U.S. Physical Therapy, Inc. (USPH) AI Stock Analysis

U.S. Physical Therapy, Inc. operates two primary segments: Physical Therapy Operations and Industrial Injury Prevention Services. Its Physical Therapy Operations segment delivers outpatient care for orthopedic-related disorders, sports injuries, preventative health, neurological conditions, and pre- and post-operative rehabilitation. The Industrial Injury Prevention Services segment provides onsite injury prevention, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments for corporations, insurers, and contractors. Headquartered in Houston, Texas, the company operates clinics across 39 states and manages additional physical therapy practice facilities.

Revenue increased from $495.0M in FY2021 to $781.0M in FY2025, supported by 16.3% top-line growth in FY2025. Over the same period, gross margin moved from 23.7% in FY2021 to 20.1% in FY2025, while operating margin shifted from 14.3% to 10.3%. Net income totaled $15.1M in FY2025, down from $27.8M in FY2021. For the trailing twelve months ended June 30, 2026, revenue stood at $804.3M with an operating margin of 11.1%. In the quarter ended June 30, 2026, quarterly revenue grew 8.5% year-over-year, while quarterly earnings declined 56.5%.

As of June 30, 2026, U.S. Physical Therapy held $24.9M in cash and short-term investments alongside total debt of $385.8M, resulting in net debt of $360.9M. Shareholders' equity was $448.7M, reflecting a debt-to-equity ratio of 0.86 and a current ratio of 1.27. In FY2025, operating cash flow generated $75.1M and free cash flow reached $61.0M. Capital expenditures totaled $14.1M, share buybacks used $5.6M, and dividends paid absorbed $27.4M.

U.S. Physical Therapy trades at a trailing P/E of 476.2x and a forward P/E of 27.2x, compared to medians of 24.6x and 17.3x for its US-listed Healthcare peers. Its EV/EBITDA is 15.9x versus the peer median of 12.0x, while its price-to-sales of 1.6x is below the peer median of 4.1x. Over the past year, USPH delivered a return of -1.8%, lagging the 16.8% return of the S&P 500 (SPY). Over five years, the stock returned -9.4% compared to 83.0% for the benchmark.

USPH offers a forward annual dividend of $1.84 per share, translating to a dividend yield of 2.15% with a payout ratio of 72.0%. The company has paid dividends for 16 consecutive years, supported by a 5-year annualized dividend growth rate of 41.3%. Dividends are distributed on a quarterly frequency, with the last ex-dividend date on August 21, 2026.

Wall Street coverage consists of 2 Strong Buy, 4 Buy, and 1 Hold ratings. The mean price target is $97.00, representing a 13.2% premium over the last close of $85.71. For the fiscal year ending December 31, 2026, analysts estimate revenue of $847.9M and EPS of $2.90, reflecting 10.2% expected earnings growth. The company posted 0 EPS beats over the last 4 quarters, and its next earnings date is November 4, 2026.

This page is an AI-written research summary of U.S. Physical Therapy, Inc. (USPH). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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