U.S. Physical Therapy (USPH) Financials

$69.55 -0.30 (-0.43%)

Closing price 03:59 PM Eastern

Extended Trading

$69.60 +0.06 (+0.08%)

As of 04:05 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	19	21	21	22	35	40	35	41	32	28	31
Consolidated Net Income / (Loss)	25	26	26	28	49	57	52	58	43	37	46
Net Income / (Loss) Continuing Operations	25	26	42	77	49	57	52	58	43	37	46
Total Pre-Tax Income	38	40	38	34	60	71	66	73	56	49	60
Total Operating Income	46	47	50	55	60	67	52	71	57	52	63
Total Gross Profit	138	147	162	198	102	203	183	211	228	245	265
Total Revenue	305	331	364	439	454	482	423	495	553	605	671
Operating Revenue	299	324	364	439	454	482	423	495	553	605	671
Total Cost of Revenue	168	185	203	241	264	279	240	284	325	360	406
Operating Cost of Revenue	163	181	198	237	259	274	236	278	319	353	399
Other Cost of Revenue	4.11	4.17	4.04	3.67	4.60	4.86	4.62	5.31	5.55	6.17	6.91
Total Operating Expenses	92	99	97	94	130	135	130	141	172	193	202
Selling, General & Admin Expense	30	31	32	36	41	45	42	47	46	52	58
Depreciation Expense	-	-	-	-	-	-	-	-	14	15	18
Other Operating Expenses / (Income)	61	68	80	107	88	90	88	94	102	109	123
Impairment Charge	-	-	-	-	-	0.00	0.00	0.00	9.11	17	2.42
Total Other Income / (Expense), net	-7.44	-7.16	-11	-21	-0.10	3.48	13	2.55	-1.23	-2.69	-3.00
Interest Expense	7.45	7.24	11	21	-1.85	2.08	1.63	0.94	5.78	9.30	8.02
Interest & Investment Income	0.02	0.08	0.09	0.09	0.09	5.56	1.23	0.11	1.18	4.73	4.96
Other Income / (Expense), net	-	-	-	-	-2.04	0.00	14	3.38	3.37	1.89	0.06
Income Tax Expense	13	14	12	6.03	11	14	13	15	12	12	15
Net Income / (Loss) Attributable to Noncontrolling Interest	6.18	5.87	5.72	5.47	14	17	17	17	11	8.98	14
Basic Earnings per Share	$1.57	$1.66	$1.64	$1.76	$1.31	$2.45	$2.48	$2.41	$2.25	$1.28	$1.84
Weighted Average Basic Shares Outstanding	12.22M	12.39M	12.50M	12.57M	12.67M	12.76M	12.84M	12.90M	12.99M	14.19M	15.06M
Diluted Earnings per Share	$1.57	$1.66	$1.64	$1.76	$1.31	$2.45	$2.48	$2.41	$2.25	$1.28	$1.84
Weighted Average Diluted Shares Outstanding	12.22M	12.39M	12.50M	12.57M	12.67M	12.76M	12.84M	12.90M	12.99M	14.19M	15.06M
Weighted Average Basic & Diluted Shares Outstanding	12.90M	12.39M	12.50M	12.57M	12.67M	12.76M	12.84M	12.90M	13.03M	15.07M	15.19M
Cash Dividends to Common per Share	$0.48	$0.60	$0.68	$0.80	$0.92	$1.14	$0.32	$1.46	$1.64	$1.72	$1.76

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

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

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

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

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

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

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

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

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

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.

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 4/15/2025 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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