U S PHYSICAL THERAPY INC /NV USPH

Healthcare SIC 8000 - Services-Health Services NAICS Health Care and Social Assistance derived NYSE

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,

Last close 88.53 2026-10-23
Market cap $1.32B 2026-06-30 share count
52-week range 58.19 - 93.26

Valuation FY2025 figures against the last close

P/S1.7x
P/E62.3x
P/FCF21.7x
EV/EBITDA13.3x
Dividend yield2.1%
Diluted EPS1.42

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 1.421.841.282.252.412.482.45———
EPS, diluted 1.421.841.282.252.412.482.451.311.761.64
Shares, diluted (wtd. avg.) 15.2M15.1M14.2M13.0M12.9M12.8M12.8M——12.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M 800M Revenue, FY2016: 356.5M Gross profit, FY2016: 82M Net income, FY2016: 20.6M Revenue, FY2017: 414.1M Gross profit, FY2017: 90.6M Net income, FY2017: 22.3M Revenue, FY2018: 453.9M Gross profit, FY2018: 101.7M Net income, FY2018: 34.9M Revenue, FY2019: 482M Gross profit, FY2019: 112.5M Net income, FY2019: 40M Revenue, FY2020: 423M Gross profit, FY2020: 94.5M Net income, FY2020: 35.2M Revenue, FY2021: 495M Gross profit, FY2021: 117.2M Net income, FY2021: 57.9M Revenue, FY2022: 553.1M Gross profit, FY2022: 112M Net income, FY2022: 43.4M Revenue, FY2023: 604.8M Gross profit, FY2023: 121.5M Net income, FY2023: 37.2M Revenue, FY2024: 671.3M Gross profit, FY2024: 123.9M Net income, FY2024: 45.6M Revenue, FY2025: 781M Gross profit, FY2025: 149.7M Net income, FY2025: 58M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $356.5M $414.1M $453.9M $482.0M $423.0M $495.0M $553.1M $604.8M $671.3M $781.0M
Gross profit $82.0M $90.6M $101.7M $112.5M $94.5M $117.2M $112.0M $121.5M $123.9M $149.7M
Net income $20.6M $22.3M $34.9M $40.0M $35.2M $57.9M $43.4M $37.2M $45.6M $58.0M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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