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Friday 6 November 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.
- Revenue
- +12.9%
- EPS
- −316.7%
- Free cash flow
- +32.2%
- Total debt
- +59.6%
Quarter to September 2026, against a year earlier
100.13
2.93
+3.01%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
54.99 | 48.21 | 69.24 | 36.30 | 39.48 | 48.49 | 46.67 | 78.13 | 41.97 | 36.52 |
Piotroski F-Score |
7 | 4 | 5 | 4 | 6 | 4 | 4 | 6 | 4 | 4 |
Altman Z-Score |
2.13 | 2.23 | 2.77 | 2.45 | 3.04 | 4.41 | 4.51 | 5.54 | 4.63 | 5.46 |
P/S ratio |
1.52 | 1.99 | 2.19 | 1.92 | 2.49 | 3.65 | 3.03 | 2.86 | 2.23 | 2.48 |
P/FCF ratio |
19.43 | 20.32 | 18.25 | 21.09 | 18.07 | 16.71 | 27.91 | 19.70 | 18.65 | 20.67 |
Altman Z″-Score (non-manufacturers) |
1.79 | 1.88 | 2.90 | 2.14 | 2.40 | 2.61 | 2.97 | 3.70 | 3.75 | 4.33 |
Beneish M-Score |
(2.56) | (2.21) | (2.67) | (2.45) | (2.56) | (2.90) | (2.48) | (2.66) | (2.60) | (2.70) |
P/Operating CF |
47.53 | 68.85 | 49.42 | 61.30 | 77.49 | 60.78 | 91.26 | 68.23 | 58.83 | 73.47 |
Dividend Safety Score |
46 | — | — | — | — | — | — | — | — | — |
P/B ratio |
2.48 | 2.73 | 2.78 | 3.34 | 4.15 | 5.56 | 6.03 | 5.98 | 4.48 | 4.69 |
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 |
1.67 | 2.14 | 2.17 | 2.18 | 2.67 | 3.61 | 3.08 | 2.89 | 2.31 | 2.57 |
EV/EBITDA |
11.89 | 17.51 | 15.60 | 14.88 | 16.06 | 24.26 | 19.16 | 18.72 | 14.87 | 15.71 |
EV/Operating CF |
17.35 | 19.18 | 16.01 | 20.58 | 17.29 | 15.27 | 23.79 | 17.96 | 16.95 | 17.95 |
EV/FCF |
21.35 | 21.86 | 18.06 | 23.96 | 19.37 | 16.53 | 28.43 | 19.93 | 19.35 | 21.38 |
Quick Ratio |
0.89 | 1.09 | 2.18 | 1.17 | 1.09 | 0.90 | 1.31 | 1.78 | 1.83 | 2.50 |
Current Ratio |
1.01 | 1.18 | 2.28 | 1.30 | 1.14 | 0.94 | 1.41 | 1.89 | 1.95 | 2.68 |
Net Debt/EBITDA |
1.07 | 1.23 | (0.16) | 1.78 | 1.08 | (0.26) | 0.35 | 0.21 | 0.54 | 0.52 |
Debt/Assets |
12.67% | 12.21% | 13.94% | 20.49% | 15.69% | 2.79% | 8.98% | 8.67% | 13.54% | 14.41% |
Debt/Equity |
0.32 | 0.29 | 0.29 | 0.55 | 0.40 | 0.06 | 0.21 | 0.18 | 0.28 | 0.27 |
Asset Turnover |
0.66 | 0.62 | 0.65 | 0.69 | 0.74 | 0.73 | 0.96 | 1.05 | 1.08 | 1.09 |
Operating CF/Net income |
1.90 | 2.38 | 2.90 | 1.82 | 1.87 | 2.84 | 1.56 | 2.09 | 2.54 | 2.48 |
Capex/Depreciation |
(0.62) | (0.48) | (0.28) | (0.34) | (0.70) | (0.73) | (1.01) | (0.74) | (0.72) | (0.93) |
Interest Coverage |
9.16 | 7.86 | 5.43 | 9.83 | 75.00 | 32.08 | 32.43 | 29.54 | 2.60 | 4.32 |
| 8.19% | 6.50% | 7.11% | 10.47% | 14.21% | 13.55% | 17.46% | 16.49% | 11.28% | 11.39% | |
| 3.34% | 2.90% | 3.04% | 4.00% | 6.08% | 6.09% | 7.98% | 8.09% | 5.78% | 6.28% | |
ROIC |
9.12% | 6.66% | 6.81% | 7.70% | 11.43% | 12.54% | 15.69% | 16.25% | 14.20% | 14.12% |
Return on Tangible Assets |
108.15% | 58.80% | 17.95% | 63.65% | 117.79% | 222.62% | 85.35% | 60.72% | 38.43% | 33.96% |
Average Days of Receivables |
41.28 | 46.58 | 42.08 | 45.27 | 46.02 | 43.96 | 42.45 | 41.41 | 44.40 | 42.47 |
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 |
8.87% | 8.68% | 8.59% | 8.34% | 9.40% | 9.94% | 9.35% | 9.11% | 8.67% | 9.11% |
Intangible Assets out of Total Assets |
