U.S. Physical Therapy (USPH) Financials

$79.33 -0.38 (-0.48%)

As of 05/20/2025 03:57 PM Eastern

Annual Income Statements for U.S. Physical Therapy

This table shows U.S. Physical Therapy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	31	28	32	41	35	40	35	22	21	21	19
Consolidated Net Income / (Loss)	46	37	43	58	52	57	49	28	26	26	25
Net Income / (Loss) Continuing Operations	46	37	43	58	52	57	49	77	42	26	25
Total Pre-Tax Income	60	49	56	73	66	71	60	34	38	40	38
Total Operating Income	63	52	57	71	52	67	60	55	50	47	46
Total Gross Profit	265	245	228	211	183	203	102	198	162	147	138
Total Revenue	671	605	553	495	423	482	454	439	364	331	305
Operating Revenue	671	605	553	495	423	482	454	439	364	324	299
Total Cost of Revenue	406	360	325	284	240	279	264	241	203	185	168
Operating Cost of Revenue	399	353	319	278	236	274	259	237	198	181	163
Other Cost of Revenue	6.91	6.17	5.55	5.31	4.62	4.86	4.60	3.67	4.04	4.17	4.11
Total Operating Expenses	202	193	172	141	130	135	130	94	97	99	92
Selling, General & Admin Expense	58	52	46	47	42	45	41	36	32	31	30
Depreciation Expense	18	15	14	-	-	-	-	-	-	-	-
Other Operating Expenses / (Income)	123	109	102	94	88	90	88	107	80	68	61
Impairment Charge	2.42	17	9.11	0.00	0.00	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-3.00	-2.69	-1.23	2.55	13	3.48	-0.10	-21	-11	-7.16	-7.44
Interest Expense	8.02	9.30	5.78	0.94	1.63	2.08	-1.85	21	11	7.24	7.45
Interest & Investment Income	4.96	4.73	1.18	0.11	1.23	5.56	0.09	0.09	0.09	0.08	0.02
Other Income / (Expense), net	0.06	1.89	3.37	3.38	14	0.00	-2.04	-	-	-	-
Income Tax Expense	15	12	12	15	13	14	11	6.03	12	14	13
Net Income / (Loss) Attributable to Noncontrolling Interest	14	8.98	11	17	17	17	14	5.47	5.72	5.87	6.18
Basic Earnings per Share	$1.84	$1.28	$2.25	$2.41	$2.48	$2.45	$1.31	$1.76	$1.64	$1.66	$1.57
Weighted Average Basic Shares Outstanding	15.06M	14.19M	12.99M	12.90M	12.84M	12.76M	12.67M	12.57M	12.50M	12.39M	12.22M
Diluted Earnings per Share	$1.84	$1.28	$2.25	$2.41	$2.48	$2.45	$1.31	$1.76	$1.64	$1.66	$1.57
Weighted Average Diluted Shares Outstanding	15.06M	14.19M	12.99M	12.90M	12.84M	12.76M	12.67M	12.57M	12.50M	12.39M	12.22M
Weighted Average Basic & Diluted Shares Outstanding	15.19M	15.07M	13.03M	12.90M	12.84M	12.76M	12.67M	12.57M	12.50M	12.39M	12.90M
Cash Dividends to Common per Share	$1.76	$1.72	$1.64	$1.46	$0.32	$1.14	$0.92	$0.80	$0.68	$0.60	$0.48

This table shows U.S. Physical Therapy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	9.24	6.63	7.51	8.05	0.66	9.25	11	7.41	2.61	9.56
Consolidated Net Income / (Loss)	12	9.78	12	12	-1.29	12	15	11	3.35	13
Net Income / (Loss) Continuing Operations	12	9.78	12	12	-1.29	12	15	11	3.35	13
Total Pre-Tax Income	18	12	15	15	0.11	16	19	14	4.56	16
Total Operating Income	15	15	20	14	-0.88	16	20	17	6.79	15
Total Gross Profit	69	66	69	60	63	59	63	61	58	56
Total Revenue	180	168	167	156	155	150	151	149	141	140
Operating Revenue	180	168	167	156	155	150	151	149	141	140
Total Cost of Revenue	111	102	98	95	92	91	88	88	84	83
Operating Cost of Revenue	109	100	96	94	91	90	87	86	82	82
Other Cost of Revenue	1.85	1.72	1.72	1.63	1.57	1.53	1.56	1.51	1.36	1.34
Total Operating Expenses	55	52	50	46	64	43	43	44	51	42
Selling, General & Admin Expense	16	14	14	14	14	12	12	14	12	12
Other Operating Expenses / (Income)	19	37	35	32	17	31	31	30	16	30
Total Other Income / (Expense), net	3.78	-2.41	-4.82	0.44	0.99	-0.10	-0.97	-2.60	-2.23	1.14
Interest Expense	2.05	2.02	1.98	1.97	2.01	2.10	2.63	2.56	2.24	2.01
Interest & Investment Income	0.57	1.25	1.32	1.81	1.67	1.88	0.84	0.34	-0.53	0.30
Other Income / (Expense), net	5.26	-1.64	-4.16	0.59	1.33	0.12	0.82	-0.38	0.54	2.85
Income Tax Expense	5.83	2.56	3.08	3.14	1.40	3.56	4.23	2.97	1.21	3.22
Net Income / (Loss) Attributable to Noncontrolling Interest	3.25	3.15	4.21	3.57	-1.95	2.97	3.95	4.02	0.74	3.26
Basic Earnings per Share	$0.52	$0.39	$0.47	$0.46	($0.45)	$0.51	$0.64	$0.58	($0.01)	$0.72
Weighted Average Basic Shares Outstanding	15.06M	15.08M	15.07M	15.02M	14.19M	14.99M	13.72M	13.03M	12.99M	13.00M
Diluted Earnings per Share	$0.52	$0.39	$0.47	$0.46	($0.45)	$0.51	$0.64	$0.58	($0.01)	$0.72
Weighted Average Diluted Shares Outstanding	15.06M	15.08M	15.07M	15.02M	14.19M	14.99M	13.72M	13.03M	12.99M	13.00M
Weighted Average Basic & Diluted Shares Outstanding	15.19M	15.09M	15.08M	15.07M	15.07M	14.99M	14.99M	13.06M	13.03M	13.00M
Cash Dividends to Common per Share	$0.44	$0.44	$0.44	$0.44	$0.43	$0.43	$0.43	$0.43	$0.41	$0.41

