says the market is pricing in about 11.7% a year of cash-flow growth for five years, close to the 10.4% a year revenue growth it has delivered.

Our model value for U S Physical Therapy is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

U S Physical Therapy Inc's trailing-twelve-month revenue grew 11.3% year on year, with a free-cash-flow margin of 7.9%. Where it stands out: days sales outstanding of 31 days ranks 6 of 31 health care services companies we cover. Where it lags: change in growth rate of -2.4pp ranks 34 of 41 health care services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.3% while net income fell 15.6%: a 21pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in U S Physical Therapy Inc's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Growth easing. The growth rate is 2.4 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -2.4pp ranks 34 of 41 health care services companies we cover (median +1.1pp).
  • Below peers: gross margin. Gross margin of 18.7% ranks 21 of 27 health care services companies we cover (median 29.0%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.75 against an average estimate of $0.84: missed by 11.1%
Revenue
$214m, up 8.5% on a year earlier
Share reaction
+3.0% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.72

U S Physical Therapy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.1%
  • 1 week-4.2%
  • 1 month+1.4%
  • This year+10.8%
  • 1 year+1.0%
  • 5 years-16.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$812M
Operating margin
9.4%
Net margin
4.0%
EPS (TTM, diluted)
$2.13

Growth

Revenue growth
+11.3%
Change in growth rate
−2.4 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$64.1M
FCF margin
7.9%
Stock pay % of revenue
1.1%

Earnings

Last results
August 6, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Leadership
  3. Leadership
  4. Announcement
  5. Announcement
  6. Results
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

U S Physical Therapy Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value U S Physical Therapy Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$59 ~$48–$93 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$28 ~$20–$40 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$27 ~$23–$32 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare U S Physical Therapy Inc with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$45.89$60.73$63.25$90.50$102.09$107.73$86.74$74.89$87.60$85.00$76.61$84.90
Market value$569m$759m$795m$1.1bn$1.3bn$1.4bn$1.1bn$972m$1.2bn$1.3bn$1.2bn$1.3bn
+ Net debt (− = net cash)$33m$32m$39m$16m$28m−$11m$90m$152m−$6m$112m$127m$195m
Enterprise value$602m$791m$834m$1.2bn$1.3bn$1.4bn$1.2bn$1.1bn$1.2bn$1.4bn$1.3bn$1.5bn
Multiples
Price / sales 1.7x2.1x1.9x2.5x2.7x3.3x2.3x1.8x2.1x1.9x1.5x1.6x
Price / earnings 27.6x36.9x35.7x32.9x32.5x39.3x27.4x30.2x44.0x40.7x29.4x39.9x
Price / free cash flow 18.2x17.7x16.1x17.4x24.9x15.0x16.4x19.3x17.1x19.5x19.1x20.1x
EV / EBITDA 10.9x13.6x12.9x16.6x17.2x21.8x14.7x15.7x18.7x17.1x11.8x15.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

46 /100

Moderate moat

How hard U S Physical Therapy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 4.8% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 21.1%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 11.8%; its worst year was 7.0%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.0% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 17.7% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $215m and EPS of $0.72 (range $0.57 to $0.90) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.89 +10% $848m +9%
Next $3.33 +15% $912m +8%

Next year's EPS estimate has moved −2.5% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.3% on 90 days ago. In the last 30 days, 1 analyst raised U S Physical Therapy Inc's forecast and 0 cut it.

