U.S. Physical Therapy (USPH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

U.S. Physical Therapy

NYSE•Healthcare•Medical Care Facilities

$78.72+1.01(0.01%)Market closed

Market Cap

$1.25B

P/E

38.8x

P/S

1.5x

P/B

2.8x

U.S. Physical Therapy, Inc., together with its subsidiaries, operates and manages outpatient physical therapy clinics. It operates through two segments, Physical Therapy Operations and Industrial Injury Prevention Services. The company provides pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. It offers industrial injury prevention services, including onsite injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments through physical therapists and specialized certified athletic trainers for Fortune 500 companies, and other clients comprising insurers and their contractors. U.S. Physical Therapy, Inc. was founded in 1990 and is based in Houston, Texas.

How this company scores

GoodMetricSide Score: 63/100

Strongest: Cash & Earnings Quality (21/25); weakest: Profitability (11/25).

Profitability11/25

Growth15/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality21/25

Strengths

Low leverageCash-backed earningsConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 38.8x5y range 24.9x – 58.3x

Currently near its 20-quarter median.

P/S · 1.5x5y range 1.4x – 3.0x

Currently below its 20-quarter median.

P/B · 2.8x5y range 2.2x – 5.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 6.2% — watch for continued compression, which may signal competitive or cost pressure.

Leverage Risk

Watch

Debt-to-equity has risen 58.6% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $1.25B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $812.20M
Q. Revenue: $214.06M
TTM EBITDA: $97.58M
TTM Op. Income: $76.52M
Q. Op. Income: $21.95M
TTM Net Income: $32.23M
Q. Net Income: $9.90M
EPS: $0.25
Shares Out.: $15.07M

$812.20M in TTM revenue grew 11.3% YoY, reaching $214.06M last quarter. TTM EBITDA of $97.58M and TTM operating income of $76.52M show growth is flowing through to the bottom line. TTM net income of $32.23M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 19.6%
EBITDA Margin: 12.9%
Op. Margin: 10.3%
Net Margin: 4.6%

Op. margin of 10.3% is down 2.4% YoY — costs are rising relative to revenue. Net margin at 4.6% and gross margin of 19.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 19% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 38.8x
P/S Ratio: 1.5x
P/B Ratio: 2.8x

At 38.8x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.5x and P/B of 2.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.25B
Cash: $24.89M
Long-Term Debt: $215.46M
Book Value: $449.17M
D/E Ratio: 0.5
Debt/EBITDA: 7.8

With $1.25B in assets and $215.46M in long-term debt, D/E is 0.5and book value is $449.17M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $34.37M
TTM Free Cash Flow: $64.07M
FCF Margin: 7.9%
FCF / Net Income: 2.0

TTM FCF of $64.07M on $34.37M in operating cash flow. The FCF / Net Income ratio of 2.0x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 5% — a weakening trend.