U.s. Physical Therapy (USPH)
NYSE:USPH
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US Physical Therapy
(NYSE:USPH)
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Rating:57Neutral
Price Target:
$67.00
▼(-12.50% Downside)
Action:Reiterated
Date:05/20/26
The score is driven primarily by mixed fundamentals: strong multi-year revenue growth and positive free cash flow are offset by sharply compressed margins and returns. The earnings call was moderately constructive due to reaffirmed EBITDA guidance and improving demand metrics, while technicals are a notable drag given the clear downtrend. Valuation is mixed—supported by the dividend yield but clouded by a negative P/E.
Positive Factors
Sustained revenue growth and cash generation
Multi-year top-line growth alongside meaningful operating cash flow and positive free cash flow creates durable internal funding for clinic expansions, de novo openings, dividends and M&A. Strong cash generation cushions execution risk and supports capital allocation over the next several quarters.
Negative Factors
Compressed profitability and weak returns
Significant erosion of net margin and ROE despite revenue growth signals structural pressure on bottom-line economics. Persistently low returns reduce reinvestment efficiency and increase sensitivity to cost or reimbursement shocks, constraining durable shareholder value creation.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth and cash generation
Multi-year top-line growth alongside meaningful operating cash flow and positive free cash flow creates durable internal funding for clinic expansions, de novo openings, dividends and M&A. Strong cash generation cushions execution risk and supports capital allocation over the next several quarters.
Read all positive factors
US Physical Therapy (USPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$956.50M
Dividend Yield2.25%
Average Volume (3M)154.56K
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth13.73%
EPS Growth-77.14%
CountryUS
Employees4,034
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.50
Shares Outstanding15,218,789
10 Day Avg. Volume151,871
30 Day Avg. Volume154,560
Financial Highlights & Ratios
PEG Ratio-3.45
Price to Book (P/B)2.49
Price to Sales (P/S)1.52
P/FCF Ratio19.43
Enterprise Value/Market Cap1.34
Enterprise Value/Revenue1.75
Enterprise Value/Gross Profit8.57
Enterprise Value/Ebitda12.15
Forecast
1Y Price Target
$95.00Price Target Upside24.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)2.89
Revenue Forecast (FY)$838.68M
US Physical Therapy Business Overview & Revenue Model
Company Description
U.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation...
How the Company Makes Money
USPH generates revenue primarily by providing outpatient rehabilitation services (including physical therapy and occupational therapy) delivered in its owned and managed clinics, for which it is reimbursed by patients and third-party payors such a...
US Physical Therapy Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call communicated solid top-line growth, strengthening visit trends, and strategic progress (IIP margin expansion, hospital affiliations starting, expanded credit facility and targeted technology/ cash-program rollouts). Near-term pressures—weather-related lost visits, higher operating and corporate costs, elevated tax rate, and GAAP per-share impacts from revaluations—temporarily weighed on margins and net income. Management affirmed full-year adjusted EBITDA guidance, highlighted recoveries as seasonality normalizes and hospital ramps accelerate, and presented confidence in execution of strategic initiatives.Positive Updates
Revenue Growth and Visits Expansion
Total revenue of $198.0M, up 7.9% year-over-year; total patient visits 1.543M, up 6.9% YoY; daily visits per clinic increased to 31.8 from 31.2.
Negative Updates
Weather-Related Visit and Revenue Loss
Approximately 31,000 visits lost to weather in Q1, representing ~ $3.3M of revenue headwind and margin drag due to fixed payroll obligations during closures.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Visits Expansion
Total revenue of $198.0M, up 7.9% year-over-year; total patient visits 1.543M, up 6.9% YoY; daily visits per clinic increased to 31.8 from 31.2.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 adjusted EBITDA guidance of $102–$106 million, saying Q1 finished on budget with $198 million total revenue, $20.2 million adjusted EBITDA (up $0.7M year‑over‑year), 1.543 million visits (+6.9%), daily visits per clinic 31.8 (vs 31.2), net patient revenue per visit $106.49 (vs $105.66), physical therapy revenue $168M (+7.2%, same‑store +2.5%) and IIP revenue $31M (+11.8%, same‑store +8.2%) with IIP margin 20.4% (vs 18.6%) while adjusted PT margin was 16.1% (vs 16.8%); Q1 lost ~31,000 visits to weather (~$3.3M revenue impact), adjusted PT payroll/visit was $64.20 and operating costs/visit $90.31, commercial rates were up 3.4% with early benefit of a ~1.75% Medicare increase, interest expense $2.8M, tax rate 32.3%, net income attributable $5M (GAAP loss per share $0.12; operating results per share $0.46), cash $28M, borrowings $204M, a new five‑year $450M credit facility, $14M of noncontrolling interest purchases, and management expects hospital alliances (including NYU and a Gulf Coast system) and initiatives like semi‑virtual front desks, AI documentation, RTM reengagement and expanded cash‑based programs to ramp sequentially (hospital initiatives roughly $7M annualized, phased in by Q4) to drive the remainder of the year toward the guided range.US Physical Therapy Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 729.22M | 780.99M | 671.35M | 604.80M | 553.14M | 495.02M |
