USPHNYSEServices-Health ServicesFiscal year ends December 31
U S PHYSICAL THERAPY INC /NV
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$83.91−1.80 (-2.10%)
Close on Oct 19, 2026
- Market cap
- $1.26B
- P/E (TTM)
- 59.1
- Dividend yield
- 2.15%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
19.2%−3.2 pts over 5 years
Operating margin
11.1%−1.3 pts over 5 years
Net margin
5.1%−3.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.3% | +12.2% | +13.0% | +9.0% | |
| Gross profit | +20.8% | +10.1% | +9.6% | +6.7% | |
| Operating income | +37.6% | +15.1% | +10.6% | +6.2% | |
| Net income | +26.0% | +7.2% | +2.4% | +6.7% | |
| EPS, diluted | -22.8% | -14.2% | -10.6% | -1.5% | |
| Free cash flow | -7.2% | +6.6% | -8.0% | +6.9% | |
| Dividend per share | +2.3% | +3.2% | +41.3% | +11.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 11.5% | 13.6% | 8.2% | |
| Return on assets | 6.3% | 5.7% | 3.3% | |
| Current ratio | 2.68 | 0.94 | 1.01 | |
| Debt to equity | 0.28 | 0.08 | 0.34 | |
| Net debt to EBITDA | 0.54× | -0.18× | 1.16× | |
| Interest coverage | 4.3× | – | – | |
| Capex to revenue | 2.3% | 1.8% | 1.8% | |
| Diluted shares | 13M | 13M | 15M |
Where the cash went
Fiscal 2021 to 2025, five years combined
U S Physical Therapy generated $366.92M from operations and spent $172.68M on capital expenditure, dividends and share buybacks. 28% of that went back into the business.
Generated
$366.92M
Used
$172.68M
Capital expenditure$49.00M28%Dividends$118.12M68%Share buybacks$5.57M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.1%
×Asset turnover0.66×
×Equity multiplier2.46×
=Return on equity, FY20258.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.1% | 0.66× | 2.46× | 8.2% |
| FY2024 | 4.7% | 0.62× | 2.24× | 6.5% |
| FY2023 | 4.7% | 0.65× | 2.34× | 7.1% |
| FY2022 | 5.8% | 0.69× | 2.63× | 10.5% |
| FY2021 | 8.2% | 0.74× | 2.35× | 14.3% |
| FY2020 | 8.3% | 0.69× | 2.37× | 13.6% |
| FY2019 | 8.3% | 0.90× | 2.35× | 17.6% |
| FY2018 | 7.7% | 1.05× | 2.05× | 16.6% |
| FY2017 | 5.4% | 1.08× | 1.96× | 11.3% |
| FY2016 | 5.8% | 1.09× | 1.83× | 11.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$39.58M
- Cash generatingOperating cash flow above zero$75.06M
- Return on assets improvedROA up on the prior year3.2% → 3.4%
- Earnings backed by cashOperating cash flow above net income$75.06M vs $39.58M
- Less leverageLong-term debt to assets fell12.2% → 12.7%
- Better liquidityCurrent ratio rose1.18 → 1.01
- No dilutionShare count did not rise15M → 15M
- Gross margin improvedGross margin up on the prior year18.46% → 19.17%
- More efficientAsset turnover rose0.67 → 0.67