USPH on NYSE
U S PHYSICAL THERAPY INC /NV
American health services company based in Houston, incorporated in Nevada.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with Pennant Group, Inc., InnovAge Holding Corp. or Sharecare, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
19.2%Gross margin3
11.1%Operating margin3
5.1%Net margin3
16.3%Revenue growth, 20253
8.3%Return on equity3
0.32×Debt to equity3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Net Patient Revenues brought in 82% of the revenue U S PHYSICAL THERAPY INC /NV broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Patient Revenues | $514.6M | $560.6M | $650.4M |
| Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues | $90.2M | $110.8M | $130.6M |
| Management Contract Revenues | $8.6M | $9.8M | $9.6M |
Business segments
Physical Therapy Operations brought in 85% of the revenue U S PHYSICAL THERAPY INC /NV broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Physical Therapy Operations | $526.5M | $574.4M | $666.6M |
| Industrial Injury Prevention Services Revenues | $78.3M | $96.9M | $114.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin9¢$69.3M
- Other costs84¢$652.3M
- Income tax3¢$19.8M
- Profit5¢$39.6M
Out of $781.0M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Dividends paid36¢$27.4M
- Share buybacks7¢$5.6M
- Kept or used elsewhere56¢$42.1M
Out of $75.1M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net revenue | $781.0M | $671.3M | $604.8M |
| Salaries and related costs | $461.9M | $399.4M | $353.4M |
| Rent, supplies, contract labor and other | $140.4M | $118.9M | $108.6M |
| Depreciation and amortization | $21.1M | $17.9M | $15.0M |
| Provision for credit losses | $7.6M | $6.9M | $6.2M |
| Clinic closure costs - lease and other | $270.0K | $4.4M | $175.0K |
| Total operating cost | $631.3M | $547.4M | $483.3M |
| Gross profit | $149.7M | $123.9M | $121.5M |
| Corporate office costs | $69.3M | $58.3M | $52.0M |
| (Gain) loss on change in fair value of contingent earn-out consideration | -$6.2M | $219.0K | $1.6M |
| Impairment of goodwill and other intangible assets | $0 | $0 | $17.5M |
| Impairment on assets held for sale | $0 | $2.4M | $0 |
| Operating income | $86.7M | $63.0M | $50.5M |
| Interest expense, debt and other | -$9.5M | -$8.0M | -$9.3M |
| Interest income from investments | $105.0K | $3.9M | $3.8M |
| Change in revaluation of put-right liability | -$1.3M | -$82.0K | $2.6M |
| Equity in earnings of unconsolidated affiliate | $1.5M | $1.0M | $955.0K |
| Loss on sale of a partnership | -$123.0K | $0 | $0 |
| Relief funds | $0 | $0 | $467.0K |
| Other | $458.0K | $357.0K | $390.0K |
| Total other expense | -$8.9M | -$2.8M | -$1.1M |
| Income before taxes | $77.8M | $60.2M | $49.4M |
| Provision for income taxes | $19.8M | $14.6M | $12.2M |
| Net income | $58.0M | $45.6M | $37.2M |
| Redeemable non-controlling interest - temporary equity | -$13.8M | -$10.0M | -$4.4M |
| Non-controlling interest - permanent equity | -$4.6M | -$4.1M | -$4.6M |
| Net income attributable to non-controlling interest | -$18.4M | -$14.2M | -$9.0M |
| Net income attributable to USPH shareholders | $39.6M | $31.4M | $28.2M |
| Basic earnings per share attributable to USPH shareholders (in dollars per share) | $1.42 | $1.84 | $1.28 |
| Diluted earnings per share attributable to USPH shareholders (in dollars per share) | $1.42 | $1.84 | $1.28 |
| Basic earnings per share - weighted-average shares (in shares) | 15.2M shares | 15.1M shares | 14.2M shares |
| Shares used in computation - diluted (in shares) | 15.2M shares | 15.1M shares | 14.2M shares |
