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U.S. Physical Therapy, Inc.

USPH Healthcare Medical Care Facilities

U.S. Physical Therapy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $781.0 million, up 16.3% from fiscal 2024.

Revenue
+12.9%
EPS
−316.7%
Free cash flow
+32.2%
Total debt
+59.6%

Quarter to September 2026, against a year earlier

99.73 2.53 +2.60%
Market cap
$1.5B
P/E
0.0×
Fwd P/E
45.8×
Dividend yield
1.89%
F-score
7/9
Altman Z
2.13
Beneish M
−2.56
Dividend safety
46/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.05
Sold, $m 0.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 2 — — — — —
Sell — — — 2 — — — — — — — —
Insider Ownership 2.60%

Capital & Financial Ratios $m

Size
Market Cap 1,450.00
Revenue ttm 837.63
Net income ttm 49.82
Free cash flow ttm 69.10
Net debt Q 203.46
Valuation
P/E 0.00
Forward P/E 45.80 (above 35: high)
Price / sales 1.73
Forward P/S Powerpack
Price / FCF 20.95
Price / book 3.37
Financial health
Current ratio Q 1.42
Debt / equity Q 0.56
Interest coverage Q 6.83
Growth
Revenue growth Q +12.90% (above 0%: growing)
Operating income growth Q −12.00% (below 0%: shrinking)
EPS, this year +8.37%
EPS, next year A +18.27% (at or above 15%: strong)
Revenue, next year A +8.57%
EPS, past 5 yrs −10.55% (below 0%: weak)
EPS, next 5 yrs A +12.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 2.4×; over the ten years it ranged from 1.4× in 2026 to 3.8× in 2019.
P/S against its own 10 years 14.01%
10-year low 10-year high
P/B against its own 10 years 33.99%
10-year low 10-year high
EV/Sales against its own 10 years 19.55%
10-year low 10-year high
EV/FCF against its own 10 years 77.67%
10-year low 10-year high

Dividends raised 5 years running

Yield
1.89%
Annual rate
1.83
Payout ratio
1,076.5%
Growth, 2017–25
+10.7%/yr
  1. 0.80 ’17
  2. 0.92 ’18 +15
  3. 1.14 ’19 +24
  4. 0.32 ’20 −72
  5. 1.46 ’21 +356
  6. 1.64 ’22 +12
  7. 1.72 ’23 +5
  8. 1.76 ’24 +2
  9. 1.80 ’25 +2
  10. 1.84 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 153 41 36 38
Receivables 70 86 88 97
Inventory — — — —
Other 11 11 16 19
233 138 140 155
2023 2024 2025 Q'26
Payables 4 6 6 5
ST’ Debt — — — —
Other — — — 10
102 116 139 109

Compound Annual Growth %

10y 5y 3y
Sales 8.95% 13.05% 12.19%
Cash Flow 7.18% (5.58%) 8.64%
Earnings 6.74% 2.38% 7.17%
Book Value 10.72% 11.43% 14.58%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.85 Actual 0.75

