U.S. Physical Therapy, Inc. (USPH) Stock Price & Analysis
U.S. Physical Therapy, Inc. (USPH) closed at USD 88.73 on Thursday, October 22, 2026, up 2.84% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 86.28; the Oct 22, 2026 session ranged USD 86.3–88.87 on volume of 129,475 shares. Market capitalization is $1.32B, with a 52-week range of USD 58.19–93.5 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:59 UTC.
Also available as compact Markdown for AI agents: nexqual.com/USPH.md
Key facts (USPH)
- Last four reported quarters (through Jun 30, 2026): revenue $812M, net income $32.2M (4.0% margin), free cash flow $64.1M (SEC filings).
- Valuation: P/E 41.1x (avg 39.7x at the last 3 fiscal year-ends), EV/EBITDA 15.5x, net debt $195M.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $49K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.57 on a 1–5 scale) (7 analysts), mean target USD 97 (range 95–100).
- Total return with dividends: 1Y -0.3% vs S&P 500 +14.9%; 5Y -7.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.73, revenue estimate $215M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (USPH)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $495M | $553M | $605M | $671M | $781M | $812M |
| Gross profit | $117M | $112M | $122M | $124M | $150M | — |
| Operating income | $70.6M | $56.8M | $50.5M | $63.0M | $86.7M | $76.5M |
| Net income | $40.8M | $32.2M | $28.2M | $31.4M | $39.6M | $32.2M |
| EPS (diluted) | $2.41 | $2.25 | $1.28 | $1.84 | $1.42 | — |
| Free cash flow | $68.2M | $50.3M | $72.7M | $65.8M | $61.0M | $64.1M |
| Gross margin | 23.7% | 20.3% | 20.1% | 18.5% | 19.2% | — |
| Operating margin | 14.3% | 10.3% | 8.4% | 9.4% | 11.1% | 9.4% |
| Net margin | 8.2% | 5.8% | 4.7% | 4.7% | 5.1% | 4.0% |
| Revenue growth | +17.0% | +11.7% | +9.3% | +11.0% | +16.3% | — |
| Cash + short-term investments | $28.6M | $31.6M | $153M | $41.4M | $35.6M | — |
| Total debt | $118M | $184M | $147M | $154M | $162M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (USPH)
P/E 41.1x · P/S 1.6x · EV/EBITDA 15.5x · EV/Sales 1.9x · P/FCF 20.7x · P/B 3.0x · FCF yield 4.84% · Earnings yield 2.43% · Net debt $195M · EV $1.52B
P/E at fiscal year-ends: Dec 2025 29.9x, Dec 2024 42.5x, Dec 2023 46.8x.
Insider purchases (SEC Form 4, open-market, last ~7 months) (USPH)
2 purchases, $49K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-12…2026-09-11 | Minan Peter Francis | Director | 6 | $0K | 77.23 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08…2026-06-09 | Minan Peter Francis | Director | 780 | $49K | 62.53 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (USPH)
Consensus Buy (mean 1.57 on a 1–5 scale), 7 analysts; mean target USD 97 (low 95, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | JP Morgan | Target raised | Overweight | $90 → $95 |
| 2026-08-10 | Barrington Research | Target raised | Outperform | $90 → $98 |
Total return (dividends reinvested) (USPH)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -0.3% | -7.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.3% | -1.6% |
| Volatility (annualized) | 40.0% | 35.7% |
| Max drawdown | -35.9% (Oct 2025→May 2026) | -50.8% (Jul 2022→May 2026) |
USPH revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Physical Therapy Operations | $182.4M | 85.2% | +8.4% |
| Industrial Injury Prevention Services Revenues | $31.7M | 14.8% | +9.1% |
| Total revenue | $214.1M | 100% | — |
USPH revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Net Patient Revenues | $173.2M | 80.9% | +5.5% |
| Other Revenues Including Management Contract Revenues & Industrial Injury Prevention Services Revenues | $35.3M | 16.5% | +6.4% |
| Hospital Affiliation Revenue | $5.6M | 2.6% | — |
| Management Contract Revenues | $1.9M | 0.9% | -17.4% |
| Total revenue | $214.1M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
USPH suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Briotix Health | “After the combination, we owned a 59.45% interest in the combined business, Briotix Health, Limited Partnership ("Briotix Health").” |
Quoted from the company's 10-K filed Feb 27, 2026.