| Dividends declared per common share (in dollars per share) | $1.80 | $1.76 | $1.72 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $35.6M | $41.4M | ||
| Patient accounts receivable, less provision for credit losses of $3,775 and $3,506, respectively | $64.2M | $59.0M | $51.8M | |
| Accounts receivable - other | $24.1M | $26.6M | ||
| Other current assets | $16.1M | $10.6M | ||
| Total current assets | $140.0M | $137.6M | ||
| Furniture and equipment | $67.9M | $68.1M | ||
| Leasehold improvements | $59.0M | $51.1M | ||
| Fixed assets, gross | $126.9M | $119.2M | ||
| Less accumulated depreciation and amortization | -$91.2M | -$87.1M | ||
| Fixed assets, net | $35.7M | $32.1M | ||
| Operating lease right-of-use assets | $144.2M | $133.9M | ||
| Investment in unconsolidated affiliate | $12.3M | $12.2M | ||
| Goodwill | $692.4M | $667.2M | $509.6M | |
| Other identifiable intangible assets, net | $172.9M | $179.3M | ||
| Other assets | $6.6M | $5.2M | ||
| Total assets | $1.2B | $1.2B | ||
| Accounts payable - trade | $6.1M | $5.9M | ||
| Accrued expenses | $81.0M | $59.5M | ||
| Current portion of operating lease liabilities | $42.1M | $39.8M | ||
| Current portion of term loan and notes payable | $9.9M | $11.0M | ||
| Total current liabilities | $139.0M | $116.3M | ||
| Notes payable, net of current portion | $417.0K | $903.0K | ||
| Revolving facility | $30.5M | $11.0M | ||
| Term loan, net of current portion and deferred financing costs | $121.7M | $130.6M | ||
| Deferred taxes | $28.4M | $29.5M | ||
| Operating lease liabilities, net of current portion | $110.6M | $101.9M | ||
| Other long-term liabilities | $3.2M | $18.3M | ||
| Total liabilities | $433.8M | $408.4M | ||
| Redeemable non-controlling interest - temporary equity | $293.3M | $269.0M | ||
| Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding | $0 | $0 | ||
| Common stock, $.01 par value, 20,000,000 shares authorized, 17,418,621 and 17,309,120 shares issued, respectively | $174.0K | $172.0K | ||
| Additional paid-in capital | $285.5M | $290.3M | ||
| Accumulated other comprehensive gain | $714.0K | $2.8M | ||
| Retained earnings | $227.2M | $227.3M | ||
| Treasury stock at cost, (2,296,059 and 2,214,737 shares at December 31, 2025 and 2024, respectively) | -$37.2M | -$31.6M | ||
| Total USPH shareholders' equity | $476.4M | $488.9M | ||
| Non-controlling interest - permanent equity | $456.0K | $1.1M | ||
| Total USPH shareholders' equity and non-controlling interest - permanent equity | $476.9M | $490.0M | $477.4M | $317.1M |
| Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity | $1.2B | $1.2B | ||
| Provision for credit losses, patient accounts receivable | $3.8M | $3.5M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 500.0K shares | 500.0K shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 20.0M shares | 20.0M shares | ||
| Common stock, shares issued (in shares) | 17.4M shares | 17.3M shares | ||
| Treasury stock, shares (in shares) | 2.3M shares | 2.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $35.6M | $41.4M | ||
| Patient accounts receivable, less provision for credit losses of $3,775 and $3,506, respectively | $64.2M | $59.0M | $51.8M | |
| Accounts receivable - other | $24.1M | $26.6M | ||
| Other current assets | $16.1M | $10.6M | ||
| Total current assets | $140.0M | $137.6M | ||
| Furniture and equipment | $67.9M | $68.1M | ||
| Leasehold improvements | $59.0M | $51.1M | ||
| Fixed assets, gross | $126.9M | $119.2M | ||
| Less accumulated depreciation and amortization | -$91.2M | -$87.1M | ||