Consensus EPS forecast U S Physical Therapy Inc, last 90 days
$2.80 $3.00 $3.20 $3.40 $3.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.93 Current fiscal year, 60 days ago: $2.89 Current fiscal year, 30 days ago: $2.90 Current fiscal year, 7 days ago: $2.90 Current fiscal year, Now: $2.89 $2.89 Next fiscal year, 90 days ago: $3.41 Next fiscal year, 60 days ago: $3.38 Next fiscal year, 30 days ago: $3.35 Next fiscal year, 7 days ago: $3.35 Next fiscal year, Now: $3.33 $3.33

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.93$3.41
60 days ago $2.89$3.38
30 days ago $2.90$3.35
7 days ago $2.90$3.35
Now $2.89$3.33

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.84 $0.75 −11.1%
Mar 2026 $0.52 $0.46 −11.0%
Dec 2025 $0.67 $0.67 −0.6%
Sept 2025 $0.66 $0.66 +0.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

7 analysts, Oct 2026
Buy686%
Hold114%
Sell00%

Monthly trend

  1. Oct 20264217
  2. Sep 20264217
  3. Aug 20264217
  4. Jul 20264217

Counts of recommendations published by analysts covering U S Physical Therapy Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.6%
of tradable shares
Days to cover
6.28
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.6%
of shares
Employees
4,653
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +1.0%

$84.10 on October 31, 2025 to $84.90

ThenNowEffect
Revenue (last 12 months) $730m $812m +11.3%
Net margin 5.2% 4.0% −24.1%
P/E multiple 33.3x 39.9x +19.8%
Share count 15m 15m −0.2%

Biggest factor: net margin.

Last 3 years +7.3%

$79.09 on November 3, 2023 to $84.90

ThenNowEffect
Revenue (last 12 months) $581m $812m +39.8%
Net margin 5.3% 4.0% −24.4%
P/E multiple 34.2x 39.9x +16.7%
Share count 13m 15m −13.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
USPH−20%−14%+17%−3%−10%+11%
Industry peers (median)−1%−28%+6%−6%−6%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
USPH42%50%50%42%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
USPH−40%−43%−34%−31%−28%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 67% from November 6, 2019 to March 18, 2020. Getting back needed a 205% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$58.22 – $88.73
From 52-week high
−4.3%
vs 50-day average
+2.3%
vs 200-day average
+11.6%
Volatility (1 year)
38%
Beta vs S&P 500
0.57

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±7.7%
After a week
7 up, 5 down
typical move ±8.7%
After a month
7 up, 5 down
typical move ±8.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +3.0% +0.5% +6.5% +2.7%
May 6, 2026 −17.8% +1.1% −16.2% −10.9%
November 6, 2025 −16.1% −1.0% −19.1% −13.9%
August 7, 2025 +20.6% +0.7% +18.3% +17.3%
May 7, 2025 −0.9% +1.1% +7.9% +8.6%
February 28, 2024 +3.4% +0.2% +2.1% +10.3%
November 8, 2023 −5.5% −0.7% +2.6% +5.6%
August 9, 2023 −8.1% −0.6% −15.7% −22.1%
May 5, 2023 +5.3% +1.9% +2.1% +0.4%
February 28, 2023 +2.1% −0.8% −3.8% −3.3%
February 23, 2023 −0.4% −0.5% +1.9% −5.3%
November 2, 2022 −8.9% −3.5% −8.1% +0.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

