NYSE : USPH
U.S. Physical Therapy, Inc. — Financial statements
Healthcare · Medical Care Facilities · United States
Last price 85.83 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.28B
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Financial statements
U.S. Physical Therapy, Inc. (USPH) reported revenue of 804.27M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 668.89M | 642.78M | 553.64M | 508.38M | 459.04M | 433.02M |
| Other Revenue | 135.39M | 130.56M | 110.79M | 90.25M | 88.55M | 56.69M |
| Revenue | 804.27M | 773.34M | 664.43M | 598.63M | 547.60M | 489.72M |
| Cost of Revenue | 631.62M | 602.32M | 518.30M | 461.99M | 421.56M | 372.54M |
| Gross Profit | 172.65M | 171.02M | 146.13M | 136.64M | 126.03M | 117.18M |
| Selling, General & Admin | 71.99M | 69.26M | 58.29M | 51.95M | 46.11M | 46.53M |
| Operating Expenses | 93.05M | 90.32M | 76.14M | 66.91M | 60.05M | 46.53M |
| Operating Income | 79.61M | 80.70M | 69.99M | 69.73M | 65.98M | 70.65M |
| Interest Expense | -10.76M | -9.46M | -8.02M | -9.30M | -5.78M | -942.00K |
| Interest & Investment Income | 98.00K | 105.00K | 3.94M | 3.77M | ||
| Earnings From Equity Investments | 1.46M | 1.48M | 1.01M | 955.00K | 1.18M | 112.00K |
| Other Non Operating Income (Expenses) | 257.00K | -864.00K | 275.00K | 2.97M | 854.00K | 1.42M |
| EBT Excluding Unusual Items | 70.66M | 71.96M | 67.20M | 68.13M | 62.23M | 71.23M |
| Merger & Restructuring Charges | -220.00K | -270.00K | -4.36M | -175.00K | -72.00K | |
| Impairment of Goodwill | -17.50M | -9.11M | ||||
| Gain (Loss) on Sale of Investments | -123.00K | |||||
| Gain (Loss) on Sale of Assets | -2.42M | |||||
| Legal Settlements | -2.63M | |||||
| Other Unusual Items | -2.99M | 6.24M | -219.00K | -1.08M | 2.52M | 4.60M |
| Pretax Income | 67.45M | 77.81M | 60.21M | 49.38M | 55.57M | 73.20M |
| Income Tax Expense | 17.58M | 19.81M | 14.61M | 12.16M | 12.16M | 15.27M |
| Earnings From Continuing Operations | 49.87M | 58.01M | 45.60M | 37.22M | 43.41M | 57.92M |
| Minority Interest in Earnings | -17.64M | -18.42M | -14.18M | -8.98M | -11.25M | -17.09M |
| Net Income | 32.23M | 39.58M | 31.42M | 28.24M | 32.16M | 40.83M |
| Preferred Dividends & Other Adjustments | 29.57M | 18.01M | 3.70M | 10.10M | 2.90M | 9.69M |
| Net Income to Common | 2.66M | 21.57M | 27.73M | 18.14M | 29.26M | 31.14M |
| Shares Outstanding (Basic) | 15.15M | 15.18M | 15.06M | 14.19M | 12.98M | 12.90M |
| Shares Outstanding (Diluted) | 15.15M | 15.18M | 15.06M | 14.19M | 12.98M | 12.90M |
| EPS (Basic) | 0.18 | 1.42 | 1.84 | 1.28 | 2.25 | 2.41 |
| EPS (Diluted) | 0.18 | 1.42 | 1.84 | 1.28 | 2.25 | 2.41 |
| Free Cash Flow | 64.07M | 60.99M | 65.75M | 72.68M | 50.29M | 68.20M |
| Free Cash Flow Per Share | 4.23 | 4.02 | 4.37 | 5.12 | 3.87 | 5.29 |
| Dividend Per Share | 1.82 | 1.80 | 1.76 | 1.72 | 1.64 | 1.46 |
| Gross Margin | 21.47% | 22.12% | 21.99% | 22.83% | 23.02% | 23.93% |
| Operating Margin | 9.90% | 10.44% | 10.53% | 11.65% | 12.05% | 14.43% |
| Profit Margin | 0.33% | 2.79% | 4.17% | 3.03% | 5.34% | 6.36% |
| Free Cash Flow Margin | 7.97% | 7.89% | 9.90% | 12.14% | 9.18% | 13.93% |
