U S PHYSICAL THERAPY INC /NV USPH
U.S. Physical Therapy, Inc. through its subsidiaries ("we", "us", "our", or the "Company"), operates its business through two reportable business segments. Our
physical therapy operations segment consists of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety
of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. Services provided by the industrial injury prevention services ("IIP") segment include onsite services for clients' employees including
injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. The majority of IIP is contracted with and paid for directly by employers,
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $781.0M | $671.3M | $604.8M | $553.1M | $495.0M | $423.0M | $482.0M | $453.9M | $414.1M | $356.5M |
| Gross profit | $149.7M | $123.9M | $121.5M | $112.0M | $117.2M | $94.5M | $112.5M | $101.7M | $90.6M | $82.0M |
| SG&A | $69.3M | $58.3M | $52.0M | $46.1M | $46.5M | $42.0M | $45.0M | $41.3M | $35.9M | $32.5M |
| Total operating expenses | $631.3M | $547.4M | $483.3M | $441.1M | $377.8M | $328.5M | $369.5M | $352.2M | $323.4M | $274.5M |
| Operating income | $86.7M | $63.0M | $50.5M | $56.8M | $70.6M | $52.4M | $67.4M | $60.3M | $54.7M | $49.5M |
| Interest expense | — | — | — | — | — | — | $2.1M | $2.0M | $21.1M | $11.5M |
| Pre-tax income | $77.8M | $60.2M | $49.4M | $55.6M | $73.2M | $65.5M | $70.9M | $60.2M | $33.8M | $38.1M |
| Income tax | $19.8M | $14.6M | $12.2M | $12.2M | $15.3M | $13.0M | $13.6M | $11.4M | $6.0M | $11.9M |
| Net income | $58.0M | $45.6M | $37.2M | $43.4M | $57.9M | $35.2M | $40.0M | $34.9M | $22.3M | $20.6M |
| EPS, basic | 1.42 | 1.84 | 1.28 | 2.25 | 2.41 | 2.48 | 2.45 | — | — | — |
| EPS, diluted | 1.42 | 1.84 | 1.28 | 2.25 | 2.41 | 2.48 | 2.45 | 1.31 | 1.76 | 1.64 |
| Shares, diluted (wtd. avg.) | $15.2M | $15.1M | $14.2M | $13.0M | $12.9M | $12.8M | $12.8M | — | — | $12.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $35.6M | $41.4M | $152.8M | $31.6M | $28.6M | $32.9M | $23.5M | $23.4M | $21.9M | $20.0M |
| Receivables | $64.2M | $59.0M | $51.8M | $51.9M | $46.3M | $41.9M | $46.2M | $44.8M | $44.7M | $38.8M |
| Total current assets | $140.0M | $137.6M | $233.4M | $111.3M | $95.2M | $87.6M | $85.4M | $79.2M | $77.1M | $66.0M |
| Property, plant and equipment | $35.7M | $32.1M | $26.1M | $24.7M | $23.0M | $21.7M | $22.1M | $20.2M | $20.4M | $19.2M |
| Goodwill | $692.4M | $667.2M | $509.6M | $494.1M | $434.7M | $345.6M | $317.7M | $293.5M | $271.3M | $226.8M |
| Other intangibles | $172.9M | $179.3M | $109.7M | $108.8M | $86.4M | $56.3M | $52.6M | $48.8M | $49.0M | $38.1M |
| Total assets | $1.20B | $1.17B | $997.2M | $858.2M | $749.4M | $594.4M | $630.5M | $443.2M | $419.0M | $351.2M |
| Short-term debt | $9.9M | $11.0M | $7.7M | $7.9M | $830.0K | $4.9M | $728.0K | $1.4M | $4.0M | $1.2M |
| Total current liabilities | $139.0M | $116.3M | $102.2M | $85.5M | $83.5M | $93.5M | $60.6M | $41.9M | $39.6M | $24.6M |
| Long-term debt | $152.6M | $142.5M | $139.0M | $175.8M | $117.6M | $16.6M | $50.4M | $38.4M | $56.7M | $50.6M |
| Total liabilities | $433.8M | $408.4M | $345.0M | $373.6M | $297.0M | $184.4M | $181.4M | $92.3M | $110.3M | $162.5M |
| Retained earnings | $227.2M | $227.3M | $223.8M | $232.9M | $224.4M | $212.0M | $184.4M | $167.4M | $162.4M | $150.3M |
| Total equity | $476.4M | $488.9M | $477.4M | $317.1M | $297.2M | $277.6M | $241.7M | $216.9M | $206.1M | $188.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $75.1M | $74.9M | $82.0M | $58.5M | $76.4M | $100.0M | $62.4M | $73.0M | $56.5M | $51.0M |
| Depreciation and amortisation | $22.4M | $18.7M | $15.7M | $14.7M | $11.6M | $10.5M | $10.1M | $9.8M | $9.7M | $8.8M |
| Stock-based compensation | $8.3M | $7.8M | $7.2M | $7.3M | $7.9M | $7.9M | $7.0M | $5.9M | $5.0M | $5.0M |
| Capital expenditure | $14.1M | $9.2M | $9.3M | $8.2M | $8.2M | $7.6M | $10.2M | $7.2M | $7.1M | $8.3M |
| Investing cash flow | -$36.7M | -$149.4M | -$45.0M | -$81.3M | -$124.1M | -$51.2M | -$38.0M | -$23.9M | -$43.6M | -$32.5M |
| Financing cash flow | -$44.1M | -$37.0M | $84.3M | $25.8M | $43.4M | -$39.4M | -$24.3M | -$47.7M | -$11.1M | -$14.3M |
| Dividends paid | $27.4M | $26.5M | $24.1M | $21.3M | $18.8M | $4.1M | $14.6M | $11.7M | $10.1M | $8.5M |
| Buybacks | $5.6M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014952.
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