Saturday 17 October 2026
Export USPH’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 8.47%, EPS fell 56.9%, free cash flow fell 8.24% and total debt rose 41.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five; insiders bought in the last twelve months.
85.71
0.27
−0.31%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
36.52 | 41.97 | 78.13 | 46.67 | 48.49 | 39.48 | 36.30 | 69.24 | 48.21 | 54.99 |
Piotroski F-Score |
4 | 4 | 6 | 4 | 4 | 6 | 4 | 5 | 4 | 7 |
Altman Z-Score |
5.46 | 4.63 | 5.54 | 4.51 | 4.41 | 3.04 | 2.45 | 2.77 | 2.23 | 2.13 |
P/S ratio |
2.48 | 2.23 | 2.86 | 3.03 | 3.65 | 2.49 | 1.92 | 2.19 | 1.99 | 1.52 |
P/FCF ratio |
20.67 | 18.65 | 19.70 | 27.91 | 16.71 | 18.07 | 21.09 | 18.25 | 20.32 | 19.43 |
Altman Z″-Score (non-manufacturers) |
4.33 | 3.75 | 3.70 | 2.97 | 2.61 | 2.40 | 2.14 | 2.90 | 1.88 | 1.79 |
Beneish M-Score |
(2.70) | (2.60) | (2.66) | (2.48) | (2.90) | (2.56) | (2.45) | (2.67) | (2.21) | (2.56) |
P/Operating CF |
73.47 | 58.83 | 68.23 | 91.26 | 60.78 | 77.49 | 61.30 | 49.42 | 68.85 | 47.53 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 46 |
P/B ratio |
4.69 | 4.48 | 5.98 | 6.03 | 5.56 | 4.15 | 3.34 | 2.78 | 2.73 | 2.48 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
2.57 | 2.31 | 2.89 | 3.08 | 3.61 | 2.67 | 2.18 | 2.17 | 2.14 | 1.67 |
EV/EBITDA |
15.71 | 14.87 | 18.72 | 19.16 | 24.26 | 16.06 | 14.88 | 15.60 | 17.51 | 11.89 |
EV/Operating CF |
17.95 | 16.95 | 17.96 | 23.79 | 15.27 | 17.29 | 20.58 | 16.01 | 19.18 | 17.35 |
EV/FCF |
21.38 | 19.35 | 19.93 | 28.43 | 16.53 | 19.37 | 23.96 | 18.06 | 21.86 | 21.35 |
Quick Ratio |
2.50 | 1.83 | 1.78 | 1.31 | 0.90 | 1.09 | 1.17 | 2.18 | 1.09 | 0.89 |
Current Ratio |
2.68 | 1.95 | 1.89 | 1.41 | 0.94 | 1.14 | 1.30 | 2.28 | 1.18 | 1.01 |
Net Debt/EBITDA |
0.52 | 0.54 | 0.21 | 0.35 | (0.26) | 1.08 | 1.78 | (0.16) | 1.23 | 1.07 |
Debt/Assets |
14.41% | 13.54% | 8.67% | 8.98% | 2.79% | 15.69% | 20.49% | 13.94% | 12.21% | 12.67% |
Debt/Equity |
0.27 | 0.28 | 0.18 | 0.21 | 0.06 | 0.40 | 0.55 | 0.29 | 0.29 | 0.32 |
Asset Turnover |
1.09 | 1.08 | 1.05 | 0.96 | 0.73 | 0.74 | 0.69 | 0.65 | 0.62 | 0.66 |
Operating CF/Net income |
2.48 | 2.54 | 2.09 | 1.56 | 2.84 | 1.87 | 1.82 | 2.90 | 2.38 | 1.90 |
Capex/Depreciation |
(0.93) | (0.72) | (0.74) | (1.01) | (0.73) | (0.70) | (0.34) | (0.28) | (0.48) | (0.62) |
Interest Coverage |
4.32 | 2.60 | 29.54 | 32.43 | 32.08 | 75.00 | 9.83 | 5.43 | 7.86 | 9.16 |
| 11.39% | 11.28% | 16.49% | 17.46% | 13.55% | 14.21% | 10.47% | 7.11% | 6.50% | 8.19% | |
| 6.28% | 5.78% | 8.09% | 7.98% | 6.09% | 6.08% | 4.00% | 3.04% | 2.90% | 3.34% | |
ROIC |
14.12% | 14.20% | 16.25% | 15.69% | 12.54% | 11.43% | 7.70% | 6.81% | 6.66% | 9.12% |
Return on Tangible Assets |
33.96% | 38.43% | 60.72% | 85.35% | 222.62% | 117.79% | 63.65% | 17.95% | 58.80% | 108.15% |
Average Days of Receivables |
42.47 | 44.40 | 41.41 | 42.45 | 43.96 | 46.02 | 45.27 | 42.08 | 46.58 | 41.28 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
9.11% | 8.67% | 9.11% | 9.35% | 9.94% | 9.40% | 8.34% | 8.59% | 8.68% | 8.87% |
Intangible Assets out of Total Assets |