| Gross Profit | 149.05M | 157.34M | 123.92M | 121.51M | 112.02M | 117.18M |
| EBITDA | 105.14M | 109.66M | 86.91M | 74.37M | 76.09M | 85.73M |
| Net Income | 1.18M | 15.06M | 26.46M | 14.67M | 28.27M | 27.82M |
Balance Sheet | ||||||
| Total Assets | 1.24B | 1.20B | 1.17B | 997.24M | 858.15M | 749.43M |
| Cash, Cash Equivalents and Short-Term Investments | 28.44M | 35.57M | 41.36M | 152.82M | 31.59M | 28.57M |
| Total Debt | 362.83M | 425.74M | 295.23M | 258.59M | 295.34M | 223.08M |
| Total Liabilities | 459.19M | 433.81M | 408.42M | 345.00M | 373.59M | 296.98M |
| Stockholders Equity | 468.98M | 476.43M | 488.93M | 476.19M | 315.79M | 295.61M |
Cash Flow | ||||||
| Free Cash Flow | 66.87M | 60.99M | 65.75M | 72.68M | 50.29M | 68.20M |
| Operating Cash Flow | 83.74M | 75.06M | 74.94M | 81.98M | 58.54M | 76.41M |
| Investing Cash Flow | -70.08M | -36.71M | -149.45M | -45.02M | -81.27M | -124.14M |
| Financing Cash Flow | -24.40M | -44.14M | -36.95M | 84.27M | 25.76M | 43.38M |
US Physical Therapy Technical Analysis
Negative
76.57
Price Trends
71.19
Negative
76.83
Negative
78.70
Negative
Market Momentum
-3.16
Negative
39.21
Neutral
46.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For USPH, the sentiment is Negative. The current price of 76.57 is above the 20-day moving average (MA) of 65.38, above the 50-day MA of 71.19, and below the 200-day MA of 78.70, indicating a bearish trend. The MACD of -3.16 indicates Negative momentum. The RSI at 39.21 is Neutral, neither overbought nor oversold. The STOCH value of 46.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for USPH.
US Physical Therapy Risk Analysis
US Physical Therapy disclosed 27 risk factors in its most recent earnings report. US Physical Therapy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
US Physical Therapy Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.39B | 12.43 | 13.60% | ― | 6.46% | 72.30% | |
72 Outperform | $1.77B | 15.02 | 20.09% | ― | -2.25% | ― | |
71 Outperform | $1.20B | 31.06 | 9.23% | ― | 36.76% | 11.22% | |
62 Neutral | $994.86M | 2.87 | -4.98% | ― | 19.87% | 79.93% | |
62 Neutral | $2.05B | 11.43 | 7.83% | 1.69% | -10.76% | -20.86% | |
57 Neutral | $956.50M | -65.63 | 0.24% | 2.25% | 13.73% | -77.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
USPH
US Physical Therapy
61.96
-10.11
-14.03%
AMN
AMN Healthcare Services
27.66
6.89
33.17%
HCSG
Healthcare Services
20.43
6.23
43.87%
MD
Pediatrix Medical Group
21.26
7.70
56.78%
SEM
Select Medical
16.52
2.38
16.86%
PNTG
Pennant Group
33.92
6.15
22.15%
US Physical Therapy Corporate Events
Executive/Board ChangesShareholder Meetings
US Physical Therapy Shareholders Back Board, Pay, Auditor
Positive
May 19, 2026
On May 19, 2026, U.S. Physical Therapy, Inc. held its Annual Meeting of Shareholders, where investors voted on three governance and oversight proposals. Shareholders elected seven directors, including Christopher J. Reading and Peter F. Minan, to ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
U.S. Physical Therapy Posts Strong Q1 2026 Revenue Growth
Positive
May 11, 2026
On May 7, 2026, U.S. Physical Therapy reported first-quarter 2026 results, highlighting a 7.9% year-over-year increase in total revenue to $198 million and a 7.2% rise in physical therapy revenue driven by higher patient volumes and a 2.5% same-st...
Dividends
US Physical Therapy Declares Quarterly Cash Dividend for Shareholders
Positive
May 6, 2026
U.S. Physical Therapy announced that its Board of Directors declared a quarterly cash dividend of $0.46 per share. The dividend is scheduled to be paid on June 12, 2026, to shareholders of record as of May 22, 2026, signaling ongoing capital retur...
Business Operations and StrategyPrivate Placements and Financing
US Physical Therapy Secures New $450 Million Credit Facilities
Positive
Apr 15, 2026
On April 14, 2026, U.S. Physical Therapy, Inc. entered into a Fourth Amended and Restated Credit Agreement that establishes senior credit facilities totaling $450 million, consisting of a $275 million revolving credit facility and a $175 million t...
Business Operations and StrategyDividendsFinancial Disclosures
U.S. Physical Therapy Updates Investor Presentation, Highlights Growth
Positive
Mar 9, 2026
On March 6, 2026, U.S. Physical Therapy updated its investor presentation, giving shareholders and analysts an expanded overview of its footprint, financial performance and strategic priorities in outpatient rehabilitation and industrial injury pr...
Business Operations and StrategyFinancial Disclosures
US Physical Therapy Posts Strong 2025 Results, Outlines 2026 Strategy
Positive
Mar 4, 2026
On February 26, 2026, U.S. Physical Therapy reported that 2025 was a strong year financially, with adjusted EBITDA up 16.2%, net revenue up 16.3%, and operating income up 18.4% despite ongoing Medicare rate cuts. Patient demand drove record visit ...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
US Physical Therapy Posts Strong 2025 Results, Raises Dividend
Positive
Feb 26, 2026
On February 25, 2026, U.S. Physical Therapy reported that for the year ended December 31, 2025, adjusted EBITDA rose 16.2% to $95.0 million and net income attributable to shareholders increased to $39.6 million, while Operating Results per share c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.