This table details how cash moves in and out of U.S. Physical Therapy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Change in Cash & Equivalents	-111	121	3.03	-4.35	9.37	0.18	1.44	1.89	4.27	1.51	1.37
Net Cash From Operating Activities	75	82	59	76	100	62	73	57	51	38	41
Net Cash From Continuing Operating Activities	75	82	59	76	100	62	73	57	51	38	41
Net Income / (Loss) Continuing Operations	46	37	43	58	52	57	49	28	26	26	25
Consolidated Net Income / (Loss)	46	37	43	58	52	57	49	28	26	26	25
Depreciation Expense	19	16	15	12	11	10	9.76	9.71	8.78	7.95	6.74
Amortization Expense	0.42	0.42	0.31	0.06	-	-	-	-	-	-	-
Non-Cash Adjustments To Reconcile Net Income	17	29	18	13	13	6.33	8.70	20	15	10	9.50
Changes in Operating Assets and Liabilities, net	-7.04	-0.44	-18	-6.23	24	-11	5.71	-1.19	1.40	-7.14	-0.16
Net Cash From Investing Activities	-149	-45	-81	-124	-51	-38	-24	-44	-32	-26	-18
Net Cash From Continuing Investing Activities	-149	-45	-81	-124	-51	-38	-24	-44	-32	-26	-18
Purchase of Property, Plant & Equipment	-9.19	-9.29	-8.25	-8.20	-7.64	-10	-7.19	-7.10	-8.26	-6.26	-5.17
Acquisitions	-133	-27	-60	-87	-44	-31	-16	-37	-24	-19	-12
Purchase of Investments	-1.00	-0.28	-0.28	-1.27	-0.24	-0.43	-0.35	0.00	-	-	-0.23
Divestitures	0.08	0.88	0.40	0.07	0.13	12	0.00	0.12	-	-	-
Other Investing Activities, net	-6.25	-9.73	-13	-28	0.84	-8.65	0.00	0.00	-0.67	-0.97	-
Net Cash From Financing Activities	-37	84	26	43	-39	-24	-48	-11	-14	-9.89	-22
Net Cash From Continuing Financing Activities	-37	84	26	43	-39	-24	-48	-11	-14	-9.89	-22
Repayment of Debt	-15	-63	-189	-223	-245	-138	-123	-86	-167	-94	-141
Payment of Dividends	-41	-40	-37	-36	-22	-31	-27	-16	-14	-13	-12
Issuance of Debt	19	24	251	316	214	145	103	93	168	103	134
Issuance of Common Equity	0.00	164	0.00	0.00	-	-	-	-	-	-	-
Cash Interest Paid	7.21	8.66	5.69	1.35	1.20	1.89	2.36	2.11	0.78	0.88	1.10
Cash Income Taxes Paid	4.83	4.93	7.62	12	7.68	9.86	9.18	8.54	11	7.78	9.25

This table details how cash moves in and out of U.S. Physical Therapy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-76	4.05	-19	-21	5.14	-13	128	1.01	-6.32	-11
Net Cash From Operating Activities	19	22	29	4.42	27	16	27	11	17	14
Net Cash From Continuing Operating Activities	19	22	29	4.42	27	16	27	11	17	14
Net Income / (Loss) Continuing Operations	12	9.78	12	12	-1.29	12	15	11	3.35	13
Consolidated Net Income / (Loss)	12	9.78	12	12	-1.29	12	15	11	3.35	13
Depreciation Expense	5.69	4.39	4.51	4.10	4.11	3.97	3.83	3.79	3.79	3.65
Amortization Expense	0.11	0.11	0.10	0.11	0.11	0.11	0.10	0.11	-	-
Non-Cash Adjustments To Reconcile Net Income	1.38	5.37	7.70	2.83	20	2.97	2.43	3.89	12	0.02
Changes in Operating Assets and Liabilities, net	-0.25	2.48	4.96	-14	4.11	-2.90	6.21	-7.86	-2.48	-2.77
Net Cash From Investing Activities	-95	-5.84	-28	-20	-8.41	-17	-6.98	-13	-43	-14
Net Cash From Continuing Investing Activities	-95	-5.84	-28	-20	-8.41	-17	-6.98	-13	-43	-14
Purchase of Property, Plant & Equipment	-2.49	-2.52	-2.34	-1.84	-2.22	-2.55	-2.46	-2.06	-0.96	-2.72
Acquisitions	-92	-2.50	-23	-16	-3.59	-15	-2.24	-5.80	-41	-6.77
Purchase of Investments	-0.25	-0.23	-0.03	-0.50	-0.02	-0.22	-0.04	0.00	-	-0.12
Divestitures	-0.15	0.16	0.00	0.07	0.06	0.58	0.13	0.11	0.00	0.06
Other Investing Activities, net	-0.08	-0.75	-3.20	-2.22	-2.65	0.22	-2.37	-4.93	-1.22	-4.78
Net Cash From Financing Activities	-0.15	-12	-20	-4.49	-13	-12	108	2.34	20	-10
Net Cash From Continuing Financing Activities	-0.15	-12	-20	-4.49	-13	-12	108	2.34	20	-10
Repayment of Debt	-9.20	-2.52	-1.66	-1.33	-2.51	-2.68	-57	-1.36	-11	-0.15
Payment of Dividends	-9.95	-9.72	-18	-3.16	-11	-9.79	-16	-3.30	-8.92	-9.89
Issuance of Debt	19	-	-	0.00	-	-	17	7.00	40	-0.01
Cash Interest Paid	1.58	1.92	1.86	1.84	1.66	2.98	2.63	1.38	3.53	0.84
Cash Income Taxes Paid	-0.93	0.83	4.57	0.37	2.20	1.49	0.80	0.44	0.09	3.01

This table presents U.S. Physical Therapy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Total Assets	1,167	997	858	749	594	561	443	419	351	304	245
Total Current Assets	138	233	111	95	88	85	79	77	66	60	55
Cash & Equivalents	41	153	32	29	33	24	23	22	20	16	14
Accounts Receivable	86	70	69	62	51	56	51	50	41	39	34
Other Current Assets	11	11	11	4.18	3.77	5.79	4.35	4.79	4.43	5.80	6.19
Plant, Property, & Equipment, net	32	26	25	23	22	22	20	20	19	17	16
Plant, Property & Equipment, gross	119	111	105	98	91	88	84	81	75	70	65
Accumulated Depreciation	87	85	80	75	69	66	64	60	56	53	49
Total Noncurrent Assets	998	738	722	631	485	453	344	322	266	227	174
Long-Term Investments	12	12	12	12	-	-	-	-	-	-	-
Goodwill	667	510	494	435	346	318	294	271	227	195	148
Intangible Assets	179	110	109	86	56	53	49	49	38	30	25
Other Noncurrent Operating Assets	139	106	107	98	83	83	1.43	1.22	1.23	1.23	1.12
Total Liabilities & Shareholders' Equity	1,167	997	858	749	594	561	443	419	351	304	245
Total Liabilities	408	345	374	297	184	181	92	110	163	131	70
Total Current Liabilities	116	102	85	83	93	61	42	40	25	19	26
Short-Term Debt	11	7.69	7.86	0.83	4.90	0.73	1.43	4.04	1.23	0.78	0.88
Accounts Payable	5.94	3.90	6.50	6.47	1.34	2.49	2.02	2.17	1.63	1.64	1.78
Accrued Expenses	60	55	37	46	60	31	38	33	22	17	23
Other Current Liabilities	40	35	34	30	28	26	0.00	-	-	-	-
Total Noncurrent Liabilities	292	243	288	214	91	121	50	71	138	112	44
Long-Term Debt	143	139	176	118	17	50	38	57	51	48	35
Noncurrent Deferred & Payable Income Tax Liabilities	29	25	21	14	7.78	10	9.01	11	16	16	8.73
Other Noncurrent Operating Liabilities	120	79	91	82	67	60	0.83	1.07	70	47	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	269	175	168	155	132	138	134	103	0.00	-	7.38
Total Equity & Noncontrolling Interests	490	477	317	297	278	242	217	206	189	172	167
Total Preferred & Common Equity	489	476	316	296	276	240	216	205	188	171	146
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	489	476	316	296	276	240	216	205	188	171	146
Common Stock	290	281	110	103	96	88	80	74	69	64	44
Retained Earnings	227	224	233	224	212	184	167	162	150	138	134
Treasury Stock	-32	-32	-32	-32	-32	-32	-32	-32	-32	-32	-32
Accumulated Other Comprehensive Income / (Loss)	2.80	2.78	4.00	0.00	-	-	-	-	-	-	-
Noncontrolling Interest	1.09	1.22	1.26	1.58	1.47	1.44	0.93	1.20	1.14	1.25	21

