What is US Physical Therapy's acquisitions?

US Physical Therapy (USPH) reported acquisitions of $21.2M in Q1 2026.

How has US Physical Therapy's acquisitions changed year-over-year?

US Physical Therapy's acquisitions increased by 403.5% year-over-year, from $4.21M to $21.2M.

What is the long-term trend for US Physical Therapy's acquisitions?

Over 4 years (2021 to 2025), US Physical Therapy's acquisitions has grown at a -34.8% compound annual growth rate (CAGR), from $86.82M to $15.67M.

What does acquisitions mean?

Cash paid for business acquisitions net of cash acquired in the target company — the primary M&A cash flow line.

US Physical Therapy USPH Acquisitions

Acquisitions at other companies

Select Medical HoldingsSEM

-$31K—

Talkspace, Inc.TALK

$1.23M—

LifeStance Health GroupLFST

$3.14M—

Tenet HealthcareTHC

$121M+348%

Concentra Group Holdings ParentCON

$3.76M-98.7%

MSA

Mine Safety Appliances CompanyMSA

$1.5M—

Segments

By segment

See full

Physical Therapy Operations$6.33M+50.3%

Other financials

Income statement

See full

Revenue$198.3M+7.9%

Gross profit$32.8M+5.4%

Operating income$12.5M-36.5%

Net income$5.0M-49.1%

EPS (diluted)-$0.12-115%

Balance sheet

See full

Cash & equivalents$28.4M-27.4%

Total debt$169.4M+12.6%

Total equity$469.0M-5.7%

Total assets$1.2B+5.3%

Cash flow

See full

Operating cash flow$3.8M+181%

CapEx$5.4M+108%

Free cash flow-$1.6M+78.4%

Valuation

See full

Market cap$1.01B-10.6%

Enterprise value$1.15B-7.2%

P/E29×-4.8×

P/S1.3×-0.3×

Profitability

See full

Gross margin19%+0.9pp

Operating margin10%+0.3pp

Net margin4.4%-0.4pp

FCF margin8.4%+0.4pp

Returns & leverage

See full

Return on equity7.2%+0.4pp

Debt / equity0.4×+0.1×

Current ratio1.2×0.0×

Where this comes from

Reported directly by US Physical Therapy in its filing.

Tagged under the XBRL concept us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired.

The official record: US Physical Therapy’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is US Physical Therapy's acquisitions?: US Physical Therapy (USPH) reported acquisitions of $21.2M in Q1 2026.
How has US Physical Therapy's acquisitions changed year-over-year?: US Physical Therapy's acquisitions increased by 403.5% year-over-year, from $4.21M to $21.2M.
What is the long-term trend for US Physical Therapy's acquisitions?: Over 4 years (2021 to 2025), US Physical Therapy's acquisitions has grown at a -34.8% compound annual growth rate (CAGR), from $86.82M to $15.67M.
What does acquisitions mean?: Cash paid for business acquisitions net of cash acquired in the target company — the primary M&A cash flow line.