U.S. Physical Therapy, Inc. logo USPH - U.S. Physical Therapy, Inc.

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| PRICE TARGET: $96.00 DETAILS
HIGH: $102.00
LOW: $90.00
MEDIAN: $96.00
CONSENSUS: $96.00
UPSIDE: 54.94%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 781.0 671.3 604.8 553.1 495.0 423.0 482.0 453.9 414.1 356.5 331.3 305.1 264.1 252.1 237.0 211.2 201.4 187.7 151.7 135.2 132.1 118.3 105.6 94.7 80.9 63.2 49.9 44 38.8 32.2 24.9 17.2 8.4
Cost of Revenue 623.6 547.4 483.3 441.1 377.8 328.5 369.5 352.2 323.4 274.5 252.9 228.9 199.4 189.5 172.5 151.8 146.2 140.1 114.3 99.4 96.2 85.3 74.6 64.5 54.9 42.9 34.1 30.8 27.3 22.1 17.4 13.2 6.2
Gross Profit 157.3 123.9 121.5 112.0 117.2 94.5 112.5 101.7 90.6 82.0 78.4 76.2 64.7 62.6 64.5 59.4 55.2 47.6 37.4 35.8 35.9 33.0 31.0 30.2 26.1 20.3 15.8 13.2 11.5 10.1 7.5 4 2.2
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 0 58.3 0 46.1 46.5 42.0 45.0 41.3 35.9 32.5 31.1 30.4 25.9 24.8 24.8 23.0 23.4 23.7 17.3 17.2 16.4 16.8 14.0 11.3 9.1 7.6 6.5 5.6 4.8 4.8 4.2 4.5 3.5
Other Expenses 76.9 2.4 69.4 9.1 0 0 0 0 0 0 0 0 0 0 3.8 3.2 3.3 0 0 0 0.6 0.2 0 0 0 2.3 2.1 2.1 1.9 1.7 1.7 1.3 0.6
Operating Expenses 76.9 60.7 69.4 55.2 46.5 42.0 45.0 41.3 35.9 32.5 31.1 30.4 25.9 24.8 28.6 26.2 26.7 23.7 17.3 17.2 17.0 17.0 14.0 11.3 9.1 9.9 8.6 7.7 6.7 6.5 5.9 5.8 4.1
Operating Income
Operating Income 80.4 63.2 52.1 56.8 70.6 52.4 67.4 60.3 54.7 49.5 47.3 45.8 38.8 37.8 35.9 33.2 28.4 23.9 20.0 18.6 18.9 16.0 17.0 18.9 16.9 10.4 7.3 5.5 4.8 3.6 1.6 (1.8) (1.9)
Interest Expense 9.5 8.0 9.3 5.8 0.9 1.6 2.1 2.0 21.1 11.5 7.2 7.5 0.5 0.6 0.5 0.2 0.4 0.5 0.3 0 0 0 0.2 0.2 0.3 0.8 0.7 0.7 0 0.7 0.7 0.6 0.2
Interest Income 0.1 3.9 3.8 0 0 0.1 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 5.4 0.6 0.0 0.3 0.3 0.3 0.4 0.1 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 109.7 86.9 74.4 76.1 85.7 77.7 83.1 72.0 64.5 58.4 55.3 52.5 44.3 43.1 46.8 39.4 34.2 30.1 25.0 23.1 24.8 20.8 20.6 21.8 19.5 12.7 9.4 7.6 6.7 5.3 3.3 (0.5) (1.3)
EBIT 87.3 68.2 58.7 61.4 74.1 67.1 73.0 62.3 54.8 49.6 47.4 45.8 38.8 38.4 36.9 33.8 28.3 24.1 20.0 18.6 20.5 16.5 16.9 18.8 16.9 10.4 7.3 5.5 4.8 3.6 1.6 (1.8) (1.9)
Income Before Tax 77.8 60.2 49.4 55.6 73.2 65.5 70.9 60.2 33.8 38.1 46.3 44.7 38.2 37.3 40.9 33.5 28.1 16.5 14.3 13.2 14.3 10.8 11.8 13.7 11.5 6.1 4.0 2.7 2.5 1.7 1.9 0 0
