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US Physical Therapy USPH Goodwill And Intangible Asset Impairment

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Segments

By segment

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Industrial Injury Prevention Services Revenues$0

Other financials

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

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Market cap$1.22B-7.6%
Enterprise value$1.36B-5.1%
P/E37.8×+3.3×
P/S1.5×-0.3×

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×

Where this comes from

Reported directly by US Physical Therapy in its filing.

Tagged under the XBRL concept us-gaap:GoodwillAndIntangibleAssetImpairment.

The source filing: US Physical Therapy’s 10-K, filed February 27, 2026.

Filed
Feb 27, 2026, 5:09 PM EST
Fiscal year
FY2025
Accession
0001140361-26-007170
Line itemFor the Year Ended / December 31, 2025For the Year Ended / December 31, 2024For the Year Ended / December 31, 2023
Gross profit149,693123,921121,509
Corporate office costs69,26058,29051,953
(Gain) loss on change in fair value of contingent earn-out consideration(6,244)2191,550
Impairment of goodwill and other intangible assets--17,495
Impairment on assets held for sale-2,418-
Operating income86,67762,99450,511
Other (expense) income
Interest expense, debt and other(9,459)(8,015)(9,303)

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is US Physical Therapy's goodwill and intangible asset impairment?
US Physical Therapy (USPH) reported goodwill and intangible asset impairment of $0 in Q4 2025.
What does goodwill and intangible asset impairment mean?
This represents a non-cash charge taken when the carrying value of goodwill or intangible assets exceeds their fair market value. It serves as a signal that previous acquisitions or brand investments are not generating the expected long-term economic benefits. Frequent impairments may suggest aggressive valuation practices or deteriorating market conditions for acquired assets.

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