USPH · U S Physical Therapy Inc /NV - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $780.99M | $671.35M | $604.80M | $553.14M | $495.02M | $422.97M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | $149.69M | $123.92M | $121.51M | $112.02M | $117.18M | $94.45M |
| R&D | - | - | - | - | - | - |
| SG&A | $69.26M | $58.29M | $51.95M | $46.11M | $46.53M | $42.04M |
| Total Operating Expenses | $631.30M | $547.42M | $483.29M | $441.12M | $377.84M | $328.52M |
| D&A | $22.39M | $18.68M | $15.70M | $14.74M | $11.59M | $10.53M |
| Operating Income | $86.68M | $63.21M | $52.06M | $56.80M | $70.65M | $52.41M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $19.81M | $14.61M | $12.16M | $12.16M | $15.27M | $13.02M |
| Net Income | $39.58M | $31.42M | $28.24M | $32.16M | $40.83M | $35.19M |
| EPS - Basic | $1.42 | $1.84 | $1.28 | $2.25 | $2.48 | - |
| EPS - Diluted | $1.42 | $1.84 | $1.28 | $2.25 | $2.48 | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $35.57M | $41.36M | $152.82M | $31.59M | $28.57M | $32.92M |
| Accounts Receivable | $64.25M | $46.30M | $51.87M | $51.93M | $46.27M | $41.91M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $6.06M | $5.94M | $3.90M | $3.30M | $3.27M | $1.33M |
| Current Assets | $139.99M | $137.58M | $233.38M | $111.27M | $95.17M | $87.64M |
| Total Assets | $1.20B | $1.17B | $997.24M | $858.15M | $749.43M | $594.36M |
| Current Liabilities | $139.04M | $116.28M | $102.19M | $85.49M | $83.48M | $93.49M |
| Long-term Debt | $152.59M | $142.53M | $138.99M | $175.83M | $117.59M | $16.60M |
| Total Liabilities | $433.81M | $408.42M | $345.00M | $373.59M | $296.98M | $184.39M |
| Stockholders' Equity | $476.43M | $488.93M | $476.19M | $315.79M | $295.61M | $276.16M |
| Retained Earnings | $227.22M | $227.26M | $223.77M | $232.95M | $224.40M | $212.01M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $75.06M | $74.94M | $81.98M | $58.54M | $76.41M | $100.00M |
| Investing Cash Flow | ($36.71M) | ($149.45M) | ($45.02M) | ($81.27M) | ($124.14M) | ($51.20M) |
| Financing Cash Flow | ($44.14M) | ($36.95M) | $84.27M | $25.76M | $43.38M | ($39.42M) |
| CapEx | $14.07M | $9.19M | $9.29M | $8.25M | $8.20M | $7.64M |
| Free Cash Flow | $60.99M | $65.75M | $72.68M | $50.29M | $68.20M | $92.36M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 19.2% | 18.5% | 20.1% | 20.3% | 23.7% | 22.3% |
| Operating margin | 11.1% | 9.4% | 8.6% | 10.3% | 14.3% | 12.4% |
| EBITDA margin | 14.0% | 12.2% | 11.2% | 12.9% | 16.6% | 14.9% |
| Net margin | 5.1% | 4.7% | 4.7% | 5.8% | 8.2% | 8.3% |
| Free cash flow margin | 7.8% | 9.8% | 12.0% | 9.1% | 13.8% | 21.8% |
| FCF / Net income | 1.54 | 2.09 | 2.57 | 1.56 | 1.67 | 2.62 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 8.9% | 8.7% | 8.6% | 8.3% | 9.4% | 9.9% |
| Effective tax rate | 33.4% | 31.7% | 30.1% | 27.4% | 27.2% | 27.0% |
| Return on assets | 3.3% | 2.7% | 2.8% | 3.7% | 5.4% | 5.9% |
