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NYSE · SERVICES-HEALTH SERVICES · LARGE CAP

U S Physical Therapy Inc. USPH

17 fiscal years on record · USD · FY2025 reported · SEC filings only
5 YEARS OF DIVIDEND GROWTH
$781.0M
▲ 16.3% YoY
$39.6M
▲ 26.0% YoY
$61.0M
▼ 7.2% YoY
In brief

What this company does

U.S. Physical Therapy, Inc. operates physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for orthopedic-related disorders, sports-related injuries and rehabilitation of injured workers, and provides industrial injury prevention services to clients' employees, including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. It owned and/or managed 780 clinics in 44 states on December 31, 2025. As of December 31, 2025, it employed approximately 7,294 people nationwide, of which approximately 4,200 were full-time employees. Its reportable segments are the physical therapy operations segment and the IIP segment. The majority of IIP is contracted with and paid for directly by employers, including a number of Fortune 500 companies. The company was re-incorporated in April 1992 under the laws of the State of Nevada and has operating subsidiaries organized in various states as limited partnerships, limited liability companies and wholly-owned corporations.

Written from the business description in U S PHYSICAL THERAPY INC /NV's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth
USD 781.0M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 781.0 · Net income 39.6
400M200920112013201520172019202120232025
Compound annual growth
+12.2%
+13.0%
+9.0%
+9.1%
+7.2%
+2.4%
+6.7%
+6.4%
−14.2%
−10.6%
−1.5%
+0.5%
+3.2%
+41.3%
+11.6%
+15.6%
+51.6%
+16.0%
+26.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.0% a year over five years — but profit grew slower: net income at +2.4%, earnings per share at −10.6%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
7 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 11.1% · Net 7.4%
5%10%15%200920112013201520172019202120232025
ROE
FY2025 · ROE 8.2%
5%10%15%200920112013201520172019202120232025
Gross margin19.2%
Operating margin11.1%
Net margin7.4%
Return on assets4.9%
EBITDAUSD 109.1M

Each USD of equity produced 8 cents of profit this year.

Cash & shareholders
USD 32.9M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 61.0
40M80M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 27.4 · Net buybacks 5.6
20M-80M-160MDividendsNet buybacks200920112013201520172019202120232025
Dividends paidUSD 27.4M
Net buybacksUSD 5.6M
Share of profit83.2%
Consecutive raises5 years

USD 27.4M in dividends and USD 5.6M in buybacks — 83% of the year's profit went back to shareholders.

Total assetsUSD 1.2B
EquityUSD 476.4M
CashUSD 35.6M
Gross debtUSD 162.5M
Net debtUSD 126.9M
Current ratio1.01×

Net debt stands at 27% of equity.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.80.70.60.60.50.40.50.50.40.40.30.30.30.20.20.20.2
Operating income $B0.10.10.10.10.10.10.10.10.10.00.00.00.00.00.00.00.0
EBITDA $B0.10.10.10.10.10.10.10.10.10.10.10.10.00.00.00.00.0
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Net income $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Free cash flow $B0.10.10.10.10.10.10.10.10.00.00.00.00.00.00.00.00.0
EPS, diluted $1.421.841.282.252.412.482.451.311.761.641.661.571.051.511.751.321.00
Dividend / sh $1.801.761.721.641.460.321.140.920.800.680.600.480.400.760.32··
Payout %698485664612363345413631385018··
ROE %8.26.57.110.514.313.617.616.611.311.513.013.910.416.019.915.0·
Shares out B·······0.010.01········

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 5 failures · 3 divergences in 66 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 3 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 10 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente5 failures3 divergent
ActivityServices-Health Services
Listed onNYSE
Incorporated inNevada
Fiscal year endsDecember 31
Data on record since2009

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