U.S. Physical Therapy, Inc. (USPH) 10-Year Financial Performance & Capital Metrics

USPH • • Industrial / General

HealthcareHealthcare FacilitiesRehabilitation & Therapy ServicesOutpatient Therapy Clinics

AboutU.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical therapy clinics that provide 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 operates through two segments, Physical Therapy Operations and Industrial Injury Prevention Services. The company 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. As of December 31, 2021, it operated 591 clinics in 39 states; and managed 35 physical therapy practice facilities. The company was founded in 1990 and is based in Houston, Texas.Show more

Revenue $671M +11.0%
EBITDA $82M +20.9%
Net Income $26M +80.3%
EPS (Diluted) 1.84 +43.8%
Gross Margin 18.46% -8.1%
EBITDA Margin 12.2% +8.9%
Operating Margin 9.42% +9.4%
Net Margin 3.94% +62.4%
ROE 3.75% +45.3%
ROIC 5.35% +3.3%
Debt/Equity 0.39 -1.9%
Interest Coverage 7.89 +40.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.1%

✗Weaknesses

✗Weak 3Y average ROE of 4.1%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.21%

5Y6.85%

3Y10.69%

TTM2.4%

Profit (Net Income) CAGR

10Y2.96%

5Y-1.23%

3Y-1.66%

TTM200.83%

EPS CAGR

10Y1.28%

5Y-16.34%

3Y-25.72%

TTM153.19%

ROCE

10Y Avg12.57%

5Y Avg8.64%

3Y Avg6.88%

Latest6.5%

Peer Comparison

Outpatient Therapy Clinics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
USPHU.S. Physical Therapy, Inc.	1.3B	85.72	46.59	11%	5.05%	4.27%	5.05%	0.39
BACKIMAC Holdings, Inc.	435.27K	0.12	-0.01	-98.61%	-426.93%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	331.3M	356.55M	414.05M	453.91M	481.97M	422.97M	495.02M	553.14M	604.8M	671.35M
Revenue Growth %	0.09%	0.08%	0.16%	0.1%	0.06%	-0.12%	0.17%	0.12%	0.09%	0.11%
Cost of Goods Sold+	252.94M	274.53M	323.43M	352.25M	369.5M	328.52M	377.84M	441.12M	483.29M	547.42M
COGS % of Revenue	0.76%	0.77%	0.78%	0.78%	0.77%	0.78%	0.76%	0.8%	0.8%	0.82%
Gross Profit+	78.36M	82.01M	90.62M	101.66M	112.47M	94.45M	117.18M	112.02M	121.51M	123.92M
Gross Margin %	0.24%	0.23%	0.22%	0.22%	0.23%	0.22%	0.24%	0.2%	0.2%	0.18%
Gross Profit Growth %	0.03%	0.05%	0.1%	0.12%	0.11%	-0.16%	0.24%	-0.04%	0.08%	0.02%
Operating Expenses+	31.07M	32.48M	35.89M	41.35M	45.05M	42.04M	46.53M	55.22M	69.45M	60.71M
OpEx % of Revenue	0.09%	0.09%	0.09%	0.09%	0.09%	0.1%	0.09%	0.1%	0.11%	0.09%
Selling, General & Admin	31.07M	32.48M	35.89M	41.35M	45.05M	42.04M	46.53M	46.11M	0	58.29M
SG&A % of Revenue	0.09%	0.09%	0.09%	0.09%	0.09%	0.1%	0.09%	0.08%	-	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	9.11M	69.45M	2.42M
Operating Income+	47.29M	49.53M	54.73M	60.31M	67.42M	52.41M	70.65M	56.8M	52.06M	63.21M