This table presents U.S. Physical Therapy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	1,029	1,023	1,017	1,010	1,000	868	800
Total Current Assets	205	202	221	228	242	118	113
Cash & Equivalents	117	113	132	148	161	33	38
Accounts Receivable	77	76	77	71	71	74	69
Other Current Assets	11	12	12	9.39	9.92	11	6.09
Plant, Property, & Equipment, net	27	26	26	26	25	25	25
Plant, Property & Equipment, gross	115	115	113	111	109	107	104
Accumulated Depreciation	89	88	87	85	84	82	79
Total Noncurrent Assets	798	795	770	756	733	726	662
Long-Term Investments	12	12	12	12	12	12	12
Goodwill	555	549	534	523	507	501	450
Intangible Assets	124	124	117	112	108	109	94
Other Noncurrent Operating Assets	107	110	107	108	106	103	107
Total Liabilities & Shareholders' Equity	1,029	1,023	1,017	1,010	1,000	868	800
Total Liabilities	358	353	345	342	344	384	333
Total Current Liabilities	115	107	103	82	86	91	81
Short-Term Debt	9.61	9.70	9.22	7.56	7.53	7.73	7.49
Accounts Payable	6.36	4.10	4.87	4.51	3.67	4.23	7.67
Accrued Expenses	65	58	54	36	43	45	34
Other Current Liabilities	35	35	35	34	31	34	33
Total Noncurrent Liabilities	243	246	243	260	258	294	251
Long-Term Debt	133	136	137	141	143	183	147
Noncurrent Deferred & Payable Income Tax Liabilities	25	27	27	26	23	22	24
Other Noncurrent Operating Liabilities	85	84	79	92	92	89	81
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	187	184	191	175	166	164	148
Total Equity & Noncontrolling Interests	484	486	481	494	490	319	319
Total Preferred & Common Equity	483	485	480	492	488	318	317
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	483	485	480	492	488	318	317
Common Stock	287	286	284	279	278	112	109
Retained Earnings	226	226	224	239	238	235	236
Treasury Stock	-32	-32	-32	-32	-32	-32	-32
Accumulated Other Comprehensive Income / (Loss)	1.34	4.08	4.11	5.75	4.80	2.65	4.42
Noncontrolling Interest	1.36	1.04	1.46	1.54	1.50	1.42	1.46