U S Physical Therapy Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) U S Physical Therapy Inc
$500M $600M $700M $800M $900M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $591.2M Revenue (TTM), FY23 Q4: $604.8M Revenue (TTM), FY24 Q1: $612M Revenue (TTM), FY24 Q2: $627.7M Revenue (TTM), FY24 Q3: $645.7M Revenue (TTM), FY24 Q4: $671.3M Revenue (TTM), FY25 Q1: $699.5M Revenue (TTM), FY25 Q2: $729.6M Revenue (TTM), FY25 Q3: $758.7M Revenue (TTM), FY25 Q4: $781M Revenue (TTM), FY26 Q1: $795.5M Revenue (TTM), FY26 Q2: $812.2M $812.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $591.2M
FY23 Q4 $604.8M
FY24 Q1 $612M
FY24 Q2 $627.7M
FY24 Q3 $645.7M
FY24 Q4 $671.3M
FY25 Q1 $699.5M
FY25 Q2 $729.6M
FY25 Q3 $758.7M
FY25 Q4 $781M
FY26 Q1 $795.5M
FY26 Q2 $812.2M
Revenue growth, TTM YoY U S Physical Therapy Inc
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 9.1% Revenue growth, TTM YoY, FY23 Q4: 9.3% Revenue growth, TTM YoY, FY24 Q1: 7.4% Revenue growth, TTM YoY, FY24 Q2: 8.1% Revenue growth, TTM YoY, FY24 Q3: 9.2% Revenue growth, TTM YoY, FY24 Q4: 11.0% Revenue growth, TTM YoY, FY25 Q1: 14.3% Revenue growth, TTM YoY, FY25 Q2: 16.2% Revenue growth, TTM YoY, FY25 Q3: 17.5% Revenue growth, TTM YoY, FY25 Q4: 16.3% Revenue growth, TTM YoY, FY26 Q1: 13.7% Revenue growth, TTM YoY, FY26 Q2: 11.3% 11.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 9.1%
FY23 Q4 9.3%
FY24 Q1 7.4%
FY24 Q2 8.1%
FY24 Q3 9.2%
FY24 Q4 11.0%
FY25 Q1 14.3%
FY25 Q2 16.2%
FY25 Q3 17.5%
FY25 Q4 16.3%
FY26 Q1 13.7%
FY26 Q2 11.3%
Operating margin (TTM) U S Physical Therapy Inc
6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 10.1% Operating margin (TTM), FY23 Q4: 8.4% Operating margin (TTM), FY24 Q1: 7.9% Operating margin (TTM), FY24 Q2: 7.0% Operating margin (TTM), FY24 Q3: 6.3% Operating margin (TTM), FY24 Q4: 9.4% Operating margin (TTM), FY25 Q1: 9.7% Operating margin (TTM), FY25 Q2: 10.6% Operating margin (TTM), FY25 Q3: 11.8% Operating margin (TTM), FY25 Q4: 11.1% Operating margin (TTM), FY26 Q1: 10.0% Operating margin (TTM), FY26 Q2: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 10.1%
FY23 Q4 8.4%
FY24 Q1 7.9%
FY24 Q2 7.0%
FY24 Q3 6.3%
FY24 Q4 9.4%
FY25 Q1 9.7%
FY25 Q2 10.6%
FY25 Q3 11.8%
FY25 Q4 11.1%
FY26 Q1 10.0%
FY26 Q2 9.4%
FCF margin (TTM) U S Physical Therapy Inc
6% 8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.9% FCF margin (TTM), FY23 Q4: 12.0% FCF margin (TTM), FY24 Q1: 10.8% FCF margin (TTM), FY24 Q2: 10.8% FCF margin (TTM), FY24 Q3: 11.4% FCF margin (TTM), FY24 Q4: 9.8% FCF margin (TTM), FY25 Q1: 8.0% FCF margin (TTM), FY25 Q2: 8.3% FCF margin (TTM), FY25 Q3: 7.5% FCF margin (TTM), FY25 Q4: 7.8% FCF margin (TTM), FY26 Q1: 8.4% FCF margin (TTM), FY26 Q2: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.9%
FY23 Q4 12.0%
FY24 Q1 10.8%
FY24 Q2 10.8%
FY24 Q3 11.4%
FY24 Q4 9.8%
FY25 Q1 8.0%
FY25 Q2 8.3%
FY25 Q3 7.5%
FY25 Q4 7.8%
FY26 Q1 8.4%
FY26 Q2 7.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 201 211 232 250 264 305 331 357 414 454 482 423 495 553 605 671 781 812
Gross profit — 56 56 63 65 76 78 82 91 102 112 94 117 112 122 124 150 152
EBITDA 34 39 37 44 44 53 55 58 64 70 78 63 82 72 66 82 109 98
Operating income 28 33 31 38 39 46 47 50 55 60 67 52 71 57 51 63 87 77
Net income 12 16 21 18 13 19 21 21 22 35 40 35 41 32 28 31 40 32
Diluted EPS $1.00 $1.32 $1.75 $1.51 $1.05 $1.62 $1.77 $1.64 $1.76 $1.31 $2.45 $2.48 $2.41 $2.25 $1.28 $1.84 $1.42 $2.13
Growth (year on year)
Revenue — +4.9% +9.6% +7.8% +5.8% +15.5% +8.6% +7.6% +16.1% +9.6% +6.2% −12.2% +17.0% +11.7% +9.3% +11.0% +16.3% +11.3%
EBITDA — +13.8% −5.1% +18.5% +1.5% +18.4% +5.2% +5.5% +10.5% +8.7% +10.6% −18.8% +30.7% −13.0% −7.5% +23.4% +33.5% −0.3%
Operating income — +17.5% −5.3% +22.2% +0.9% +18.1% +3.3% +4.7% +10.5% +10.2% +11.8% −22.3% +34.8% −19.6% −11.1% +24.7% +37.6% −0.7%
Net income — +33.0% +34.1% −14.5% −29.1% +50.4% +7.8% −0.3% +8.3% +56.7% +14.8% −12.1% +16.0% −21.2% −12.2% +11.3% +26.0% −15.6%
Diluted EPS — +32.0% +32.6% −13.7% −30.5% +54.3% +9.3% −7.3% +7.3% −25.6% +87.0% +1.2% −2.8% −6.6% −43.1% +43.8% −22.8% −15.7%
Margins
Gross margin — 26.5% 24.1% 25.2% 24.5% 25.0% 23.7% 23.0% 21.9% 22.4% 23.3% 22.3% 23.7% 20.3% 20.1% 18.5% 19.2% 18.7%