Operating Margin %	0.14%	0.14%	0.13%	0.13%	0.14%	0.12%	0.14%	0.1%	0.09%	0.09%
Operating Income Growth %	0.03%	0.05%	0.1%	0.1%	0.12%	-0.22%	0.35%	-0.2%	-0.08%	0.21%
EBITDA+	55.25M	58.31M	64.44M	70.07M	77.52M	62.95M	82.24M	71.54M	67.76M	81.89M
EBITDA Margin %	0.17%	0.16%	0.16%	0.15%	0.16%	0.15%	0.17%	0.13%	0.11%	0.12%
EBITDA Growth %	0.05%	0.06%	0.11%	0.09%	0.11%	-0.19%	0.31%	-0.13%	-0.05%	0.21%
D&A (Non-Cash Add-back)	7.95M	8.78M	9.71M	9.76M	10.1M	10.53M	11.59M	14.74M	15.7M	18.68M
EBIT	47.38M	49.63M	54.82M	62.25M	72.98M	67.15M	74.14M	61.35M	58.68M	68.22M
Net Interest Income+	-7.16M	-11.38M	-20.97M	-1.95M	-2.03M	-1.49M	-942K	-5.78M	-5.53M	-4.07M
Interest Income	81K	93K	88K	93K	46K	142K	0	0	3.77M	3.94M
Interest Expense	7.24M	11.48M	21.06M	2.04M	2.08M	1.63M	942K	5.78M	9.3M	8.02M
Other Income/Expense	-7.16M	-11.38M	-20.97M	-103K	3.48M	13.1M	2.55M	-1.23M	-2.69M	-3M
Pretax Income+	46.34M	38.15M	33.76M	60.21M	70.91M	65.51M	73.2M	55.57M	49.38M	60.21M
Pretax Margin %	0.14%	0.11%	0.08%	0.13%	0.15%	0.15%	0.15%	0.1%	0.08%	0.09%
Income Tax+	14.65M	11.88M	6.03M	11.37M	13.65M	13.02M	15.27M	12.16M	12.16M	14.61M
Effective Tax Rate %	0.48%	0.54%	0.66%	0.17%	0.4%	0.47%	0.38%	0.51%	0.3%	0.44%
Net Income+	22.28M	20.55M	22.26M	10.1M	28.15M	30.56M	27.82M	28.27M	14.67M	26.46M
Net Margin %	0.07%	0.06%	0.05%	0.02%	0.06%	0.07%	0.06%	0.05%	0.02%	0.04%
Net Income Growth %	0.13%	-0.08%	0.08%	-0.55%	1.79%	0.09%	-0.09%	0.02%	-0.48%	0.8%
Net Income (Continuing)	26.49M	26.27M	27.72M	48.84M	57.26M	52.49M	57.92M	43.41M	37.22M	45.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	39.17M	70.33M	104.1M	134.87M	139.19M	133.81M	156.84M	168.78M	176.04M	270.12M
EPS (Diluted)+	1.77	1.64	1.76	0.80	4.49	4.09	4.49	3.34	1.28	1.84
EPS Growth %	0.09%	-0.07%	0.07%	-0.55%	4.61%	-0.09%	0.1%	-0.26%	-0.62%	0.44%
EPS (Basic)	1.77	1.64	1.76	0.80	4.49	4.09	4.49	3.34	1.28	1.84
Diluted Shares Outstanding	12.39M	12.5M	12.57M	12.67M	12.76M	12.84M	12.9M	12.98M	14.19M	15.06M
Basic Shares Outstanding	12.39M	12.5M	12.57M	12.67M	12.76M	12.84M	12.9M	12.98M	14.19M	15.06M
Dividend Payout Ratio	0.33%	0.41%	0.45%	1.15%	0.52%	0.13%	0.67%	0.75%	1.64%	1%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	60.18M	65.96M	77.08M	79.21M	85.39M	87.64M	95.17M	111.27M	233.38M	137.58M
Cash & Short-Term Investments	15.78M	20.05M	21.93M	23.37M	23.55M	32.92M	28.57M	31.59M	152.82M	41.36M
Cash Only	15.78M	20.05M	21.93M	23.37M	23.55M	32.92M	28.57M	31.59M	152.82M	41.36M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	38.62M	41.49M	50.36M	51.49M	56.05M	50.95M	62.42M	68.61M	51.87M	85.67M
Days Sales Outstanding	42.55	42.47	44.4	41.41	42.45	43.96	46.02	45.27	31.3	46.58
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	8.19M	7.08M	10.44M	11.1M	5.79M	3.77M	4.18M	11.07M	28.68M	10.55M