This table displays calculated financial ratios and metrics derived from U.S. Physical Therapy's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.00%	9.34%	11.74%	17.04%	-12.24%	6.18%	3.43%	20.49%	9.95%	8.60%	15.53%
EBITDA Growth	17.57%	-6.86%	-12.20%	12.07%	-1.38%	13.95%	5.57%	10.51%	5.55%	5.21%	18.44%
EBIT Growth	17.27%	-10.34%	-18.71%	12.31%	-2.24%	15.71%	6.48%	10.49%	4.73%	3.33%	18.05%
NOPAT Growth	21.99%	-11.55%	-20.64%	33.13%	-22.87%	11.29%	8.85%	31.78%	9.27%	3.27%	14.64%
Net Income Growth	22.51%	-14.25%	-25.06%	10.35%	-8.33%	17.23%	76.17%	5.54%	-0.83%	4.64%	20.57%
EPS Growth	43.75%	-43.11%	-6.64%	-2.82%	1.22%	87.02%	-25.57%	7.32%	-1.20%	5.73%	49.52%
Operating Cash Flow Growth	-8.59%	40.04%	-23.39%	-23.59%	60.13%	-14.46%	29.15%	10.73%	36.06%	-9.35%	-7.60%
Free Cash Flow Firm Growth	-692.18%	159.77%	33.76%	-249.93%	242.15%	-49.38%	135.48%	-525.55%	-10.33%	19.57%	210.27%
Invested Capital Growth	35.53%	1.49%	17.82%	33.00%	-2.08%	10.81%	5.70%	57.61%	7.21%	4.95%	6.66%
Revenue Q/Q Growth	3.97%	2.30%	2.09%	2.56%	-1.09%	2.67%	-5.12%	8.79%	3.36%	2.26%	3.66%
EBITDA Q/Q Growth	34.06%	-8.06%	-12.25%	2.76%	26.82%	1.02%	-1.76%	4.68%	-2.32%	3.94%	4.08%
EBIT Q/Q Growth	44.07%	-11.32%	-16.08%	2.27%	33.17%	0.72%	-2.02%	5.82%	-3.24%	4.08%	3.12%
NOPAT Q/Q Growth	32.22%	-15.52%	-15.01%	-3.00%	4.96%	0.47%	-5.10%	24.98%	0.77%	2.71%	2.13%
Net Income Q/Q Growth	43.34%	-11.09%	-20.36%	-6.74%	14.41%	-2.81%	11.32%	8.60%	14.63%	3.94%	-12.45%
EPS Q/Q Growth	111.49%	-25.58%	-24.50%	1.69%	5.53%	5.15%	-10.27%	10.00%	3.14%	1.22%	2.61%
Operating Cash Flow Q/Q Growth	-9.02%	13.16%	2.44%	-11.05%	10.39%	-4.61%	4.74%	6.88%	1.40%	-3.14%	-7.53%
Free Cash Flow Firm Q/Q Growth	-1,983.97%	175.20%	31.63%	-72,397.06%	-11.88%	-18.57%	148.26%	-768.81%	2.23%	-40.31%	177.42%
Invested Capital Q/Q Growth	25.57%	-3.57%	9.37%	18.96%	2.70%	0.42%	-0.52%	35.05%	4.05%	4.44%	-3.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.48%	40.55%	41.29%	42.67%	43.20%	42.09%	22.40%	45.15%	44.40%	44.26%	45.09%
EBITDA Margin	12.27%	11.58%	13.60%	17.31%	18.07%	16.08%	14.99%	14.68%	16.01%	16.68%	17.21%
Operating Margin	9.42%	8.61%	10.27%	14.27%	12.39%	13.99%	13.29%	12.47%	13.60%	14.28%	15.00%
EBIT Margin	9.42%	8.92%	10.88%	14.95%	15.58%	13.99%	12.84%	12.47%	13.60%	14.28%	15.00%
Profit (Net Income) Margin	6.79%	6.15%	7.85%	11.70%	12.41%	11.88%	10.76%	6.32%	7.21%	8.00%	8.30%
Tax Burden Percent	75.74%	75.38%	78.11%	79.14%	80.12%	80.75%	81.12%	82.13%	68.86%	66.00%	66.04%
Interest Burden Percent	95.16%	91.52%	92.35%	98.88%	99.39%	105.16%	103.33%	61.68%	77.02%	84.86%	83.75%
Effective Tax Rate	24.26%	24.62%	21.89%	20.86%	19.88%	19.25%	18.88%	17.87%	31.14%	34.00%	33.96%
Return on Invested Capital (ROIC)	6.41%	6.24%	7.69%	12.04%	10.43%	14.06%	13.69%	15.83%	16.01%	15.55%	15.92%
ROIC Less NNEP Spread (ROIC-NNEP)	0.84%	2.91%	6.80%	18.13%	140.67%	26.84%	13.39%	-32.96%	-8.07%	-1.73%	-3.75%
Return on Net Nonoperating Assets (RNNOA)	0.05%	0.31%	1.58%	1.39%	2.87%	1.62%	1.12%	-4.68%	-1.46%	-0.27%	-0.57%
Return on Equity (ROE)	6.46%	6.55%	9.27%	13.43%	13.30%	15.68%	14.81%	11.15%	14.55%	15.27%	15.36%
Cash Return on Invested Capital (CROIC)	-23.75%	4.76%	-8.68%	-16.29%	12.52%	3.81%	8.15%	-28.90%	9.05%	10.71%	9.48%
Operating Return on Assets (OROA)	5.85%	5.82%	7.49%	11.02%	11.41%	13.43%	13.52%	14.21%	15.12%	17.25%	19.53%
Return on Assets (ROA)	4.21%	4.01%	5.40%	8.62%	9.09%	11.41%	11.33%	7.20%	8.02%	9.66%	10.80%
Return on Common Equity (ROCE)	4.42%	4.56%	6.05%	8.91%	8.70%	9.80%	9.45%	8.80%	14.46%	13.97%	12.79%
Return on Equity Simple (ROE_SIMPLE)	9.33%	7.82%	13.75%	19.60%	19.01%	23.83%	22.62%	13.53%	14.01%	15.49%	17.31%
Net Operating Profit after Tax (NOPAT)	48	39	44	56	42	54	49	45	34	31	30
NOPAT Margin	7.13%	6.49%	8.02%	11.29%	9.93%	11.30%	10.78%	10.24%	9.36%	9.42%	9.91%
Net Nonoperating Expense Percent (NNEP)	5.58%	3.33%	0.88%	-6.09%	-130.24%	-12.77%	0.30%	48.78%	24.08%	17.28%	19.67%
Return On Investment Capital (ROIC_SIMPLE)	7.44%	6.29%	8.86%	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	60.52%	59.45%	58.71%	57.33%	56.80%	57.91%	58.12%	54.85%	55.60%	55.74%	54.91%
SG&A Expenses to Revenue	8.68%	8.59%	8.34%	9.40%	9.94%	9.35%	9.11%	8.18%	8.92%	9.38%	9.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.06%	31.94%	31.02%	28.40%	30.81%	28.10%	28.59%	21.36%	26.57%	29.98%	30.08%
Earnings before Interest and Taxes (EBIT)	63	54	60	74	66	67	58	55	50	47	46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	82	70	75	86	76	78	68	64	58	55	53
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.74	2.88	3.22	3.97	5.26	5.69	5.57	4.07	4.25	3.49	3.12
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.99	2.27	1.84	2.37	3.43	2.84	2.65	1.90	2.19	1.80	1.49
Price to Earnings (P/E)	42.61	48.52	31.60	28.77	41.25	34.16	34.52	37.49	38.81	29.00	23.83
Dividend Yield	1.98%	1.88%	2.10%	1.61%	1.05%	1.06%	1.18%	1.21%	1.07%	1.25%	1.29%
Earnings Yield	2.35%	2.06%	3.16%	3.48%	2.42%	2.93%	2.90%	2.67%	2.58%	3.45%	4.20%
Enterprise Value to Invested Capital (EV/IC)	1.99	2.41	2.12	2.66	3.95	3.77	3.69	2.81	3.77	3.08	2.58
Enterprise Value to Revenue (EV/Rev)	2.55	2.53	2.40	2.85	3.72	3.18	2.99	2.23	2.28	1.91	1.66
Enterprise Value to EBITDA (EV/EBITDA)	20.75	21.81	17.61	16.45	20.59	19.79	19.92	15.16	14.24	11.45	9.63
Enterprise Value to EBIT (EV/EBIT)	27.01	28.32	22.02	19.03	23.88	22.76	23.26	17.85	16.77	13.37	11.05
Enterprise Value to NOPAT (EV/NOPAT)	35.70	38.93	29.86	25.20	37.49	28.18	27.70	21.74	24.35	20.26	16.73
Enterprise Value to Operating Cash Flow (EV/OCF)	22.81	18.64	22.63	18.44	15.74	24.57	18.56	17.29	16.27	16.85	12.22
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	51.03	0.00	0.00	31.21	104.09	46.54	0.00	43.06	29.40	28.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.22	0.38	0.26	0.05	0.13	0.11	0.20	0.27	0.29	0.20
Long-Term Debt to Equity	0.19	0.21	0.36	0.26	0.04	0.13	0.11	0.18	0.27	0.28	0.20
Financial Leverage	0.06	0.11	0.23	0.08	0.02	0.06	0.08	0.14	0.18	0.16	0.15
Leverage Ratio	1.53	1.63	1.72	1.56	1.46	1.37	1.31	1.55	1.81	1.58	1.42