| Fixed assets, net | $35.7M | $32.1M | ||
| Operating lease right-of-use assets | $144.2M | $133.9M | ||
| Investment in unconsolidated affiliate | $12.3M | $12.2M | ||
| Goodwill | $692.4M | $667.2M | $509.6M | |
| Other identifiable intangible assets, net | $172.9M | $179.3M | ||
| Other assets | $6.6M | $5.2M | ||
| Total assets | $1.2B | $1.2B | ||
| Accounts payable - trade | $6.1M | $5.9M | ||
| Accrued expenses | $81.0M | $59.5M | ||
| Current portion of operating lease liabilities | $42.1M | $39.8M | ||
| Current portion of term loan and notes payable | $9.9M | $11.0M | ||
| Total current liabilities | $139.0M | $116.3M | ||
| Notes payable, net of current portion | $417.0K | $903.0K | ||
| Revolving facility | $30.5M | $11.0M | ||
| Term loan, net of current portion and deferred financing costs | $121.7M | $130.6M | ||
| Deferred taxes | $28.4M | $29.5M | ||
| Operating lease liabilities, net of current portion | $110.6M | $101.9M | ||
| Other long-term liabilities | $3.2M | $18.3M | ||
| Total liabilities | $433.8M | $408.4M | ||
| Redeemable non-controlling interest - temporary equity | $293.3M | $269.0M | ||
| Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding | $0 | $0 | ||
| Common stock, $.01 par value, 20,000,000 shares authorized, 17,418,621 and 17,309,120 shares issued, respectively | $174.0K | $172.0K | ||
| Additional paid-in capital | $285.5M | $290.3M | ||
| Accumulated other comprehensive gain | $714.0K | $2.8M | ||
| Retained earnings | $227.2M | $227.3M | ||
| Treasury stock at cost, (2,296,059 and 2,214,737 shares at December 31, 2025 and 2024, respectively) | -$37.2M | -$31.6M | ||
| Total USPH shareholders' equity | $476.4M | $488.9M | ||
| Non-controlling interest - permanent equity | $456.0K | $1.1M | ||
| Total USPH shareholders' equity and non-controlling interest - permanent equity | $476.9M | $490.0M | $477.4M | $317.1M |
| Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity | $1.2B | $1.2B | ||
| Provision for credit losses, patient accounts receivable | $3.8M | $3.5M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 500.0K shares | 500.0K shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 20.0M shares | 20.0M shares | ||
| Common stock, shares issued (in shares) | 17.4M shares | 17.3M shares | ||
| Treasury stock, shares (in shares) | 2.3M shares | 2.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income including non-controlling interest | $58.0M | $45.6M | $37.2M |
| Depreciation and amortization | $22.4M | $18.7M | $15.7M |
| Provision for credit losses | $7.6M | $6.9M | $6.2M |
| Equity-based awards compensation expense | $8.3M | $7.8M | $7.2M |
| Amortization of debt issue costs | $422.0K | $422.0K | $420.0K |
| Change in deferred income taxes | $11.4M | $5.4M | $4.5M |
| Change in revaluation of put-right liability | $1.3M | $82.0K | -$2.6M |
| Change in fair value of contingent earn-out consideration | -$6.2M | $219.0K | $1.6M |
| Equity of earnings in unconsolidated affiliate | -$1.5M | -$1.0M | -$955.0K |
| Loss on sale of clinics and fixed assets | $383.0K | $836.0K | $166.0K |
| Loss on sale of partnership | $123.0K | $0 | $0 |
| Impairment of goodwill and other intangible assets | $0 | $0 | $17.5M |
| Impairment of assets held for sale | $0 | $2.4M | $0 |
| Patient accounts receivable, net | -$12.0M | -$5.3M | -$5.6M |
| Accounts receivable - other | $2.9M | -$6.5M | -$356.0K |
| Other current and long term assets | -$10.4M | -$818.0K | -$197.0K |
| Accounts payable and accrued expenses | -$7.8M | $1.7M | $15.0K |