Total Non-Current Assets+	219.73M	285.27M	341.9M	363.95M	475.46M	506.73M	654.26M	746.89M	763.86M	1.03B
Property, Plant & Equipment	16.65M	19.17M	20.39M	20.17M	103.68M	103.26M	119.41M	127.75M	129.53M	166.08M
Fixed Asset Turnover	19.89x	18.60x	20.31x	22.51x	4.65x	4.10x	4.15x	4.33x	4.67x	4.04x
Goodwill	171.55M	226.81M	271.34M	293.52M	317.68M	345.65M	434.68M	494.1M	509.57M	667.15M
Intangible Assets	30.3M	38.06M	48.95M	48.83M	52.59M	56.28M	86.38M	108.75M	109.68M	179.31M
Long-Term Investments	-2.35M	-2.54M	-2.06M	-2.48M	0	0	12.21M	12.13M	12.26M	12.19M
Other Non-Current Assets	1.23M	1.23M	1.22M	1.43M	1.52M	1.54M	1.58M	4.15M	2.82M	5.16M
Total Assets+	279.91M	351.23M	418.98M	443.17M	560.85M	594.36M	749.43M	858.15M	997.24M	1.17B
Asset Turnover	1.18x	1.02x	0.99x	1.02x	0.86x	0.71x	0.66x	0.64x	0.61x	0.58x
Asset Growth %	0.14%	0.25%	0.19%	0.06%	0.27%	0.06%	0.26%	0.15%	0.16%	0.17%
Total Current Liabilities+	19.01M	24.62M	39.55M	41.95M	60.56M	93.49M	83.48M	85.49M	102.19M	116.28M
Accounts Payable	1.64M	1.63M	2.17M	2.02M	2.49M	1.33M	6.47M	6.5M	3.9M	5.94M
Days Payables Outstanding	2.36	2.17	2.44	2.09	2.46	1.48	6.25	5.38	2.94	3.96
Short-Term Debt	775K	1.23M	4.04M	1.43M	728K	4.9M	830K	7.86M	7.69M	11M
Deferred Revenue (Current)	0	0	1000K	0	0	0	0	0	0	0
Other Current Liabilities	5.71M	11.19M	9.52M	16.77M	0	0	0	0	22.49M	0
Current Ratio	3.17x	2.68x	1.95x	1.89x	1.41x	0.94x	1.14x	1.30x	2.28x	1.18x
Quick Ratio	3.17x	2.68x	1.95x	1.89x	1.41x	0.94x	1.14x	1.30x	2.28x	1.18x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	58.95M	68.74M	70.46M	50.4M	120.83M	90.9M	213.5M	288.1M	242.81M	292.14M
Long-Term Debt	48.34M	50.6M	56.73M	38.4M	50.36M	16.6M	117.59M	175.83M	138.99M	142.53M
Capital Lease Obligations	0	0	0	0	60.26M	61.98M	74.19M	77.93M	76.65M	101.87M
Deferred Tax Liabilities	9.22M	15.74M	10.88M	9.01M	10.07M	7.78M	14.38M	21.3M	24.82M	29.46M
Other Non-Current Liabilities	1.4M	18.14M	13.73M	12M	141K	4.54M	7.34M	13.03M	2.36M	18.27M
Total Liabilities	77.96M	93.35M	110.01M	92.35M	181.39M	184.39M	296.98M	373.59M	345M	408.42M
Total Debt+	49.11M	51.82M	60.77M	39.84M	137.83M	110.99M	223.08M	295.34M	258.59M	295.23M
Net Debt	33.33M	31.78M	38.84M	16.47M	114.28M	78.07M	194.51M	263.74M	105.76M	253.87M
Debt / Equity	0.24x	0.20x	0.20x	0.11x	0.36x	0.27x	0.49x	0.61x	0.40x	0.39x
Debt / EBITDA	0.89x	0.89x	0.94x	0.57x	1.78x	1.76x	2.71x	4.13x	3.82x	3.61x
Net Debt / EBITDA	0.60x	0.54x	0.60x	0.24x	1.47x	1.24x	2.37x	3.69x	1.56x	3.10x
Interest Coverage	6.53x	4.32x	2.60x	29.54x	32.43x	32.08x	75.00x	9.83x	5.60x	7.89x
Total Equity+	201.95M	257.88M	308.97M	350.82M	379.45M	409.97M	452.44M	484.57M	652.24M	759.05M
Equity Growth %	0.16%	0.28%	0.2%	0.14%	0.08%	0.08%	0.1%	0.07%	0.35%	0.16%