EBITDA margin 17.0% 18.4% 15.9% 17.5% 16.8% 17.2% 16.7% 16.4% 15.6% 15.4% 16.1% 14.9% 16.6% 12.9% 10.9% 12.2% 14.0% 12.1%
Operating margin 14.0% 15.7% 13.6% 15.4% 14.7% 15.0% 14.3% 13.9% 13.2% 13.3% 14.0% 12.4% 14.3% 10.3% 8.4% 9.4% 11.1% 9.4%
Net margin 5.8% 7.4% 9.1% 7.2% 4.8% 6.3% 6.2% 5.8% 5.4% 7.7% 8.3% 8.3% 8.2% 5.8% 4.7% 4.7% 5.1% 4.0%
Free-cash-flow margin 13.4% 12.7% 12.7% 14.0% 15.2% 13.1% 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 flow
Cash from operations 31 31 33 39 45 45 38 51 57 73 62 100 76 59 82 75 75 83
Capital spending 4 4 3 4 5 5 6 8 7 7 10 8 8 8 9 9 14 19
Free cash flow 27 27 29 35 40 40 31 43 49 66 52 92 68 50 73 66 61 64
Stock-based pay 2 1 2 2 3 3 4 5 5 6 7 8 8 7 7 8 8 9
Free cash flow after stock pay 25 26 27 33 37 37 27 38 44 60 45 84 60 43 65 58 53 55
Balance sheet
Cash — 9 10 12 13 14 16 20 22 23 24 33 29 32 153 41 36 25
Total debt 0 6 24 18 41 36 49 52 61 40 51 21 118 184 147 154 162 220
Net debt (negative = net cash) — −3 14 6 29 21 33 32 39 16 28 −11 90 152 −6 112 127 195
Diluted shares 12m 12m 12m 12m 12m 12m 12m 13m 13m 13m 13m 13m 13m 13m 14m 15m 15m 15m
Returned to shareholders
Dividends — — 4 9 5 6 7 9 10 12 15 4 19 21 24 27 27 —
Buybacks 6 1 5 — — — — — — — — — — — 0 0 6 —
Total returned 6 1 8 9 5 6 7 9 10 12 15 4 19 21 24 27 33 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $1.2bn
Short-term assets $140mLonger-term assets $1.1bn
What it owes, and who funded it · $931m
Short-term liabilities $110mLonger-term liabilities $372mShareholders' equity $449m
  • Short-term assets cover short-term liabilities $140m of assets due within a year against $110m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $140m short-term assets against $372m of longer-dated liabilities.
  • More cash than debt $25m of cash against $220m of debt.
  • Debt below 40% of shareholders' equity Debt is 49% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 40% to 49% over five years.
  • A year's operating cash flow covers at least 20% of debt $83m of operating cash flow against $220m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From U S Physical Therapy Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$5.6M
Diluted share count
+0.2%
year over year
Sales & admin spending
9.0%
of revenue
Days sales outstanding
31 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated USPH CRVL INNV PNTG STLN GH Median
Revenue, last 12 months $812m $984m $990m $1.1bn $587m $1.2bn $1.2bn
Revenue growth, last 12 months 11.3% 7.1% 15.9% 37.9% 38.4% 42.7% 7.3%
Revenue growth, 3-year average 11.8% 10.3% 12.9% 30.0% 26.1% 32.4% 11.3%
Revenue growth, latest quarter 8.5% 10.7% 18.3% 35.8% 34.6% 44.3% 8.5%
Gross margin 18.7% 24.8% 23.0% — — 65.0% 27.9%
Operating margin 9.4% — 0.3% 5.6% −4.4% −39.7% 2.3%
Operating margin, 3-year average 9.0% — −2.1% 5.5% −11.0% −58.3% 2.3%
Net margin 4.0% 11.7% −0.3% 2.9% −6.2% −38.3% 1.2%
Cash from operations / revenue 10.2% 15.3% 6.5% 4.8% 0.1% −15.7% 6.1%
Free-cash-flow margin 7.9% 11.6% 5.1% 3.1% −0.6% −20.3% 5.1%
Free-cash-flow margin, 3-year average 9.0% 10.3% 0.8% 3.5% −5.7% −33.2% 3.6%
Stock pay / revenue 1.1% 0.5% 0.7% 0.9% 0.9% 16.2% 1.1%
Change in share count 0.2% −1.2% 0.2% 3.6% 25.7% 4.6% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 11.3% 7.3% 16 of 41
Change in growth rate Growth -2.4pp +1.1pp 34 of 41
Gross margin Profitability 18.7% 29.0% 21 of 27
Operating margin Profitability 9.4% 2.6% 11 of 40
Net margin Profitability 4.0% 1.2% 14 of 41
Free-cash-flow margin Cash generation 7.9% 5.1% 15 of 40
Stock pay as % of revenue Cash generation 1.1% 0.9% 20 of 35
Long-term debt as % of assets Balance sheet 17.3% 27.7% 12 of 31
Change in share count Balance sheet 0.2% 0.4% 17 of 39
Days sales outstanding Balance sheet 31 days 39 days 6 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Physical Therapy Operations $667M 85.4% ▲ 16.0%
Industrial Injury Prevention Services Revenues $114M 14.6% ▲ 18.0%
Products and services
Line of business Revenue Share YoY
Net Patient Revenues $650M 82.3% ▲ 16.0%
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues $131M 16.5% ▲ 17.8%
Management Contract Revenues $9.6M 1.2% ▼ 2.0%

