Saturday 17 October 2026 Export USPH’s income statement to Excel — free account

U.S. Physical Therapy, Inc.

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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Market cap: $1.3B
P/E: 504×
Fwd P/E: 27.7×
Dividend yield: 2.14%
F-score: 7/9
Altman Z: 2.13
Beneish M: −2.56
Dividend safety: 46/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.33

Total sells 0.35

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	—	—	—	2	—	—	—	—
Sell	1	—	—	—	2	—	—	—	—	—	—	—

Insider Ownership 3.52%

Capital & Financial Ratios $m

Market Cap 1,280.00

Revenue 812.20

Net Income 49.87

Free Cash Flow 64.07

Net Debt 190.57

Current Ratio 1.27

Debt/Equity 0.48

P/E ratio 504.18

Fwd P/E 27.70

P/S ratio 1.59

P/B ratio 2.88

Past 5Y EPS Growth (10.55%)

This Y EPS Growth 10.19%

Next Y EPS Growth 18.15%

Next Y revenue growth 8.57%

Next 5Y EPS Growth 12.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 99.82%

10-year low 10-year high

P/S against its own 10 years 8.88%

10-year low 10-year high

P/B against its own 10 years 24.29%

10-year low 10-year high

EV/Sales against its own 10 years 11.68%

10-year low 10-year high

EV/FCF against its own 10 years 70.36%

10-year low 10-year high

Dividends

Payout Ratio 10.76

Annual Dividend Rate 1.83

Annual Dividend Yield 2.14%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.84	0.46 0.46 0.46
2025	1.80	0.45 0.45 0.45 0.45
2024	1.76	0.44 0.44 0.44 0.44
2023	1.72	0.43 0.43 0.43 0.43
2022	1.64	0.41 0.41 0.41 0.41
2021	1.46	0.35 0.35 0.38 0.38
2020	0.32	0.32
2019	1.14	0.27 0.27 0.30 0.30
2018	0.92	0.23 0.23 0.23 0.23
2017	0.80	0.20 0.20 0.20 0.20
2016	0.68	0.17 0.17 0.17 0.17

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	153	41	36	25
Receivables	70	86	88	98
Inventory	—	—	—	—
Other	11	11	16	17
	233	138	140	140

	2023	2024	2025	Q'26
Payables	4	6	6	7
ST’ Debt	—	—	—	—
Other	—	—	—	10
	102	116	139	110

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	198	214	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.12)	0.25	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	45.62	56.50	71.70	99.02	45.13	84.43	73.30	78.08	76.18	62.77	Analyst estimates 2026–2028 Powerpack
	High	72.65	78.00	129.65	148.48	134.11	143.67	131.50	124.11	113.63	93.50
People
People	Employees	3,800	4,300	4,600	5,400	4,630	5,500	6,135	6,720	7,028	7,294
	Revenue/emp, $m	0.09	0.10	0.10	0.09	0.09	0.09	0.09	0.09	0.10	0.11
Income, $m
Income, $m	Revenue	357	414	454	482	423	495	553	605	671	781
	Gross margin, %	23.00	21.89	22.40	23.34	22.33	23.67	20.25	20.09	18.46	19.17
	EBT	38	34	60	71	66	73	56	49	60	78
	EBT margin, %	10.70	8.15	13.26	14.71	15.49	14.79	10.05	8.16	8.97	9.96
	Net income	26	28	49	57	52	58	43	37	46	58
	Depreciation	9	10	10	10	11	12	24	34	19	23
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
	Earnings	1.64	1.76	1.31	2.45	2.48	2.41	2.25	1.28	1.84	1.42
	Cash flow	4.08	4.50	5.76	4.90	7.79	5.92	4.51	5.78	4.97	4.95
	Capex	(0.66)	(0.56)	(0.57)	(0.80)	(0.60)	(0.64)	(0.64)	(0.66)	(0.61)	(0.93)
	Free cash flow	3.43	3.94	5.20	4.10	7.20	5.29	3.87	5.12	4.37	4.02
	Book value	15.10	16.39	17.12	18.95	21.63	23.04	24.42	33.65	32.53	31.43
	Shares, m	13	13	13	13	13	13	13	14	15	15
Valuation, ×
Valuation, ×	P/E	36.52	41.97	78.13	46.67	48.49	39.48	36.30	69.24	48.21	54.99
	P/S	2.48	2.23	2.86	3.03	3.65	2.49	1.92	2.19	1.99	1.52
	P/B	4.69	4.48	5.98	6.03	5.56	4.15	3.34	2.78	2.73	2.48
	EV/Sales	2.57	2.31	2.89	3.08	3.61	2.67	2.18	2.17	2.14	1.67
	EV/FCF	21.38	19.35	19.93	28.43	16.53	19.37	23.96	18.06	21.86	21.35
Cash, $m
Cash, $m	Operating cash flow	51	57	73	62	100	76	59	82	75	75
	Capex	(8)	(7)	(7)	(10)	(8)	(8)	(8)	(9)	(9)	(14)
	Free cash flow	43	50	66	52	92	68	50	73	66	61
Balance, $m
Balance, $m	Working capital	41	38	37	25	(6)	12	26	131	21	1
	Total debt	51	57	38	50	17	118	176	139	143	153
	Net debt	31	35	15	27	(16)	89	144	(14)	101	117
	Shareholders’ equity	189	206	217	242	278	297	317	477	490	477
Returns, %
Returns, %	ROA	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
	ROE	11.39	11.28	16.49	17.46	13.55	14.21	10.47	7.11	6.50	8.19