Book Value per Share	16.30	20.63	24.58	27.70	29.75	31.94	35.08	37.32	45.97	50.39
Total Shareholders' Equity	162.78M	187.55M	204.87M	215.94M	240.26M	276.16M	295.61M	315.79M	476.19M	488.93M
Common Stock	146K	147K	148K	149K	150K	151K	151K	152K	172K	172K
Retained Earnings	149.02M	150.34M	162.41M	167.4M	184.35M	212.01M	224.4M	232.95M	223.77M	227.26M
Treasury Stock	-31.63M	-31.63M	-31.63M	-31.63M	-31.63M	-31.63M	-31.63M	-31.63M	-31.63M	-31.63M
Accumulated OCI	-53.26M	-56.02M	-60.48M	-64.15M	0	0	0	4M	2.78M	2.8M
Minority Interest	39.17M	70.33M	104.1M	134.87M	139.19M	133.81M	156.84M	168.78M	176.04M	270.12M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	41.24M	51.05M	56.53M	73M	62.45M	100M	76.41M	58.54M	81.98M	74.94M
Operating CF Margin %	0.12%	0.14%	0.14%	0.16%	0.13%	0.24%	0.15%	0.11%	0.14%	0.11%
Operating CF Growth %	-0.09%	0.24%	0.11%	0.29%	-0.14%	0.6%	-0.24%	-0.23%	0.4%	-0.09%
Net Income	31.69M	26.27M	27.72M	48.84M	57.26M	52.49M	57.92M	43.41M	37.22M	45.6M
Depreciation & Amortization	7.95M	8.78M	9.71M	9.76M	10.1M	10.53M	11.59M	14.74M	15.7M	18.68M
Stock-Based Compensation	4.49M	4.96M	5.03M	5.94M	6.99M	7.92M	7.87M	7.26M	7.24M	7.82M
Deferred Taxes	7M	2.98M	-4.55M	4.81M	4.65M	-258K	5.69M	4.31M	4.49M	5.37M
Other Non-Cash Items	3.49M	4.19M	4.29M	2.92M	-560K	5.67M	5.12M	10.24M	22.27M	9.88M
Working Capital Changes	-13.38M	3.87M	14.32M	732K	-15.98M	23.64M	-11.78M	-21.43M	-4.93M	-12.4M
Change in Receivables	-5.52M	-3.27M	-3.45M	-3.43M	-6.38M	2.56M	-10.96M	-10.28M	-6M	-11.89M
Change in Inventory	-2.33M	-1.45M	-794K	-742K	4.21M	0	0	0	0	0
Change in Payables	-7.01M	2.99M	6.98M	4.88M	-4.21M	0	0	-7.75M	15K	0
Cash from Investing+	-32.24M	-32.49M	-43.58M	-23.91M	-37.99M	-51.2M	-124.14M	-81.27M	-45.02M	-149.45M
Capital Expenditures	-6.26M	-8.26M	-7.09M	-7.19M	-10.19M	-7.64M	-8.2M	-8.25M	-9.29M	-9.19M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	71K	61K	81K	-349K	64K	0	152K	1.26M	1.15M	1.77M
Cash from Financing+	-7.5M	-14.29M	-11.06M	-47.66M	-24.27M	-39.42M	43.38M	25.76M	84.27M	-36.95M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-7.45M	-8.51M	-10.07M	-11.66M	-14.55M	-4.11M	-18.77M	-21.32M	-24.13M	-26.54M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.94M	-6.98M	-7.77M	-15.95M	-16.29M	-4.28M	-30.96M	-17.11M	-16.1M	-14.71M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	34.98M	42.79M	49.43M	65.81M	52.26M	92.36M	68.2M	50.29M	72.68M	65.75M
FCF Margin %	0.11%	0.12%	0.12%	0.14%	0.11%	0.22%	0.14%	0.09%	0.12%	0.1%
FCF Growth %	-0.13%	0.22%	0.16%	0.33%	-0.21%	0.77%	-0.26%	-0.26%	0.45%	-0.1%
FCF per Share	2.82	3.42	3.93	5.20	4.10	7.20	5.29	3.87	5.12	4.36
FCF Conversion (FCF/Net Income)	1.85x	2.48x	2.54x	7.23x	2.22x	3.27x	2.75x	2.07x	5.59x	2.83x
