U.S. Physical Therapy, Inc.

USPH

USPHU.S. Physical Therapy, Inc. US flag

New York Stock Exchange

61.87

USD

-0.63

- -

941.59MMarket Cap

Income Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	232	250	264	305	331	357	414	454	482	423	495	553	605	671	781
+ Sales & Services Revenue	232	250	264	305	331	357	414	454	482	423	495	553	605	671	781
- Cost of Revenue	176	187	199	229	253	275	323	352	369	329	378	441	483	547	631
+ Cost of Goods & Services	176	187	199	229	253	275	323	352	369	329	378	441	483	547	631
Gross Profit	56	63	65	76	78	82	91	102	112	94	117	112	122	124	150
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	24	25	26	30	31	32	36	41	45	29	42	46	51	58	69
+ Selling, General & Admin	25	25	26	30	31	32	36	41	45	42	47	46	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	-14	-5	- -	51	58	69
Operating Income (Loss)	31	38	39	46	47	50	55	60	67	66	75	66	70	66	80
- Non-Operating (Income) Loss	-5	1	1	7	7	11	21	- -	-3	- -	2	10	21	5	3
+ Interest Expense, Net	-5	1	1	7	7	11	21	2	2	1	1	6	6	4	9
+ Interest Expense	- -	1	1	7	7	11	21	2	2	2	1	6	9	8	9
- Interest Income	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	4	- -
+ Other Non-Op (Income) Loss	- -	- -	- -	- -	- -	- -	- -	-2	-6	-1	1	5	15	1	-7
Pretax Income	36	38	38	38	40	38	34	60	71	66	73	56	49	60	78
- Income Tax Expense (Benefit)	10	11	12	13	14	12	6	11	14	13	15	12	12	15	20
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	27	27	26	25	26	26	28	49	57	52	58	43	37	46	58
- Net Extraordinary Losses (Gains)	15	17	22	12	12	11	11	77	58	44	60	30	45	38	86
+ Discontinued Operations	3	- -	-5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	11	17	27	12	12	11	11	77	58	44	60	30	45	38	86
Income (Loss) Incl. MI	12	10	4	13	15	15	16	-29	-1	9	-2	13	-8	7	-28
- Minority Interest	-9	-8	-8	-6	-6	-6	-6	-39	-29	-22	-30	-15	-23	-19	-43
Net Income, GAAP	21	18	13	19	21	21	22	10	28	31	28	28	15	26	15
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	21	18	13	19	21	21	22	10	28	31	28	28	15	26	15
EBIT	31	38	39	46	47	50	55	60	67	66	75	66	70	66	80
EBITDA	37	44	44	53	55	58	64	70	78	76	87	81	86	84	103
EBITDA Margin (%)	15.93	17.5	16.79	17.21	16.68	16.35	15.56	15.44	16.08	18.07	17.54	14.58	14.17	12.56	13.17
EBITA	31	38	39	46	47	50	55	60	67	66	75	66	70	66	80
Gross Margin (%)	24.13	25.2	24.5	24.97	23.65	23	21.89	22.4	23.34	22.33	23.67	20.25	20.09	18.46	19.17
Operating Margin (%)	13.57	15.38	14.68	15	14.28	13.89	13.22	13.29	13.99	15.58	15.2	11.92	11.58	9.78	10.3
Profit Margin (%)	9.06	7.18	4.82	6.27	6.22	5.76	5.33	2.23	5.84	7.23	5.62	5.11	2.43	3.94	1.93
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.32	0.76	0.4	0.48	0.6	0.68	0.8	0.92	1.14	0.32	1.45	1.64	1.7	1.76	1.8
Depreciation Expense	5	5	6	7	8	9	10	10	10	11	12	15	16	19	22
Basic Weighted Avg Shares	12	12	12	12	12	12	13	13	13	13	13	13	14	15	15
Basic EPS, GAAP	1.78	1.52	1.05	1.57	1.66	1.64	1.75	0.8	2.21	2.38	2.16	2.18	1.03	1.76	0.99
Basic EPS from Cont Ops	2.26	2.26	2.16	2.07	2.14	2.1	2.21	3.86	4.49	4.09	4.49	3.34	2.62	3.03	3.82
Diluted Weighted Avg Shares	12	12	12	12	12	12	13	13	13	13	13	13	14	15	15
Diluted EPS, GAAP	1.75	1.51	1.05	1.57	1.66	1.64	1.75	0.8	2.21	2.38	2.16	2.18	1.03	1.76	0.99
Diluted EPS from Cont Ops	2.23	2.24	2.15	2.07	2.14	2.1	2.21	3.86	4.49	4.09	4.49	3.34	2.62	3.03	3.82

