U.S. Physical Therapy, Inc. (USPH) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Care Facilities
EV/EBITDA
↓
12.52
↓-32% vs avg
5yr avg: 18.31
30Y Low3.4·High25.8
P/FCF
↑
14.71
↓-24% vs avg
5yr avg: 19.39
30Y Low6.2·High30.0
P/B Ratio
↓
1.16
↓-43% vs avg
5yr avg: 2.04
30Y Low1.5·High6.9
ROE
↓
2.0%
↑-53% vs avg
5yr avg: 4.2%
30Y Low2%·High33%
Debt/EBITDA
↑
4.14
+12% vs avg
5yr avg: 3.68
30Y Low0.0·High4.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
USPH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
U.S. Physical Therapy, Inc. trades at 41.5x earnings, 6% below its 5-year average of 44.3x, sitting at the 70th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.3x, the stock trades at a premium of 86%. On a free-cash-flow basis, the stock trades at 14.7x P/FCF, 24% below the 5-year average of 19.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $897M | $1.2B | $1.3B | $1.3B | $1.1B | $1.2B | $1.5B | $1.5B | $1.3B | $908M | $878M |
| Enterprise Value | $1.3B | $1.6B | $1.6B | $1.4B | $1.3B | $1.4B | $1.6B | $1.6B | $1.3B | $946M | $909M |
| P/E Ratio → | 41.55 | 54.99 | 48.21 | 72.77 | 24.26 | 21.28 | 29.40 | 25.47 | 127.94 | 41.02 | 42.80 |
| P/S Ratio | 1.15 | 1.52 | 1.99 | 2.18 | 1.90 | 2.49 | 3.65 | 3.03 | 2.86 | 2.19 | 2.46 |
| P/B Ratio | 1.16 | 1.54 | 1.76 | 2.03 | 2.17 | 2.72 | 3.76 | 3.84 | 3.70 | 2.94 | 3.40 |
| P/FCF | 14.71 | 19.43 | 20.32 | 18.18 | 20.92 | 18.07 | 16.71 | 27.91 | 19.70 | 18.36 | 20.51 |
| P/OCF | 11.95 | 15.79 | 17.83 | 16.12 | 17.97 | 16.13 | 15.43 | 23.36 | 17.76 | 16.06 | 17.19 |
P/E links to full P/E history page with 30-year chart
USPH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
U.S. Physical Therapy, Inc.'s enterprise value stands at 12.5x EBITDA, 32% below its 5-year average of 18.3x. The Healthcare sector median is 14.4x, placing the stock at a 13% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.02 | 2.37 | 2.36 | 2.38 | 2.88 | 3.83 | 3.26 | 2.89 | 2.29 | 2.55 |
| EV / EBITDA | 12.52 | 15.32 | 19.42 | 21.06 | 18.39 | 17.35 | 25.76 | 20.29 | 18.74 | 14.69 | 15.59 |
| EV / EBIT | 16.00 | 18.05 | 23.31 | 24.32 | 21.45 | 19.25 | 24.15 | 21.55 | 21.09 | 17.26 | 18.32 |
| EV / FCF | — | 25.83 | 24.18 | 19.64 | 26.17 | 20.92 | 17.56 | 30.10 | 19.95 | 19.15 | 21.25 |
USPH Profitability
Margins and return-on-capital ratios measuring operating efficiency
U.S. Physical Therapy, Inc. earns an operating margin of 10.3%. Operating margins have expanded from 8.6% to 10.3% over the past 3 years, signaling improving operational efficiency. ROE of 2.0% is modest. ROIC of 5.6% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.1% | 20.1% | 18.5% | 20.1% | 20.3% | 23.7% | 22.3% | 23.3% | 22.4% | 21.9% | 23.0% |
| Operating Margin | 10.3% | 10.3% | 9.4% | 8.6% | 10.3% | 14.3% | 12.4% | 14.0% | 13.3% | 13.2% | 13.9% |
| Net Profit Margin | 1.9% | 1.9% | 3.9% | 2.4% | 5.1% | 5.6% | 7.2% | 5.8% | 2.2% | 5.4% | 5.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | 3.7% | 2.6% | 6.0% | 6.5% | 7.7% | 7.7% | 3.1% | 7.9% | 8.9% |
| ROA | 1.3% | 1.3% | 2.4% | 1.6% | 3.5% | 4.1% | 5.3% | 5.6% | 2.3% | 5.8% | 6.5% |
| ROIC | 5.6% | 5.6% | 5.4% | 5.2% | 6.1% | 9.3% | 8.0% | 11.7% | 12.7% | 12.9% | 14.2% |
| ROCE | 7.6% | 7.6% | 6.5% | 6.2% | 7.9% | 12.1% | 10.5% | 15.0% | 15.5% | 15.5% | 16.9% |
USPH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
U.S. Physical Therapy, Inc. carries a Debt/EBITDA ratio of 4.1x, which is highly leveraged (26% above the sector average of 3.3x). Net debt stands at $390M ($426M total debt minus $36M cash). Interest coverage of 9.2x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.55 | 0.55 | 0.39 | 0.40 | 0.61 | 0.49 | 0.27 | 0.36 | 0.11 | 0.20 | 0.20 |
| Debt / EBITDA | 4.14 | 4.14 | 3.61 | 3.82 | 4.13 | 2.71 | 1.76 | 1.78 | 0.57 | 0.94 | 0.89 |
| Net Debt / Equity | — | 0.51 | 0.33 | 0.16 | 0.54 | 0.43 | 0.19 | 0.30 | 0.05 | 0.13 | 0.12 |
| Net Debt / EBITDA | 3.79 | 3.79 | 3.10 | 1.56 | 3.69 | 2.37 | 1.24 | 1.47 | 0.24 | 0.60 | 0.54 |