Income Tax Expense 19.8 14.6 12.2 12.2 15.3 13.0 13.6 11.4 6.0 11.9 14.7 14.3 12.2 11.0 11.1 8.8 8.1 6.5 5.5 5.1 5.5 4.1 4.5 5.2 4.4 2.4 1.6 1.1 0.1 0.1 0.9 1 0.3
Net Income 15.1 26.5 14.7 28.3 27.8 30.6 28.1 10.1 22.3 20.6 22.3 19.8 12.7 17.9 21.0 15.6 11.8 10.0 8.9 6.3 8.8 6.7 7.3 8.5 7.1 3.7 2.4 1.6 2.4 1.6 0.7 (2.8) (2.2)
Per Share Data
EPS (Basic) 1.42 1.84 1.28 3.34 4.49 4.09 4.49 0.80 1.76 1.64 1.77 1.62 1.05 1.52 1.78 1.34 1.01 0.84 0.75 0.54 0.74 0.56 0.66 0.77 0.70 0.13 0.12 0.05 0.08 0.05 0.02 -0.27 -0.22
EPS (Diluted) 1.42 1.84 1.28 3.34 4.49 4.09 4.49 0.80 1.76 1.64 1.77 1.62 1.05 1.51 1.75 1.32 1.00 0.83 0.75 0.54 0.73 0.54 0.61 0.67 0.55 0.11 0.11 0.05 0.07 0.05 0.02 -0.27 -0.22
Shares Outstanding 15.2 15.1 14.2 13.0 12.9 12.8 12.8 12.7 12.6 12.5 12.4 12.2 12.1 11.8 11.8 11.6 11.7 11.9 11.6 11.7 11.9 11.9 11.1 11.0 10.1 9.6 9.9 10.8 10.8 10.6 10.6 10.5 10.0
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 35.6 41.4 152.8 31.6 28.6 32.9 23.5 23.4 21.9 20.0 6.4 10.1 20.6 16.8 7.6 8.1 2.1 4.0 6.3 5.6 4.9 2.6 2.1 2.9
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 64.2 85.7 51.9 68.6 62.4 50.9 56.1 51.5 50.4 41.5 23.6 26.8 18.2 14.4 13.7 13.6 11.2 10.0 8.7 7.9 6.5 6 4.7 2.7
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 40.2 10.6 28.7 11.1 4.2 3.8 5.8 11.1 10.4 7.1 3.0 1.9 1.8 1.8 1.8 0.6 0.5 0.6 0.6 0.5 0.4 0.4 0.4 0.3
Total Current Assets 140.0 137.6 233.4 111.3 95.2 87.6 85.4 79.2 77.1 66.0 32.8 38.7 40.6 33.0 23.1 22.4 13.7 14.6 15.6 14 11.8 9 7.2 5.9
Non-Current Assets
Property, Plant & Equipment 271.1 166.1 129.5 127.8 119.4 103.3 103.7 20.2 20.4 19.2 14.3 15.8 13.7 11.8 10.4 7.8 7.0 6.5 6.4 6 6 5.9 6 3.3
Goodwill 692.4 667.2 509.6 494.1 434.7 345.6 317.7 293.5 271.3 226.8 57.2 55.9 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 172.9 179.3 109.7 108.8 86.4 56.3 52.6 48.8 49.0 38.1 6.0 6.5 6.1 5.7 5.6 4.5 0.9 0.9 1 1.2 0.8 0.5 0.6 0.2
Long-Term Investments 12.3 12.2 12.3 12.1 12.2 0 0 (2.5) (2.1) (2.5) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets (84.6) 5.2 2.8 4.1 1.6 1.5 1.5 1.4 1.2 1.2 0.9 1.3 1.2 2.0 1.9 1.4 1.3 1.3 1.1 1.3 0.9 0.5 0.7 0.9
Total Non-Current Assets 1,064.0 1,029.9 763.9 746.9 654.3 506.7 475.5 364.0 341.9 285.3 78.4 79.5 21.0 19.4 17.9 13.8 9.2 8.7 8.5 8.5 7.7 6.9 7.3 4.4
