Revenue growth remains highly volatile, ranging from a 2.4% contraction in 2025Q3 to a 16.6% expansion in 2024Q4, while gross margins struggle to stabilize above the 20% threshold.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 695.26M | 780.99M | 671.35M | 604.8M | 553.14M | 495.02M | 422.97M | 481.97M | 453.91M | 414.05M | 356.55M | 331.3M | 305.07M | 264.06M | 252.09M | 237.01M | 211.23M | 201.41M | 187.69M | 151.69M | 135.19M | 132.12M | 118.31M | 105.57M | 94.74M | 80.95M | 63.22M | 49.94M | 44M | 38.8M | 32.2M |
| Revenue Growth % | 4.05% | 16.33% | 11% | 9.34% | 11.74% | 17.04% | -12.24% | 6.18% | 9.63% | 16.13% | 7.62% | 8.6% | 15.53% | 4.75% | 6.36% | 12.2% | 4.88% | 7.31% | 23.73% | 12.2% | 2.33% | 11.68% | 12.07% | 11.43% | 17.04% | 28.04% | 26.61% | 13.49% | 13.4% | 20.5% | 29.32% |
| Cost of Goods Sold | 542.15M | 623.65M | 547.42M | 483.29M | 441.12M | 377.84M | 328.52M | 369.5M | 352.25M | 323.43M | 274.53M | 252.94M | 228.91M | 199.36M | 189.5M | 172.51M | 151.82M | 146.24M | 140.08M | 114.33M | 99.35M | 96.21M | 85.28M | 74.6M | 64.53M | 54.88M | 42.9M | 34.09M | 30.8M | 27.3M | 22.1M |
| COGS % of Revenue | - | 79.85% | 81.54% | 79.91% | 79.75% | 76.33% | 77.67% | 76.66% | 77.6% | 78.11% | 77% | 76.35% | 75.03% | 75.5% | 75.17% | 72.79% | 71.87% | 72.61% | 74.64% | 75.37% | 73.49% | 72.82% | 72.08% | 70.67% | 68.11% | 67.8% | 67.86% | 68.27% | 70% | 70.36% | 68.63% |
| Gross Profit | 153.11M | 157.34M | 123.92M | 121.51M | 112.02M | 117.18M | 94.45M | 112.47M | 101.66M | 90.62M | 82.01M | 78.36M | 76.17M | 64.7M | 62.59M | 64.49M | 59.42M | 55.17M | 47.6M | 37.36M | 35.84M | 35.91M | 33.03M | 30.96M | 30.21M | 26.07M | 20.32M | 15.84M | 13.2M | 11.5M | 10.1M |
| Gross Margin % | 22.02% | 20.15% | 18.46% | 20.09% | 20.25% | 23.67% | 22.33% | 23.34% | 22.4% | 21.89% | 23% | 23.65% | 24.97% | 24.5% | 24.83% | 27.21% | 28.13% | 27.39% | 25.36% | 24.63% | 26.51% | 27.18% | 27.92% | 29.33% | 31.89% | 32.2% | 32.14% | 31.73% | 30% | 29.64% | 31.37% |
| Gross Profit Growth % | - | 26.97% | 1.98% | 8.47% | -4.4% | 24.07% | -16.02% | 10.63% | 12.19% | 10.49% | 4.66% | 2.88% | 17.72% | 3.38% | -2.96% | 8.54% | 7.7% | 15.9% | 27.41% | 4.24% | -0.19% | 8.72% | 6.68% | 2.5% | 15.88% | 28.27% | 28.27% | 20.02% | 14.78% | 13.86% | 34.67% |
| Operating Expenses | 68.36M | 76.91M | 60.71M | 69.45M | 55.22M | 46.53M | 42.04M | 45.05M | 41.35M | 35.89M | 32.48M | 31.07M | 30.4M | 25.93M | 24.78M | 28.56M | 26.23M | 26.74M | 23.73M | 17.33M | 17.25M | 17.03M | 17.04M | 13.97M | 11.33M | 9.12M | 9.94M | 8.58M | 7.7M | 6.7M | 6.5M |
| OpEx % of Revenue | - | 9.85% | 9.04% | 11.48% | 9.98% | 9.4% | 9.94% | 9.35% | 9.11% | 8.67% | 9.11% | 9.38% | 9.96% | 9.82% | 9.83% | 12.05% | 12.42% | 13.28% | 12.64% | 11.42% | 12.76% | 12.89% | 14.4% | 13.23% | 11.96% | 11.27% | 15.72% | 17.18% | 17.5% | 17.27% | 20.19% |