0.72 | 0.73 | 0.62 | 0.70 | 0.70 | 0.68 | 0.66 | 0.77 | 0.76 | 0.75 |
Share Based Compensation of Revenue |
1.06% | 1.17% | 1.20% | 1.31% | 1.59% | 1.87% | 1.45% | 1.31% | 1.22% | 1.39% |
Graham Net Nets |
(0.50) | (0.40) | (0.22) | (0.41) | (0.29) | (0.15) | (0.16) | (0.11) | (0.15) | (0.11) |
Graham Number |
31.69 | 36.70 | 31.97 | 35.16 | 35.42 | 34.74 | 32.32 | 22.47 | 25.41 | 25.67 |
Earnings Yield |
1.82% | 2.07% | 1.44% | 2.75% | 2.53% | 2.06% | 2.14% | 1.28% | 2.38% | 2.74% |
Free Cash Flow Yield |
5.15% | 4.92% | 5.48% | 4.74% | 5.53% | 5.98% | 3.58% | 5.08% | 5.36% | 4.84% |
Revenue per Share |
51.47 | 44.57 | 42.63 | 42.60 | 38.38 | 32.95 | 37.78 | 35.84 | 32.94 | 28.52 |
Operating CF per Share |
4.95 | 4.97 | 5.78 | 4.51 | 5.92 | 7.79 | 4.90 | 5.76 | 4.50 | 4.08 |
Capex per Share |
(0.93) | (0.61) | (0.66) | (0.64) | (0.64) | (0.60) | (0.80) | (0.57) | (0.56) | (0.66) |
Free Cash Flow per Share |
4.02 | 4.37 | 5.12 | 3.87 | 5.29 | 7.20 | 4.10 | 5.20 | 3.94 | 3.43 |
Cash per Share |
2.34 | 2.75 | 10.77 | 2.43 | 2.21 | 2.56 | 1.85 | 1.84 | 1.74 | 1.60 |
Shareholders Equity per Share |
31.43 | 32.53 | 33.65 | 24.42 | 23.04 | 21.63 | 18.95 | 17.12 | 16.39 | 15.10 |
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 |
31.43 | 32.53 | 33.65 | 24.42 | 23.04 | 21.63 | 18.95 | 17.12 | 16.39 | 15.10 |
Free Cash Flow |
60.99 | 65.75 | 72.68 | 50.29 | 68.21 | 92.36 | 52.26 | 65.81 | 49.51 | 42.85 |
Working Capital |
0.95 | 21.30 | 131.19 | 25.78 | 11.69 | (5.86) | 24.82 | 37.27 | 37.53 | 41.35 |
Capital Expenditures |
(14.07) | (9.19) | (9.29) | (8.25) | (8.20) | (7.64) | (10.19) | (7.19) | (7.01) | (8.20) |
Net Current Asset Value |
(587.13) | (539.86) | (286.45) | (429.83) | (357.08) | (229.09) | (233.76) | (147.08) | (135.83) | (96.58) |
EV/EBIT |
15.02 | 22.82 | 25.98 | 21.21 | 18.70 | 29.14 | 22.03 | 21.74 | 17.51 | 18.50 |
Capex to Sales |
0.02 | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
Price to Operating Income |
13.67 | 21.21 | 26.25 | 18.67 | 17.44 | 29.45 | 21.63 | 21.49 | 16.87 | 17.88 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.64 | 0.59 | 1.29 | 0.98 | 0.51 | 0.49 | 0.46 | 0.48 | 0.48 | 0.46 |
Cash ROIC |
9.17% | 9.76% | 9.45% | 9.59% | 15.38% | 28.23% | 16.56% | 23.62% | 17.39% | 16.52% |
Accounts Receivable Turnover |
8.98 | 8.64 | 8.74 | 8.44 | 8.73 | 7.91 | 8.96 | 8.91 | 9.02 | 8.90 |
Accounts Payable Turnover |
105.26 | 111.33 | 92.92 | 68.00 | 96.81 | 171.60 | 163.75 | 168.38 | 170.27 | 167.91 |
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 |
3.50 | 3.96 | 2.94 | 5.38 | 6.25 | 1.48 | 2.46 | 2.09 | 2.44 | 2.17 |
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 |
87.00 | 77.69 | 69.16 | 65.51 | 56.68 | 53.50 | 53.77 | 50.93 | 45.93 | 40.05 |
Average Payables |
6.00 | 4.92 | 5.20 | 6.49 | 3.90 | 1.91 | 2.26 | 2.09 | 1.90 | 1.64 |
Average Assets |
1,185.74 | 1,082.35 | 927.70 | 803.79 | 671.89 | 577.60 | 502.01 | 431.07 | 385.11 | 327.49 |
Average Common Equity |
483.45 | 483.72 | 397.23 | 307.12 | 287.41 | 259.67 | 229.29 | 211.47 | 197.38 | 180.50 |
Columns are period end dates · fundamentals updated 5 Nov 2026