U.S. Physical Therapy, Inc. (USPH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.84	$0.75	-10.7%	—	$214.1M	—
Q1 26	$0.52	$0.46	-11.5%	—	$198.3M	—
Q4 25	$0.67	$0.67	0.0%	—	$202.7M	—
Q3 25	$0.66	$0.66	0.0%	—	$197.1M	—
Q2 25	$0.69	$0.81	+17.4%	—	$197.3M	—
Q1 25	$0.45	$0.48	+6.7%	—	$183.8M	—
Q4 24	$0.7	$0.51	-27.1%	—	$180.4M	—
Q3 24	$0.68	$0.69	+1.5%	—	$168M	—
Q2 24	$0.82	$0.73	-11.0%	—	$167.2M	—
Q1 24	$0.56	$0.51	-8.9%	—	$155.7M	—
Q4 23	$0.57	$0.59	+3.5%	—	$154.8M	—
Q3 23	$0.62	$0.62	0.0%	—	$150M	—
Q2 23	$0.75	$0.76	+1.3%	—	$151.5M	—
Q1 23	$0.55	$0.59	+7.3%	—	$148.5M	—
Q4 22	$0.57	$0.58	+1.8%	—	$141.2M	—
Q3 22	$0.56	$0.58	+3.6%	—	$139.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.42	—	—	$781M	—
FY24	—	$1.84	—	—	$671.3M	—
FY23	—	$1.28	—	—	$604.8M	—
FY22	—	$2.25	—	—	$553.1M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$356.5M	$414.1M	$453.9M	$482M	$423M	$495M	$553.1M	$604.8M	$671.3M	$781M
YoY change	+7.62%	+16.1%	+9.63%	+6.18%	-12.2%	+17%	+11.7%	+9.34%	+11%	+16.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	356.5M	414.1M	453.9M	482M	423M	495M	553.1M	604.8M	671.3M	781M
Cost of revenue	274.5M	323.4M	352.2M	369.5M	328.5M	377.8M	441.1M	483.3M	547.4M	631.3M
Gross profit	82M	90.6M	101.7M	112.5M	94.5M	117.2M	112M	121.5M	123.9M	149.7M
Gross margin	23%	21.9%	22.4%	23.3%	22.3%	23.7%	20.3%	20.1%	18.5%	19.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	32.5M	35.9M	41.3M	45M	42M	46.5M	46.1M	—	—	—
Operating expenses	65M	71.8M	82.7M	90.1M	70.6M	88.5M	92.2M	51.5M	58.3M	69.3M
Operating income	49.5M	54.7M	60.3M	67.4M	65.9M	75.2M	65.9M	70M	65.6M	80.4M
Operating margin	13.9%	13.2%	13.3%	14%	15.6%	15.2%	11.9%	11.6%	9.78%	10.3%
Non-operating income, net	0	—	1.8M	5.5M	1.1M	-1.1M	-4.6M	-15.1M	-1.3M	6.7M
Pretax income	38.1M	33.8M	60.2M	70.9M	65.5M	73.2M	55.6M	49.4M	60.2M	77.8M
Income tax	11.9M	6M	11.4M	13.6M	13M	15.3M	12.2M	12.2M	14.6M	19.8M
Net income	26.3M	27.7M	48.8M	57.3M	52.5M	57.9M	43.4M	37.2M	45.6M	58M
Net margin	7.37%	6.7%	10.8%	11.9%	12.4%	11.7%	7.85%	6.15%	6.79%	7.43%
EBITDA	58.4M	64.5M	70.2M	77.6M	76.6M	88.4M	82.7M	90.8M	89.6M	104.9M
EPS	1.64	1.76	1.31	2.45	2.48	2.41	2.25	1.28	1.84	1.42
Diluted EPS	1.64	1.76	1.31	2.45	2.48	2.41	2.25	1.28	1.84	1.42