0.75 | 0.76 | 0.77 | 0.66 | 0.68 | 0.70 | 0.70 | 0.62 | 0.73 | 0.72 |
Share Based Compensation of Revenue |
1.39% | 1.22% | 1.31% | 1.45% | 1.87% | 1.59% | 1.31% | 1.20% | 1.17% | 1.06% |
Graham Net Nets |
(0.11) | (0.15) | (0.11) | (0.16) | (0.15) | (0.29) | (0.41) | (0.22) | (0.40) | (0.50) |
Graham Number |
25.67 | 25.41 | 22.47 | 32.32 | 34.74 | 35.42 | 35.16 | 31.97 | 36.70 | 31.69 |
Earnings Yield |
2.74% | 2.38% | 1.28% | 2.14% | 2.06% | 2.53% | 2.75% | 1.44% | 2.07% | 1.82% |
Free Cash Flow Yield |
4.84% | 5.36% | 5.08% | 3.58% | 5.98% | 5.53% | 4.74% | 5.48% | 4.92% | 5.15% |
Revenue per Share |
28.52 | 32.94 | 35.84 | 37.78 | 32.95 | 38.38 | 42.60 | 42.63 | 44.57 | 51.47 |
Operating CF per Share |
4.08 | 4.50 | 5.76 | 4.90 | 7.79 | 5.92 | 4.51 | 5.78 | 4.97 | 4.95 |
Capex per Share |
(0.66) | (0.56) | (0.57) | (0.80) | (0.60) | (0.64) | (0.64) | (0.66) | (0.61) | (0.93) |
Free Cash Flow per Share |
3.43 | 3.94 | 5.20 | 4.10 | 7.20 | 5.29 | 3.87 | 5.12 | 4.37 | 4.02 |
Cash per Share |
1.60 | 1.74 | 1.84 | 1.85 | 2.56 | 2.21 | 2.43 | 10.77 | 2.75 | 2.34 |
Shareholders Equity per Share |
15.10 | 16.39 | 17.12 | 18.95 | 21.63 | 23.04 | 24.42 | 33.65 | 32.53 | 31.43 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
15.10 | 16.39 | 17.12 | 18.95 | 21.63 | 23.04 | 24.42 | 33.65 | 32.53 | 31.43 |
Free Cash Flow |
42.85 | 49.51 | 65.81 | 52.26 | 92.36 | 68.21 | 50.29 | 72.68 | 65.75 | 60.99 |
Working Capital |
41.35 | 37.53 | 37.27 | 24.82 | (5.86) | 11.69 | 25.78 | 131.19 | 21.30 | 0.95 |
Capital Expenditures |
(8.20) | (7.01) | (7.19) | (10.19) | (7.64) | (8.20) | (8.25) | (9.29) | (9.19) | (14.07) |
Net Current Asset Value |
(96.58) | (135.83) | (147.08) | (233.76) | (229.09) | (357.08) | (429.83) | (286.45) | (539.86) | (587.13) |
EV/EBIT |
18.50 | 17.51 | 21.74 | 22.03 | 29.14 | 18.70 | 21.21 | 25.98 | 22.82 | 15.02 |
Capex to Sales |
0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.01 | 0.02 |
Price to Operating Income |
17.88 | 16.87 | 21.49 | 21.63 | 29.45 | 17.44 | 18.67 | 26.25 | 21.21 | 13.67 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.46 | 0.48 | 0.48 | 0.46 | 0.49 | 0.51 | 0.98 | 1.29 | 0.59 | 0.64 |
Cash ROIC |
16.52% | 17.39% | 23.62% | 16.56% | 28.23% | 15.38% | 9.59% | 9.45% | 9.76% | 9.17% |
Accounts Receivable Turnover |
8.90 | 9.02 | 8.91 | 8.96 | 7.91 | 8.73 | 8.44 | 8.74 | 8.64 | 8.98 |
Accounts Payable Turnover |
167.91 | 170.27 | 168.38 | 163.75 | 171.60 | 96.81 | 68.00 | 92.92 | 111.33 | 105.26 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
2.17 | 2.44 | 2.09 | 2.46 | 1.48 | 6.25 | 5.38 | 2.94 | 3.96 | 3.50 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
40.05 | 45.93 | 50.93 | 53.77 | 53.50 | 56.68 | 65.51 | 69.16 | 77.69 | 87.00 |
Average Payables |
1.64 | 1.90 | 2.09 | 2.26 | 1.91 | 3.90 | 6.49 | 5.20 | 4.92 | 6.00 |
Average Assets |
327.49 | 385.11 | 431.07 | 502.01 | 577.60 | 671.89 | 803.79 | 927.70 | 1,082.35 | 1,185.74 |
Average Common Equity |
180.50 | 197.38 | 211.47 | 229.29 | 259.67 | 287.41 | 307.12 | 397.23 | 483.72 | 483.45 |
Columns are period end dates