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.
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U.S. Physical Therapy, Inc. (USPH) Altman Z-score
U.S. Physical Therapy, Inc.'s Altman Z-score for fiscal 2025 is 2.13, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.13 | (0.10) |
| FY2024 | 2.23 | (0.54) |
| FY2023 | 2.77 | 0.33 |
| FY2022 | 2.45 | (0.60) |
| FY2021 | 3.04 | (1.37) |
| FY2020 | 4.41 | (0.10) |
| FY2019 | 4.51 | (1.03) |
| FY2018 | 5.54 | 0.91 |
| FY2017 | 4.63 | (0.83) |
| FY2016 | 5.46 | 0.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | 0.00 | |
| Retained earnings / total assets | 0.19 | — | 0.26 | |
| EBIT / total assets | 0.07 | — | 0.24 | |
| Market value of equity / total liabilities | 1.63 | — | 0.98 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Grey zone | 2.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.79 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HCSG Healthcare Services Group, Inc. compare | 6.6× |
| INNV InnovAge Holding Corp. compare | 4.6× |
| NUTX Nutex Health Inc. compare | 3.3× |
| PNTG The Pennant Group, Inc. compare | 2.3× |
| AMN AMN Healthcare Services Inc compare | 2.3× |
| USPH U.S. Physical Therapy, Inc. | 2.1× |
| ARDT Ardent Health, Inc. compare | 2.0× |
| AGL Agilon Health, Inc. compare | 1.5× |
| CMPS COMPASS Pathways PLC Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets