US Physical Therapy Inc (USPH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the USPH SEC filings page.
US Physical Therapy Inc (USPH) reported $812.2M in revenue over the twelve months to Jun 30, 2026, up 11.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue growth is converting into operating profit, but rising reinvestment and tighter working capital are limiting free-cash-flow growth.
In FY2025, operating income grew faster than revenue, raising the operating margin to11.1% ; that points to operating leverage or mix improvement, not merely a larger sales base. Yet cash conversion did not keep pace: operating cash flow stayed near$75M while free cash flow fell to$61M as capital spending increased, meaning more reported operating improvement was absorbed before becoming discretionary cash.
The asset base is increasingly shaped by intangible value: goodwill reached
Long-term debt rose to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of US Physical Therapy Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
US Physical Therapy Inc has an operating margin of 11.1%, meaning the company retains $11 of operating profit per $100 of revenue. This strong profitability earns a score of 70/100, reflecting efficient cost management and pricing power. This is up from 9.4% the prior year.
US Physical Therapy Inc's revenue surged 16.3% year-over-year to $781.0M, reflecting rapid business expansion. This strong growth earns a score of 73/100.
US Physical Therapy Inc has a moderate D/E ratio of 0.32. This balance of debt and equity financing earns a leverage score of 46/100.
US Physical Therapy Inc's current ratio of 1.01 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.
US Physical Therapy Inc has a free cash flow margin of 7.8%, earning a moderate score of 64/100. The company generates positive cash flow after capital investments, but with room for improvement.
US Physical Therapy Inc's ROE of 8.3% shows moderate profitability relative to equity, earning a score of 62/100. This is up from 6.4% the prior year.
US Physical Therapy Inc scores 2.21, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
US Physical Therapy Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, US Physical Therapy Inc generates $1.90 in operating cash flow ($75.1M OCF vs $39.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
US Physical Therapy Inc generated $214.1M in revenue in Q2 2026. This represents an increase of 8.5% from the same quarter a year earlier. Against the prior quarter it is up 8.0%.
US Physical Therapy Inc's EBITDA was $27.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.1% from the same quarter a year earlier. Against the prior quarter it is up 49.2%.
US Physical Therapy Inc reported $9.9M in net income in Q2 2026. This represents a decrease of 20.1% from the same quarter a year earlier. Against the prior quarter it is up 96.5%.
US Physical Therapy Inc earned $0.25 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 308.3%.
Cash & Balance Sheet
US Physical Therapy Inc generated $29.0M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 8.2% from the same quarter a year earlier. Against the prior quarter it is up 1953.4%.
US Physical Therapy Inc held $24.9M in cash against $215.5M in long-term debt as of Q2 2026.
US Physical Therapy Inc paid $0.46 per share in dividends in Q2 2026. It is unchanged from the prior quarter.
Margins & Returns
US Physical Therapy Inc's gross margin was 19.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.1 percentage points.
US Physical Therapy Inc's operating margin was 10.3% in Q2 2026, reflecting core business profitability. This is down 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.0 percentage points.
US Physical Therapy Inc's net profit margin was 4.6% in Q2 2026, showing the share of revenue converted to profit. This is down 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.1 percentage points.
US Physical Therapy Inc's ROE was 2.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
Capital Allocation
US Physical Therapy Inc invested $5.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 65.0% from the same quarter a year earlier. Against the prior quarter it is down 0.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
USPH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $214.1M+8.5% | $198.3M+7.9% | $202.7M+12.3% | $197.1M+17.3% | $197.3M+18.0% | $183.8M+18.1% | $180.4M+16.6% | $168.0M+12.0% |
| Gross Profit | $41.9M+0.8% | $32.8M+5.4% | $40.1M+23.4% | $36.9M+26.6% | $41.6M+22.9% | $31.1M+9.4% | $32.5M+6.6% | $29.1M+4.3% |
| SG&A Expenses | $19.0M+8.7% | $18.3M+12.5% | $18.1M+16.4% | $17.4M+21.1% | $17.5M+22.6% | $16.2M+15.3% | $15.6M+12.0% | $14.4M+19.4% |
| Operating Income | $21.9M-12.0% | $12.5M-36.5% | $16.8M-14.7% | $25.3M+97.2% | $24.9M+60.2% | $19.6M+31.6% | $19.7M+908.7% | $12.8M-19.1% |
| EBITDA | $27.6M-10.1% | $18.5M-27.6% | $22.1M-14.5% | $30.8M+81.3% | $30.7M+54.4% | $25.5M+34.1% | $25.8M+1431.8% | $17.0M-14.3% |
| Income Tax | $4.2M-15.8% | $2.4M-37.6% | $5.8M-0.8% | $5.2M+104.5% | $4.9M+60.0% | $3.9M+23.0% | $5.8M+316.6% | $2.6M-28.1% |
| Net Income | $9.9M-20.1% | $5.0M-49.1% | $4.2M-55.1% | $13.1M+98.2% | $12.4M+65.1% | $9.9M+23.0% | $9.2M+1309.1% | $6.6M-28.4% |
| EPS (Basic) | $0.25-56.9% | -$0.12-115.0% | -$0.43-182.7% | $0.48+23.1% | $0.58+23.4% | $0.80+73.9% | $0.52+218.2% | $0.39-23.5% |
| EPS (Diluted) | $0.25 | -$0.12-115.0% | -$0.43-182.7% | $0.48 | $0.58+23.4% | $0.80+73.9% | $0.52+218.2% | $0.39-23.5% |
| Diluted Shares (Avg) | 15M | 15M+0.2% | N/A | 15M | 15M+0.8% | 15M+0.8% | N/A | 15M+0.6% |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, Interest Expense.
USPH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+5.9% | $1.2B+5.3% | $1.2B+3.1% | $1.2B+16.2% | $1.2B+15.3% | $1.2B+16.0% | $1.2B+17.1% | $1.0B+3.2% |
| Current Assets | $139.7M-0.6% | $139.1M-4.3% | $140.0M+1.7% | $138.4M-32.4% | $140.5M-30.3% | $145.4M-34.3% | $137.6M-41.0% | $204.9M-10.3% |
| Cash & Equivalents | $24.9M-27.0% | $28.4M-27.4% | $35.6M-14.0% | $31.1M-73.4% | $34.1M-69.8% | $39.2M-70.4% | $41.4M-72.9% | $117.0M-20.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $69.6M+5.5% | $69.1M+6.7% | $64.2M+8.8% | $67.6M+18.6% | $66.0M+20.7% | $64.8M+17.0% | $59.0M+14.0% | $57.0M+7.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $716.5M+5.7% | $715.9M+6.2% | $692.4M+3.8% | $690.4M+24.5% | $677.6M+23.4% | $674.4M+26.2% | $667.2M+30.9% | $554.6M+6.1% |
| Total Liabilities | $800.2M+17.9% | $773.1M+13.3% | $727.6M+7.2% | $692.7M+93.2% | $678.9M+92.2% | $682.4M+97.6% | $678.5M+96.7% | $358.5M+4.8% |
| Current Liabilities | $109.9M-7.5% | $117.3M-5.2% | $139.0M+19.6% | $115.1M-0.2% | $118.8M+11.0% | $123.8M+20.7% | $116.3M+13.8% | $115.3M+40.0% |
| Non-Current Liabilities | $690.3M+23.3% | $655.8M+17.4% | $588.5M+4.7% | $577.6M+137.5% | $560.0M+127.6% | $558.6M+130.1% | $562.3M+131.6% | $243.2M-6.3% |
| Long-Term Debt | $215.5M+41.8% | $194.0M+23.4% | $152.6M+7.1% | $151.5M+14.0% | $151.9M+11.9% | $157.2M+15.0% | $142.5M+2.5% | $132.9M-6.1% |
| Total Equity | $448.7M-10.4% | $469.0M-5.7% | $476.4M-2.6% | $503.6M+4.3% | $500.8M+3.3% | $497.3M+3.6% | $488.9M+2.7% | $482.8M-1.9% |
| Retained Earnings | $213.4M-9.7% | $216.9M-7.4% | $227.2M0.0% | $237.3M+5.0% | $236.4M+4.4% | $234.2M+4.7% | $227.3M+1.6% | $225.9M-5.3% |
Not reported in any period shown, so not listed: Inventory.
USPH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $34.4M-1.4% | $3.8M+181.5% | $24.9M+28.5% | $19.9M-9.9% | $34.9M+20.2% | -$4.7M-205.8% | $19.4M-27.7% | $22.1M+35.2% |
| Depreciation & Amortization | $5.6M-2.1% | $6.0M+2.3% | $4.6M-18.5% | $5.5M+32.2% | $5.7M+33.5% | $5.9M+43.3% | $5.7M+38.2% | $4.2M+4.8% |
| Stock-Based Compensation | $2.4M+20.0% | $2.3M+30.4% | N/A | N/A | $2.0M | $1.8M-11.3% | N/A | N/A |
| Capital Expenditures | $5.4M+65.0% | $5.4M+108.3% | $3.9M+57.7% | $4.3M+71.0% | $3.3M+39.2% | $2.6M+40.3% | $2.5M+12.1% | $2.5M-1.1% |
| Free Cash Flow | $29.0M-8.2% | -$1.6M+78.4% | $21.0M+24.1% | $15.6M-20.3% | $31.6M+18.6% | -$7.3M-381.1% | $16.9M-31.3% | $19.6M+41.9% |
| Investing Cash Flow | -$6.4M+49.6% | -$39.8M-500.5% | -$5.4M+94.3% | -$11.9M-104.3% | -$12.7M+55.1% | -$6.6M+67.6% | -$94.9M-1027.3% | -$5.8M+65.5% |
| Financing Cash Flow | -$31.5M-15.6% | $28.9M+216.3% | -$15.0M-9717.0% | -$11.0M+10.1% | -$27.3M-35.7% | $9.1M+303.2% | -$153K+98.8% | -$12.2M+2.0% |
| Dividends Paid | N/A | N/A | $6.8M+3.0% | $6.8M+3.1% | N/A | N/A | $6.6M+3.1% | $6.6M+2.9% |
Not reported in any period shown, so not listed: Share Buybacks.
USPH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.6%-1.5pp | 16.5%-0.4pp | 19.8%+1.8pp | 18.7%+1.4pp | 21.1%+0.8pp | 16.9%-1.3pp | 18.0%-1.7pp | 17.3%-1.3pp |
| Operating Margin | 10.3%-2.4pp | 6.3%-4.4pp | 8.3%-2.6pp | 12.8%+5.2pp | 12.6%+3.3pp | 10.7%+1.1pp | 10.9%+12.5pp | 7.6%-2.9pp |
| Net Margin | 4.6%-1.7pp | 2.5%-2.9pp | 2.1%-3.1pp | 6.7%+2.7pp | 6.3%+1.8pp | 5.4%+0.2pp | 5.1%+4.7pp | 3.9%-2.2pp |
| Return on Equity | 2.2%-0.3pp | 1.1%-0.9pp | 0.9%-1.0pp | 2.6%+1.2pp | 2.5%+0.9pp | 2.0%+0.3pp | 1.9%+1.8pp | 1.4%-0.5pp |
| Return on Assets | 0.8%-0.3pp | 0.4%-0.4pp | 0.3%-0.5pp | 1.1%+0.5pp | 1.1%+0.3pp | 0.8%0.0pp | 0.8%+0.7pp | 0.6%-0.3pp |
| Current Ratio | 1.27+0.1x | 1.190.0x | 1.01-0.2x | 1.20-0.6x | 1.18-0.7x | 1.17-1.0x | 1.18-1.1x | 1.78-1.0x |
| Debt-to-Equity | 0.48+0.2x | 0.41+0.1x | 0.320.0x | 0.300.0x | 0.300.0x | 0.320.0x | 0.290.0x | 0.280.0x |
| Asset Turnover | 0.170.0x | 0.160.0x | 0.170.0x | 0.160.0x | 0.170.0x | 0.160.0x | 0.150.0x | 0.160.0x |
| FCF Margin | 13.6%-2.5pp | -0.8%+3.2pp | 10.4%+1.0pp | 7.9%-3.7pp | 16.0%+0.1pp | -4.0%-5.6pp | 9.4%-6.5pp | 11.7%+2.4pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| US Physical Therapy Inc USPH | FY2025 | $781.0M | $39.6M | 5.1% | $1.3B | 56/100 |
| Healthcare Services Group HCSG | FY2025 | $1.8B | $59.1M | 3.2% | $1.4B | 39/100 |
| SELECT MEDICAL HOLDINGS CORP SEM | FY2025 | $5.5B | $146.2M | 2.7% | $2.0B | 40/100 |
| PACS Group, Inc. PACS | FY2025 | $5.3B | $191.5M | 3.6% | $7.0B | 49/100 |
| Pediatrix Medical Group, Inc. MD | FY2025 | $1.9B | $165.4M | 8.6% | $2.2B | 35/100 |
| Astrana Health Inc. ASTH | FY2025 | $3.2B | $24.0M | 0.8% | $1.9B | 49/100 |
Where US Physical Therapy Inc Ranks
Frequently Asked Questions
What is US Physical Therapy Inc's annual revenue?
