USPH
U S PHYSICAL THERAPY INC /NV
Next earnings Aug 4, 2026 · consensus $0.86 EPS, $216M rev
Last earnings +2.7% on 2026-05-06
$68.78
▲ +3.71%$68.78▼ -6.78%
over 1Y
L $58.57EODHDH $91.35
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.7%
1W+10.0%
1M+7.2%
3M-7.3%
YTD-11.6%
1Y-6.8%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 13 analysts
Buy
Quality PT roll-up compounding via M&A, but 47x P/E on a 5% net margin business with Medicare exposure leaves little room.
Revenue $781M · FY2025
The read
Middling fundamentals and a rich price (~22% above fair value) leave little margin of safety — a wait-and-see.
USPH is executing its playbook well operationally — revenue grew 16.3% to $781M with operating income up 37.6% to $86.7M, and the clinic count rolled from 714 at start of 2024 to 780 by end of 2025 via a steady cadence of majority-stake acquisitions (Jul/Apr/Feb 2025, plus a Jan 2026 eight-clinic deal). Operating margin expanded to 11.1% and the company raised the quarterly dividend to $0.46 (announced Feb 2026), signaling confidence. The MD&A confirms the strategy is more of the same: buy multi-clinic outpatient PT practices, develop satellites, and bolt on industrial injury prevention (IIP) businesses serving Fortune 500 employers — a genuinely diversifying revenue stream away from pure Medicare reliance.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $495M | $553M | $605M | $671M | $781M |
| Gross profit | $117M | $112M | $122M | $124M | $150M |
| Operating income | $70.6M | $56.8M | $50.5M | $63.0M | $86.7M |
| Net income | $40.8M | $32.2M | $28.2M | $31.4M | $39.6M |
| Diluted EPS | $2.41 | $2.25 | $1.28 | $1.84 | $1.42 |
| Net margin | 8.2% | 5.8% | 4.7% | 4.7% | 5.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.17B
EV / EBITDA10.7
EV / Sales1.5
EV / FCF19.1
P / FCF17.1
PEG (trailing)1.87
Earnings yield3.8%
FCF yield5.9%
Quality & risk
ROIC (est.)10.7%
Free cash flow$61.0M
Total debt$162M
Net cash-$127M
Altman Z-Score2.59 grey
Piotroski F-Score7/9
Capital returns
Buyback yield0.5%
Dividend yield (est.)2.6%
Shareholder yield3.2%
Shares Δ YoY-0.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-19
Annual meeting results: directors elected, auditor ratified, say-on-pay approved.
- 8-K Reg FD disclosure2026-05-11
Reg FD: investor/conference materials furnished, no new financials.
- 10-Q Quarterly report2026-05-08
Q1 2026 10-Q: clinic-count expansion and revenue growth continue post FY25 strength.
- 8-K Earnings results2026-05-06
Q1 2026 earnings release — topline growth streak continued into new fiscal year.
- DEF 14A Proxy statement2026-04-16
2026 proxy filed ahead of annual meeting; standard director/compensation items.
- 8-K Material agreement2026-04-15
Entered new credit agreement / direct financial obligation to support acquisitions.
- 8-K Officer / director change2026-03-13
Officer/director change disclosed; routine governance update.
- 8-K Reg FD disclosure2026-03-09
Reg FD investor/conference presentation materials furnished.
- 10-K Annual report2026-02-27
FY25 rev +16% to $781M, NI +26%, but diluted EPS -23% on minority-interest dilution.
Recent filings
all on EDGAR ↗4Period ending 2026-05-202026-06-22open ↗4Period ending 2026-05-202026-06-22open ↗4Period ending 2026-06-082026-06-10open ↗4/APeriod ending 2026-05-192026-05-28open ↗4/APeriod ending 2026-05-192026-05-28open ↗4/APeriod ending 2026-05-192026-05-28open ↗4/APeriod ending 2026-05-192026-05-28open ↗4/APeriod ending 2026-05-192026-05-28open ↗4Period ending 2026-05-192026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗
Frequently asked
- Is U S PHYSICAL THERAPY INC /NV (USPH) a buy?
- USPH currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Quality PT roll-up compounding via M&A, but 47x P/E on a 5% net margin business with Medicare exposure leaves little room.
- What is USPH's fair value?
- A Modified-Graham model based on USPH's SEC fundamentals estimates a fair value of about $53.96. It is an estimate from reported earnings, not a price target.
- Is USPH overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, USPH currently appears overvalued relative to its SEC-grounded earnings power.
- What is U S PHYSICAL THERAPY INC /NV's quality score?
- USPH scores 70.84313725490196/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000885978, latest 10-Q filed 2026-05-08) · EODHD · analysis by claude-code · as of 6/25/2026, 2:21:33 PM.
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