From U S Physical Therapy Inc's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
214
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
26 / 35

Top buyers and sellers, Q2 2026: 94 institutions bought and 122 sold ; the biggest buyer was Neuberger Berman Group LLC (+590K shares) and the biggest seller Morgan Stanley (−304K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $156M 2.3M 14.8% ▲ 2.5%
Kayne Anderson Rudnick Investment Management LLC $58.1M 847K 5.5% ▼ 20.6%
Copeland Capital Management, LLC $57.8M 842K 5.5% ▲ 0.6%
State Street Corp $48.6M 707K 4.6% ▲ 9.1%
Morgan Stanley $48M 699K 4.6% ▼ 30.3%
Vanguard Capital Management LLC $46.3M 674K 4.4% ▲ 1.5%
Neuberger Berman Group LLC $41.1M 599K 3.9% ▲ 6375.2%
American Century Companies Inc $38.4M 559K 3.6% ▲ 66.1%
Southernsun Asset Management, LLC $36.2M 528K 3.4% ▲ 20.0%
Dimensional Fund Advisors LP $35.3M 514K 3.4% ▲ 1.3%
William Blair Investment Management, LLC $30M 437K 2.9% ▲ 15.6%
Schroder Investment Management Group $29.9M 434K 2.8% ▲ 69.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not U S Physical Therapy Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $325,251 5 trades by 2 insiders, last 12 months Insider sales History → $498,590 5 trades by 2 insiders · 0% under pre-set plans
Net ▼ $173,339 net selling
Insider Date Trade Shares Price Value
Minan Peter Francis Director September 11, 2026 Buy 5 $79.00 $416
Minan Peter Francis Director June 12, 2026 Buy 1 $66.50 $58
Minan Peter Francis Director June 9, 2026 Buy 288 $61.50 $17,712
Minan Peter Francis Director June 8, 2026 Buy 492 $63.14 $31,065
Reeve Graham D. COO March 11, 2026 Sell 662 $78.86 $52,205
Reeve Graham D. COO March 9, 2026 Sell 1 $78.52 $79
Binstein Richard EVP Gen'l Counsel & Secretary March 6, 2026 Sell 3,000 $81.64 $244,920
Reeve Graham D. COO March 6, 2026 Sell 1,807 $82.25 $148,626
Reeve Graham D. COO November 24, 2025 Sell 743 $71.01 $52,760
Gilmartin Kathleen A Director November 20, 2025 Buy 4,000 $69.00 $276,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of U S Physical Therapy Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 16, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 20, 2025, filed June 6, 2025
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded April 17, 2025, filed May 14, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 6, 2026
  • November 6, 2025
  • August 7, 2025
  • May 7, 2025
  • February 28, 2024

