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U.S. Physical Therapy, Inc., together with its subsidiaries, operates and manages outpatient physical therapy clinics. It operates through two segments, Physical Therapy Operations and Industrial Injury Prevention Services. The company provides 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 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. U.S. Physical Therapy, Inc. was founded in 1990 and is based in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $781M | $110M | $15M | $61M | 3.2% | 16.3% | -43.1% |
| 2024 | $671M | $87M | $26M | $66M | 5.4% | 11.0% | 80.3% |
| 2023 | $605M | $74M | $15M | $73M | 3.1% | 9.3% | -48.1% |
| 2022 | $553M | $76M | $28M | $50M | 9.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 553.14 | 604.80 | 671.34 | 780.99 |
| Cost Of Revenue | - | 441.12 | 483.29 | 547.42 | 631.30 |
| Gross Profit | - | 112.02 | 121.51 | 123.92 | 149.69 |
| Operating Expense | - | 46.11 | 51.49 | 58.29 | 69.26 |
| Operating Income | - | 65.91 | 70.02 | 65.63 | 80.43 |
| EBITDA | - | 76.09 | 74.37 | 86.90 | 109.66 |
| EBIT | - | 61.35 | 58.68 | 68.22 | 87.27 |
| Pretax Income | - | 55.57 | 49.38 | 60.21 | 77.81 |
| Tax Provision | - | 12.16 | 12.16 | 14.61 | 19.81 |
| Net Income | - | 28.27 | 14.67 | 26.46 | 15.06 |
| Net Income Common Stockholders | - | 29.26 | 18.14 | 27.73 | 21.57 |
| Total Expenses | - | 487.23 | 534.78 | 605.71 | 700.56 |
| Interest Expense | - | 5.78 | 9.30 | 8.02 | 9.46 |
| Interest Income | - | 0 | 3.77 | 3.94 | 0.10 |
| Selling General And Administration | 46.53 | 46.11 | - | - | - |
| Normalized EBITDA | - | 82.69 | 90.84 | 89.62 | 104.86 |
| Normalized Income | - | 33.06 | 26.18 | 28.52 | 11.48 |
| Market Cap | 1,117.96 | 1,117.96 | 1,117.96 | 1,117.96 | 1,117.96 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| U.S. Physical Therapy, Inc.this co. | USPH | $780M | 74.22↑ premium | 2.35 | 3.2% | 12.74 |
| First Tracks Biotherapeutics, Inc. | TRAX | $821M | - | - | -41.8% | - |
| Arbutus Biopharma Corporation | ABUS | $813M | - | 10.38 | -43.7% | -26.98 |
| Cullinan Therapeutics, Inc. | CGEM | $790M | - | 1.89 | -53.8% | -1.67 |
| Nutex Health Inc. | NUTX |
| - |
| - |
| - |
| - |
| - |
| - |
| $781M |
| 10.68 |
| 2.41 |
| 16.7% |
| 2.52 |
| ARS Pharmaceuticals, Inc. | SPRY | $778M | - | 6.81 | -149.9% | -3.94 |
| BioAge Labs, Inc. | BIOA | $749M | - | 2.32 | -29.6% | -5.11 |
| Castle Biosciences, Inc. | CSTL | $734M | - | 1.53 | -5.1% | -224.72 |
| Absci Corporation | ABSI | $732M | - | 3.77 | -60.8% | -5.15 |
| Peer Median | - | 10.68 | 2.41 | -42.8% | -5.11 | |