| Other long-term liabilities | $86.0K | -$1.4M | $1.3M |
| Net cash provided by operating activities | $75.1M | $74.9M | $82.0M |
| Purchase of fixed assets | -$14.1M | -$9.2M | -$9.3M |
| Purchase of majority interest in businesses, net of cash acquired | -$15.7M | -$133.1M | -$26.6M |
| Purchase of redeemable non-controlling interest, temporary equity | -$9.9M | -$8.1M | -$11.0M |
| Purchase of non controlling interest, permanent equity | -$273.0K | -$1.0M | -$281.0K |
| Proceeds on sale of non-controlling interest, permanent equity | $30.0K | $26.0K | $102.0K |
| Repayment of notes receivable related to sales of redeemable non-controlling interest | $531.0K | $551.0K | $510.0K |
| Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity | $186.0K | $79.0K | $875.0K |
| Distributions from unconsolidated affiliate | $1.4M | $1.1M | $830.0K |
| Proceeds on sale of partnership interest, clinics and fixed assets | $700.0K | $0 | $0 |
| Other | $364.0K | $143.0K | -$189.0K |
| Net cash used in investing activities | -$36.7M | -$149.4M | -$45.0M |
| Proceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs | $0 | $0 | $163.6M |
| Proceeds from revolving facility | $189.5M | $19.0M | $24.0M |
| Distributions to non-controlling interest, permanent and temporary equity | -$19.3M | -$14.7M | -$16.1M |
| Cash dividends paid to shareholders | -$27.4M | -$26.5M | -$24.1M |
| Payments on revolving facility | -$170.0M | -$8.0M | -$55.0M |
| Payments on term loan | -$9.4M | -$3.8M | -$3.8M |
| Cash used for the repurchase of common stock | -$5.6M | $0 | $0 |
| Principal payments on notes payable | -$2.1M | -$3.0M | -$4.4M |
| Net cash (used in) provided by financing activities | -$44.1M | -$37.0M | $84.3M |
| Net (decrease) increase in cash and cash equivalents | -$5.8M | -$111.5M | $121.2M |
| Income taxes | $14.3M | $4.8M | $4.9M |
| Interest paid | $9.4M | $7.2M | $8.7M |
| Purchase of businesses - seller financing portion | $300.0K | $2.1M | $1.8M |
| Liabilities assumed associated with a purchase of a business | $0 | $670.0K | $524.0K |
| Fair market value of initial contingent consideration related to purchase of businesses | $5.3M | $17.7M | $200.0K |
| Notes payable related to purchase of redeemable non-controlling interest, temporary equity | $173.0K | $71.0K | $1.1M |
| Payable related to the purchase of redeemable non-controlling interest, temporary equity | $3.9M | $0 | $0 |
| Offset to notes receivable associated with purchase of redeemable non-controlling interest | $358.0K | $726.0K | $0 |
| Notes receivable related to sale of redeemable non-controlling interest | $0 | $1.9M | $4.1M |
| Notes payable related to the purchase of non-controlling interest, permanent equity | $0 | $0 | $200.0K |
| Payable related to the purchase of non-controlling interest, permanent equity | $8.1M | $0 | $0 |
| Notes receivable related to the sale of non-controlling interest, permanent equity | $73.0K | $282.0K | $458.0K |
| Issuance of restricted stock related to purchase of business | $0 | $1.5M | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led U S PHYSICAL THERAPY INC /NV, and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
2010201520202025
- PresidentEric Joseph Williams Feb 26, 2025 to now11
- Chief financial officerNchacha Etta Sep 2, 2026 to now12
- Chief financial officerCarey P. Hendrickson Aug 11, 2021 to Sep 2, 202613
- Chief financial officerLawrance W. McAfee May 9, 2006 to Aug 11, 202014
- Chief operating officerEric Joseph Williams Feb 26, 2025 to now11
- Chief operating officerGraham D. Reeve Mar 7, 2018 to Feb 26, 202515