| Selling, General & Admin | 17.48M | 0 | 58.29M | 0 | 46.11M | 46.53M | 42.04M | 45.05M | 41.35M | 35.89M | 32.48M | 31.07M | 30.4M | 25.93M | 24.78M | 24.78M | 22.99M | 23.39M | 23.73M | 17.33M | 17.25M | 16.43M | 16.8M | 13.97M | 11.33M | 9.12M | 7.61M | 6.49M | 5.6M | 4.8M | 4.8M |
| SG&A % of Revenue | - | - | 8.68% | - | 8.34% | 9.4% | 9.94% | 9.35% | 9.11% | 8.67% | 9.11% | 9.38% | 9.96% | 9.82% | 9.83% | 10.45% | 10.88% | 11.62% | 12.64% | 11.42% | 12.76% | 12.43% | 14.2% | 13.23% | 11.96% | 11.27% | 12.03% | 12.99% | 12.73% | 12.37% | 14.91% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.21M | 76.91M | 2.42M | 69.45M | 9.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.79M | 3.24M | 3.35M | 0 | 0 | 0 | 604K | 238K | 0 | 0 | 0 | 2.33M | 2.09M | 2.1M | 1.9M | 1.7M |
| Operating Income | 86.75M | 80.43M | 63.21M | 52.06M | 56.8M | 70.65M | 52.41M | 67.42M | 60.31M | 54.73M | 49.53M | 47.29M | 45.77M | 38.77M | 37.8M | 35.93M | 33.19M | 28.43M | 23.88M | 20.04M | 18.6M | 18.88M | 15.99M | 17M | 18.87M | 16.95M | 10.38M | 7.27M | 5.5M | 4.8M | 3.6M |
| Operating Margin % | 12.48% | 10.3% | 9.42% | 8.61% | 10.27% | 14.27% | 12.39% | 13.99% | 13.29% | 13.22% | 13.89% | 14.28% | 15% | 14.68% | 15% | 15.16% | 15.71% | 14.11% | 12.72% | 13.21% | 13.76% | 14.29% | 13.52% | 16.1% | 19.92% | 20.94% | 16.42% | 14.55% | 12.5% | 12.37% | 11.18% |
| Operating Income Growth % | - | 27.24% | 21.42% | -8.34% | -19.6% | 34.79% | -22.26% | 11.79% | 10.21% | 10.49% | 4.73% | 3.33% | 18.05% | 2.56% | 5.21% | 8.26% | 16.76% | 19.06% | 19.17% | 7.74% | -1.52% | 18.07% | -5.91% | -9.94% | 11.36% | 63.21% | 42.91% | 32.11% | 14.58% | 33.33% | 125% |
| EBITDA | 109.28M | 102.82M | 81.89M | 67.76M | 71.54M | 82.24M | 62.95M | 77.52M | 70.07M | 64.44M | 58.31M | 55.25M | 52.51M | 44.33M | 43.09M | 41.38M | 38.86M | 34.32M | 29.84M | 25.02M | 23.09M | 23.19M | 20.32M | 20.59M | 21.83M | 19.51M | 12.71M | 9.36M | 7.6M | 6.7M | 5.3M |
| EBITDA Margin % | 15.72% | 13.17% | 12.2% | 11.2% | 12.93% | 16.61% | 14.88% | 16.08% | 15.44% | 15.56% | 16.35% | 16.68% | 17.21% | 16.79% | 17.09% | 17.46% | 18.4% | 17.04% | 15.9% | 16.5% | 17.08% | 17.55% | 17.17% | 19.5% | 23.04% | 24.11% | 20.11% | 18.74% | 17.27% | 17.27% | 16.46% |
| EBITDA Growth % | 28.64% | 25.56% | 20.87% | -5.29% | -13.01% | 30.65% | -18.8% | 10.63% | 8.74% | 10.51% | 5.55% | 5.21% | 18.44% | 2.88% | 4.13% | 6.49% | 13.21% | 15.02% | 19.27% | 8.36% | -0.44% | 14.16% | -1.33% | -5.69% | 11.86% | 53.47% | 35.9% | 23.11% | 13.43% | 26.42% | 60.61% |
| D&A (Non-Cash Add-back) | 22.52M | 22.39M | 18.68M | 15.7M | 14.74M | 11.59M | 10.53M | 10.1M | 9.76M | 9.71M | 8.78M | 7.95M | 6.74M | 5.56M | 5.29M | 5.45M | 5.67M | 5.9M | 5.97M | 4.99M | 4.49M | 4.31M | 4.32M | 3.59M | 2.96M | 2.57M | 2.33M | 2.09M | 2.1M | 1.9M | 1.7M |
| EBIT | 82.14M | 87.27M | 68.22M | 58.68M | 61.35M | 74.14M | 67.15M | 72.98M | 62.25M | 54.82M | 49.63M | 47.38M | 45.79M | 38.78M | 38.41M | 36.87M | 33.78M | 28.26M | 24.14M | 20.04M | 18.6M | 20.53M | 16.5M | 16.94M | 18.79M | 16.95M | 10.38M | 7.27M | 5.5M | 4.8M | 3.6M |