| EBITDA | 102.01M | 103.09M | 88.67M | 85.43M | 80.73M | 82.24M |
| EBITDA Margin | 12.68% | 13.33% | 13.35% | 14.27% | 14.74% | 16.79% |
| D&A For EBITDA | 22.40M | 22.39M | 18.68M | 15.70M | 14.74M | 11.59M |
| EBIT | 79.61M | 80.70M | 69.99M | 69.73M | 65.98M | 70.65M |
| EBIT Margin | 9.90% | 10.44% | 10.53% | 11.65% | 12.05% | 14.43% |
| Effective Tax Rate | 26.06% | 25.46% | 24.26% | 24.62% | 21.89% | 20.87% |
| Revenue as Reported | 812.20M | 780.99M | 671.35M | 604.80M | 553.14M | 495.02M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 24.89M | 35.57M | 41.36M | 152.82M | 31.59M | 28.57M |
| Trading Asset Securities | 1.38M | 743.00K | 1.75M | 2.66M | 2.86M | |
| Cash & Short-Term Investments | 26.26M | 36.31M | 43.11M | 155.49M | 34.45M | 28.57M |
| Accounts Receivable | 69.60M | 64.25M | 59.04M | 51.87M | 51.93M | 46.27M |
| Other Receivables | 28.56M | 24.09M | 26.63M | 17.85M | 16.67M | 16.14M |
| Receivables | 98.16M | 88.34M | 85.67M | 69.72M | 68.61M | 62.42M |
| Other Current Assets | 15.25M | 15.34M | 8.80M | 8.17M | 8.21M | 4.18M |
| Total Current Assets | 139.68M | 139.99M | 137.58M | 233.38M | 111.27M | 95.17M |
| Property, Plant & Equipment | 196.90M | 179.85M | 166.08M | 129.53M | 127.75M | 119.41M |
| Long-Term Investments | 12.71M | 12.45M | 14.20M | 13.33M | 14.65M | 12.21M |
| Goodwill | 716.53M | 692.39M | 667.15M | 509.57M | 494.10M | 434.68M |
| Other Intangible Assets | 176.55M | 172.86M | 179.31M | 109.68M | 108.75M | 86.38M |
| Other Long-Term Assets | 6.50M | 6.47M | 3.15M | 1.75M | 1.63M | 1.58M |
| Total Assets | 1.25B | 1.20B | 1.17B | 997.24M | 858.15M | 749.43M |
| Accounts Payable | 6.92M | 6.06M | 5.94M | 3.90M | 6.50M | 6.47M |
| Accrued Expenses | 44.31M | 47.65M | 42.74M | 32.98M | 28.46M | 32.09M |
| Current Portion of Long-Term Debt | 4.56M | 9.87M | 11.00M | 7.69M | 7.86M | 830.00K |
| Current Portion of Leases | 42.87M | 42.13M | 39.84M | 35.25M | 33.71M | 30.48M |
| Current Income Taxes Payable | 993.00K | 4.54M | 1.01M | 2.72M | ||
| Other Current Liabilities | 10.49M | 32.34M | 12.23M | 21.36M | 8.96M | 10.90M |
| Total Current Liabilities | 109.91M | 139.04M | 116.28M | 102.19M | 85.49M | 83.48M |
| Long-Term Debt | 215.46M | 152.59M | 142.53M | 138.99M | 175.83M | 117.59M |
| Long-Term Leases | 122.90M | 110.57M | 101.87M | 76.65M | 77.93M | 74.19M |
| Long-Term Deferred Tax Liabilities | 31.00M | 28.39M | 29.46M | 24.82M | 21.30M | 14.38M |
| Other Long-Term Liabilities | 2.95M | 3.21M | 18.27M | 2.36M | 13.03M | 7.34M |
| Total Liabilities | 482.22M | 433.81M | 408.42M | 345.00M | 373.59M | 296.98M |
| Common Stock | 175.00K | 174.00K | 172.00K | 172.00K | 152.00K | 151.00K |
| Additional Paid-In Capital | 290.55M | 285.52M | 290.32M | 281.10M | 110.32M | 102.69M |
| Retained Earnings | 213.36M | 227.22M | 227.26M | 223.77M | 232.95M | 224.40M |
| Treasury Stock | -56.48M | -37.19M | -31.63M | -31.63M | -31.63M | -31.63M |
| Comprehensive Income & Other | 1.05M | 714.00K | 2.80M | 2.78M | 4.00M | |
| Total Common Equity | 448.66M | 476.43M | 488.93M | 476.19M | 315.79M | 295.61M |
| Minority Interest | 318.00M | 293.77M | 270.12M | 176.04M | 168.78M | 156.84M |