Balance Sheet (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	46	45	50	55	60	66	77	79	85	88	95	111	233	138	140
+ Cash, Cash Equivalents & STI	10	12	13	14	16	20	22	23	24	33	29	32	153	41	36
+ Cash & Cash Equivalents	10	12	13	14	16	20	22	23	24	33	29	32	153	41	36
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	30	28	33	34	39	41	50	51	56	51	62	69	70	86	88
+ Accounts Receivable, Net	28	26	31	33	36	39	45	45	46	42	46	69	52	59	64
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	2	2	2	2	2	3	6	7	10	9	16	- -	18	27	24
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	6	6	4	6	6	4	5	4	6	4	4	11	11	11	16
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	118	126	174	190	244	285	342	364	475	507	654	747	764	1,030	1,064
+ Property, Plant & Equip, Net	13	13	15	16	17	19	20	20	104	103	119	128	130	166	180
+ Property, Plant & Equip	55	57	61	65	70	75	81	84	170	172	194	208	214	253	271
- Accumulated Depreciation	42	44	46	49	53	56	60	64	66	69	75	80	85	87	91
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12	12	12	12	12
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12	12	12	12	12
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	104	113	160	174	227	266	322	344	372	403	523	607	622	852	872
+ Total Intangible Assets	102	112	158	173	226	265	320	342	370	402	521	603	619	846	865
+ Goodwill	93	100	144	148	195	227	271	294	318	346	435	494	510	667	692
+ Other Intangible Assets	10	12	14	25	30	38	49	49	53	56	86	109	110	179	173
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2	1	1	1	1	1	1	1	2	2	2	4	3	5	7
Total Assets	163	172	224	245	304	351	419	443	561	594	749	858	997	1,167	1,204
+ Payables & Accruals	16	16	22	25	18	23	36	41	33	61	52	44	59	65	87
+ Accounts Payable	2	2	2	2	2	2	2	2	2	1	6	7	4	6	6
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	3	- -	- -	10	3	- -	1	5	1
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	14	14	21	23	17	22	31	38	31	50	43	37	54	55	80
+ ST Debt	- -	- -	1	1	1	1	4	1	27	32	31	42	43	51	52
+ ST Borrowings	- -	- -	1	1	1	1	4	1	1	5	1	8	8	11	10
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	26	28	30	34	35	40	42
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	-4	- -	- -	- -	- -	- -
Total Current Liabilities	16	16	23	26	19	25	40	42	61	93	83	85	102	116	139
+ LT Debt	24	18	41	35	48	51	57	38	111	79	192	254	216	244	263
+ LT Borrowings	24	18	41	35	48	51	57	38	50	17	118	176	139	143	153
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	60	62	74	78	77	102	111
+ Other LT Liabilities	2	3	5	10	18	18	14	12	10	12	22	34	27	48	32
+ Accrued Liabilities	1	1	1	10	17	17	13	11	10	8	14	21	25	29	28
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1	2	4	- -	1	1	1	1	- -	5	7	13	2	18	3
Total Noncurrent Liabilities	25	21	46	44	66	69	70	50	121	91	214	288	243	292	295
Total Liabilities	42	37	69	70	85	93	110	92	181	184	297	374	345	408	434
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	36	38	41	44	64	69	74	80	88	96	103	110	281	290	286
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	36	37	41	44	64	69	74	80	87	96	103	110	281	290	286
- Treasury Stock	32	32	32	32	32	32	32	32	32	32	32	32	32	32	37
+ Retained Earnings	102	111	119	134	138	150	162	167	184	212	224	233	224	227	227
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	3	3	1
Equity Before Minority Interest	107	117	128	146	171	188	205	216	240	276	296	316	476	489	476
+ Minority/Non Controlling Interest	15	17	27	28	47	70	104	135	139	134	157	169	176	270	294
Total Equity	122	135	155	175	218	258	309	351	379	410	452	485	652	759	770
Total Liabilities & Equity	163	172	224	245	304	351	419	443	561	594	749	858	997	1,167	1,204
Shares Outstanding	12	12	12	12	12	13	13	13	13	13	13	13	15	15	15
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	87	89	105	112	112	142	153
Net Debt	14	6	29	21	33	32	39	16	28	-11	90	152	-6	112	127
Net Debt to Equity	11.71	4.73	18.42	12.23	15.27	12.32	12.57	4.69	7.26	-2.79	19.86	31.39	-0.94	14.78	16.47
Tangible Common Equity Ratio	31.57	37.6	-5.04	2.47	-9.46	-8.09	-11.47	8.4	4.82	4.18	-30.05	-46.33	8.73	-27.23	-28.06
Current Ratio	2.8	2.78	2.14	2.15	3.17	2.68	1.95	1.89	1.41	0.94	1.14	1.3	2.28	1.18	1.01
Cash Conversion Cycle	39.95	36.24	36.09	35.32	35.61	36.25	34.68	33.8	32.22	35.9	28.74	32.53	32.42	26.87	25.34

