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US Physical Therapy
USPH Small CapHealthcare · Medical Care Facilities
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
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 thei
US Physical Therapy Stock at a Glance
US Physical Therapy (USPH) is currently trading at $62.03 with a market capitalization of $944M. The trailing P/E ratio stands at 124.06x, with a forward P/E of 18.18x. The 52-week range spans from $58.19 to $93.50; the current price is 33.7% below the yearly high. Year-over-year revenue growth stands at +7.9%. The net profit margin stands at 4.41%.
💰 Dividend
US Physical Therapy pays an annual dividend of $1.82 per share, representing a yield of 2.93%. The payout ratio stands at 362%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
6 analysts rate US Physical Therapy (USPH) on consensus: Buy. The average price target is $93.67, implying +51% from the current price. Analyst price targets range from $88.00 to $100.00.
Investment Thesis: Strengths & Weaknesses
- Analyst consensus: Buy
- Solid dividend yield of 2.93%
- Solid balance sheet with low debt (D/E 46.35)
- Positive free cash flow
- –Low profitability (4.41% margin)
- –High valuation multiple (P/E 124.06x)
- –Currently flagged as overvalued
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to market-like volatility, elevated short interest (7.89%).
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
U.S. Physical Therapy (USPH) 2026: 62,81 USD US Outpatient-Physical-Therapy Clinic-Operator Quality Compounder with Partnership-Model Moat, Aging-Population Tailwind and 2,9 Percent Dividend Yield
The Real Story
U.S. Physical Therapy Inc. (NYSE: USPH) is a Houston, Texas-headquartered operator-and-manager of outpatient physical-therapy-clinics, founded in 1990. The company operates approximately 700+ clinics across 39 US states through a distinctive partnership-model where USPH typically holds 60-65 percent equity-stake in each clinic with the local-clinic-leader holding the remaining 35-40 percent. Two segments: Physical Therapy Operations (approximately 85 percent of revenue) and Industrial Injury Prevention Services (approximately 15 percent, on-site-workplace-injury-prevention-services for industrial-employers).
The structural-growth-thesis: aging-US-population-physical-therapy-demand-tailwind (Medicare-covered-physical-therapy-visit-volumes grow approximately 4-6 percent annually), Medicare-reimbursement-rate-stability through 2026-2028 after multi-year cuts ending, and continued M&A-roll-up of regional-physical-therapy-practices. Forward-P/E 18,5x reflects defensive-quality-healthcare valuation.
What Smart Money Thinks
USPH has institutional base. BlackRock at approximately 13,1 percent, Vanguard at approximately 10,8 percent represent passive flows. Brown Brothers Harriman at approximately 5,4 percent, Dimensional Fund Advisors at approximately 4,2 percent represent active-quality holders. CEO Christopher Reading (CEO since 2004) holds approximately 1,8 percent. Short-interest sits at approximately 3,2 percent of float as of May 2026 — very low, reflecting structural-defensive-quality.
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📈 The 3 Real Bull Points
USPH's distinctive partnership-equity-model (USPH 60-65 percent, local-leader 35-40 percent) creates structural-aligned-incentives with the on-the-ground clinical leadership. The model has been a structural-moat for 30+ years, generating organic-clinic-revenue-growth approximately 4-6 percent annually consistently.
Medicare-covered-physical-therapy-visit-volumes grow approximately 4-6 percent annually driven by aging-population. The Medicare-reimbursement-rate-cycle ended its multi-year-cuts in 2024 and supports stable-pricing through 2026-2028. Combined with M&A-roll-up and modest-margin-leverage, EBITDA grows approximately 8-12 percent annually.
USPH has acquired 80+ regional practices over the past decade at average-acquisition-multiples of approximately 6-8x EBITDA versus current public-company multiple of approximately 14-15x EBITDA — value-accretive. Continued acquisition-pipeline of 5-10 deals annually supports structural-revenue-growth.
📉 The 3 Real Bear Points
While the 2024-2026 Medicare-reimbursement-rate cycle has ended, renewed pressure on physical-therapy-reimbursement could emerge in 2027-2028 driven by federal-deficit-pressure. A 5-10 percent Medicare-reimbursement-cut would compress USPH-EBITDA by 12-18 percent.
USPH faces structural physical-therapist-labor-cost-inflation and staffing-shortages in many US-markets. If labor-cost-inflation persists above 6 percent annually, operating-margins could compress 100-200 basis points.
USPH's 18,5x forward P/E reflects fair-value rather than deep-discount, with limited multiple-expansion potential through 2026-2027.
Valuation in Context
USPH at 62,81 USD per share with approximately 15,2 million shares outstanding has a market capitalization of approximately 956 million USD. With approximately 145 million USD net-debt, enterprise value is approximately 1,1 billion USD against trailing-twelve-month revenue of approximately 605 million USD (approximately 1,8x EV/sales).
On forward-earnings, USPH trades at approximately 18,5x consensus fiscal-2026 EPS of approximately 3,40 USD. Applying peer-blended fair-multiple of 19-23x to fiscal-2027 EPS of approximately 4,00 USD produces fair-value range 76-92 USD per share — 21-46 percent upside. Bear-case 48-55 USD. Bull-case (Medicare stability, M&A accelerates) 100-115 USD over 24-36 months. 2,9 percent dividend.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: comparable-clinic-visit-volume, Medicare-reimbursement-update, M&A-pipeline.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus fiscal-2027 preliminary guidance.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance. Bullish 4,20+ USD EPS guidance would unlock 80-95 USD range.
💬 Daniel's Take
USPH is a defensive-quality US outpatient-physical-therapy-clinic-operator compounder with partnership-equity-model moat, aging-population structural-tailwind, M&A-roll-up cadence, and 2,9 percent dividend yield. Position-sizing: 1,0–1,8 percent in defensive-quality-healthcare sleeve, 24-36 month patience.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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