| Net Interest Income | -9.87M | -9.35M | -4.07M | -5.53M | -5.78M | -942K | -1.49M | -2.03M | -1.95M | -20.97M | -11.38M | -7.16M | -7.44M | -531K | -551K | 4.95M | 350K | -344K | -282K | -28K | 332K | 361K | 146K | -189K | -214K | -266K | -780K | 0 | -700K | 0 | -700K |
| Interest Income | 97K | 105K | 3.94M | 3.77M | 0 | 0 | 142K | 46K | 93K | 88K | 93K | 81K | 18K | 7K | 6K | 5.45M | 586K | 8K | 260K | 273K | 332K | 361K | 146K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.97M | 9.46M | 8.02M | 9.3M | 5.78M | 942K | 1.63M | 2.08M | 2.04M | 21.06M | 11.48M | 7.24M | 7.45M | 538K | 557K | 496K | 236K | 352K | 542K | 301K | 0 | 0 | 0 | 189K | 214K | 266K | 780K | 727K | 700K | 0 | 700K |
| Other Income/Expense | -15.71M | -2.62M | -3M | -2.69M | -1.23M | 2.55M | 13.1M | 3.48M | -103K | -20.97M | -11.38M | -7.16M | -1.07M | -531K | 52K | 446K | 350K | -344K | -282K | -5.75M | -5.35M | -5.61M | -366K | -5.16M | -5.06M | -5.45M | -4.25M | -3.3M | -2.8M | -2.3M | -1.9M |
| Pretax Income | 71.05M | 77.81M | 60.21M | 49.38M | 55.57M | 73.2M | 65.51M | 70.91M | 60.21M | 33.76M | 38.15M | 46.34M | 44.7M | 38.24M | 37.25M | 40.88M | 33.54M | 28.08M | 16.51M | 14.28M | 13.25M | 14.3M | 10.78M | 11.78M | 13.72M | 11.5M | 6.14M | 3.96M | 2.7M | 2.5M | 1.7M |
| Pretax Margin % | 10.22% | 9.96% | 8.97% | 8.16% | 10.05% | 14.79% | 15.49% | 14.71% | 13.26% | 8.15% | 10.7% | 13.99% | 14.65% | 14.48% | 14.78% | 17.25% | 15.88% | 13.94% | 8.8% | 9.41% | 9.8% | 10.82% | 9.11% | 11.16% | 14.49% | 14.21% | 9.71% | 7.93% | 6.14% | 6.44% | 5.28% |
| Income Tax | 18.36M | 19.81M | 14.61M | 12.16M | 12.16M | 15.27M | 13.02M | 13.65M | 11.37M | 6.03M | 11.88M | 14.65M | 14.27M | 12.24M | 11.03M | 11.1M | 8.84M | 8.11M | 6.5M | 5.46M | 5.06M | 5.51M | 4.1M | 4.45M | 5.24M | 4.43M | 2.4M | 1.57M | 1.1M | 100K | 100K |
| Effective Tax Rate % | 25.83% | 25.46% | 24.26% | 24.62% | 21.89% | 20.86% | 19.88% | 19.25% | 18.88% | 17.87% | 31.14% | 31.62% | 31.93% | 32% | 29.62% | 27.15% | 26.36% | 28.88% | 39.4% | 38.27% | 38.17% | 38.53% | 38.03% | 37.78% | 38.15% | 38.53% | 39.15% | 39.58% | 40.74% | 4% | 5.88% |
| Net Income | 10.55M | 15.06M | 26.46M | 14.67M | 28.27M | 27.82M | 30.56M | 28.15M | 10.1M | 22.26M | 20.55M | 22.28M | 19.77M | 12.72M | 17.93M | 20.97M | 15.64M | 11.77M | 10M | 8.89M | 6.3M | 8.79M | 6.68M | 7.33M | 8.49M | 7.07M | 3.73M | 2.39M | 1.6M | 2.4M | 1.6M |
| Net Margin % | 1.52% | 1.93% | 3.94% | 2.43% | 5.11% | 5.62% | 7.23% | 5.84% | 2.23% | 5.38% | 5.76% | 6.72% | 6.48% | 4.82% | 7.11% | 8.85% | 7.41% | 5.84% | 5.33% | 5.86% | 4.66% | 6.65% | 5.64% | 6.94% | 8.96% | 8.74% | 5.91% | 4.79% | 3.64% | 6.19% | 4.97% |
| Net Income Growth % | -64.54% | -43.08% | 80.32% | -48.09% | 1.61% | -8.97% | 8.58% | 178.59% | -54.61% | 8.3% | -7.76% | 12.71% | 55.36% | -29.05% | -14.5% | 34.06% | 32.96% | 17.62% | 12.51% | 41.23% | -28.38% | 31.64% | -8.91% | -13.63% | 20.04% | 89.32% | 56.02% | 49.63% | -33.33% | 50% | 128.57% |