Cash Flow Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	30	26	21	25	26	26	28	49	57	52	58	43	37	46	58
+ Depreciation & Amortization	5	5	6	7	8	9	10	10	10	11	12	15	16	19	22
+ Non-Cash Items	5	10	16	12	14	12	4	14	11	13	19	22	34	23	22
+ Stock-Based Compensation	2	2	3	3	4	5	5	6	7	8	8	7	7	8	8
+ Deferred Income Taxes	4	4	2	5	6	3	-5	5	5	- -	6	4	4	5	11
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	9	17	2	- -
+ Other Non-Cash Adj	-1	4	11	3	3	4	4	3	-1	4	5	1	5	7	2
+ Chg in Non-Cash Work Cap	-7	-2	2	-2	-11	4	15	1	-16	24	-12	-22	-5	-12	-27
+ (Inc) Dec in Accts Receiv	-6	-2	-5	-5	-6	-4	-6	-5	-9	3	-11	-11	-6	-12	-9
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	1	- -	5	2	-7	3	7	5	-4	12	5	-8	- -	2	-8
+ Inc (Dec) in Other	-2	1	3	1	3	5	14	- -	-3	9	-5	-3	1	-2	-10
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	33	39	45	41	38	51	57	73	62	100	76	59	82	75	75
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-3	-4	-5	-5	-6	-8	-7	-7	-10	-8	-8	-8	-9	-9	-14
+ Acq of Fixed Prod Assets	-3	-4	-5	-5	-6	-8	-7	-7	-10	-8	-8	-8	-9	-9	-14
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	164	- -	-6
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	164	- -	- -
+ Decrease in Capital Stock	-5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6
+ Net Change in LT Investment	- -	- -	-2	-5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	-2	-5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-30	-10	-48	-12	-19	-24	-37	-17	-28	-44	-116	-74	-37	-142	-25
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	12	1	- -	1	1	- -	1
+ Cash for Acq of Subs	-30	-10	-49	-12	-19	-24	-37	-17	-40	-45	-117	-75	-38	-142	-26
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	1	- -	1	5	-1	-1	- -	- -	- -	- -	- -	1	1	2	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-32	-14	-52	-18	-26	-32	-44	-24	-38	-51	-124	-81	-45	-149	-37
+ Dividends Paid	-4	-9	-5	-6	-7	-9	-10	-12	-15	-4	-19	-21	-24	-27	-27
+ Net Cash From Debt	36	-13	45	-12	18	3	15	-36	15	-61	191	64	-39	4	8
+ Cash From Debt	238	160	302	269	206	336	186	206	290	428	632	251	24	19	190
+ Repayments of Debt	-202	-172	-257	-280	-188	-333	-171	-242	-275	-489	-441	-187	-63	-15	-181
+ Other Financing Activities	-28	-2	-31	-5	-21	-9	-16	- -	-24	26	-129	-17	-16	-15	-19
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	- -	-23	9	-22	-10	-14	-11	-48	-24	-39	43	26	84	-37	-44
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	1	2	1	1	2	4	2	1	- -	9	-4	3	121	-111	-6
EBITDA	37	44	44	53	55	58	64	70	78	76	87	81	86	84	103
EBITDA Margin (%)	15.93	17.5	16.79	17.21	16.68	16.35	15.56	15.44	16.08	18.07	17.54	14.58	14.17	12.56	13.17
Free Cash Flow	29	35	40	36	31	43	49	66	52	92	68	50	73	66	61
Net Cash Paid for Acquisitions	30	10	48	12	19	24	37	17	28	44	116	74	37	142	25
Free Cash Flow to Firm	30	35	41	41	36	51	67	67	54	94	69	55	80	72	68
Free Cash Flow to Equity	65	22	85	24	49	46	64	30	67	31	259	114	34	70	69
Free Cash Flow per Basic Share	2.49	2.97	3.33	2.97	2.52	3.42	3.93	5.2	4.1	7.2	5.29	3.87	5.12	4.36	4.02
Price/Free Cash Flow	6.57	7.54	8.62	11.01	15.19	14.8	14.27	16.16	20.08	14.34	14.57	15.75	14.48	15.88	13.3
Cash Flow to Net Income	1.56	2.19	3.52	2.16	1.82	2.48	2.56	7.23	2.22	3.27	2.75	2.07	5.59	2.83	4.98
Capital Expenditures	-3	-4	-5	-5	-6	-8	-7	-7	-10	-8	-8	-8	-9	-9	-14