US Physical Therapy Inc (USPH) reported $781.0M in total revenue for fiscal year 2025. This represents a 16.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is US Physical Therapy Inc's revenue growing?
US Physical Therapy Inc (USPH) revenue grew by 16.3% year-over-year, from $671.3M to $781.0M in fiscal year 2025.
Is US Physical Therapy Inc profitable?
Yes, US Physical Therapy Inc (USPH) reported a net income of $39.6M in fiscal year 2025, with a net profit margin of 5.1%.
What is US Physical Therapy Inc's EBITDA?
US Physical Therapy Inc (USPH) had EBITDA of $109.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does US Physical Therapy Inc have?
As of fiscal year 2025, US Physical Therapy Inc (USPH) had $35.6M in cash and equivalents against $152.6M in long-term debt.
What is US Physical Therapy Inc's gross margin?
US Physical Therapy Inc (USPH) had a gross margin of 19.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is US Physical Therapy Inc's operating margin?
US Physical Therapy Inc (USPH) had an operating margin of 11.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is US Physical Therapy Inc's net profit margin?
US Physical Therapy Inc (USPH) had a net profit margin of 5.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does US Physical Therapy Inc pay dividends?
Yes, US Physical Therapy Inc (USPH) paid $1.80 per share in dividends during fiscal year 2025.
What is US Physical Therapy Inc's return on equity (ROE)?
US Physical Therapy Inc (USPH) has a return on equity of 8.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is US Physical Therapy Inc's free cash flow?
US Physical Therapy Inc (USPH) generated $61.0M in free cash flow during fiscal year 2025. This represents a -7.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is US Physical Therapy Inc's operating cash flow?
US Physical Therapy Inc (USPH) generated $75.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are US Physical Therapy Inc's total assets?
US Physical Therapy Inc (USPH) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are US Physical Therapy Inc's capital expenditures?
US Physical Therapy Inc (USPH) invested $14.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is US Physical Therapy Inc's current ratio?
US Physical Therapy Inc (USPH) had a current ratio of 1.01 as of fiscal year 2025, which is considered adequate.
What is US Physical Therapy Inc's debt-to-equity ratio?
US Physical Therapy Inc (USPH) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is US Physical Therapy Inc's return on assets (ROA)?
US Physical Therapy Inc (USPH) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is US Physical Therapy Inc's P/E ratio?
US Physical Therapy Inc (USPH) trades at 39.8x earnings, its market capitalization divided by net income of $32.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is US Physical Therapy Inc's price-to-sales ratio?
US Physical Therapy Inc (USPH) trades at 1.6x sales, its market capitalization divided by revenue of $812.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is US Physical Therapy Inc's Altman Z-Score?
US Physical Therapy Inc (USPH) has an Altman Z-Score of 2.21, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is US Physical Therapy Inc's Piotroski F-Score?
US Physical Therapy Inc (USPH) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are US Physical Therapy Inc's earnings high quality?
US Physical Therapy Inc (USPH) has an earnings quality ratio of 1.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is US Physical Therapy Inc?
US Physical Therapy Inc (USPH) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.