| Shareholders' Equity | 766.66M | 770.20M | 759.05M | 652.24M | 484.57M | 452.44M |
| Total Liabilities & Equity | 1.25B | 1.20B | 1.17B | 997.24M | 858.15M | 749.43M |
| Total Debt | 385.79M | 315.17M | 295.23M | 258.59M | 295.34M | 223.08M |
| Net Cash (Debt) | -359.53M | -278.85M | -252.12M | -103.10M | -260.88M | -194.51M |
| Net Cash Per Share | -23.73 | -18.38 | -16.74 | -7.27 | -20.09 | -15.08 |
| Filing Date Shares Outstanding | 14.92M | 15.12M | 15.19M | 15.07M | 13.03M | 12.95M |
| Total Common Shares Outstanding | 14.92M | 15.12M | 15.09M | 14.99M | 13.00M | 12.91M |
| Working Capital | 29.77M | 950.00K | 21.30M | 131.19M | 25.78M | 11.69M |
| Book Value Per Share | 30.06 | 31.50 | 32.39 | 31.77 | 24.29 | 22.89 |
| Tangible Book Value | -444.43M | -388.82M | -357.53M | -143.06M | -287.06M | -225.46M |
| Tangible Book Value Per Share | -29.78 | -25.71 | -23.69 | -9.55 | -22.08 | -17.46 |
| Machinery | 74.13M | 67.89M | 68.13M | 63.98M | 62.07M | 58.74M |
| Leasehold Improvements | 60.40M | 58.98M | 51.10M | 46.94M | 42.88M | 39.19M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 32.23M | 39.58M | 31.42M | 28.24M | 32.16M | 40.83M |
| Depreciation & Amortization | 22.40M | 22.39M | 18.68M | 15.70M | 14.74M | 11.59M |
| Other Amortization | 424.00K | 422.00K | 422.00K | 420.00K | 305.00K | 56.00K |
| Loss (Gain) From Sale of Assets | 247.00K | 383.00K | 3.25M | 166.00K | -643.00K | |
| Asset Writedown & Restructuring Costs | 17.50M | 9.11M | ||||
| Loss (Gain) From Sale of Investments | 123.00K | |||||
| Loss (Gain) on Equity Investments | -1.46M | -1.48M | -1.01M | -955.00K | -1.18M | -112.00K |
| Stock-Based Compensation | 9.86M | 8.27M | 7.82M | 7.24M | 7.26M | 7.87M |
| Provision & Write-off of Bad Debts | 7.93M | 7.65M | 6.91M | 6.17M | 5.55M | 5.30M |
| Other Operating Activities | 29.87M | 24.91M | 19.84M | 12.44M | 12.96M | 22.65M |
| Change in Accounts Receivable | -10.77M | -11.96M | -5.35M | -5.64M | -10.28M | -9.42M |
| Change in Accounts Payable | -1.29M | -7.80M | 1.71M | 15.00K | -7.75M | 4.66M |
| Change in Other Net Operating Assets | -6.39M | -7.44M | -8.77M | 701.00K | -3.70M | -7.02M |
| Operating Cash Flow | 83.05M | 75.06M | 74.94M | 81.98M | 58.54M | 76.41M |
| Capital Expenditures | -18.98M | -14.07M | -9.19M | -9.29M | -8.25M | -8.20M |
| Cash Acquisitions | -47.03M | -25.86M | -142.14M | -37.85M | -75.06M | -116.56M |
| Divestitures | 463.00K | 216.00K | 105.00K | 977.00K | 402.00K | 200.00K |
| Investment in Securities | 1.08M | 2.11M | 1.08M | 830.00K | 1.63M | 427.00K |
| Other Investing Activities | 882.00K | 895.00K | 694.00K | 321.00K | ||
| Investing Cash Flow | -63.59M | -36.71M | -149.45M | -45.02M | -81.27M | -124.14M |
| Long-Term Debt Issued | 189.50M | 19.00M | 24.00M | 251.00M | 316.00M | |
| Long-Term Debt Repaid | -181.44M | -14.70M | -63.15M | -186.81M | -222.90M | |
| Net Debt Issued (Repaid) | 60.45M | 8.06M | 4.30M | -39.15M | 64.19M | 93.10M |
| Issuance of Common Stock | 163.65M | |||||
| Repurchase of Common Stock | -24.85M | -5.57M | ||||
| Common Dividends Paid | -27.55M | -27.36M | -26.54M | -24.13M | -21.32M | -18.77M |
