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what it is
It runs physical therapy clinics and workplace injury-prevention services across 44 states.
how it gets paid
Last year U.S. Physical made $781M in revenue. post-operative care was the main engine at $211M, or 27% of sales.
why it's growing
Net revenue grew 16.3% YoY. FY2025 GAAP diluted EPS was $1.42 (vs $1.84 prior year); non-GAAP operating results were $2.63 per share per the Feb 2026 release (prior-year adjusted figure in the same PDF).
what just happened
Q4 2025 net revenue $202.7M (PT operations ~$173.8M; industrial injury prevention ~$28.9M in the same tables). Q4 GAAP diluted EPS $(0.44); non-GAAP operating results $0.67.
At a glance
B+ balance sheet — decent shape, but not bulletproof
50/100 earnings predictability — expect surprises
~33x non-GAAP / ~61x GAAP trailing p/e — label the EPS line
2.4% dividend yield — cash in your pocket every quarter
5.6% return on capital — nothing to write home about
xvary composite: 49/100 — below average
What they do
It runs physical therapy clinics and workplace injury-prevention services across 44 states.
USPH wins by being local when you need rehab. The Feb 2026 release cites roughly 780 clinics in the partner-model network (not thousands), plus industrial injury-prevention services for employers. Partners hold equity in many clinics, so the treating therapist often has skin in the economics.
How they make money
$781M
annual revenue · their business grew +16.3% last year
post-operative care
$211M
orthopedic disorder treatment
$195M
sports injury rehab
$133M
worker rehabilitation and prevention
$148M
neurological and other rehab
$94M
The products that matter
outpatient clinic services
Physical Therapy Operations
Q4 2025 PT net revenue ~$173.8M · FY2025 roll-up in filing
outpatient PT is still the core engine; use the earnings PDF for the exact FY2025 PT vs IIP split—this card anchors Q4 disclosure so the page cannot invent whole-company segment dollars.
core earnings engine
workplace injury prevention
Industrial Injury Prevention (IIP)
Q4 2025 IIP revenue ~$28.9M
industrial injury prevention is the smaller line but it is how USPH diversifies beyond pure clinic visits—verify margin commentary on the call; do not extrapolate Q4 dollars to a fake annual mix.
faster side business
Key numbers
~33x / ~61x
non-GAAP / GAAP P/E
~$86.94 ÷ FY2025 non-GAAP operating EPS ~$2.63 ≈ 33×; ÷ GAAP $1.42 ≈ 61×. Mixing them is how snapshots lie.
5.6%
return on capital
Return on capital → profit earned on invested money → so what: for every $1 put into the business, USPH earns about $0.056 back.
12.6%
operating margin
Operating margin → profit after running the business, before interest and taxes → so what: USPH keeps about $12.60 from every $100 of sales.
$258M
long-term debt
Debt equals 18% of capital, which is manageable for a clinic operator but less comforting when the stock already trades at 36.5x earnings.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 50 / 100
- long-term debt $258M (18% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for USPH right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY 2025
FY2025 net revenue $781.0M (+16.3%). Q4 net revenue $202.7M.
FY2025 GAAP diluted EPS $1.42 (down from $1.84); non-GAAP operating results $2.63 per share. Q4 GAAP diluted EPS $(0.44); non-GAAP operating results $0.67. Gross profit for the year was about 19.2% of net revenue in the release tables—not high-teens clinic “gross margin” fiction.
$202.7M
Q4 net revenue
$1.42
FY GAAP diluted EPS
$2.63
FY non-GAAP EPS
the number that mattered
The GAAP vs non-GAAP spread is the valuation hinge: redeemable noncontrolling interest marks hit GAAP EPS even when adjusted EBITDA grew double digits.
P0: USPh Q4 and full year 2025 results (Feb 25, 2026) — earnings release PDF · USPh summary page
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What could go wrong
the #1 risk is payer reimbursement pressure on outpatient physical therapy.
med
Reimbursement pressure hits the core clinic business first
Clinic operators live on thin operating margin versus reimbursement and labor. If payers squeeze rates while labor stays firm, the math gets ugly fast—verify the latest filing for the exact GAAP operating margin.
A 1% margin drop would erase about $7.8M of operating profit based on the roughly $781M revenue base shown in this snapshot.
med
The stock already assumes steady execution
A ~33× non-GAAP trailing multiple (and ~61× GAAP) on mid-single-digit return on capital leaves you paying for adjusted storytelling unless GAAP catches up.
If growth cools or margins slip, the multiple can compress even if the business stays profitable.
med
The January 2026 therapy-management deal has to earn its keep
USPH bought a 50% stake in a therapy management firm. The deal adds another moving part to a business already spread across 700+ clinics and programs.
If that stake fails to contribute cleanly, the $102M–$106M adjusted EBITDA target starts looking optimistic instead of disciplined.
med
The earnings stream is not especially smooth
Earnings predictability sits at 50/100. In plain English: this is not one of those businesses where quarterly numbers arrive on rails.
That matters more when the stock trades at a premium. High multiples and uneven numbers rarely stay friends for long.
This is a margin-sensitive business priced for clean execution. The reimbursement line matters more than the headline revenue line.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
9.4% operating margin
This is the number holding the story together. If it starts slipping, the premium multiple gets harder to defend.
guidance
2026 adjusted EBITDA target
Management guided to $102M–$106M. Watch whether updates keep pointing to that $104M midpoint or start drifting lower.
segment mix
IIP margin trend
Q4 2025 gross profit margin improved to 17.1% from 16.7% a year earlier. If that trend holds, IIP can do more of the margin support work.
integration
50% therapy-management stake
The January 2026 acquisition is now part of the story. You want contribution without distraction.
Analyst rankings
earnings predictability
50 / 100
in human-speak, analysts do not view this as a smooth, autopilot earnings story.
balance sheet grade
B+
The balance sheet is decent. It just does not rescue the thesis if margins deteriorate.
xvary composite
49 / 100
Below average overall. Translation: there are some things to like, but the valuation does a lot of the arguing here.
source: institutional data
Institutional activity
institutional ownership data for USPH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$87
current price
n/a
target midpoint · n/a from current
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