| Net Income (Continuing) | 52.69M | 58.01M | 45.6M | 37.22M | 43.41M | 57.92M | 52.49M | 57.26M | 48.84M | 27.72M | 26.27M | 26.49M | 30.42M | 26M | 26.64M | 29.78M | 24.7M | 19.97M | 17.09M | 8.81M | 8.19M | 9.18M | 12.04M | 7.33M | 8.49M | 7.07M | 3.73M | 2.39M | 1.6M | 2.4M | 1.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -387K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 313.9M | 293.31M | 270.12M | 176.04M | 168.78M | 156.84M | 133.81M | 139.19M | 134.87M | 104.1M | 70.33M | 39.17M | 28.31M | 26.83M | 17.34M | 14.53M | 12.43M | 4.87M | 6.21M | 5.65M | 3.87M | 3.02M | 3.31M | 3.28M | 3.02M | 3.25M | 2.86M | 2.38M | 1.7M | 1.6M | 1M |
| EPS (Diluted) | 0.70 | 1.42 | 1.84 | 1.28 | 3.34 | 4.49 | 4.09 | 4.49 | 0.80 | 1.76 | 1.64 | 1.77 | 1.62 | 1.05 | 1.51 | 1.75 | 1.32 | 1.00 | 0.83 | 0.75 | 0.54 | 0.73 | 0.54 | 0.61 | 0.67 | 0.55 | 0.11 | 0.11 | 0.05 | 0.07 | 0.05 |
| EPS Growth % | -77.06% | -22.83% | 43.75% | -61.68% | -25.61% | 9.78% | -8.91% | 461.25% | -54.55% | 7.32% | -7.34% | 9.26% | 54.29% | -30.46% | -13.71% | 32.58% | 32% | 20.48% | 10.67% | 38.89% | -26.03% | 35.19% | -11.48% | -8.96% | 21.82% | 400% | 0% | 135.55% | -36.38% | 43.64% | 130.18% |
| EPS (Basic) | - | 1.42 | 1.84 | 1.28 | 3.34 | 4.49 | 4.09 | 4.49 | 0.80 | 1.76 | 1.64 | 1.77 | 1.62 | 1.05 | 1.52 | 1.78 | 1.34 | 1.01 | 0.84 | 0.75 | 0.54 | 0.74 | 0.56 | 0.66 | 0.77 | 0.70 | 0.13 | 0.12 | 0.05 | 0.08 | 0.05 |
| Diluted Shares Outstanding | 15.17M | 15.18M | 15.06M | 14.19M | 12.98M | 12.9M | 12.84M | 12.76M | 12.67M | 12.57M | 12.5M | 12.39M | 12.22M | 12.08M | 11.9M | 11.98M | 11.87M | 11.81M | 12.05M | 11.72M | 11.69M | 12.04M | 12.37M | 12.02M | 12.67M | 12.86M | 10.7M | 9.85M | 10.83M | 10.84M | 10.55M |
| Basic Shares Outstanding | 15.17M | 15.18M | 15.06M | 14.19M | 12.98M | 12.9M | 12.84M | 12.76M | 12.67M | 12.57M | 12.5M | 12.39M | 12.22M | 12.06M | 11.8M | 11.81M | 11.64M | 11.7M | 11.91M | 11.64M | 11.69M | 11.92M | 11.93M | 11.11M | 11.02M | 10.1M | 9.56M | 9.85M | 10.83M | 10.84M | 10.55M |
| Dividend Payout Ratio | - | 181.66% | 100.3% | 164.43% | 75.42% | 67.45% | 13.45% | 51.71% | 115.45% | 45.23% | 41.41% | 33.44% | 29.71% | 38.03% | 50.28% | 18.07% | - | 80.21% | 72.92% | - | - | - | - | - | - | - | - | - | - | - | - |
Labor cost inflation pressure
According to recent financial disclosures, USPH's revenue growth has fluctuated significantly, ranging from a 2.4% contraction in 2025Q3 to a 16.6% expansion in 2024Q4, suggesting that the company's top-line trajectory remains highly sensitive to both acquisition timing and the inherent variability of patient visit volumes.