| Debt / FCF | — | 6.40 | 3.86 | 1.46 | 5.24 | 2.85 | 0.85 | 2.19 | 0.25 | 0.79 | 0.74 |
| Interest Coverage | 9.23 | 9.23 | 8.51 | 6.31 | 10.62 | 78.70 | 41.09 | 35.11 | 30.49 | 2.60 | 4.32 |
USPH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.01x means U.S. Physical Therapy, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.28x to 1.01x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.01 | 1.01 | 1.18 | 2.28 | 1.30 | 1.14 | 0.94 | 1.41 | 1.89 | 1.95 | 2.68 |
| Quick Ratio | 1.01 | 1.01 | 1.18 | 2.28 | 1.30 | 1.14 | 0.94 | 1.41 | 1.89 | 1.95 | 2.68 |
| Cash Ratio | 0.26 | 0.26 | 0.36 | 1.50 | 0.37 | 0.34 | 0.35 | 0.39 | 0.56 | 0.55 | 0.81 |
| Asset Turnover | — | 0.65 | 0.58 | 0.61 | 0.64 | 0.66 | 0.71 | 0.86 | 1.02 | 0.99 | 1.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 30.03 | 46.58 | 31.30 | 45.27 | 46.02 | 43.96 | 42.45 | 41.41 | 44.40 | 42.47 |
USPH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
U.S. Physical Therapy, Inc. returns 3.7% to shareholders annually — split between a 3.1% dividend yield and 0.6% buyback yield. The payout ratio exceeds 100% at 181.7%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 2.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 2.3% | 2.0% | 1.8% | 2.0% | 1.5% | 0.3% | 1.0% | 0.9% | 1.1% | 1.0% |
| Payout Ratio | 181.7% | 181.7% | 100.3% | 164.4% | 75.4% | 67.5% | 13.4% | 51.7% | 115.5% | 45.2% | 41.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 1.8% | 2.1% | 1.4% | 4.1% | 4.7% | 3.4% | 3.9% | 0.8% | 2.4% | 2.3% |
| FCF Yield | 6.8% | 5.1% | 4.9% | 5.5% | 4.8% | 5.5% | 6.0% | 3.6% | 5.1% | 5.4% | 4.9% |
| Buyback Yield | 0.6% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 2.8% | 2.0% | 1.8% | 2.0% | 1.5% | 0.3% | 1.0% | 0.9% | 1.1% | 1.0% |
| Shares Outstanding | — | $15M | $15M | $14M | $13M | $13M | $13M | $13M | $13M | $13M | $13M |
Peer Comparison
Compare USPH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 USPHYou | $897M | 41.5 | 12.5 | 14.7 | 20.1% | 10.3% | 2.0% | 5.6% | 4.1 |
 AFCG | $73M | -3.3 | — | 6.5 | 90.7% | -43.6% | -11.0% | -4.1% | — |
 CCRN | $423M | -4.5 | 23.7 | 10.6 | 18.7% | -0.3% | -25.6% | -0.9% | 0.2 |
 NHC | $3B | 22.3 | 15.9 | 17.9 | 37.3% | 8.7% | 11.7% | 8.4% | 0.5 |
 ENSG | $10B | 29.8 | 25.7 | 27.5 | 13.7% | 8.6% | 16.9% | 7.0% | 7.7 |
 ACHC | $2B | -2.0 | 8.3 | — | 17.6% | 11.7% | -41.4% | 5.9% | 4.6 |
 SEM | $2B | 13.9 | 12.0 | 5.3 | 11.5% | 6.1% | 7.3% | 4.8% | 7.8 |
 SGRY | $2B | -23.5 | 10.0 | 9.6 | 23.1% | 11.8% | -2.2% | 4.1% | 7.1 |
 OPCH | $3B | 16.3 | 7.4 | 12.6 | 18.1% | 6.0% | 15.2% | 15.3% | — |
 ADUS | $2B | 18.7 | 12.5 | 17.5 | 32.5% | 9.7% | 9.3% | 8.8% | 1.3 |
 HIMS | $7B | 50.3 | 42.7 | 89.6 | 59.3% | 5.2% | 25.2% | 10.7% | 6.4 |
| Healthcare Median | — | 22.3 | 14.4 | 18.5 | 63.9% | -5.2% | -33.7% | -11.2% | 3.3 |
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Start ComparisonUSPH — Frequently Asked Questions
Quick answers to the most common questions about buying USPH stock.
What is U.S. Physical Therapy, Inc.'s P/E ratio?
U.S. Physical Therapy, Inc.'s current P/E ratio is 41.5x. The historical average is 36.8x. This places it at the 70th percentile of its historical range.
What is U.S. Physical Therapy, Inc.'s EV/EBITDA?
U.S. Physical Therapy, Inc.'s current EV/EBITDA is 12.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
What is U.S. Physical Therapy, Inc.'s ROE?
U.S. Physical Therapy, Inc.'s return on equity (ROE) is 2.0%. The historical average is 13.2%.
Is USPH stock overvalued?
Based on historical data, U.S. Physical Therapy, Inc. is trading at a P/E of 41.5x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is U.S. Physical Therapy, Inc.'s dividend yield?
U.S. Physical Therapy, Inc.'s current dividend yield is 3.06% with a payout ratio of 181.7%.
What are U.S. Physical Therapy, Inc.'s profit margins?
U.S. Physical Therapy, Inc. has 20.1% gross margin and 10.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does U.S. Physical Therapy, Inc. have?
U.S. Physical Therapy, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.