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	150M	154.8M	155.7M	167.2M	168M	180.4M	183.8M	197.3M	197.1M	202.7M	198.3M	214.1M
Cost of revenue	122.1M	124.3M	127.3M	133.3M	138.9M	147.9M	152.7M	155.7M	160.3M	162.6M	165.5M	172.1M
Gross profit	27.9M	30.5M	28.4M	33.9M	29.1M	32.5M	31.1M	41.6M	36.9M	40.1M	32.8M	41.9M
Gross margin	18.6%	19.7%	18.2%	20.3%	17.3%	18%	16.9%	21.1%	18.7%	19.8%	16.5%	19.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	12M	13.9M	14.1M	14.2M	14.4M	15.6M	16.2M	17.5M	17.4M	18.1M	18.3M	19M
Operating income	15.9M	16.6M	14.3M	19.6M	14.7M	17M	14.8M	24.1M	19.5M	22M	14.5M	22.9M
Operating margin	10.6%	10.7%	9.2%	11.7%	8.78%	9.4%	8.06%	12.2%	9.87%	10.9%	7.3%	10.7%
Non-operating income, net	326K	-16.1M	865K	-3.9M	-1.4M	3.1M	4.8M	899K	5.8M	-4.7M	-1.1M	-701K
Pretax income	15.8M	106K	14.8M	14.8M	12.3M	18.3M	17.3M	22.7M	22.9M	15M	10.6M	19.1M
Income tax	3.6M	1.4M	3.1M	3.1M	2.6M	5.8M	3.9M	4.9M	5.2M	5.8M	2.4M	4.2M
Net income	12.2M	-1.3M	11.6M	11.7M	9.8M	12.5M	13.5M	17.7M	17.6M	9.2M	8.2M	14.9M
Net margin	8.15%	-0.84%	7.46%	7.01%	5.82%	6.92%	7.33%	8.98%	8.95%	4.53%	4.11%	6.96%
EBITDA	21.8M	22.5M	20.3M	25.6M	20.5M	23.3M	21.2M	30.7M	25.9M	27.1M	21M	29.5M
EPS	0.51	0.38	0.46	0.47	0.39	0.52	0.8	0.58	0.48	-0.44	-0.12	0.25
Diluted EPS	0.51	0.38	0.46	0.47	0.39	0.52	0.8	0.58	0.48	-0.44	-0.12	0.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	877.5M	907.6M	1.3B	1.5B	1.5B	1.2B	1.1B	1.3B	1.3B	1.2B	1.3B
Enterprise value	909.3M	946.4M	1.3B	1.6B	1.6B	1.4B	1.3B	1.4B	1.6B	1.5B	1.9B
Shares outstanding	12.5M	12.6M	12.7M	12.8M	12.8M	12.9M	13M	14.2M	15.1M	15.2M	15.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.4	32.7	26.5	25.5	29.4	21.3	24.2	35.5	29.3	20.4	508.8
P/S	2.46	2.19	2.86	3.03	3.65	2.49	1.9	2.18	1.99	1.52	1.6
P/B	3.4	2.94	3.7	3.84	3.76	2.72	2.17	2.03	1.76	1.54	2.88
EV/EBITDA	15.6	14.7	18.7	20.3	21.2	16.1	15.9	15.7	17.7	14	19.1
EV/Sales	2.55	2.29	2.89	3.26	3.83	2.88	2.38	2.36	2.37	1.88	2.42
Earnings yield	2.99%	3.05%	3.77%	3.93%	3.4%	4.7%	4.13%	2.82%	3.41%	4.89%	0.2%
FCF yield	4.88%	5.45%	5.08%	3.58%	5.98%	5.53%	4.78%	5.5%	4.92%	5.15%	3.21%
PEG	—	—	—	—	—	—	—	—	—	—	-8.94

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23%	21.9%	22.4%	23.3%	22.3%	23.7%	20.3%	20.1%	18.5%	19.2%	19.6%
Operating margin	13.9%	13.2%	13.3%	14%	15.6%	15.2%	11.9%	11.6%	9.78%	10.3%	11.1%
Net margin	7.37%	6.7%	10.8%	11.9%	12.4%	11.7%	7.85%	6.15%	6.79%	7.43%	4.01%
ROE	10.2%	8.97%	13.9%	15.1%	12.8%	12.8%	8.96%	5.71%	6.01%	7.53%	6.51%
ROA	7.48%	6.62%	11%	10.2%	8.83%	7.73%	5.06%	3.73%	3.91%	4.82%	4.1%
ROIC	11.8%	12.9%	13.3%	11%	10.8%	9.2%	6.88%	6.96%	4.91%	5.71%	5.17%
Return on tangible assets	-14.7%	-12.5%	-20.2%	-31.9%	-25.1%	-19.8%	-12.5%	-15.4%	-8.68%	-11%	-9.28%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.68	1.95	1.89	1.41	0.94	1.14	1.3	2.28	1.18	1.01	1.27
Quick ratio	2.68	1.95	1.89	1.41	0.94	1.14	1.3	2.28	1.18	1.01	1.27
Debt / equity	0.2	0.2	0.11	0.36	0.27	0.49	0.61	0.4	0.39	0.41	0.5
Debt / assets	0.15	0.15	0.09	0.25	0.19	0.3	0.34	0.26	0.25	0.26	0.31
Net debt / EBITDA	0.54	0.6	0.23	1.47	1.02	2.2	3.19	1.16	2.83	2.67	3.49
Interest coverage	4.32	2.6	30.5	35.1	41.1	78.7	10.6	6.31	8.51	9.23	7.27
Effective tax rate	31.1%	17.9%	18.9%	19.2%	19.9%	20.9%	21.9%	24.6%	24.3%	25.5%	26.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.5	32.9	35.8	37.8	33	38.4	42.6	42.6	44.6	51.5	53.1
EPS (basic)	1.64	1.76	1.31	2.45	2.48	2.41	2.25	1.28	1.84	1.42	1.42
EPS (diluted)	1.64	1.76	1.31	2.45	2.48	2.41	2.25	1.28	1.84	1.42	0.17
Book value per share	20.6	24.6	27.7	29.7	31.9	35.1	37.3	46	50.4	50.8	30.1
FCF per share	3.42	3.93	5.2	4.1	7.2	5.29	3.87	5.12	4.36	4.02	4.25
Cash per share	1.6	1.74	1.84	1.85	2.56	2.21	2.43	10.8	2.75	2.34	1.76
Capex per share	0.66	0.56	0.57	0.8	0.6	0.64	0.64	0.66	0.61	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.3%	1.69%	1.58%	2.11%	1.81%	1.66%	1.49%	1.54%	1.37%	—	—
Capex / operating cash flow	18.6%	15.3%	11%	15.4%	8.81%	12.3%	15.4%	15.7%	14.3%	—	—
Payout ratio	32.4%	36.3%	23.9%	25.4%	7.83%	32.4%	49.1%	64.8%	58.2%	47.2%	1.1K%
Dividend yield	0.97%	1.11%	0.9%	1%	0.27%	1.52%	2.03%	1.83%	1.99%	2.31%	2.14%

