# U.S. Physical Therapy, Inc. (USPH)

> Source: Nexqual · https://nexqual.com/USPH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, U.S. Physical Therapy, Inc. (USPH), nexqual.com/USPH" · informational, not investment advice.

**Price:** USD 88.73 (+2.84% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 86.28 · day 86.3–88.87 · 52w 58.19–93.5 · market cap $1.32B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Medical Care Facilities)
INNV (InnovAge Holding Corp.) USD 9.52 +4.16% · NUTX (Nutex Health Inc.) USD 206.09 +4.29% · PNTG (The Pennant Group, Inc.) USD 42.23 +2.90% · AGL (agilon health, inc.) USD 90.29 -0.77% · CMPS (COMPASS Pathways Plc - American) USD 11.63 -1.77% · SNDA (Sonida Senior Living, Inc.) USD 33.87 +1.20%

## More
Full page: https://nexqual.com/USPH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in USPH's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/885978/000114036126007170/ef20060831_10k.htm):

| 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")." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.78 | -6.9% | $214.5M | 6 |
| Next quarter (ends 2026-12-31) | $0.91 | $0.87 | +4.8% | $221.0M | 6 |
| Current fiscal year (ends 2026-12-31) | $2.90 | $2.81 | +3.2% | $847.9M | 5 |
| Next fiscal year (ends 2027-12-31) | $3.35 | $3.41 | -1.8% | $912.0M | 6 |