- Chief operating officerGlenn McDowell Dec 3, 2008 to Aug 31, 202116
Board members and other officers (18)
- EVP Gen'l Counsel & SecretaryRichard Binstein Mar 28, 2022 to now17
- Chief Operations OfficerEric Joseph Williams Jul 9, 2021 to Nov 12, 202418
- Board memberPeter Francis Minan May 19, 2026 to now19
- Board memberMichael Glasser Mayrsohn May 21, 2025 to now20
- Board memberNancy Ham May 26, 2023 to now21
- Board memberAnne Motsenbocker Jan 19, 2022 to now22
- Board memberKathleen A. Gilmartin May 24, 2018 to now23
- Board memberEdward L. Kuntz Aug 28, 2014 to May 16, 202424
- Board memberHarry S. Chapman Sep 9, 2010 to Dec 19, 202225
- Board memberBernard A. Harris, Jr. May 24, 2007 to now26
- Board memberBruce Broussard May 24, 2007 to May 18, 201127
- Board memberJ. Livingston Kosberg May 24, 2007 to Mar 24, 201028
- Board memberJerald L. Pullins May 24, 2007 to Aug 15, 201929
- Board memberMark J. Brookner May 24, 2007 to Nov 16, 202230
- Board memberMarlin W. Johnston May 24, 2007 to May 18, 201631
- Board memberLawrance W. McAfee May 9, 2006 to Aug 11, 202014
- Board memberDaniel C. Arnold Sep 15, 2006 to May 20, 201532
- Board memberAlbert L. Rosen Dec 21, 2006 to Jan 4, 200733
Filings
398 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 121 major events, 162 insider forms, 36 large holders, 59 other. The latest 20:
- Oct 13, 2026SCHEDULE 13G EDGAR
- Oct 2, 20264 EDGAR
- Oct 1, 20263 EDGAR
- Sep 28, 20268-K EDGAR
- Sep 21, 20268-K EDGAR
- Sep 15, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 2, 20263 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 14, 20268-K EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 20268-K EDGAR
- Aug 10, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Aug 4, 2026SCHEDULE 13G/A EDGAR
The 398 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 36 such filings since October 2021, the latest 10:
- Oct 13, 2026SCHEDULE 13G
- Aug 13, 2026SCHEDULE 13G/A
- Aug 12, 2026SCHEDULE 13G/A
- Aug 4, 2026SCHEDULE 13G/A
- May 8, 2026SCHEDULE 13G
- May 8, 2026SCHEDULE 13G
- Apr 30, 2026SCHEDULE 13G
- Mar 27, 2026SCHEDULE 13G/A
- Feb 13, 2026SCHEDULE 13G/A
- Jan 29, 2026SCHEDULE 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| May 20, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | −21.9% | Report |
| Apr 17, 2025 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +19.1% | Report |
| Jan 29, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | −31.1% | Report |
| Oct 17, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −30.7% | Report |
| Sep 16, 2024 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +34.7% | Report |
| May 24, 2023 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −98.7% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 11SEC EDGAREric Joseph Williams, President
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- 19SEC EDGARPeter Francis Minan, Board member
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- 21SEC EDGARNancy Ham, Board member
- 22SEC EDGARAnne Motsenbocker, Board member
- 23SEC EDGARKathleen A. Gilmartin, Board member
- 24SEC EDGAREdward L. Kuntz, Board member
- 25SEC EDGARHarry S. Chapman, Board member
- 26SEC EDGARBernard A. Harris, Jr., Board member
- 27SEC EDGARBruce Broussard, Board member
- 28SEC EDGARJ. Livingston Kosberg, Board member
- 29SEC EDGARJerald L. Pullins, Board member
- 30SEC EDGARMark J. Brookner, Board member
- 31SEC EDGARMarlin W. Johnston, Board member
- 32SEC EDGARDaniel C. Arnold, Board member
- 33SEC EDGARAlbert L. Rosen, Board member