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$1.7B	21.7×	7.7×	−1.40% (below 0%: shrinking)	−76.92% (below 0%: shrinking)	+121.70% (above 0%: growing)	100.00%	3.44%	Compare
CMPS COMPASS Pathways PLC Sponsored ADR	$1.6B	— (loss-making)	—	—	n/m	−4.18% (below 0%: shrinking)	—	0.00%	Compare
AMN AMN Healthcare Services Inc	$1.6B	15.0×	31.2×	+2.29% (above 0%: growing)	n/m	−389.43% (below 0%: shrinking)	30.58%	4.00%	Compare
AGL Agilon Health, Inc.	$1.5B	— (loss-making)	— (loss-making)	+7.15% (above 0%: growing)	n/m	−50.19% (below 0%: shrinking)	7.17%	0.79%	Compare
PNTG The Pennant Group, Inc.	$1.5B	44.5×	26.9×	+35.76% (above 0%: growing)	+23.81% (above 0%: growing)	−50.94% (below 0%: shrinking)	14.07%	5.77%	Compare
HCSG Healthcare Services Group, Inc.	$1.5B	12.2×	19.2×	+2.69% (above 0%: growing)	n/m	−26.02% (below 0%: shrinking)	15.89%	4.72%	Compare
NUTX Nutex Health Inc.	$1.4B	7.1×	6.3×	−13.62% (below 0%: shrinking)	n/m	+19.44% (above 0%: growing)	67.04%	57.75%	Compare
USPH U.S. Physical Therapy, Inc.	$1.3B	504×	27.7×	+8.47% (above 0%: growing)	−56.90% (below 0%: shrinking)	−8.24% (below 0%: shrinking)	19.59%	10.25%
INNV InnovAge Holding Corp.	$1.2B	— (loss-making)	17.2×	+18.31% (above 0%: growing)	n/m	+85.44% (above 0%: growing)	23.88%	3.87%	Compare
Median of peers	$1.5B	15.0×	18.2×	+2.69%	—	−15.10%	23.88%	3.93%

All 55 Medical Care Facilities stocks →

U.S. Physical Therapy, Inc. (USPH) key facts

Strength: U.S. Physical Therapy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $781.0 million, up 16.3% from fiscal 2024.
U.S. Physical Therapy, Inc. (USPH) is a Medical Care Facilities company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 16, 2026, USPH traded at $85.71, a market capitalization of $1.3 billion.
U.S. Physical Therapy, Inc. pays an annual dividend of $1.83 per share, a yield of 2.14%.
Return on equity was 8.19% and debt-to-equity 0.48.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 2.13 (grey zone) for fiscal 2025.