USPH Financials U S Physical Therapy Inc /Nv

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:16 UTC Overview →

Growth & profitability

Revenue has grown 13.0% per year over the past 5 years.
Net income has grown slower than revenue (2.4% vs 13.0% per year).
Operating margin has contracted, at 11.1% in the latest year.
Free cash flow has declined 8.0% per year over the past 5 years.

Financial health

Total debt ($162M) exceeds cash ($36M); net debt is $127M.
Total debt has grown faster than revenue (49.9% vs 13.0% per year).
Total debt is 1.5× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 69.1% of earnings and 44.9% of free cash flow.
The dividend has grown 46.1% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$781M	$40M	19.2%	11.1%	8.3%	3.3%	$61M	$162M	$36M
2024	$671M	$31M	18.5%	9.4%	6.4%	2.7%	$66M	$154M	$41M
2023	$605M	$28M	20.1%	8.4%	5.9%	2.8%	$73M	$147M	$153M
2022	$553M	$32M	20.3%	10.3%	10.2%	3.7%	$50M	$184M	$32M
2021	$495M	$41M	23.7%	14.3%	13.8%	5.4%	$68M	$118M	$29M
2020	$423M	$35M	22.3%	12.4%	12.7%	5.9%	$92M	$21M	$33M
2019	$482M	$40M	23.3%	14.0%	16.7%	6.4%	$52M	$51M	$24M
2018	$454M	$35M	22.4%	13.3%	16.1%	7.9%	$66M	$40M	$23M
2017	$414M	$22M	21.9%	13.2%	10.9%	5.3%	$49M	$61M	$22M
2016	$357M	$21M	23.0%	13.9%	11.0%	5.9%	$43M	$52M	$20M
2015	—	$21M	—	—	12.1%	6.8%	$31M	$49M	$16M
2014	—	$19M	—	—	13.1%	7.8%	$40M	$36M	$14M
2013	—	$13M	—	—	9.9%	5.7%	$40M	$41M	$13M
2012	—	$18M	—	—	15.3%	10.4%	$35M	$18M	$12M
2011	—	$21M	—	—	19.6%	12.8%	$29M	$24M	$10M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$214M	$10M	19.6%	10.3%	2.2%	0.8%	$29M	$220M	$25M
Mar '26	$198M	$5M	16.5%	6.3%	1.1%	0.4%	-$2M	$205M	$28M
Dec '25	$203M	$4M	19.8%	8.3%	0.9%	0.3%	$21M	$162M	$36M
Sep '25	$197M	$13M	18.7%	12.8%	2.6%	1.1%	$16M	$160M	$31M
Jun '25	$197M	$12M	21.1%	12.6%	2.5%	1.1%	$32M	$160M	$34M
Mar '25	$184M	$10M	16.9%	10.7%	2.0%	0.8%	-$7M	$166M	$39M
Dec '24	$180M	$9M	18.0%	10.9%	1.9%	0.8%	$17M	$154M	$41M
Sep '24	$168M	$7M	17.3%	7.6%	1.4%	0.6%	$20M	$143M	$117M
Jun '24	$167M	$8M	20.3%	9.3%	1.5%	0.7%	$27M	$145M	$113M
Mar '24	$156M	$8M	18.2%	9.6%	1.7%	0.8%	$3M	$146M	$132M
Dec '23	$155M	$656000	19.7%	-0.6%	0.1%	0.1%	$25M	$147M	$153M
Sep '23	$150M	$9M	18.6%	10.6%	1.9%	0.9%	$14M	$149M	$148M
Jun '23	$151M	$11M	21.3%	13.2%	2.2%	1.1%	$25M	$151M	$161M
Mar '23	$149M	$7M	20.8%	11.4%	2.3%	0.9%	$9M	$190M	$33M
Dec '22	$141M	$3M	19.7%	4.8%	0.8%	0.3%	$16M	$184M	$32M
Sep '22	$140M	$10M	19.2%	10.7%	3.0%	1.2%	$11M	$154M	$38M
Jun '22	$141M	$11M	21.9%	14.3%	3.6%	1.4%	$14M	$154M	$49M
Mar '22	$132M	$9M	20.2%	11.4%	2.9%	1.2%	$9M	$123M	$24M
Dec '21	$130M	$10M	20.9%	12.7%	3.5%	1.4%	$14M	$118M	$29M
Sep '21	$126M	$10M	23.7%	13.4%	3.5%	1.6%	$22M	$36M	$19M

Valuation over time

How the market has priced USPH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 45.4× (Mar '23) to 32.1× (Nov '26).
The price-to-sales ratio has fallen from 2.6× (Mar '23) to 1.6× (Nov '26).
The dividend yield has risen from 1.5% (Mar '23) to 2.2% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is USPH growing its revenue and profit?

Over the past 5 years, U S Physical Therapy Inc /Nv's revenue has grown 13.0% per year, and net income grown 2.4% per year. These are computed facts, not advice.

How much debt does USPH have?

As of FY2025, U S Physical Therapy Inc /Nv reported $162M of total debt against $36M of cash.

What is USPH's profit margin?

In FY2025, gross margin was 19.2%, operating margin 11.1%, and net margin 5.1%.

What is USPH's P/E ratio?

U S Physical Therapy Inc /Nv's P/E (TTM) is 39.39 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the USPH stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 32.1× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.