What is US Physical Therapy's net margin?

US Physical Therapy (USPH) reported net margin of 4.4% in Q1 2026.

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

US Physical Therapy's net margin decreased by 8.3% year-over-year, from 4.8% to 4.4%.

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

Over 5 years (2020 to 2025), US Physical Therapy's net margin has grown at a -9.4% compound annual growth rate (CAGR), from 8.3% to 5.1%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

US Physical Therapy USPH Net margin

Net margin at other companies

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2.4%-0.9pp

Encompass Health CorporationEHC

10%+1.1pp

Talkspace, Inc.TALK

0.5%-1.0pp

LifeStance Health GroupLFST

1.6%+1.0pp

Tenet HealthcareTHC

12.4%+0.9pp

Concentra Group Holdings ParentCON

8%-0.1pp

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

FCF margin8.4%+0.4pp

Returns & leverage

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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.

net income/total revenue=4.4%

Based on trailing twelve months.

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 margin?: US Physical Therapy (USPH) reported net margin of 4.4% in Q1 2026.
How has US Physical Therapy's net margin changed year-over-year?: US Physical Therapy's net margin decreased by 8.3% year-over-year, from 4.8% to 4.4%.
What is the long-term trend for US Physical Therapy's net margin?: Over 5 years (2020 to 2025), US Physical Therapy's net margin has grown at a -9.4% compound annual growth rate (CAGR), from 8.3% to 5.1%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.