Total Assets 1,204.0 1,167.5 997.2 858.2 749.4 594.4 560.8 443.2 419.0 351.2 111.3 118.2 61.6 52.5 41.0 36.2 23.0 23.3 24.1 22.5 19.5 15.9 14.5 10.3
Current Liabilities
Account Payables 6.1 5.9 3.9 6.5 6.5 1.3 2.5 2.0 2.2 1.6 1.3 1.5 1.2 0.5 0.6 0.5 0.4 0.3 0.6 0.3 0.3 0.3 0.3 0.2
Short-Term Debt 52.0 11.0 7.7 7.9 0.8 4.9 0.7 1.4 4.0 1.2 1.0 1.4 0.1 2.4 0.0 0.7 0.9 0.0 0 0.1 0.1 0 0.2 0.1
Deferred Revenue 0 0 0 0 0 0 0 0 2.8 0 (0.2) 0 0 0 2.2 1.9 0 0 0 0 0 0 0 0
Other Current Liabilities 81.0 0 22.5 0 0 0 0 16.8 9.5 11.2 3.3 5.3 0 0 0.0 (0.4) 2.0 1.8 2 2.4 2.2 1.6 1 0.5
Total Current Liabilities 139.0 116.3 102.2 85.5 83.5 93.5 60.6 41.9 39.6 24.6 14.6 14.6 5.6 5.4 2.8 3.2 3.3 2.2 2.6 2.8 2.6 1.9 1.5 0.8
Non-Current Liabilities
Long-Term Debt 263.2 142.5 139.0 175.8 117.6 16.6 50.4 38.4 56.7 50.6 0.4 12.4 0 0.1 2.4 3.0 7.2 8.1 8.1 8.2 8.3 8.2 8.3 3.4
Deferred Tax Liabilities 28.4 29.5 24.8 21.3 14.4 7.8 10.1 9.0 10.9 15.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities (107.4) 18.3 2.4 13.0 7.3 4.5 0.1 12 13.7 18.1 3.0 3.4 2.5 0.3 0.3 0 0 0 0.1 (0.1) 0 (0.1) 0 0
Total Non-Current Liabilities 294.8 292.1 242.8 288.1 213.5 90.9 120.8 50.4 70.5 68.7 4.4 15.8 2.5 0.4 2.6 3.0 7.2 8.1 8.2 8.1 8.3 8.1 8.3 3.4
Total Liabilities 433.8 408.4 345 373.6 297.0 184.4 181.4 92.3 110.0 93.4 19.0 30.4 8.1 5.8 5.5 6.3 10.5 10.2 10.8 10.9 10.9 10 9.8 4.2
Stockholders' Equity
Common Stock 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0 0 0 0 0 0
Retained Earnings 227.2 227.3 223.8 232.9 224.4 212.0 184.4 167.4 162.4 150.3 81.2 69.4 35.6 28.9 21.6 13.1 6.0 2.3 (0.1) (1.7) (4.1) (5.7) (6.5) (3.7)
Accumulated Other Comprehensive Income 0.7 2.8 2.8 4.0 0 0 0 (64.2) (60.5) (56.0) (36.6) (33.2) (23.0) (19.6) (16.7) (13.8) (11.5) (3.4) (7.6) (6) (4.3) (2.9) (1.6) (0.6)
Total Stockholders' Equity 476.4 488.9 476.2 315.8 295.6 276.2 240.3 215.9 204.9 187.5 87.4 81.6 50.2 43.3 32.5 26.7 9.6 10.7 11.6 10 7.6 5.2 4.4 5.9
Total Liabilities & Equity 1,204.0 1,167.5 997.2 858.2 749.4 594.4 560.8 443.2 419.0 351.2 111.3 118.2 61.6 52.5 41.0 36.2 23.0 23.3 24.1 22.5 19.5 15.9 14.5 10.3
Debt Metrics
Total Debt 425.7 295.2 258.6 295.3 223.1 111.0 137.8 39.8 60.8 51.8 1.4 13.8 0.1 2.5 2.4 3.7 8.1 8.1 8.1 8.3 8.4 8.2 8.5 3.5
Net Debt 390.2 253.9 105.8 263.7 194.5 78.1 114.3 16.5 38.8 31.8 (5.0) 3.7 (20.5) (14.4) (5.3) (4.4) 6.1 4.1 1.8 2.7 3.5 5.6 6.4 0.6