Compound Leverage Factor	1.46	1.49	1.58	1.54	1.45	1.45	1.35	0.96	1.40	1.34	1.19
Debt to Total Capital	16.82%	18.36%	27.49%	20.74%	4.98%	11.87%	10.20%	16.45%	21.55%	22.18%	16.94%
Short-Term Debt to Total Capital	1.21%	0.96%	1.18%	0.15%	1.14%	0.17%	0.37%	1.09%	0.51%	0.35%	0.42%
Long-Term Debt to Total Capital	15.62%	17.40%	26.31%	20.60%	3.85%	11.70%	9.83%	15.36%	21.04%	21.83%	16.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	29.60%	22.04%	25.26%	27.47%	31.01%	32.33%	34.52%	28.09%	0.47%	0.57%	13.47%
Common Equity to Total Capital	53.58%	59.60%	47.26%	51.78%	64.01%	55.80%	55.28%	55.46%	77.98%	77.25%	69.59%
Debt to EBITDA	1.86	2.09	2.44	1.38	0.28	0.66	0.59	0.94	0.89	0.89	0.68
Net Debt to EBITDA	1.21	-0.26	1.86	0.91	-0.15	0.36	0.24	0.60	0.54	0.60	0.41
Long-Term Debt to EBITDA	1.73	1.98	2.34	1.37	0.22	0.65	0.56	0.88	0.87	0.87	0.66
Debt to NOPAT	3.21	3.74	4.14	2.12	0.51	0.94	0.81	1.35	1.52	1.57	1.18
Net Debt to NOPAT	2.09	-0.47	3.15	1.39	-0.27	0.51	0.34	0.86	0.93	1.07	0.71
Long-Term Debt to NOPAT	2.98	3.54	3.96	2.10	0.40	0.92	0.78	1.26	1.48	1.55	1.15
Altman Z-Score	3.02	3.64	2.92	3.80	6.29	6.29	9.91	6.67	5.19	5.13	6.69
Noncontrolling Interest Sharing Ratio	31.61%	30.33%	34.75%	33.70%	34.58%	37.53%	36.19%	21.10%	0.66%	8.52%	16.72%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.18	2.28	1.30	1.14	0.94	1.41	1.89	1.95	2.68	3.17	2.15
Quick Ratio	1.09	2.18	1.17	1.09	0.90	1.31	1.78	1.83	2.50	2.86	1.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-177	30	-50	-76	50	15	29	-82	19	22	18
Operating Cash Flow to CapEx	815.81%	882.05%	709.71%	931.67%	1,309.01%	612.90%	1,014.95%	805.90%	622.64%	605.94%	808.42%
Free Cash Flow to Firm to Interest Expense	-22.12	3.22	-8.67	-80.28	30.87	7.09	0.00	-3.90	1.68	2.97	2.41
Operating Cash Flow to Interest Expense	9.35	8.81	10.13	81.11	61.20	30.04	0.00	2.68	4.45	5.18	5.55
Operating Cash Flow Less CapEx to Interest Expense	8.20	7.81	8.70	72.40	56.52	25.14	0.00	2.35	3.73	4.33	4.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.65	0.69	0.74	0.73	0.96	1.05	1.14	1.11	1.21	1.30
Accounts Receivable Turnover	8.64	8.74	8.44	8.73	7.91	8.96	8.91	9.56	9.09	9.08	9.10
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	23.05	23.79	23.18	22.18	19.33	22.81	22.39	22.19	20.33	20.44	19.86
Accounts Payable Turnover	82.63	69.13	50.06	72.71	125.49	123.68	126.11	126.74	123.87	108.07	95.62
Days Sales Outstanding (DSO)	42.24	41.74	43.23	41.79	46.17	40.72	40.95	38.19	40.14	40.22	40.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.42	5.28	7.29	5.02	2.91	2.95	2.89	2.88	2.95	3.38	3.82
Cash Conversion Cycle (CCC)	37.82	36.46	35.94	36.77	43.26	37.77	38.06	35.31	37.19	36.84	36.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	859	634	625	530	399	407	367	347	220	206	196
Invested Capital Turnover	0.90	0.96	0.96	1.07	1.05	1.25	1.27	1.55	1.71	1.65	1.61
Increase / (Decrease) in Invested Capital	225	9.30	94	132	-8.45	40	20	127	15	9.71	12
Enterprise Value (EV)	1,709	1,528	1,325	1,409	1,574	1,534	1,355	977	830	632	506
Market Capitalization	1,339	1,370	1,016	1,175	1,452	1,368	1,204	834	798	598	456
Book Value per Share	$32.39	$31.77	$24.29	$22.89	$21.49	$18.81	$17.02	$16.28	$14.98	$13.77	$11.92
Tangible Book Value per Share	($23.69)	($9.55)	($22.08)	($17.46)	($9.79)	($10.18)	($9.97)	($9.17)	($6.17)	($4.40)	($2.16)
Total Capital	913	799	668	571	431	431	391	369	241	221	210
Total Debt	154	147	184	118	21	51	40	61	52	49	36
Total Long-Term Debt	143	139	176	118	17	50	38	57	51	48	35
Net Debt	100	-18	140	78	-11	28	16	39	32	33	21
Capital Expenditures (CapEx)	9.19	9.29	8.25	8.20	7.64	10	7.19	7.01	8.20	6.19	5.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.06	-14	2.05	-16	-34	2.00	15	20	23	26	16
Debt-free Net Working Capital (DFNWC)	32	139	34	13	-0.96	26	39	42	43	42	30
Net Working Capital (NWC)	21	131	26	12	-5.86	25	37	38	41	41	29
Net Nonoperating Expense (NNE)	2.28	2.02	0.96	-2.02	-10	-2.81	0.08	17	7.84	4.72	4.91
Net Nonoperating Obligations (NNO)	100	-18	140	78	-11	28	16	39	32	33	21
Total Depreciation and Amortization (D&A)	19	16	15	12	11	10	9.76	9.71	8.78	7.95	6.74
Debt-free, Cash-free Net Working Capital to Revenue	-1.35%	-2.31%	0.37%	-3.24%	-8.01%	0.42%	3.38%	4.48%	6.18%	7.91%	5.23%
Debt-free Net Working Capital to Revenue	4.81%	22.96%	6.08%	2.53%	-0.23%	5.30%	8.53%	9.47%	11.69%	12.67%	9.91%
Net Working Capital to Revenue	3.17%	21.69%	4.66%	2.36%	-1.38%	5.15%	8.21%	8.55%	11.35%	12.43%	9.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.84	$1.28	$2.25	$2.41	$2.48	$2.45	$1.31	$1.76	$1.64	$1.77	$1.62
Adjusted Weighted Average Basic Shares Outstanding	15.06M	14.19M	12.99M	12.95M	12.90M	12.77M	12.76M	12.67M	12.50M	12.39M	12.22M
Adjusted Diluted Earnings per Share	$1.84	$1.28	$2.25	$2.41	$2.48	$2.45	$1.31	$1.76	$1.64	$1.77	$1.62
Adjusted Weighted Average Diluted Shares Outstanding	15.06M	14.19M	12.99M	12.95M	12.90M	12.77M	12.76M	12.67M	12.50M	12.39M	12.22M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$2.41	$2.48	$2.45	$1.31	$1.76	$1.64	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	15.19M	15.07M	13.03M	12.90M	12.84M	12.76M	12.67M	12.57M	12.50M	12.50M	12.40M
Normalized Net Operating Profit after Tax (NOPAT)	50	52	51	56	42	54	49	45	34	31	30
Normalized NOPAT Margin	7.40%	8.67%	9.31%	11.29%	9.93%	11.30%	10.78%	10.35%	9.39%	9.46%	9.94%
Pre Tax Income Margin	8.97%	8.16%	10.05%	14.79%	15.49%	14.71%	13.26%	7.69%	10.47%	12.11%	12.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.89	5.80	10.41	78.58	40.34	32.43	0.00	2.60	4.32	6.53	6.14
NOPAT to Interest Expense	5.97	4.22	7.68	59.35	25.70	26.19	0.00	2.13	2.97	4.31	4.05
EBIT Less CapEx to Interest Expense	6.75	4.80	8.99	69.88	35.66	27.53	0.00	2.27	3.60	5.68	5.45
NOPAT Less CapEx to Interest Expense	4.83	3.22	6.25	50.64	21.03	21.29	0.00	1.80	2.26	3.46	3.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	90.46%	108.08%	84.48%	61.63%	42.75%	53.77%	55.92%	56.41%	54.16%	50.36%	46.76%
Augmented Payout Ratio	90.46%	108.08%	84.48%	61.63%	42.75%	53.77%	56.46%	64.92%	58.97%	73.45%	67.43%

