U S PHYSICAL THERAPY INC /NV financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data U S PHYSICAL THERAPY INC /NV files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	357	414	454	482	423	495	553	605	671	781
Gross profit	82	90.6	102	112	94.5	117	112	122	124	150
Selling, general and administrative	32.5	35.9	41.3	45	42	46.5	46.1	52	58.3	69.3
Operating income	49.5	54.7	60.3	67.4	52.4	70.6	56.8	50.5	63	86.7
Interest expense	11.5	21.1	2.04	2.08
Interest income						0	0	3.77	3.94	0.11
Other non-operating income			-0.1	3.48	13.1	2.55	-1.23	-1.14	-2.79	-8.86
Pre-tax income	38.1	33.8	60.2	70.9	65.5	73.2	55.6	49.4	60.2	77.8
Income tax	11.9	6.03	11.4	13.6	13	15.3	12.2	12.2	14.6	19.8
Net income to minority interests	5.72	5.47	14	17.2	17.3	17.1	11.2	8.98	14.2	18.4
Net income	20.6	22.3	34.9	40	35.2	40.8	32.2	28.2	31.4	39.6
EBITDA	58.3	64.4	70.1	77.5	62.9	82.2	71.5	66.2	81.7	109
EPS, basic	1.64	1.76	1.31	2.45	2.48	2.41	2.25	1.28	1.84	1.42
EPS, diluted	1.64	1.76	1.31	2.45	2.48	2.41	2.25	1.28	1.84	1.42
Shares, basic (weighted)	12.5	12.6	12.7	12.8	12.8	12.9	13	14.2	15.1	15.2
Shares, diluted (weighted)	12.5	12.6	12.7	12.8	12.8	12.9	13	14.2	15.1	15.2
Dividend per share	0.68	0.80	0.92	1.14	0.32	1.46	1.64	1.72	1.76	1.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20	21.9	23.4	23.5	32.9	28.6	31.6	153	41.4	35.6
Receivables	38.8	44.7	44.8	46.2	41.9	46.3	51.9	51.8	59	64.2
Other current assets	4.43	4.79	4.35	5.79	3.77	4.18	11.1	10.8	10.6	16.1
Total current assets	66	77.1	79.2	85.4	87.6	95.2	111	233	138	140
Property, plant and equipment	19.2	20.4	20.2	22.1	21.7	23	24.7	26.1	32.1	35.7
Lease right-of-use assets			0	81.6	81.6	96.4	103	103	134	144
Goodwill	227	271	294	318	346	435	494	510	667	692
Intangible assets	38.1	49	48.8	52.6	56.3	86.4	109	110	179	173
Other non-current assets	1.23	1.22	1.43	1.52	1.54	1.58	4.15	2.82	5.16	6.64
Total assets	351	419	443	631	594	749	858	997	1,167	1,204
Accounts payable	1.63	2.17	2.02	2.49	1.34	3.27	3.3	3.9	5.94	6.06
Accrued liabilities	21.8	33.3	38.5	30.9	59.7	45.7	37.4	55.3	59.5	49.4
Deferred revenue										0.74
Short-term debt	1.23	4.04	1.43	0.73	4.9	0.83	7.86	7.69	11	9.87
Total current liabilities	24.6	39.6	41.9	60.6	93.5	83.5	85.5	102	116	139
Long-term debt	50.6	56.7	38.4	50.4	16.6	118	176	139	143	153
Lease liabilities			0	60.3	62	74.2	77.9	76.7	102	111
Other non-current liabilities	0.83	0.74	0.83	0.14	4.54	7.35	13	2.36	18.3	3.21
Total liabilities	163	110	92.3	181	184	297	374	345	408	434
Total debt	51.8	60.8	39.8	51.1	21.5	118	184	147	154	162
Paid-in capital	68.7	73.9	80	87.4	95.6	103	110	281	290	286
Retained earnings	150	162	167	184	212	224	233	224	227	227
Treasury stock	-31.6	-31.6	-31.6	-31.6	-31.6	-31.6	-31.6	-31.6	-31.6	-37.2
Other comprehensive income						0	4	2.78	2.8	0.71
Shareholders' equity	188	205	216	240	276	296	316	476	489	476
Minority interests	1.14	1.2	0.93	1.44	1.47	1.58	1.26	1.22	1.09	0.46
Total equity	189	206	217	242	278	297	317	477	490	477
Total liabilities and equity	351	419	443	561	594	749	858	997	1,167	1,204
Shares outstanding		12.6	12.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26.3	27.7	48.8	57.3	52.5	57.9	43.4	37.2	45.6	58
Depreciation and amortization	8.78	9.71	9.76	10.1	10.5	11.6	14.7	15.7	18.7	22.4
Stock-based compensation	4.96	5.03	5.94	6.99	7.92	7.87	7.26	7.24	7.82	8.27
Deferred income tax	2.98	-4.86	4.81	4.65	-0.26	5.69	12.4	4.65	4.87	10.6
Change in receivables	-3.28	-3.45	-3.43	-6.38	0.9	-9.42	-10.3	-5.65	-5.35	-12
Change in payables	2.99	6.98	4.88	-4.21	12.4	4.66	-7.76	0.02	1.71	-7.8
Cash from operations	51.1	56.5	73	62.4	100	76.4	58.5	82	74.9	75.1
Capital expenditures	-8.26	-7.1	-7.19	-10.2	-7.64	-8.2	-8.25	-9.29	-9.19	-14.1
