What is US Physical Therapy's net debt?

US Physical Therapy (USPH) reported net debt of $140.92M in Q1 2026.

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

US Physical Therapy's net debt increased by 26.6% year-over-year, from $111.27M to $140.92M.

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

Over 5 years (2020 to 2025), US Physical Therapy's net debt has grown at a 15.5% compound annual growth rate (CAGR), from $62.07M to $127.42M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

US Physical Therapy USPH Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

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6×+1.6×

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-0.2×-0.1×

HES

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3.1×-0.1×

TDA

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8.8×+4.2×

Resolute Holdings Management RHLD

11.8×+10.5×

Other financials

Income statement

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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

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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

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Operating cash flow$3.8M+181%

CapEx$5.4M+108%

Free cash flow-$1.6M+78.4%

Valuation

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Market cap$1.01B-10.7%

Enterprise value$1.15B-7.4%

P/E29×-4.9×

P/S1.3×-0.3×

Profitability

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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

Calculated from US Physical Therapy’s reported figures.

$169.4Mtotal debt−$28.4Mcash and equivalents=$140.92M

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 net debt?: US Physical Therapy (USPH) reported net debt of $140.92M in Q1 2026.
How has US Physical Therapy's net debt changed year-over-year?: US Physical Therapy's net debt increased by 26.6% year-over-year, from $111.27M to $140.92M.
What is the long-term trend for US Physical Therapy's net debt?: Over 5 years (2020 to 2025), US Physical Therapy's net debt has grown at a 15.5% compound annual growth rate (CAGR), from $62.07M to $127.42M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.