This table displays calculated financial ratios and metrics derived from U.S. Physical Therapy's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.57%	12.02%	10.37%	4.83%	9.65%	7.45%	7.70%	12.76%	8.74%	10.89%
EBITDA Growth	448.69%	-12.33%	-19.12%	-6.83%	-58.08%	-6.19%	8.19%	5.41%	-49.28%	1.01%
EBIT Growth	4,339.69%	-18.10%	-26.01%	-10.28%	-93.92%	-9.83%	7.31%	6.29%	-61.13%	-2.22%
NOPAT Growth	-7.65%	-4.99%	-0.58%	-16.47%	115.19%	3.29%	-0.62%	15.96%	-61.43%	-10.67%
Net Income Growth	1,066.28%	-20.00%	-21.21%	1.66%	-138.62%	-4.67%	-2.57%	-4.63%	-76.82%	-9.22%
EPS Growth	215.56%	-23.53%	-26.56%	-20.69%	-4,400.00%	-29.17%	-26.44%	-13.43%	-101.39%	9.09%
Operating Cash Flow Growth	-27.67%	35.17%	5.69%	-61.06%	55.12%	19.21%	72.93%	-2.58%	8.76%	-44.97%
Free Cash Flow Firm Growth	-15,129.28%	79.57%	36.53%	52.73%	101.60%	34.86%	27.80%	39.63%	24.56%	-156.91%
Invested Capital Growth	35.53%	4.08%	8.95%	7.00%	1.49%	15.11%	14.55%	15.17%	17.82%	28.16%
Revenue Q/Q Growth	7.39%	0.50%	7.40%	0.56%	3.20%	-0.98%	2.00%	5.19%	1.13%	-0.75%
EBITDA Q/Q Growth	45.41%	-12.32%	5.02%	319.19%	-76.76%	-19.11%	20.98%	84.38%	-48.01%	-6.71%
EBIT Q/Q Growth	51.10%	-15.19%	3.64%	3,243.05%	-97.21%	-23.39%	25.68%	126.65%	-58.68%	-8.83%
NOPAT Q/Q Growth	-15.17%	-24.73%	37.76%	5.00%	-12.74%	-21.23%	15.74%	170.48%	-58.11%	-24.21%
Net Income Q/Q Growth	27.79%	-16.52%	0.82%	998.45%	-110.58%	-17.77%	30.08%	241.31%	-73.89%	-15.96%
EPS Q/Q Growth	33.33%	-17.02%	2.17%	202.22%	-188.24%	-20.31%	10.34%	5,900.00%	-101.39%	-17.24%
Operating Cash Flow Q/Q Growth	-12.26%	-23.70%	556.08%	-83.53%	63.99%	-40.34%	141.70%	-34.40%	26.02%	-13.46%
Free Cash Flow Firm Q/Q Growth	-1,324.69%	63.28%	-25.42%	-2,390.76%	101.94%	-14.09%	6.60%	22.42%	21.21%	-26.45%
Invested Capital Q/Q Growth	25.57%	-0.88%	2.48%	6.26%	-3.57%	3.75%	0.66%	0.78%	9.37%	3.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.30%	39.56%	41.35%	38.75%	40.44%	39.09%	41.62%	41.05%	40.73%	40.46%
EBITDA Margin	14.18%	10.47%	12.00%	12.28%	3.01%	13.38%	16.38%	13.81%	7.88%	15.33%
Operating Margin	8.06%	8.78%	11.73%	9.20%	-0.57%	10.59%	13.24%	11.45%	4.81%	10.67%
EBIT Margin	10.97%	7.80%	9.24%	9.58%	0.29%	10.67%	13.79%	11.19%	5.19%	12.71%
Profit (Net Income) Margin	6.92%	5.82%	7.01%	7.46%	-0.84%	8.15%	9.81%	7.69%	2.37%	9.18%
Tax Burden Percent	68.19%	79.26%	79.16%	78.73%	-1,219.81%	77.46%	77.84%	79.38%	73.42%	79.95%
Interest Burden Percent	92.53%	94.13%	95.74%	98.97%	23.77%	98.61%	91.43%	86.63%	62.19%	90.37%
Effective Tax Rate	31.81%	20.74%	20.84%	21.27%	1,319.81%	22.54%	22.16%	20.62%	26.58%	20.05%
Return on Invested Capital (ROIC)	4.94%	6.70%	8.81%	6.80%	6.67%	7.89%	10.09%	8.81%	3.39%	9.09%
ROIC Less NNEP Spread (ROIC-NNEP)	11.27%	-145.87%	449.22%	7.27%	-13.12%	7.72%	7.96%	7.03%	1.88%	10.60%
Return on Net Nonoperating Assets (RNNOA)	0.65%	-0.27%	-0.59%	0.93%	-1.40%	0.64%	0.51%	1.73%	0.44%	1.43%
Return on Equity (ROE)	5.59%	6.42%	8.22%	7.73%	5.26%	8.53%	10.60%	10.53%	3.82%	10.52%
Cash Return on Invested Capital (CROIC)	-23.75%	1.40%	-2.99%	-1.07%	4.76%	-6.48%	-5.79%	-6.24%	-8.68%	-14.41%
Operating Return on Assets (OROA)	6.81%	4.94%	5.74%	6.22%	0.19%	6.97%	8.92%	7.82%	3.57%	9.63%
Return on Assets (ROA)	4.29%	3.68%	4.35%	4.84%	-0.54%	5.32%	6.35%	5.37%	1.63%	6.96%
Return on Common Equity (ROCE)	3.82%	4.68%	6.03%	5.33%	3.67%	6.08%	7.56%	6.91%	2.49%	7.13%
Return on Equity Simple (ROE_SIMPLE)	0.00%	6.59%	7.07%	7.80%	0.00%	8.51%	8.69%	13.47%	0.00%	17.19%
Net Operating Profit after Tax (NOPAT)	9.91	12	16	11	11	12	16	13	4.99	12
NOPAT Margin	5.49%	6.96%	9.29%	7.24%	6.93%	8.20%	10.31%	9.09%	3.53%	8.53%
Net Nonoperating Expense Percent (NNEP)	-6.33%	152.56%	-440.42%	-0.47%	19.79%	0.17%	2.13%	1.78%	1.51%	-1.51%
Return On Investment Capital (ROIC_SIMPLE)	1.54%	-	-	-	1.72%	-	-	-	1.00%	-
Cost of Revenue to Revenue	61.70%	60.44%	58.65%	61.25%	59.56%	60.91%	58.38%	58.95%	59.27%	59.54%
SG&A Expenses to Revenue	8.63%	8.56%	8.52%	9.05%	8.98%	8.03%	8.02%	9.33%	8.45%	8.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.24%	30.79%	29.62%	29.55%	41.02%	28.48%	28.38%	29.60%	35.92%	29.79%
Earnings before Interest and Taxes (EBIT)	20	13	15	15	0.45	16	21	17	7.33	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	18	20	19	4.66	20	25	21	11	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.74	2.64	2.86	3.51	2.88	2.74	3.17	3.90	3.22	3.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.99	1.98	2.21	2.75	2.27	2.28	2.67	2.18	1.84	1.76
Price to Earnings (P/E)	42.61	55.87	54.40	58.34	48.52	44.70	50.82	40.36	31.60	23.98
Dividend Yield	1.98%	2.07%	1.89%	1.55%	1.88%	1.89%	1.42%	1.74%	2.10%	2.20%
Earnings Yield	2.35%	1.79%	1.84%	1.71%	2.06%	2.24%	1.97%	2.48%	3.16%	4.17%
Enterprise Value to Invested Capital (EV/IC)	1.99	2.16	2.30	2.79	2.41	2.30	2.68	2.47	2.12	2.11
Enterprise Value to Revenue (EV/Rev)	2.55	2.29	2.53	3.07	2.53	2.56	2.92	2.73	2.40	2.23
Enterprise Value to EBITDA (EV/EBITDA)	20.75	24.04	24.89	27.36	21.81	19.88	21.83	20.47	17.61	14.08
Enterprise Value to EBIT (EV/EBIT)	27.01	33.64	33.98	35.96	28.32	24.90	27.08	25.40	22.02	16.84
Enterprise Value to NOPAT (EV/NOPAT)	35.70	40.80	43.12	50.57	38.93	32.61	36.75	33.61	29.86	23.13
Enterprise Value to Operating Cash Flow (EV/OCF)	22.81	17.94	20.77	25.03	18.64	20.91	24.28	26.67	22.63	21.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	156.97	0.00	0.00	51.03	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.21	0.22	0.22	0.22	0.22	0.23	0.39	0.38	0.33
Long-Term Debt to Equity	0.19	0.20	0.20	0.20	0.21	0.21	0.22	0.38	0.36	0.31
Financial Leverage	0.06	0.00	0.00	0.13	0.11	0.08	0.06	0.25	0.23	0.14
Leverage Ratio	1.53	1.52	1.53	1.63	1.63	1.59	1.61	1.73	1.72	1.60
