U.S. Physical Therapy, Inc. (USPH) Stock

U.S. Physical Therapy, Inc. (USPH) is a Healthcare stock trading at $74.59 (as of 2026-07-24), with a market capitalization of $1.14B and a trailing P/E of 32.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

U.S. Physical Therapy, Inc. operates outpatient physical therapy clinics that provide rehabilitation and related care for orthopedic conditions, sports injuries, and other therapeutic needs, including pre- and post-operative treatment. It reports two segments—clinic operations and industrial injury prevention services—serving employers such as Fortune 500 companies, as well as insurers and their contractors.

Understand U.S. Physical Therapy, Inc.: how it makes money

U.S. Physical Therapy operates outpatient physical therapy clinics and provides industrial injury prevention services, it makes money by delivering patient care and related injury prevention programs through its clinic network and services.

Outpatient clinic revenue is fundamentally driven by how many patient visits each owned or managed clinic delivers per day, and by how quickly the company adds new clinics.

Revenue by segment (latest quarter)
Physical Therapy Ops$0.2B
Industrial Injury Prevention$0.1B

Business quality (Mixed): The business is split into two reportable lines (clinic care, and industrial injury prevention), and the operating KPIs that appear most directly connected to that model are trackable (daily visits and clinic additions). Key sensitivities include payer mix, especially workers' compensation, and period-to-period visit disruption (such as weather).

Valuation: At 124× earnings, USPH trades 395% above the Healthcare Services average (25×). Note: one-time items can distort reported P/E.

Bull case

  • Clinic utilization is measurable with a named operating KPI: Average Daily Patient Visits per Clinic (Excluding Home-Care) was 31.8.
  • The company continues to expand its owned and managed clinic footprint: Owned and Managed Outpatient Physical and Occupational Therapy Clinics were 780, and Net Owned and/or Managed Clinic Additions were 18 in the quarter.

Bear case

  • Workers' compensation is a meaningful part of the revenue mix: Workers' Compensation Share of Net Patient Revenues was 10.4%, and Workers' Compensation as a Percentage of Revenue Mix was 10.9%.
  • Patient visit volumes can be impacted by external conditions: Visits Lost Due to Weather were 26000.
Valuation — source: SEC EDGAR (first-party)
Price$74.59
Market Cap$1.14B
P/E Ratio32.7
EV / EBITDA12.9
Price / Book2.42
Price / Sales1.43
FCF Yield5.9%
DCF Value (model)$54.43
DCF Upside vs Price-27.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$780.99M
Net Margin5.1%
Revenue Growth (YoY)7.9%
EPS Growth (YoY)-115.0%
FCF Growth (YoY)-78.4%
Financial Health — source: SEC EDGAR
Altman Z-Score2.08 (grey)
Valuation vs Sector & Industry
Stock P/E32.7
Sector P/E (Healthcare)21.2
Industry P/E (Healthcare Services)27.9
vs Sector54.0%
vs Industry17.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($165.55M)
Institutional Holders Tracked10
Congressional Trades (recent)6
Company
SectorHealthcare
IndustryHealthcare Services
CEOChristopher J. Reading
Employees4,034
CountryUS
IPO Date1992-05-29

Related Companies (Business model: Hospital Operator / Acute-Care Provider; 8 closest by market cap; US-domiciled)

  • LifeStance Health Group, Inc. (LFST)
  • Privia Health Group, Inc. (PRVA)
  • GeneDx Holdings Corp. (WGS)
  • InnovAge Holding Corp. (INNV)
  • The Pennant Group, Inc. (PNTG)
  • Omada Health (OMDA)
  • Talkspace, Inc. (TALK)
  • Strata Critical Medical, Inc. (SRTA)
USPH earnings history · USPH institutional & insider holders · USPH KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.