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Operator and manager of outpatient physical therapy clinics across the United States through partnerships with local therapists.
Operator and manager of outpatient physical therapy clinics across the United States through partnerships with local therapists.
Is paid per patient visit by health insurers, Medicare and workers' compensation insurers, so reimbursement rates and visit counts decide revenue. It usually owns a majority of each clinic while the therapist who runs it holds a minority share, tying local managers' pay to results. Growth comes from buying practices and opening clinics.
Moat: narrow (scale, distribution). Local physician/therapist partnership model builds trust and referral relationships in a fragmented market.
Headquarters: Houston, Texas · Founded: 1990 · Employees: 7,294
Size U.S. Physical Therapy (USPH) is a United States Health Care company (Medical/Nursing Services) with a market value of $1.48B, the 1996th largest of 3,117 United States companies the cockpit tracks. Shares closed at $99.49 on 6 Nov 2026.
Performance Over six months the shares gained 67.8%, against +22.8% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 11.3% over the last twelve months (peer median +7.3%); the operating margin is 9.8% (peer median 4.7%).
Valuation It trades at 30.4× forward earnings against a peer median of 37.9× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.1 points below its cost of capital (9.6% WACC).
Short interest Short interest is 8.0% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $812M | $781M | $671M | $605M | $553M |
| Revenue growth | — | +16% | +11% | +9% | — |
| Gross profit | $142M | $156M | $130M | $112M | $103M |
| EBITDA | $102M | $104M | $84.3M | $85.3M | $80.7M |
| Net income | $2.56M | $21.6M | $27.7M | $18.1M | $29.3M |
| Free cash flow | $65.2M | $62.4M | $66.8M | $73.5M | $51.5M |
| Capital expenditure | $19.0M | $14.1M | $9.19M | $9.29M | $8.25M |
| Total debt | $386M | $315M | $295M | $259M | $295M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| U.S. Physical Therapy USPH | $1.48B | +68% | +11% | 10% | 30.4× | 19.9% |
| Concentra Group Holdings Parent CON | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | USPH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.1% | +4.8% | 5th highest of 21 |
| 6-month return | +67.8% | +22.8% | 4th highest of 21 |
| Distance from 52-week high | -1.7% | -16.0% | 2nd highest of 21 |
| Revenue growth (TTM) | +11.3% | +7.3% | 9th highest of 21 |
| Operating margin | 9.8% | 4.7% | 7th highest of 21 |
| Forward P/E | 30.4× | 37.9× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 19.9% | 12.6% | 6th most demanding of 15 |
| Growth delivered (Del g) | +13.0% | +9.7% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | +6.8 pp | +4.9 pp | 8th least demanding of 15 |
| ROIC minus cost of capital | -4.1 pp | -3.1 pp | 9th lowest of 20 |
| EV / EBITDA | 21.1× | 16.6× | 8th cheapest of 15 |
| Net debt / EBITDA | 3.5× | 1.3× | 6th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| U.S. Physical Therapy USPH | United States | $1.48B | +68% | +11% | 10% | 30.4× | 19.9% | +13.0% |
| Sonida Senior Living SNDA | United States | $1.58B | -14% | +49% | -11% | n/a | n/a | n/a |
| Clariane CLARI.PA | France | $1.40B | -20% | +1% | 6% | 8.6× | 6.7% | +6.5% |
| Teladoc Health TDOC | United States | $1.60B | +21% | -2% | -5% | n/a | -5.2% | +18.3% |
| Vijaya Diagnostic Centre VIJAYA.NS | India | $1.60B | +22% | +24% | 32% | 64.3× | 39.3% | +16.7% |
| Ambea AMBEA.ST | Sweden | $1.63B | +30% | +13% | 8% | 15.8× | 1.7% | +7.7% |
| Ping An Healthcare and Technology 1833.HK | Hong Kong | $1.63B | -47% | +8% | 3% | 40.1× | 15.0% | -5.1% |
| H.U.Group 4544.T | Japan | $1.35B | +24% | +1% | 2% | 41.0× | 10.1% | +2.1% |
| Diagnostyka DIA.WA | Poland | $1.29B | -5% | +19% | 15% | 18.4× | 6.9% | +18.9% |
| OPKO Health OPK | United States | $1.29B | +52% | -11% | -29% | n/a | n/a | n/a |
| Lumexa Imaging LMRI | United States | $1.29B | +29% | +8% | 3% | 18.6× | n/a | n/a |
| Personalis PSNL | United States | $1.71B | +164% | -13% | -164% | n/a | n/a | n/a |
| Azenta AZTA | United States | $1.72B | +104% | +1% | -3% | 103.7× | 56.0% | +8.9% |
| Dr. Agarwal's Health Care AGARWALEYE.NS | India | $1.74B | +15% | +22% | 15% | 89.1× | 41.9% | +26.9% |
| Pennant PNTG | United States | $1.27B | +1% | +38% | 6% | 24.0× | 21.1% | +19.4% |
| Metropolis Healthcare METROPOLIS.NS | India | $1.25B | +12% | +20% | 18% | 45.6× | 32.4% | +10.5% |
| Nutex Health NUTX | United States | $1.24B | +32% | +7% | 43% | 7.2× | -19.5% | +253.5% |
| GoodRx GDRX | United States | $1.20B | +20% | -2% | 12% | 10.4× | 6.8% | +7.7% |
| GeneDx WGS | United States | $1.86B | +53% | +25% | -12% | 98.7× | n/a | n/a |
| Novogene 688315.SS | China | $1.16B | +31% | +6% | 7% | 35.7× | 17.1% | +8.2% |
| agilon health AGL | United States | $1.90B | +109% | 0% | -4% | 67.5× | n/a | n/a |