Interest Paid	884K	784K	2.11M	2.36M	1.89M	1.2M	1.35M	5.69M	8.65M	7.21M
Taxes Paid	7.78M	10.58M	8.54M	9.18M	9.86M	7.68M	12.21M	7.62M	4.93M	4.83M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.83%	8.94%	7.85%	3.06%	7.71%	7.74%	6.45%	6.03%	2.58%	3.75%
Return on Invested Capital (ROIC)	16.45%	14.15%	12.88%	12.65%	11.75%	8.01%	9.34%	6.11%	5.18%	5.35%
Gross Margin	23.65%	23%	21.89%	22.4%	23.34%	22.33%	23.67%	20.25%	20.09%	18.46%
Net Margin	6.72%	5.76%	5.38%	2.23%	5.84%	7.23%	5.62%	5.11%	2.43%	3.94%
Debt / Equity	0.24x	0.20x	0.20x	0.11x	0.36x	0.27x	0.49x	0.61x	0.40x	0.39x
Interest Coverage	6.53x	4.32x	2.60x	29.54x	32.43x	32.08x	75.00x	9.83x	5.60x	7.89x
FCF Conversion	1.85x	2.48x	2.54x	7.23x	2.22x	3.27x	2.75x	2.07x	5.59x	2.83x
Revenue Growth	8.6%	7.62%	16.13%	9.63%	6.18%	-12.24%	17.04%	11.74%	9.34%	11%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Net Patient Revenues	417.7M	433.35M	373.34M	438.33M	464.59M	514.56M	560.55M
Net Patient Revenues Growth	-	3.74%	-13.85%	17.41%	5.99%	10.75%	8.94%
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues	-	-	-	-	-	90.25M	110.79M
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues Growth	-	-	-	-	-	-	22.77%
Physical Therapy Operations	-	-	383.77M	441.27M	468M	-	-
Physical Therapy Operations Growth	-	-	-	14.98%	6.06%	-	-
Management Contract Revenues	8.34M	8.68M	8.41M	9.85M	8.1M	-	-
Management Contract Revenues Growth	-	4.04%	-3.07%	17.16%	-17.84%	-	-
Other Revenues	2.4M	2.49M	2.02M	2.94M	3.41M	-	-
Other Revenues Growth	-	3.45%	-18.74%	45.50%	15.92%	-	-
Industrial Injury Prevention Services Revenues	25.47M	37.46M	-	-	-	-	-
Industrial Injury Prevention Services Revenues Growth	-	47.11%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

U.S. Physical Therapy, Inc. (USPH) has a price-to-earnings (P/E) ratio of 46.6x. This suggests investors expect higher future growth.

Growth & Financials

U.S. Physical Therapy, Inc. (USPH) reported $661.2M in revenue for fiscal year 2024. This represents a 179% increase from $237.0M in 2011.

U.S. Physical Therapy, Inc. (USPH) grew revenue by 11.0% over the past year. This is steady growth.

Yes, U.S. Physical Therapy, Inc. (USPH) is profitable, generating $33.4M in net income for fiscal year 2024 (3.9% net margin).

Dividend & Returns

Yes, U.S. Physical Therapy, Inc. (USPH) pays a dividend with a yield of 2.06%. This makes it attractive for income-focused investors.

U.S. Physical Therapy, Inc. (USPH) has a return on equity (ROE) of 3.7%. This is below average, suggesting room for improvement.

U.S. Physical Therapy, Inc. (USPH) generated $56.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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