USPH analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.73 | $0.78 | -6.9% | $214.5M | 6 |
| Next quarter (ends Dec 2026) | $0.91 | $0.87 | +4.8% | $221.0M | 6 |
| Current fiscal year (ends Dec 2026) | $2.90 | $2.81 | +3.2% | $847.9M | 5 |
| Next fiscal year (ends Dec 2027) | $3.35 | $3.41 | -1.8% | $912.0M | 6 |
USPH options: expected move
Options price a move of about ±10.1% (±$8.93) by Nov 20, 2026, which includes earnings on Nov 4, 2026. Over the last 8 reports the stock moved ±9.4% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 43.4% | ±10.1% |
| Dec 18, 2026 | 56 | 39.3% | ±12.5% |
| Mar 19, 2027 | 147 | 38.7% | ±19.5% |
| Jun 17, 2027 | 237 | 38.7% | ±24.5% |
30-day implied volatility 41.1% vs 23.7% realized over the last 30 trading days. Put/call ratio (volume) —. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:59 UTC)
| Price | USD 88.73 |
|---|---|
| Change | ▲ 2.84% (up) |
| Previous Close | USD 86.28 |
| Open | USD 86.71 |
| Day Range | USD 86.3 – 88.87 |
| 52-Week Range | USD 58.19 – 93.5 |
| Volume | 129,475 shares |
| Market Cap | $1.32B |
| Exchange | NYQ |
Technical Analysis (USPH)
Nexqual's technical model rates USPH "BUY" based on 5 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 09:59 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 66.12 (neutral) |
| vs SMA50 | Above (USD 81.93) |
| MACD | 1.4 (positive) |
Analyst Ratings (USPH)
Wall Street analysts rate USPH "Buy" based on 7 analysts, with a mean price target of USD 97 (range USD 95–100), per Nexqual as of October 23, 2026 at 09:59 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 97 |
| High Target | USD 100 |
| Low Target | USD 95 |
| Buy / Hold / Sell | 6 / 1 / 0 |
Earnings (USPH)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.73 |
| Revenue Estimate | $214.54M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.75 vs est 0.84 ▼ miss |
| 2026-03-31 | USD 0.46 vs est 0.52 ▼ miss |
| 2025-12-31 | USD 0.67 vs est 0.67 ▼ miss |
| 2025-09-30 | USD 0.66 vs est 0.66 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:59 UTC.
Financials & Fundamentals (USPH)
| Total Revenue | $804.27M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +8.50% |
| Gross Margin | +21.47% |
| Operating Margin | +11.13% |
| Profit Margin | +4.01% |
| ROE | +6.51% |
| Debt / Equity | 0.5 |
| Current Ratio | 1.27 |
| Total Cash | $26.26M |
| Total Debt | $385.79M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $64.07M (7.9% of revenue) |
Source: Nexqual, October 23, 2026 at 09:59 UTC.
Financial Health Score (USPH)
Nexqual rates U.S. Physical Therapy, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:59 UTC.
| Growth | Strong — Revenue +16% YoY (annual) |
|---|---|
| Profitability | Mixed — Gross margin 21%, operating 11% (last 12 months) |
| Balance Sheet | Solid — $25M cash and investments vs $220M debt (Jun 2026, SEC) |
| Cash Flow | Solid — FCF $64M (last 4 quarters to Jun 2026, SEC), 8% margin |
| Efficiency | Mixed — ROE 7%, ROA 4.1% |
Ownership (USPH)
| Insider Ownership | +2.55% |
|---|---|
| Institutional Ownership | +112.02% |
| Shares Outstanding | 14.92M |
| Float | 14.54M |
| Short % of Float | +10.43% |
Source: Nexqual, October 23, 2026 at 09:59 UTC.
Leadership (USPH)
U.S. Physical Therapy, Inc. is led by Christopher J. Reading, CEO & Chairman, per Nexqual as of October 23, 2026 at 09:59 UTC.
| CEO & Chairman | Christopher J. Reading |
|---|---|
| President & COO | Eric Joseph Williams |
| Chief Operating Officer - West | Graham D. Reeve M.B.A., P.T. |
| CEO of Metro & Director | Michael G. Mayrsohn |
| Executive VP & CFO | Nchacha E. Etta |
Major Backers & Investors (USPH)
Notable institutional backers of U.S. Physical Therapy, Inc. include Copeland Capital Management, LLC, Bahl & Gaynor LLC, Kayne Anderson Rudnick Investment Management LLC, according to Nexqual as of October 23, 2026 at 09:59 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Copeland Capital Management, LLC | 6.3% |
| Bahl & Gaynor LLC | 5.77% |
| Kayne Anderson Rudnick Investment Management LLC | 5.67% |
| Morgan Stanley | 4.68% |
| Neuberger Berman Group, LLC | 4.01% |
| ETF Series Solutions-Bahl & Gaynor Small/Mid Cap Income Growth ETF | 3.89% |
| American Century Companies Inc | 3.74% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 15.17% |
| State Street | 4.74% |
| Vanguard Group | 4.52% |
Source: Nexqual, October 23, 2026 at 09:59 UTC.
From U.S. Physical Therapy, Inc.'s Latest SEC 10-K Filing (filed 2026-02-27)
Key Strengths & Strategy (as disclosed to the SEC)
- The majority of IIP is contracted with and paid for directly by employers, including a number of Fortune 500 companies.
- The majority of these services are contracted with and paid for directly by employers, including a number of Fortune 500 companies.
Partnerships
- Typically, each therapist partner or director, including those employed by Clinic Partnerships in which we acquired a majority interest, enters into a multi-year employment agreement for a term of up to five years with their Clinic Partnership.
- In connection with most of our acquired clinics, in the event that a limited non-controlling interest partner's employment ceases and certain requirements are met as detailed in the respective limited partnership agreements, the Company has a call right (the "Call Right") and the selling entity or individual has a put right (the "Put Right") with respect to the partner's limited partnership interests.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:59 UTC. This page is informational and not investment advice.
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