Yield

2.14%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.46

ex-dividend Aug 21, 2026

Payout ratio

1071%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 21, 2026	$0.46
May 22, 2026	$0.46
Mar 13, 2026	$0.46

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$150M	$154.8M	$155.7M	$167.2M	$168M	$180.4M	$183.8M	$197.3M	$197.1M	$202.7M	$198.3M	$214.1M
YoY change	+7.45%	+9.65%	+4.83%	+10.4%	+12%	+16.6%	+18.1%	+18%	+17.3%	+12.3%	+7.89%	+8.47%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	20M	21.9M	23.4M	23.5M	32.9M	28.6M	31.6M	152.8M	41.4M	35.6M
Receivables	38.8M	44.7M	44.8M	46.2M	41.9M	46.3M	68.6M	69.7M	59M	64.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	66M	77.1M	79.2M	85.4M	87.6M	95.2M	111.3M	233.4M	137.6M	140M
Property, plant & equipment	19.2M	20.4M	20.2M	103.7M	103.3M	119.4M	127.8M	129.5M	166.1M	179.8M
Goodwill & intangibles	529.7M	640.6M	684.7M	740.5M	803.9M	1B	1.2B	1.2B	1.7B	1.7B
Total assets	351.2M	419M	443.2M	560.8M	594.4M	749.4M	858.2M	997.2M	1.2B	1.2B
Accounts payable	1.6M	2.2M	2M	2.5M	1.3M	6.5M	6.5M	3.9M	5.9M	6.1M
Short-term debt	1.2M	4M	1.4M	27.2M	32.4M	31.3M	41.6M	42.9M	50.8M	52M
Total current liabilities	24.6M	39.6M	41.9M	60.6M	93.5M	83.5M	85.5M	102.2M	116.3M	139M
Long-term debt	50.6M	56.7M	38.4M	110.6M	78.6M	191.8M	253.8M	215.6M	244.4M	263.2M
Total liabilities	93.4M	110M	92.3M	181.4M	184.4M	297M	373.6M	345M	408.4M	433.8M
Shareholders' equity	257.9M	309M	350.8M	379.5M	410M	452.4M	484.6M	652.2M	759M	770.2M
Total debt	51.8M	60.8M	39.8M	137.8M	111M	223.1M	295.3M	258.6M	295.2M	315.2M
Net debt	31.8M	38.8M	16.5M	114.3M	78.1M	194.5M	263.7M	105.8M	253.9M	279.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	147.7M	152.8M	132.3M	112.9M	117M	41.4M	39.2M	34.1M	31.1M	35.6M	28.4M	24.9M
Receivables	53M	69.7M	77.1M	54.7M	57M	59M	64.8M	66M	67.6M	64.2M	69.1M	69.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	228.5M	233.4M	221.1M	201.7M	204.9M	137.6M	145.4M	140.5M	138.4M	140M	139.1M	139.7M
Property, plant & equipment	128.7M	129.5M	128.4M	131.7M	130.5M	166.1M	166M	169.4M	174.1M	179.8M	187.8M	196.9M
Goodwill & intangibles	1.3B	1.2B	1.3B	1.3B	1.4B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.8B
Total assets	1B	997.2M	1B	1B	1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B
Accounts payable	4.5M	3.9M	4.9M	4.1M	6.4M	5.9M	6.1M	4.2M	7.4M	6.1M	6.8M	6.9M
Short-term debt	42M	42.9M	43.9M	44.9M	44.4M	50.8M	49.4M	49.2M	50.8M	52M	53.6M	47.4M
Total current liabilities	82.4M	102.2M	102.5M	107.1M	115.3M	116.3M	123.8M	118.8M	115.1M	139M	117.3M	109.9M