Acquisitions	-23.6	-36.7	-16.4	-30.6	-23.9	-86.8	-59.8	-26.6	-133	-15.7
Cash from investing	-32.5	-43.6	-23.9	-38	-51.2	-124	-81.3	-45	-149	-36.7
Debt issued					0	0	150	0	0
Debt repaid					0	0	-1.88	-3.75	-3.75	-9.38
Stock issued						0	0	164	0	0
Share buybacks								0	0	-5.57
Dividends paid	-8.51	-10.1	-11.7	-14.6	-4.11	-18.8	-21.3	-24.1	-26.5	-27.4
Cash from financing	-14.3	-11.1	-47.7	-24.3	-39.4	43.4	25.8	84.3	-37	-44.1
Net change in cash	4.27	1.89	1.44	0.18	9.37	-4.35	3.03	121	-111	-5.79
Free cash flow	42.8	49.4	65.8	52.3	92.4	68.2	50.3	72.7	65.8	61
Interest paid	0.78	2.11	2.36	1.89	1.2	1.35	5.69	8.66	7.21	9.43
Income taxes paid	10.6	8.54	9.18	9.86	7.68	12.2	7.62	4.93	4.82	14.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $84.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.7%	Gross profit / revenue.
Operating margin	9.4%	Operating income / revenue.
EBITDA margin	12.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.3%	Pre-tax income / revenue.
Net margin	4.0%	Net income / revenue.
FCF margin	7.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.2%	Cash from operations / revenue.
Effective tax rate	26.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	8.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	37.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	33.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-22.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-10.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-8.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	41.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	0.86x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.49x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.6%	Total debt / total assets.
Liabilities / assets	38.6%	Total liabilities / total assets.
Net debt	$195.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.99x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$29.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	71.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$444.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	20.1x	Revenue / average property, plant and equipment.
Receivables turnover	11.7x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
FCF conversion	198.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$53.90	Revenue / diluted weighted shares.
FCF per share	$4.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.51	Cash from operations / diluted weighted shares.
Book value per share	$29.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$29.49	Tangible book value / shares outstanding.
Cash per share	$1.65	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.27B	Share price x shares outstanding.
Enterprise value	$1.46B	Market cap + total debt - cash - short-term investments.
P/E	39.3x	Market cap / net income. Only when net income is positive.
P/S	1.56x	Market cap / revenue.
P/B	2.82x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.2x	Market cap / cash from operations, when positive.
EV/Sales	1.80x	Enterprise value / revenue.
EV/EBIT	19.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).

What was U S PHYSICAL THERAPY INC /NV's revenue in fiscal 2025?

U S PHYSICAL THERAPY INC /NV reported revenue of $781.0M for fiscal 2025, 16.3% higher than the year before.

Was U S PHYSICAL THERAPY INC /NV profitable in fiscal 2025?

Yes. Net income was $39.6M, a net margin of 5.1%.

How much free cash flow did U S PHYSICAL THERAPY INC /NV generate in fiscal 2025?

Cash from operations of $75.1M minus capital expenditures of $14.1M left free cash flow of $61.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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