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.67 0.66 Miss by 0.01
Q4 FY25 0.67 0.67 Met by 0.00
Q1 FY26 0.55 0.46 Miss by 0.09
Q2 FY26 0.85 0.75 Miss by 0.10
Q3 FY26 0.76 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.12) 0.25 (1.04) — —
’25 0.80 0.58 0.48 (0.44) 1.42
’24 0.46 0.47 0.39 0.52 1.84
’23 0.58 0.64 0.51 (0.38) 1.28
’22 0.67 0.87 0.72 (0.01) 2.25
’21 0.21 0.82 0.66 0.73 2.41
’20 0.20 0.99 0.61 0.68 2.48
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 198 214 223 — —
’25 184 197 197 203 781
’24 156 167 168 180 671
’23 149 151 150 155 605
’22 132 141 140 141 553
’21 112 127 126 130 495
’20 113 84 109 117 423
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4 34 26 — —
’25 (5) 35 20 25 75
’24 4 29 22 19 75
’23 11 27 16 27 82
’22 12 16 14 17 59
’21 18 18 25 16 76
’20 16 32 26 25 100
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 29 21 — —
’25 (7) 32 16 21 61
’24 3 27 20 17 66
’23 9 25 14 25 73
’22 9 14 11 16 50
’21 16 16 22 14 68
’20 14 30 25 23 92
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 357 414 454 482 423 495 553 605 671 781 838 +9.1% 848 912 987 +8.1%
Gross margin, % 23.00 21.89 22.40 23.34 22.33 23.67 20.25 20.09 18.46 19.17 18.85 (3.8) pt
EBT 38 34 60 71 66 73 56 49 60 78 66 +8.2%
EBT margin, % 10.70 8.15 13.26 14.71 15.49 14.79 10.05 8.16 8.97 9.96 7.90 (0.7) pt
Net income 26 28 49 57 52 58 43 37 46 58 50 +9.2%
Per share, $
Per share, $ Revenue 28.52 32.94 35.84 37.78 32.95 38.38 42.60 42.63 44.57 51.47 56.11 +6.8%
Earnings 1.64 1.76 1.31 2.45 2.48 2.41 2.25 1.28 1.84 1.42 (1.35) (1.6%)
Cash flow 4.08 4.50 5.76 4.90 7.79 5.92 4.51 5.78 4.97 4.95 5.95 +2.2%
Capex (0.66) (0.56) (0.57) (0.80) (0.60) (0.64) (0.64) (0.66) (0.61) (0.93) (1.32) +3.9%
Free cash flow 3.43 3.94 5.20 4.10 7.20 5.29 3.87 5.12 4.37 4.02 4.63 +1.8%
Book value 15.10 16.39 17.12 18.95 21.63 23.04 24.42 33.65 32.53 31.43 28.81 +8.5%
Shares, m 13 13 13 13 13 13 13 14 15 15 15 +2.2%
Valuation, ×
Valuation, × P/E 36.52 41.97 78.13 46.67 48.49 39.48 36.30 69.24 48.21 54.99 0.00 50.0
P/S 2.48 2.23 2.86 3.03 3.65 2.49 1.92 2.19 1.99 1.52 1.73 2.4
P/B 4.69 4.48 5.98 6.03 5.56 4.15 3.34 2.78 2.73 2.48 3.37 4.2
EV/Sales 2.57 2.31 2.89 3.08 3.61 2.67 2.18 2.17 2.14 1.67 1.97 2.5
EV/FCF 21.38 19.35 19.93 28.43 16.53 19.37 23.96 18.06 21.86 21.35 23.89 21.0
Cash, $m
Cash, $m Operating cash flow 51 57 73 62 100 76 59 82 75 75 89 +4.4%
Capex (8) (7) (7) (10) (8) (8) (8) (9) (9) (14) (20) +6.2%
Free cash flow 43 50 66 52 92 68 50 73 66 61 69 +4.0%
Balance, $m
Balance, $m Working capital 41 38 37 25 (6) 12 26 131 21 1 46 (34.2%)
Net debt 31 35 15 27 (16) 89 144 (14) 101 117 203 +16.1%
Shareholders’ equity 189 206 217 242 278 297 317 477 490 477 430 +10.9%
Returns, %
Returns, % ROA 6.28 5.78 8.09 7.98 6.09 6.08 4.00 3.04 2.90 3.34 0.00 (2.9) pt
ROIC 14.12 14.20 16.25 15.69 12.54 11.43 7.70 6.81 6.66 9.12 0.00 (5.0) pt
ROE 11.39 11.28 16.49 17.46 13.55 14.21 10.47 7.11 6.50 8.19 0.00 (3.2) pt
People
People Employees 3,800 4,300 4,600 5,400 4,630 5,500 6,135 6,720 7,028 7,294 — +7.5%
Revenue/emp, $m 0.09 0.10 0.10 0.09 0.09 0.09 0.09 0.09 0.10 0.11 — +1.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

U.S. Physical Therapy, Inc. vs peers in Medical Care Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ARDT Ardent Health, Inc. $2.2B 15.2× 12.8× +3.05% (above 0%: growing) n/m −23.49% (below 0%: shrinking) 100.00% 0.00% Compare
AGL Agilon Health, Inc. $1.9B — (loss-making) — (loss-making) +5.86% (above 0%: growing) n/m +234.38% (above 0%: growing) 0.00% 1.59% Compare
HCSG Healthcare Services Group, Inc. $1.7B 16.6× 18.6× +3.29% (above 0%: growing) −37.29% (below 0%: shrinking) −59.81% (below 0%: shrinking) 16.76% 6.66% Compare
SNDA Sonida Senior Living, Inc. $1.6B — (loss-making) — (loss-making) +114.40% (above 0%: growing) n/m +360.11% (above 0%: growing) 35.68% (9.27%) Compare
USPH U.S. Physical Therapy, Inc. $1.5B — (loss-making) 45.8× +12.90% (above 0%: growing) n/m +32.17% (above 0%: growing) 19.34% 0.00%
PNTG The Pennant Group, Inc. $1.4B 37.3× 36.7× +31.96% (above 0%: growing) +55.56% (above 0%: growing) −3.19% (below 0%: shrinking) 13.34% 5.46% Compare
NUTX Nutex Health Inc. $1.3B 7.4× 7.3× −13.62% (below 0%: shrinking) n/m +19.44% (above 0%: growing) 67.04% 57.75% Compare
INNV InnovAge Holding Corp. $1.2B 124× 20.9× +12.14% (above 0%: growing) +155.00% (above 0%: growing) +622.82% (above 0%: growing) 24.02% 7.61% Compare
CMPS COMPASS Pathways PLC Sponsored ADR $1.1B — (loss-making) — — n/m −44.62% (below 0%: shrinking) — 0.00% Compare
Median of peers $1.5B 16.6× 18.6× +5.86% +55.56% +8.12% 24.02% 3.53%

All 51 Medical Care Facilities stocks →

Pay and ownership Proxy statement filed 16 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.47m 4.21m 65.00
2024 3.64m 3.51m 74.00
2023 3.37m 3.82m 77.00
2022 2.41m 1.86m 67.00
2021 4.14m 3.28m 79.00

Ownership

Directors and executive officers, together 2.40%
BlackRock Fund Advisors 14.40%
Kayne Anderson Rudnick Investment Management LLC 8.00%
Morgan Stanley 6.60%
Copeland Capital Management, LLC 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/USPH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com