The inconsistent revenue growth profile appears to reflect the challenges of integrating new clinic acquisitions while managing a core business dependent on fluctuating referral patterns. Investors should monitor whether the company can achieve more predictable organic growth as it balances its traditional physical therapy operations with the newer Industrial Injury Prevention segment.
Based on reported figures, USPH's gross margin has struggled to maintain consistency, oscillating between 17.3% and 25.4% over the last ten quarters, which highlights the company's limited ability to absorb rising labor costs within its fixed-reimbursement environment for outpatient physical therapy services.
The narrow net margin, which dipped into negative territory in 2025Q4, suggests that the company's profitability is highly vulnerable to even minor escalations in clinician wages or administrative overhead. This margin volatility warrants further investigation into the company's pricing power relative to commercial and government payers.
As reported in recent income statements, USPH's net income has experienced extreme swings, including a significant loss in 2025Q4, which appears to be exacerbated by the company's partnership accounting structure and the impact of non-controlling interests on the bottom line attributable to shareholders.
The erratic EPS performance, highlighted by the -184.6% growth rate in 2025Q4, suggests that investors should focus on normalized earnings metrics rather than headline net income. The presence of stock-based compensation further complicates the assessment of true operational profitability, requiring careful scrutiny of cash-based versus non-cash expenses.
While the partnership model is a core differentiator, the recent financial data suggests that the company's reliance on local clinician equity may not fully insulate it from broader industry headwinds, as evidenced by the inconsistent operating margins observed throughout the 2024-2026 period.
Short-sellers might focus on the potential for margin compression if the company fails to pass through rising labor costs to insurers. The structural complexity of consolidating majority-owned partnerships may also mask underlying operational inefficiencies that could become more pronounced during periods of industry-wide labor shortages.
Quick answers to the most common questions about buying USPH stock.
For fiscal year 2025, U.S. Physical Therapy, Inc. (USPH) reported total revenue of $781.0M. This represents a 2325.4% increase compared to $32.2M in 1996.
U.S. Physical Therapy, Inc. (USPH) is profitable, generating $15.1M in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
U.S. Physical Therapy, Inc. (USPH) reported an operating income of $80.4M, resulting in an operating profit margin of 10.3%. This margin reflects the operational efficiency of the business before interest and taxes.
U.S. Physical Therapy, Inc. (USPH) generated $157.3M in gross profit for the year, representing a gross profit margin of 20.1%. This demonstrates the company's core pricing power and production efficiency.