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 58.0 45.6 37.2 43.4 57.9 52.5 57.3 48.8 27.7 26.3 8.8 6.7 7.3 8.5 7.1 3.7 2.4 1.6 2.4 1.6 0.7 (2.8) (2.2)
Depreciation & Amortization 22.4 18.7 15.7 14.7 11.6 10.5 10.1 9.8 9.7 8.8 4.3 4.3 3.6 3.0 2.6 2.3 2.1 2.1 1.9 1.7 1.7 1.3 0.6
Stock-Based Compensation 8.3 7.8 7.2 7.3 7.9 7.9 7.0 5.9 5.0 5.0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (27.2) (12.4) (4.9) (21.4) (11.8) 23.6 (16.0) 0.7 14.3 3.9 (1.9) (1.0) (1.9) (2.4) (4.4) (2.6) (3.2) (2.1) (3.3) (0.7) (1.3) (1.9) (2.2)
Other Non-Cash Items 2.2 9.9 22.3 10.2 5.1 5.7 (0.6) 2.9 4.3 4.2 7.1 7.8 8.0 10.8 10.2 5.4 3.8 (0.1) 2.8 2.1 1.3 0.6 0.4
Operating Cash Flow 75.1 74.9 82.0 58.5 76.4 100.0 62.4 73.0 56.5 51.0 18.3 17.9 17.5 19.5 15.2 8.9 5.0 5 3.8 4.7 2.4 (2.8) (3.4)
Investing Activities
Capital Expenditure (14.1) (9.2) (9.3) (8.2) (8.2) (7.6) (10.2) (7.2) (7.1) (8.3) (10.8) (5.0) (5.1) (5.6) (3.3) (2.8) (2.1) (2.4) (1.8) (2) (1.5) (3.9) (2.4)
Acquisitions 0 (142.0) (36.9) (74.3) (116.1) (43.6) (27.9) (16.4) (36.6) (24.3) (1.5) 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 (0.4) 0 0 (11.6) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0.4 0 0 11.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities (22.6) 1.8 1.2 1.3 0.2 0 0.1 (0.3) 0.1 0.1 0.2 0.0 0.1 (1.1) (0.0) 0.0 0.0 (0.1) (0.3) 0 0 0 0
Investing Cash Flow (36.7) (149.4) (45.0) (81.3) (124.1) (51.2) (38.0) (23.9) (43.6) (32.5) (12.2) (5.0) (5.0) (6.6) (3.4) (2.8) (2.1) (2.5) (2.1) (2) (1.5) (3.9) (2.4)
Financing Activities
Net Debt Issuance 8.1 4.3 (39.1) 64.2 93.1 (31.0) 6.6 (20.0) 6.8 1.2 (0.2) (0.1) (0.0) (0.7) (1.5) 0.9 (0.0) (0.1) (0.1) 0.2 (0.2) 4.8 3
Stock Repurchased (5.6) 0 0 0 0 0 0.5 0 0 0 (8) (5.6) (0.0) (10.5) (1.9) (6.3) (3.4) 0 0 0 0 0 0
Dividends Paid (27.4) (26.5) (24.1) (21.3) (18.8) (4.1) (14.6) (11.7) (10.1) (8.5) 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (19.3) (14.7) (16.1) (17.1) (31.0) (4.3) (16.3) (16.0) (7.8) (7.0) (5.3) (5.3) (4.7) (5.2) (4.5) (3.0) (1.9) (1.6) (1) (0.7) (0.2) (0.1) 0
Financing Cash Flow (44.1) (37.0) 84.3 25.8 43.4 (39.4) (24.3) (47.7) (11.1) (14.3) (11.6) (9.2) (3.3) (13.4) (5.7) (8.0) (5.3) (1.7) (1.1) (0.5) (0.4) 5.9 3
Cash Position
Net Change in Cash (5.8) (111.5) 121.2 3.0 (4.4) 9.4 0.2 1.4 1.9 4.3 (5.6) 3.7 9.2 (0.5) 6.0 (2.0) (2.3) 0.8 0.6 2.2 0.5 (0.8) (2.8)
