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US Physical Therapy

USPH

U.S. Physical Therapy, Inc. is a leading national provider of outpatient physical therapy and industrial injury prevention services.

Market cap
$1.22B+1.7%
Revenue$812.2M+11.3%
Net income$32.2M-15.6%
Free cash flow$64.1M+5.3%
EPS (diluted)$1.19-45.4%
Trailing twelve months · change vs. prior year

Earnings

Next report

Nov 4, 2026 (in 2 months)
Revenue estimate$214.5M
EPS estimate$0.76

Financials

Q2 2026

Income statement

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Revenue$214.1M+8.5%
Gross profit$41.9M+0.8%
Operating income$21.9M-12.0%
Net income$9.9M-20.1%
EPS (diluted)$0.25-56.9%

Balance sheet

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Cash & equivalents$24.9M-27.0%
Total debt$171.2M+11.3%
Total equity$448.7M-10.4%
Total assets$1.2B+5.9%

Cash flow

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Operating cash flow$34.4M-1.4%
CapEx$5.4M+65.0%
Free cash flow$29.0M-8.2%

Valuation & ratios

Valuation

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Market cap$1.22B+1.7%
Enterprise value$1.37B+4.1%
P/E37.9×+6.6×
P/S1.5×-0.1×

Profitability

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Gross margin18.7%+0.3pp
Operating margin9.4%-1.1pp
Net margin4%-1.3pp
FCF margin7.9%-0.5pp

Returns & leverage

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Return on equity6.8%-1.0pp
Debt / equity0.4×+0.1×
Current ratio1.3×+0.1×

Segments

By product

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Net Patient Revenues$173.2M+5.5%
Other Revenues Including Management Contract Revenues And Industrial Injury Prevention Services Revenues$35.3M+6.4%
Hospital Affiliation Revenue$5.6M

By segment

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Physical Therapy Operations$182.4M+8.4%
Industrial Injury Prevention Services Revenues$31.7M+9.1%

Competitors

Profile

U.S. Physical Therapy, Inc. is a leading national provider of outpatient physical therapy and industrial injury prevention services. The company operates a vast network of clinics primarily through a partnership model with licensed therapists, offering pre- and post-operative care for orthopedic disorders, sports injuries, and workplace rehabilitation. Its value proposition centers on combining local clinical autonomy with the scale and support of a national administrative infrastructure.

Competitive position

One of the largest national outpatient physical therapy providers with a highly fragmented market landscape.

GeographiesUnited States
Customer segmentsPatients, Enterprise employers, Healthcare systems
Business modelPartnership-based operations, Management services, Fee-for-service, B2B services
SuppliersLicensed physical and occupational therapists, Medical equipment manufacturers, Real estate lessors, ERP software providers
CustomersManaged care organizations, Commercial health insurers, Medicare and Medicaid programs, Workers' compensation insurers, Fortune 500 employers
Listed1992
Employees6.7K
CEOChristopher J. Reading
Websiteusph.com
FilingsSEC EDGAR

FAQ

What is US Physical Therapy's market cap?
US Physical Therapy (USPH) has a market capitalization of $1.2B and trades on NYSE.
What is US Physical Therapy's revenue and profitability?
US Physical Therapy generated $812.2M in trailing twelve-month revenue with net income of $32.2M, representing a net margin of 4.0%. Gross margin stands at 18.7%, with free cash flow of $64.1M. The latest reported period is Q2 2026.
Who are US Physical Therapy's competitors?
US Physical Therapy's key competitors include InfuSystem Holdings, Inc., Encompass Health Corporation Common Stock, Tenet Healthcare Corporation New, and others. These companies compete in similar markets and product categories.
Who does US Physical Therapy partner with?
US Physical Therapy's notable partners include Centers for Medicare & Medicaid Services, Department of Health and Human Services.
What subsidiaries does US Physical Therapy have?
US Physical Therapy's subsidiaries include Briotix Health, Limited Partnership.
Where is US Physical Therapy headquartered?
US Physical Therapy is headquartered in United States of America and employs approximately 6,720 people. It has been publicly traded since 1992.