| Other Financing Activities | -36.70M | -19.27M | -14.71M | -16.10M | -17.11M | -30.96M |
| Financing Cash Flow | -28.66M | -44.14M | -36.95M | 84.27M | 25.76M | 43.38M |
| Net Cash Flow | -9.20M | -5.79M | -111.46M | 121.23M | 3.03M | -4.35M |
| Free Cash Flow | 64.07M | 60.99M | 65.75M | 72.68M | 50.29M | 68.20M |
| Free Cash Flow Margin | 7.97% | 7.89% | 9.90% | 12.14% | 9.18% | 13.93% |
| Free Cash Flow Per Share | 4.23 | 4.02 | 4.37 | 5.12 | 3.87 | 5.29 |
| Levered Free Cash Flow | 41.29M | 73.92M | 46.10M | 66.08M | 33.22M | 48.15M |
| Unlevered Free Cash Flow | 47.59M | 79.41M | 50.68M | 71.47M | 36.53M | 48.68M |
| Cash Interest Paid | 11.34M | 9.43M | 7.21M | 8.65M | 5.69M | 1.35M |
| Cash Income Tax Paid | 9.28M | 14.35M | 4.82M | 4.93M | 7.62M | 12.21M |
| Change in Working Capital | -18.45M | -27.19M | -12.40M | -4.93M | -21.73M | -11.78M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.28B | 1.19B | 1.34B | 1.40B | 1.05B | 1.23B |
| Enterprise Value | 1.64B | 1.74B | 1.66B | 1.68B | 1.43B | 1.49B |
| Last Close Price | 85.83 | 76.61 | 85.00 | 87.60 | 74.89 | 86.74 |
| PE Ratio | 488.89 | 55.04 | 48.29 | 76.95 | 36.00 | 39.61 |
| Forward PE | 28.45 | 27.67 | 32.93 | 34.02 | 29.15 | 30.02 |
| PS Ratio | 1.59 | 1.53 | 2.02 | 2.33 | 1.92 | 2.52 |
| PB Ratio | 2.85 | 1.54 | 1.76 | 2.14 | 2.17 | 2.73 |
| P/FCF Ratio | 19.99 | 19.47 | 20.36 | 19.20 | 20.95 | 18.09 |
| P/OCF Ratio | 15.42 | 15.82 | 17.87 | 17.03 | 18.00 | 16.15 |
| PEG Ratio | 2.35 | 3.27 | 3.86 | 4.61 | 3.24 | 2.50 |
| EV/Sales Ratio | 2.04 | 2.25 | 2.50 | 2.81 | 2.61 | 3.04 |
| EV/EBITDA Ratio | 16.08 | 16.90 | 18.76 | 19.68 | 17.68 | 18.12 |
| EV/EBIT Ratio | 20.61 | 21.59 | 23.76 | 24.11 | 21.62 | 21.09 |
| EV/FCF Ratio | 25.60 | 28.57 | 25.29 | 23.13 | 28.37 | 21.84 |
| Debt / Equity Ratio | 0.50 | 0.41 | 0.39 | 0.40 | 0.61 | 0.49 |
| Debt / EBITDA Ratio | 2.34 | 1.93 | 2.10 | 1.93 | 2.40 | 1.82 |
| Debt / FCF Ratio | 6.02 | 5.17 | 4.49 | 3.56 | 5.87 | 3.27 |
| Net Debt / Equity Ratio | 0.47 | 0.36 | 0.33 | 0.16 | 0.54 | 0.43 |
| Net Debt / EBITDA Ratio | 3.52 | 2.71 | 2.84 | 1.21 | 3.23 | 2.37 |
| Net Debt / FCF Ratio | 5.61 | 4.57 | 3.83 | 1.42 | 5.19 | 2.85 |
| Asset Turnover | 0.66 | 0.65 | 0.61 | 0.65 | 0.68 | 0.73 |
| Quick Ratio | 1.13 | 0.90 | 1.11 | 2.20 | 1.21 | 1.09 |
| Current Ratio | 1.27 | 1.01 | 1.18 | 2.28 | 1.30 | 1.14 |
| Return on Equity (ROE) | 6.51% | 7.59% | 6.46% | 6.55% | 9.26% | 13.43% |
| Return on Assets (ROA) | 4.10% | 4.25% | 4.04% | 4.70% | 5.13% | 6.57% |
| Return on Invested Capital (ROIC) | 5.25% | 5.84% | 6.00% | 7.00% | 7.40% | 9.73% |
| Return on Capital Employed (ROCE) | 7.00% | 7.60% | 6.70% | 7.80% | 8.50% | 10.60% |
| Earnings Yield | 0.20% | 3.33% | 2.35% | 2.02% | 3.05% | 3.31% |
| FCF Yield | 5.00% | 5.14% | 4.91% | 5.21% | 4.77% | 5.53% |
| Dividend Yield | 2.14% | 2.29% | 1.98% | 1.85% | 2.02% | 1.53% |
| Payout Ratio | 1,048.07% | 69.13% | 84.46% | 85.44% | 66.30% | 45.96% |
| Buyback Yield / Dilution | -0.18% | -0.74% | -6.17% | -9.26% | -0.68% | -0.49% |
| Total Shareholder Return | 1.97% | 1.56% | -4.19% | -7.42% | 1.35% | 1.04% |