Cash at Beginning 41.4 152.8 31.6 28.6 32.9 23.5 23.4 21.9 20.0 15.8 20.6 16.8 7.6 8.1 2.1 4.0 6.3 5.6 4.9 2.6 2.1 2.9 5.7
Cash at End 35.6 41.4 152.8 31.6 28.6 32.9 23.5 23.4 21.9 20.0 15.0 20.6 16.8 7.6 8.1 2.1 4.0 6.4 5.5 4.8 2.6 2.1 2.9
Free Cash Flow 61.0 65.8 72.7 50.3 68.2 92.4 52.3 65.8 49.4 42.8 7.4 12.9 12.4 14.0 11.8 6.0 3.0 2.6 2 2.7 0.9 (6.7) (5.8)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 781.0 671.3 604.8 553.1 495.0 423.0 482.0 453.9 414.1 356.5 331.3 305.1 264.1 252.1 237.0 211.2 201.4 187.7 151.7 135.2 132.1 118.3 105.6 94.7 80.9 63.2 49.9 44 38.8 32.2 24.9 17.2 8.4
Gross Profit 157.3 123.9 121.5 112.0 117.2 94.5 112.5 101.7 90.6 82.0 78.4 76.2 64.7 62.6 64.5 59.4 55.2 47.6 37.4 35.8 35.9 33.0 31.0 30.2 26.1 20.3 15.8 13.2 11.5 10.1 7.5 4 2.2
Operating Income 80.4 63.2 52.1 56.8 70.6 52.4 67.4 60.3 54.7 49.5 47.3 45.8 38.8 37.8 35.9 33.2 28.4 23.9 20.0 18.6 18.9 16.0 17.0 18.9 16.9 10.4 7.3 5.5 4.8 3.6 1.6 (1.8) (1.9)
Net Income 15.1 26.5 14.7 28.3 27.8 30.6 28.1 10.1 22.3 20.6 22.3 19.8 12.7 17.9 21.0 15.6 11.8 10.0 8.9 6.3 8.8 6.7 7.3 8.5 7.1 3.7 2.4 1.6 2.4 1.6 0.7 (2.8) (2.2)
EPS (Diluted) 1.42 1.84 1.28 3.34 4.49 4.09 4.49 0.80 1.76 1.64 1.77 1.62 1.05 1.51 1.75 1.32 1.00 0.83 0.75 0.54 0.73 0.54 0.61 0.67 0.55 0.11 0.11 0.05 0.07 0.05 0.02 -0.27 -0.22
Balance Sheet
Cash & Equivalents 35.6 41.4 152.8 31.6 28.6 32.9 23.5 23.4 21.9 20.0 6.4 10.1 20.6 16.8 7.6 8.1 2.1 4.0 6.3 5.6 4.9 2.6 2.1 2.9
Total Assets 1,204.0 1,167.5 997.2 858.2 749.4 594.4 560.8 443.2 419.0 351.2 111.3 118.2 61.6 52.5 41.0 36.2 23.0 23.3 24.1 22.5 19.5 15.9 14.5 10.3
Total Debt 425.7 295.2 258.6 295.3 223.1 111.0 137.8 39.8 60.8 51.8 1.4 13.8 0.1 2.5 2.4 3.7 8.1 8.1 8.1 8.3 8.4 8.2 8.5 3.5
Stockholders' Equity 476.4 488.9 476.2 315.8 295.6 276.2 240.3 215.9 204.9 187.5 87.4 81.6 50.2 43.3 32.5 26.7 9.6 10.7 11.6 10 7.6 5.2 4.4 5.9
Cash Flow
Operating Cash Flow 75.1 74.9 82.0 58.5 76.4 100.0 62.4 73.0 56.5 51.0 18.3 17.9 17.5 19.5 15.2 8.9 5.0 5 3.8 4.7 2.4 (2.8) (3.4)
Capital Expenditure (14.1) (9.2) (9.3) (8.2) (8.2) (7.6) (10.2) (7.2) (7.1) (8.3) (10.8) (5.0) (5.1) (5.6) (3.3) (2.8) (2.1) (2.4) (1.8) (2) (1.5) (3.9) (2.4)
Free Cash Flow 61.0 65.8 72.7 50.3 68.2 92.4 52.3 65.8 49.4 42.8 7.4 12.9 12.4 14.0 11.8 6.0 3.0 2.6 2 2.7 0.9 (6.7) (5.8)