Compound Leverage Factor	1.42	1.43	1.46	1.61	0.39	1.57	1.47	1.50	1.07	1.44
Debt to Total Capital	16.82%	17.53%	17.83%	17.85%	18.36%	18.24%	18.72%	28.24%	27.49%	24.83%
Short-Term Debt to Total Capital	1.21%	1.18%	1.19%	1.13%	0.96%	0.92%	0.93%	1.15%	1.18%	1.21%
Long-Term Debt to Total Capital	15.62%	16.34%	16.64%	16.72%	17.40%	17.31%	17.79%	27.10%	26.31%	23.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	29.60%	23.11%	22.74%	23.50%	22.04%	21.56%	20.71%	24.58%	25.26%	24.09%
Common Equity to Total Capital	53.58%	59.36%	59.43%	58.66%	59.60%	60.20%	60.57%	47.18%	47.26%	51.08%
Debt to EBITDA	1.86	2.32	2.27	2.13	2.09	1.96	1.94	2.51	2.44	1.80
Net Debt to EBITDA	1.21	0.22	0.32	0.02	-0.26	-0.14	-0.28	1.92	1.86	1.22
Long-Term Debt to EBITDA	1.73	2.16	2.12	1.99	1.98	1.86	1.85	2.41	2.34	1.71
Debt to NOPAT	3.21	3.94	3.94	3.93	3.74	3.21	3.27	4.12	4.14	2.95
Net Debt to NOPAT	2.09	0.37	0.55	0.04	-0.47	-0.23	-0.48	3.15	3.15	2.00
Long-Term Debt to NOPAT	2.98	3.67	3.68	3.68	3.54	3.05	3.11	3.95	3.96	2.81
Altman Z-Score	2.89	3.22	3.44	4.03	3.46	3.51	3.87	3.07	2.72	2.93
Noncontrolling Interest Sharing Ratio	31.61%	27.20%	26.59%	30.97%	30.33%	28.71%	28.69%	34.42%	34.75%	32.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.18	1.78	1.88	2.16	2.28	2.77	2.82	1.30	1.30	1.39
Quick Ratio	1.09	1.68	1.77	2.04	2.18	2.66	2.70	1.18	1.17	1.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-215	-15	-41	-33	1.43	-74	-65	-69	-89	-114
Operating Cash Flow to CapEx	779.79%	876.73%	1,241.10%	240.42%	1,208.78%	641.47%	1,113.23%	551.19%	1,805.74%	504.48%
Free Cash Flow to Firm to Interest Expense	-105.06	-7.49	-20.78	-16.67	0.71	-35.21	-24.62	-27.11	-39.96	-56.41
Operating Cash Flow to Interest Expense	9.47	10.96	14.64	2.25	13.36	7.79	10.42	4.43	7.73	6.82
Operating Cash Flow Less CapEx to Interest Expense	8.26	9.71	13.46	1.31	12.25	6.57	9.48	3.63	7.30	5.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.63	0.62	0.65	0.65	0.65	0.65	0.70	0.69	0.76
Accounts Receivable Turnover	8.64	8.70	8.51	8.07	8.74	8.43	8.26	8.03	8.44	8.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	23.05	24.54	24.52	24.05	23.79	23.15	23.61	23.37	23.18	23.03
Accounts Payable Turnover	82.63	71.24	96.99	80.75	69.13	57.63	64.25	62.73	50.06	69.03
Days Sales Outstanding (DSO)	42.24	41.97	42.88	45.21	41.74	43.32	44.18	45.48	43.23	42.25
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.42	5.12	3.76	4.52	5.28	6.33	5.68	5.82	7.29	5.29
Cash Conversion Cycle (CCC)	37.82	36.85	39.11	40.69	36.46	36.98	38.50	39.66	35.94	36.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	859	684	690	673	634	657	634	629	625	571
Invested Capital Turnover	0.90	0.96	0.95	0.94	0.96	0.96	0.98	0.97	0.96	1.07
Increase / (Decrease) in Invested Capital	225	27	57	44	9.30	86	80	83	94	125
Enterprise Value (EV)	1,709	1,477	1,591	1,878	1,528	1,515	1,695	1,553	1,325	1,207
Market Capitalization	1,339	1,276	1,385	1,685	1,370	1,349	1,550	1,242	1,016	954
Book Value per Share	$32.39	$32.02	$32.16	$31.84	$31.77	$32.83	$37.40	$24.41	$24.29	$24.39
Tangible Book Value per Share	($23.69)	($13.01)	($12.50)	($11.37)	($9.55)	($9.54)	($9.63)	($22.43)	($22.08)	($17.39)
Total Capital	913	813	815	818	799	817	807	674	668	621
Total Debt	154	143	145	146	147	149	151	190	184	154
Total Long-Term Debt	143	133	136	137	139	141	143	183	176	147
Net Debt	100	13	20	1.52	-18	-11	-22	146	140	104
Capital Expenditures (CapEx)	2.49	2.52	2.34	1.84	2.22	2.55	2.46	2.06	0.96	2.72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.06	-18	-8.63	-4.46	-14	6.01	2.78	2.09	2.05	0.98
Debt-free Net Working Capital (DFNWC)	32	99	104	128	139	154	164	35	34	39
Net Working Capital (NWC)	21	90	95	119	131	146	156	27	26	31
Net Nonoperating Expense (NNE)	-2.58	1.91	3.81	-0.35	12	0.08	0.75	2.07	1.64	-0.91
Net Nonoperating Obligations (NNO)	100	13	20	1.52	-18	-11	-22	146	140	104
Total Depreciation and Amortization (D&A)	5.79	4.49	4.62	4.20	4.22	4.07	3.93	3.89	3.79	3.65
Debt-free, Cash-free Net Working Capital to Revenue	-1.35%	-2.75%	-1.38%	-0.73%	-2.31%	1.02%	0.48%	0.37%	0.37%	0.18%
Debt-free Net Working Capital to Revenue	4.81%	15.36%	16.61%	20.89%	22.96%	26.00%	28.15%	6.09%	6.08%	7.18%
Net Working Capital to Revenue	3.17%	13.87%	15.07%	19.38%	21.69%	24.72%	26.86%	4.73%	4.66%	5.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.52	$0.39	$0.47	$0.46	($0.45)	$0.51	$0.64	$0.58	($0.01)	$0.72
Adjusted Weighted Average Basic Shares Outstanding	15.06M	15.08M	15.07M	15.02M	14.19M	14.99M	13.72M	13.03M	12.99M	13.00M
Adjusted Diluted Earnings per Share	$0.52	$0.39	$0.47	$0.46	($0.45)	$0.51	$0.64	$0.58	($0.01)	$0.72
Adjusted Weighted Average Diluted Shares Outstanding	15.06M	15.08M	15.07M	15.02M	14.19M	14.99M	13.72M	13.03M	12.99M	13.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	15.19M	15.09M	15.08M	15.07M	15.07M	14.99M	14.99M	13.06M	13.03M	13.00M
Normalized Net Operating Profit after Tax (NOPAT)	9.91	12	16	11	-0.62	12	16	13	4.99	12
Normalized NOPAT Margin	5.49%	6.96%	9.29%	7.24%	-0.40%	8.20%	10.31%	9.09%	3.53%	8.53%
Pre Tax Income Margin	10.15%	7.34%	8.85%	9.48%	0.07%	10.52%	12.61%	9.69%	3.23%	11.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.66	6.49	7.80	7.58	0.22	7.62	7.93	6.49	3.27	8.82
NOPAT to Interest Expense	4.84	5.79	7.84	5.73	5.34	5.85	5.93	5.27	2.23	5.92
EBIT Less CapEx to Interest Expense	8.45	5.24	6.62	6.64	-0.88	6.40	7.00	5.69	2.85	7.46
NOPAT Less CapEx to Interest Expense	3.62	4.54	6.66	4.79	4.24	4.64	5.00	4.47	1.80	4.56
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	90.46%	132.23%	123.01%	107.17%	108.08%	91.68%	90.62%	84.61%	84.48%	64.55%
Augmented Payout Ratio	90.46%	132.23%	123.01%	107.17%	108.08%	91.68%	90.62%	84.61%	84.48%	64.55%