| Return on equity | 8.3% | 6.4% | 5.9% | 10.2% | 13.8% | 12.7% |
| Return on invested capital | 9.2% | 6.8% | 5.9% | 8.4% | 12.4% | 13.1% |
| Liquidity | ||||||
| Current ratio | 1.01 | 1.18 | 2.28 | 1.30 | 1.14 | 0.94 |
| Quick ratio | 1.01 | 1.18 | 2.28 | 1.30 | 1.14 | 0.94 |
| Cash ratio | 0.26 | 0.36 | 1.50 | 0.37 | 0.34 | 0.35 |
| Leverage | ||||||
| Debt / Equity | 0.32 | 0.29 | 0.29 | 0.56 | 0.40 | 0.06 |
| Debt / Assets | 0.13 | 0.12 | 0.14 | 0.20 | 0.16 | 0.03 |
| Debt / EBITDA | 1.40 | 1.74 | 2.05 | 2.46 | 1.43 | 0.26 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 2.53 | 2.39 | 2.09 | 2.72 | 2.54 | 2.15 |
| Liabilities / Assets | 0.36 | 0.35 | 0.35 | 0.44 | 0.40 | 0.31 |
| Efficiency | ||||||
| Asset turnover | 0.65 | 0.58 | 0.61 | 0.64 | 0.66 | 0.71 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 30d | 25d | 31d | 34d | 34d | 36d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 55.0x | 48.2x | 72.8x | 36.0x | 38.5x | - |
| P / B | 2.5x | 2.7x | 2.8x | 3.3x | 4.1x | - |
| P / S | 1.5x | 2.0x | 2.2x | 1.9x | 2.5x | - |
| EV / EBITDA | 11.9x | 17.6x | 19.3x | 16.7x | 16.0x | - |
| Growth | ||||||
| Revenue growth (YoY) | 16.3% | 11.0% | 9.3% | 11.7% | 17.0% | -12.2% |
| Revenue CAGR (3y) | 12.2% | 10.7% | 12.7% | 4.7% | 11.6% | 0.7% |
| Revenue CAGR (5y) | 13.0% | 6.9% | 11.1% | 6.0% | 6.8% | 5.0% |
| Gross profit growth (YoY) | 20.8% | 2.0% | 8.5% | -4.4% | 24.1% | -16.0% |
| Operating income growth (YoY) | 37.1% | 21.4% | -8.3% | -19.6% | 34.8% | -22.3% |
| Net income growth (YoY) | 26.0% | 11.3% | -12.2% | -21.2% | 16.0% | -12.1% |
| EPS growth (YoY) | -22.8% | 43.8% | -43.1% | -9.3% | - | - |
| EPS CAGR (3y) | -14.2% | -9.5% | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -7.2% | -9.5% | 44.5% | -26.3% | -26.1% | 76.7% |
| FCF CAGR (5y) | -8.0% | 4.7% | 2.0% | 2.7% | 9.8% | 21.4% |
| Book value growth (YoY) | -2.6% | 2.7% | 50.8% | 6.8% | 7.0% | 14.9% |
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.49
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Health Services
Comparing U S PHYSICAL THERAPY INC /NV against the 5 most active filers in the same SIC group.
Dividends
$1.82/share trailing 12 months · +2.2% YoY
| Ex-date | Per share |
|---|---|
| May 22, 2026 | $0.4600 |
| Mar 13, 2026 | $0.4600 |
| Nov 17, 2025 | $0.4500 |
| Aug 22, 2025 | $0.4500 |
| May 23, 2025 | $0.4500 |
| Mar 14, 2025 | $0.4500 |
| Nov 15, 2024 | $0.4400 |
| Aug 23, 2024 | $0.4400 |
| May 22, 2024 | $0.4400 |
| Mar 11, 2024 | $0.4400 |
| Nov 15, 2023 | $0.4300 |
| Aug 17, 2023 | $0.4300 |
| May 17, 2023 | $0.4300 |
| Mar 9, 2023 | $0.4300 |
| Nov 18, 2022 | $0.4100 |
| Aug 17, 2022 | $0.4100 |
| May 13, 2022 | $0.4100 |
| Mar 11, 2022 | $0.4100 |
| Nov 12, 2021 | $0.3800 |
| Aug 19, 2021 | $0.3800 |
| May 13, 2021 | $0.3500 |
| Mar 11, 2021 | $0.3500 |
| Mar 12, 2020 | $0.3200 |
| Nov 15, 2019 | $0.3000 |