U.S. Physical Therapy
Outpatient physical therapy chain that scales by keeping local clinicians as co-owners.
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Profile
Operator of 780 outpatient physical and occupational therapy clinics across 44 states, paired with an on-site industrial injury prevention segment. Growth is driven by majority-stake acquisitions of clinician-owned practices, with founders retaining a minority share — an ownership model the company has used as its primary expansion engine since the 1990s.
Outpatient physical and occupational therapy through 780 clinics in 44 states forms the core business. A second segment, Industrial Injury Prevention, delivers on-site ergonomics, occupational health, and sports medicine at over 600 employer locations nationwide through subsidiary Briotix Health.
Growth runs through majority-stake joint ventures with local clinician-founders, who typically retain a minority ownership share. That retained equity ties operator incentives to clinic performance, and USPH provides the capital, payor relationships, and back-office infrastructure.
Reimbursement flows primarily from Medicare and private payors; Medicare therapy-services thresholds and targeted review requirements are a standing structural constraint. The company has paid a quarterly cash dividend continuously since 2011.
Company facts
Key statistics
Year to date −0.4% · Average volume (30d) 225.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 13, 2026 | Barrington | Target | $98 | $90 | ||
| Mar 9, 2026 | Jefferies | Target | $102 | |||
| Dec 16, 2024 | B of A Securities | Upgrade | Neutral | Buy | ||
| Oct 7, 2024 | B of A Securities | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.81 | $0.75 | −7.9% | $211.4M | $214.1M | +1.3% | −1.61% |
| May 6, 2026Q1 FY26 | $0.55 | $0.46 | −16.4% | $200.9M | $198.3M | −1.3% | −19.89% |
| Feb 25, 2026Q4 FY25 | $0.67 | $0.67 | 0.0% | $199.9M | $202.7M | +1.4% | −2.86% |
| Nov 5, 2025Q3 FY25 | $0.67 | $0.66 | −1.5% | $200.1M | $164.0M | −18.0% | −11.91% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $152.5M | $164.2M | $164.0M | $202.7M | $198.3M | $214.1M | |
| Gross profit | $31.1M | $41.6M | $36.9M | $41.9M | $28.7M | $41.9M | |
| Operating income | $19.6M | $24.9M | $25.3M | $22.0M | $14.9M | $21.9M | |
| Net income | $9.9M | $8.8M | $7.2M | −$10.5M | −$4.3M | $1.6M | |
| Diluted EPS | $0.80 | $0.58 | $0.48 | −$0.44 | −$0.12 | $0.25 | |
| Gross margin | 20.4% | 25.4% | 22.5% | 20.7% | 14.5% | 19.6% | |
| Operating margin | 12.9% | 15.2% | 15.4% | 10.9% | 7.5% | 10.3% |
Fiscal years (4-quarter sums)FY21 $495.0M · FY22 $553.1M · FY23 $604.8M · FY24 $671.3M · FY25 $683.5M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $24.9M · Total debt $385.8M · Total assets $1.25B · Shareholders' equity $448.7M
Dividends
Raised for 14 straight years — most recently to $0.46 from $0.45 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 21, 2026 | Aug 21 | Sep 11 | $0.46 | |
| May 22, 2026 | May 22 | Jun 12 | $0.46 | |
| Mar 13, 2026 | Mar 13 | Apr 10 | $0.46 | raised from $0.45 |
| Nov 17, 2025 | Nov 17 | Dec 12 | $0.45 | |
| Aug 22, 2025 | Aug 22 | Sep 12 | $0.45 | |
| May 23, 2025 | May 23 | Jun 13 | $0.45 | |
| Mar 14, 2025 | Mar 14 | Apr 11 | $0.45 | raised from $0.44 |
| Nov 15, 2024 | Nov 15 | Dec 6 | $0.44 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 15.22M · Float 14.84M · 97.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 2.26M | 14.88% | 13F | Aug 7, 2026 |
| Bahl & Gaynor Inc | 861.6K | 5.66% | 13F | Aug 13, 2026 |
| Kayne Anderson Rudnick Investment Management LLC | 846.7K | 5.56% | 13F | Aug 13, 2026 |
| Copeland Capital Management, LLC | 841.5K | 5.53% | 13F | Aug 4, 2026 |
| State Street Corp | 707.2K | 4.65% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 8, 2026 | Peter Francis Minan | director | +492 | $63.14 |
| Jun 9, 2026 | Peter Francis Minan | director | +288 | $61.50 |
| Mar 11, 2026 | Graham D. Reeve | officer: COO | −662 | $78.86 |
| Mar 9, 2026 | Graham D. Reeve | officer: COO | −1 | $78.52 |
| Mar 6, 2026 | Graham D. Reeve | officer: COO | −1,807 | $82.25 |
Peers
- Concentra
Largest US occupational health network; competes on workers’ comp PT and onsite
- Encompass Health
Largest US inpatient rehab hospital operator, upstream in the rehab continuum
- The Pennant Group
Home health and hospice provider competing on in-home PT for post-acute rehab
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| U.S. Physical Therapy | $78.63 | +0.05% | $1.20B | 462.5 | 25.3 | 1.5 | +30.4% |
| Concentra | $34.51 | +0.74% | $4.38B | 22.2 | 20.0 | 1.9 | +10.0% |
| Encompass Health | $120.85 | 0.00% | $11.99B | 19.7 | 18.9 | 1.9 | +9.6% |
| The Pennant Group | $37.08 | +0.05% | $1.29B | 41.2 | 25.6 | 1.2 | +35.8% |
| Median | 22.2 | 20.0 | 1.9 | +10.0% |