Frequently Asked Questions About U.S. Physical Therapy's Financials

When does U.S. Physical Therapy's financial year end?

According to the most recent income statement we have on file, U.S. Physical Therapy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has U.S. Physical Therapy's net income changed over the last 10 years?

U.S. Physical Therapy's net income appears to be on an upward trend, with a most recent value of $45.60 million in 2024, rising from $25.31 million in 2014. The previous period was $37.22 million in 2023. See where experts think U.S. Physical Therapy is headed by visiting U.S. Physical Therapy's forecast page.

What is U.S. Physical Therapy's operating income?

U.S. Physical Therapy's total operating income in 2024 was $63.21 million, based on the following breakdown:

Total Gross Profit: $265.04 million
Total Operating Expenses: $201.83 million

How has U.S. Physical Therapy revenue changed over the last 10 years?

Over the last 10 years, U.S. Physical Therapy's total revenue changed from $305.07 million in 2014 to $671.35 million in 2024, a change of 120.1%.

How much debt does U.S. Physical Therapy have?

U.S. Physical Therapy's total liabilities were at $408.42 million at the end of 2024, a 18.4% increase from 2023, and a 483.8% increase since 2014.

How much cash does U.S. Physical Therapy have?

In the past 10 years, U.S. Physical Therapy's cash and equivalents has ranged from $14.27 million in 2014 to $152.83 million in 2023, and is currently $41.36 million as of their latest financial filing in 2024.

How has U.S. Physical Therapy's book value per share changed over the last 10 years?

Over the last 10 years, U.S. Physical Therapy's book value per share changed from 11.92 in 2014 to 32.39 in 2024, a change of 171.7%.

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This page (NYSE:USPH) was last updated on 5/21/2025 by MarketBeat.com Staff

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U.S. Physical Therapy (USPH) Financials

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U.S. Physical Therapy (USPH) Financials

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