Long-term debt	218.4M	215.6M	212.4M	214M	209.9M	244.4M	257.9M	256.2M	257.6M	263.2M	309.3M	338.4M
Total liabilities	342M	345M	345.3M	353.2M	358.5M	408.4M	420.7M	414M	413.8M	433.8M	459.2M	482.2M
Shareholders' equity	668.2M	652.2M	672M	670M	670.7M	759M	759M	765.6M	782.4M	770.2M	782.9M	766.7M
Total debt	260.4M	258.6M	256.4M	259M	254.3M	295.2M	307.3M	305.4M	308.4M	315.2M	362.8M	385.8M
Net debt	112.7M	105.8M	124.1M	146.1M	137.4M	253.9M	268.1M	271.3M	277.3M	279.6M	334.4M	360.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	26.3M	27.7M	48.8M	57.3M	52.5M	57.9M	43.4M	37.2M	45.6M	58M
Depreciation & amortization	8.8M	9.7M	9.8M	10.1M	10.5M	11.6M	14.7M	15.7M	18.7M	22.4M
Stock-based compensation	5M	5M	5.9M	7M	7.9M	7.9M	7.3M	7.2M	7.8M	8.3M
Change in working capital	876K	7.7M	-4.1M	-12.8M	15.7M	-16.4M	-14M	-4.9M	-14.1M	-19.4M
Operating cash flow	44M	45.9M	65.4M	66.3M	86.7M	66.6M	53.5M	59.1M	64.1M	75.1M
Capital expenditure	-8.2M	-7M	-7.2M	-10.2M	-7.6M	-8.2M	-8.2M	-9.3M	-9.2M	—
Investing cash flow	-32.5M	-43.6M	-24.3M	-37.8M	-51.2M	-124.3M	-82.5M	-45.8M	-150.5M	-24.1M
Dividends paid	-8.5M	-10.1M	-11.7M	-14.6M	-4.1M	-18.8M	-21.3M	-24.1M	-26.5M	-27.4M
Share repurchases	—	—	—	—	—	—	—	—	—	-5.6M
Financing cash flow	-12.3M	-3.1M	-63.7M	-16.3M	-69.4M	141.4M	25.8M	84.3M	-37M	-44.1M
Net change in cash	-765K	-765K	-22.5M	12.2M	-34M	83.6M	-3.3M	97.5M	-123.4M	6.9M
Free cash flow	42.8M	49.4M	65.8M	52.3M	92.4M	68.2M	50.3M	72.7M	65.8M	61M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	12.2M	-1.3M	11.6M	11.7M	9.8M	12.5M	13.5M	17.7M	17.6M	9.2M	8.2M	14.9M
Depreciation & amortization	4M	4.1M	4.1M	4.5M	4.4M	5.7M	5.9M	6.1M	5.8M	4.6M	6M	5.9M
Stock-based compensation	1.9M	1.8M	2M	1.9M	1.9M	2M	1.8M	2.1M	2.3M	2.1M	2.3M	3.2M
Change in working capital	243K	-922K	-9.5M	935K	-3.7M	-1.9M	-14.1M	-1.1M	-3.3M	-985K	-7.4M	-5.5M
Operating cash flow	21.9M	2M	9.7M	22.3M	13.9M	18.1M	8M	34.9M	19.9M	24.9M	3.8M	34.4M
Capital expenditure	-2.6M	-2.2M	-1.8M	-2.3M	-2.5M	-2.5M	-2.6M	—	—	—	—	—
Investing cash flow	-17.1M	-8.9M	-20.8M	-28.5M	-6.1M	-95.1M	-6.9M	-9.8M	-8M	-1.8M	-34.6M	-1.2M
Dividends paid	-6.4M	-6.4M	—	—	-6.6M	-6.6M	—	—	-6.8M	-6.8M	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-12.5M	-13.3M	-4.5M	-6.8M	-12.2M	-153K	9.1M	-13.6M	-11M	-9.5M	28.9M	1.6M
Net change in cash	-7.7M	-20.1M	-15.7M	-13M	-4.5M	-77.1M	10.2M	11.5M	906K	13.6M	-2M	34.8M
Free cash flow	13.8M	24.6M	2.6M	26.7M	19.6M	16.9M	-7.3M	31.6M	15.6M	21M	-1.6M	29M

Date	Ratio
Jun 29, 2001	3:2
Jan 8, 2001	2:1

U.S. Physical Therapy, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history