Recent SEC filings

Data status

When each part of this page on U S Physical Therapy Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

U S Physical Therapy Inc in brief

What does U S Physical Therapy Inc do?
U S Physical Therapy Inc is a US-listed company in the health care services industry. Its financial year ends in December.
What is U S Physical Therapy Inc's stock ticker?
U S Physical Therapy Inc trades under the ticker USPH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is U S Physical Therapy Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, U S Physical Therapy Inc reported revenue of $812M, 11.3% higher than a year earlier, according to its SEC filings.
What is U S Physical Therapy Inc's free cash flow?
U S Physical Therapy Inc's free-cash-flow margin is 7.9% of revenue over the trailing twelve months, ranking 15 of the 40 health care services companies we cover.
Who are U S Physical Therapy Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Kayne Anderson Rudnick Investment Management LLC and Copeland Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is U S Physical Therapy Inc's market cap?
On November 2, 2026, U S Physical Therapy Inc's market capitalisation was about $1.3B, with a price-to-earnings ratio of 39.9 and net debt of $195M. Market figures come from third-party market data and may be delayed.
How much debt does U S Physical Therapy Inc have?
U S Physical Therapy Inc's debt-to-equity ratio is 49.0%, from its latest balance sheet (39.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are U S Physical Therapy Inc's competitors?
In our Health Care Services peer group, the companies closest to U S Physical Therapy Inc are Corvel Corp, Innovage Holding Corp., Pennant Group, Inc., Starling Oncology, Inc. and Guardant Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against U S Physical Therapy Inc's.
Are insiders buying or selling U S Physical Therapy Inc stock?
Over the last 12 months, U S Physical Therapy Inc's directors and officers reported 5 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is U S Physical Therapy Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — U S Physical Therapy Inc announces its own schedule.